LPG prices go up, 19-kg commercial cylinder now costs Rs 2,355.50

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Amazon ends Covid paid leave for US workers

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Khadi sales soar 43%, hit record high of Rs 5,000 crore

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Railways' daily coal loading up 20% over last year

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Rs 5,500 crore deposits of Xiaomi seized for 'forex violations'

The Enforcement Directorate on Saturday "seized" Rs 5,551 crore in the bank accounts of Chinese mobile manufacturing company Xiaomi for alleged violation of Indian foreign exchange rules.

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Yes Bank-DHFL case: CBI raids 3 top realtors' sites in Maharashtra

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DHFL-Yes Bank case: CBI searches premises of prominent realtors

The CBI on Saturday began searches at the premises of some prominent builders, including Ashwini Bhonsale, Shahid Balwa and Vinod Goenka, at eight locations in Mumbai and Pune in connection with the DHFL-Yes Bank corruption case, officials said. It suspects that their companies were used to channel alleged illicit money in the Yes Bank-DHFL loan case, they said.

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How far is India from a recession?

As central banks wind back the pandemic-era measures which were intended to support growth during an economic downturn, the fears of a prolonged recession have emerged fuelled by a sharp uptick in inflationary pressures and poor demand recovery. We talk to Nomura economist Sonal Varma to know where India stands

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Jeera price surges 72% year-on-year to record high

The main reason for the low yield and low acreage under cultivation is that during the cumin sowing period (October-December 2021) farmers shifted to gram and mustard whose prices were higher than that of cumin.

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Norms may be eased to make asset monetisation lucrative for private companies

"Some ministries highlighted that private players were not interested in the current model. The government is working on the model and will work separately with the concerned ministries on it," said one of the officials quoted above.

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India allows imports of extra 550,000 tonnes of genetically modified soymeal

The government in August 2021 relaxed import rules to allow the first shipments of 1.2 million tonnes of GM soymeal to help the poultry industry after animal feed prices tripled in a year to a record high.

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States doling out competitive subsidies on brink of fiscal collapse: Report

The growing culture of doling out subsidies ahead of elections has lately been a topic of public discussion, with NK Singh, chairman of the 15th Finance Commission, publicly speaking against it, highlighting the fiscal unsustainability of these freebies. Punjab ranks second in terms of subsidies given as a percentage of GSDP and eighth in terms of absolute subsidy given during FY19-22 and is also one of the most heavily indebted states with a debt/GSDP ratio of 53.3 per cent in FY22.

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Union Bank 1st PSU to join account aggregator platform

Union Bank of India has become the first public sector lender to go live on the account aggregator ecosystem, a part of the government's digital initiatives to improve credit delivery.

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Centre to step on the gas to meet Rs 1.62 lakh crore asset monetisation target

Cabinet secretary Rajiv Gauba has called a meeting on Friday of secretaries from 12 key ministries to discuss their detailed roadmap with clear timelines for monetising assets such as power lines, gas pipelines, roads, and railway assets among others.

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Amazon top sellers Cloudtail, Appario Retail face CCI raid

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'Volatile gold prices could dampen demand in Q2'

India's gold demand is likely to remain soft in second quarter after falling 18% in the first quarter as retail purchases during a key festival early next month could be below normal because of volatile prices, the World Gold Council (WGC) said on Thursday.

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Govt to launch open network for digital commerce in 5 cities

The commerce and industry ministry is all set to launch the pilot phase of open network for digital commerce on Friday, a senior official said. The Open Network for Digital Commerce (ONDC) is an initiative of the government to promote an open platform for all aspects of the exchange of goods and services through electronic networks.

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Maharashtra to provide subsidy to crush surplus cane

Maharashtra will provide a transport subsidy to sugar mills to crush surplus cane in the marketing year ending on September 30, the state government said in a statement on Thursday.

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RBI extends cash credit limit for wheat procurement from Punjab

With this, the sanctioned limit of Rs 24,773.11 crore for April-end has been enhanced to Rs 28,151.26 crore up to May-end, according to an official spokesperson of the state government.

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LIC 3.0 to boost shareholder value after listing, says chief

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India approves $8bn subsidy for phosphate-based fertilizers

India will provide a subsidy of Rs 60,940 crore ($7.96 billion) for phosphatic and potash-based fertilisers over the coming months to insulate farmers from higher global prices, information and broadcasting minister Anurag Singh Thakur said.

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Tata's Air India proposes to buy AirAsia India

Tata Group-owned Air India has proposed to buy the entire equity share capital of low cost carrier AirAsia India, in which Tata has a majority stake, to merge into a single airline, according to an application with the competition commission of India (CCI).

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GST compensation for 8 months released to states, Rs 78,704 cr pending: Finance Ministry

In a statement, the ministry said normally, GST compensation for 10 months (April-January) of any financial year is released during that year and the compensation of February-March is released only in the next financial year.

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'ONGC struggling to move Russian oil to Asia as sanctions bite'

Oil and Natural Gas Corp (ONGC) is struggling to find a vessel to ship 700,000 barrels of crude from Russia's Far East, in a growing sign that complex trades involving one of Moscow's biggest partners are being interrupted by Western sanctions, sources say.

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DPIIT seeks applications from retired officials to empanel as inquiry officers

“Applications are invited from retired officers not below the rank of Deputy Secretary in central government/central government autonomous organisations/CPSUs,” the department said in an office memorandum.

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Govt on Twitter buyout: Accountability, safety rules remain unchanged

As Elon Musk clinched a deal to buy Twitter for $44 billion, the government of India gave out a studied response on the development, wishing the Tesla co-founder all the best but making it clear that accountability and safety rules for social-media companies remain the same.

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Amid coal crisis, power plants meet record 201 GW demand

India’s power plants met maximum demand of over 201 GW (gigawatts) at 2.51 pm on Tuesday, beating the previous record of over 200 GW clocked on July 7 last year, as the economy began firing on all cylinders and a raging heatwave further fuelled consumption.

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Google asks app developers to tell purpose of collecting users' data

Internet major Google on Tuesday asked app developers to explain the purpose of collecting users' data and also clarify whether the data is shared with any third party or not.

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NCLAT reserves order on Amazon's plea against CCI ruling

The National Company Law Appellate Tribunal (NCLAT) has reserved its order on Amazon's plea challenging the decision of regulator CCI to suspend approval for the e-commerce major's deal with Future Coupons.

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Gradual shift from informal to formal for MSMEs

In India, 99.7 per cent of the enterprises are in the unorganized sector, of which two-thirds do not have registration anywhere. A significant fraction of these unorganized firms falls in the “micro” category of the MSME sector comprising owner-managed firms, most of which operate with less than five workers.

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Net direct tax collection reaches highest-ever figure in FY 22

The net direct tax collections (income tax and corporate tax) reached an all time high of Rs 14.09 lakh crore in financial year 2021-22 against Rs 9.45 lakh crore collections in FY 2020-21, CBDT Chairman J.B. Mohapatra said on Tuesday.

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Fewer virus curbs help India keep war-induced price pressures from dampening recovery for now

A slew of data from services activity to bank credit pointed to the return of demand last month. The needle on a dial measuring so-called ‘Animal Spirits,’ however, remained at 5 as the gauge uses the three-month weighted average reading to smooth out volatility in the single-month numbers.

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FMCGs may pinch more if Indonesia bans crude palm oil exports too

About 60% of India's palm oil demand is met through imports, of which Indonesia and Malaysia account for a little more than three-fourths of total imports.

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Elon Musk to buy Twitter for $44 billion

Elon Musk clinched a deal to buy Twitter Inc for $44 billion on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world's richest person.

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India's Russian oil purchases more than double 2021 total

India has bought more than twice as much crude oil from Russia in the two months since its invasion of Ukraine as it did in the whole of 2021, according to Reuters calculations, as Indian refiners snapped up discounted oil that others have shunned.

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Govt starts work to bring parity to long-term capital gains tax laws

Currently, returns from listed stocks or shares are taxed at 10% if they are held at least for a year. On the other hand, similar returns from unlisted shares are taxed at 20% if the holding period is at least two years.

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LIC IPO to likely to open on May 4: Report

The much awaited initial public offering (IPO) of Life Insurance Corporation (LIC) of India is likely to open on May 4, news agency Reuters reported quoting sources. The issue is expected to be open till May 9.

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How a creditor revolt scuttled Ambani’s $3.2bn retail deal

The preferential treatment of bondholders riled banks enough to reject a $3.2 billion rescue deal from one of Asia’s richest men for a debt-laden unprofitable retail chain, according to people familiar with the matter.

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Govt clears Rs 1.6L crore reforms for power discoms in 12 states, J&K

The Centre has approved assistance of more than Rs 1. 6 lakh crore for 12 states and the Union Territory of Jammu & Kashmir for implementing measures in power sector. These include installing smart meters, cutting line losses and erasing gap between cost of supply and revenue realisation, with the aim of restoring financial viability of discoms (distribution companies).

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Centre’s spend may rise by Rs 2 lakh crore in current fiscal

Just three weeks into the new financial year, the Centre is staring at additional expenses of around Rs 2 lakh crore, primarily on account of higher food and fertiliser subsidies. What’s more, further pressure is building up due to a surge in commodity prices following the Russia-Ukraine conflict.

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As private players pay more, govt wheat buy may hit a 10-year low

Aggressive buying by private players with higher price offers, coupled with a fall in production, have put the government’s target for wheat procurement in a tight spot. Going by the trend, there is a high possibility that this season’s wheat procurement by government agencies may hit the lowest in the past decade, sources said.

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Double-digit inflation for a year: 6th spell since 1953 & 1st in 25 years

In March this year, India completed 12 successive months of double-digit wholesale price inflation (WPI inflation). This is the sixth occasion when inflation has remained over 10% for a year or longer, and it came more than a quarter of a century after the last such episode — between March 1994 and May 1995.

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Centre puts BPCL privatisation on the backburner for now, SCI sale review to be undertaken

The Centre has put the privatisation of state-run refiner BPCL on the backburner for now while a review of the sale process of Shipping Corporation of India (SCI) will be undertaken shortly to move forward with the transaction, officials said.

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Gati Shakti assessment reveals infra gaps in over 131 projects

ET has gathered that as many as 80 projects have been identified by the Ministry of Shipping, Ports and Waterways, 38 by the Ministry of Steel and 13 by the Coal ministry where there are infrastructure gaps that other ministries need to address.

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Tag Sri Lanka as 'low-income': FM Sitharaman urges IMF

Sri Lanka was classified as a middle-income country at the start of the pandemic. Sitharaman argued that given the nature of Sri Lanka's economy - dependence on income from the tourism sector, and the resultant dip in national revenues due to the pandemic - the country might be categorised as a lower-income country and helped accordingly. At the start of the pandemic, the World Bank and the IMF worked together with the G20 countries to set up the Debt Service Suspension Initiative (DSSI).

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Birla Group’s apex body to get its 1st woman director

The Aditya Birla Group’s apex body Aditya Birla Management Corporation (ABMCPL) will soon get its first woman director Vishakha Mulye. The Group has appointed Mulye of ICICI Bank as the next CEO of its financial services holding company, Aditya Birla Capital.

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India's growth reflects its resilience, revival: Nirmala Sitharaman

India's economy grew 8.9% in FY22, and IMF has forecast an 8.2% rise this year. "India's economic growth in the current year is robust and highest among all large economies and reflects India's resilience and strong recovery," Sitharaman was cited as saying at Development Committee Plenary of World Bank in Washington DC in a finance ministry statement on Saturday.

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Future could face bankruptcy issue after RIL deal failure

Reliance Industries (RIL) said on Saturday that it has called off the proposed deal to acquire Future Retail’s (FRL) assets for Rs 24,700 crore. At meetings of shareholders and creditors of Future Group companies comprising FRL and other listed entities involved in the scheme held on April 20 and 21, the companies intimated the results of the voting.

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Times uncertain, rescue those in debt jam, FM tells World Bank

Finance minister Nirmala Sitharaman has said India remains concerned about the risks to global recovery due to rising uncertainty amidst enhanced geopolitical tensions.

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In tit-for-tat move, India suspends tourist visas for Chinese nationals

Global airlines body IATA says India’s “tourist visas issued to nationals of China are no longer valid”. Top government officials said India is still giving business, employment, diplomatic and official visas to Chinese nationals.

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