Centre clears states’ GST compensation dues till May

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/xXagtd1

India better placed to deal with global challenges: CEA

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/QIbkWVr

New York-Delhi direct flight gets stuck in London

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/d79uT5X

Ukraine war: Why Putin wants help from India, China on oil purchase

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/MuJ91Bt

Lower rainfall in coal-producing areas may ease power crisis

India expects rainfall in the biggest coal-producing areas of its east-central region to be below the long-term average this year, potentially easing utilities' coal shortages as there could be fewer disruptions to mining activity due to flooding.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/enpqxYk

Determination of embedded value 'work in progress': LIC MD

State-owned Life Insurance Corporation of India (LIC) on Tuesday said the exercise of determining its embedded value as on March 2022 is a "work in progress" and is likely to be completed by the end of next month.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/haxWNs5

Textile exports highest-ever in FY22 at $44.4 billion: Govt

India recorded its highest-ever textiles and apparel exports in the financial year 2021-22 at $44.4 billion, the government said on Tuesday.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/zlqGd2Z

LIC Q4 profit drops 18% on lower surplus

Life Insurance Corporation of India has reported a profit of Rs 2,372 crore for the quarter ended March 2022 — a decline of 18% over Rs 2,896 crore in the corresponding quarter of previous year due to a lower transfer to shareholder accounts from policyholders’ funds.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/PReTXS3

Govt invokes FCRA, clutch of NGOs face detailed audit

The accounts and records of these local NGOs for receipt and utilisation of foreign contribution (FC) from 2015-16 to 2017-18 will be inspected by an auditor chosen by the government, according to a ministry communication received by many NGOs, two persons aware of the development told ET.

from Economy-News-Economic Times https://ift.tt/psGL1tZ
via

Shopping, eating out surge after two washout years

Such a spike is seen mostly in urban markets, in malls and large high-street retail or dining areas as of now, despite increase in restaurant menu or product prices, and the overall inflationary environment. In fact, several executives said they are extremely bullish on sales in the short-to-medium term.

from Economy-News-Economic Times https://ift.tt/eEWvAzL
via

Cheaper rice, atta bring relief amid inflation

In western and eastern India, wheat at the mandi level costs ₹23 a kg, while in northern India, the major producing hub, the price is ₹22. In south India, it costs ₹26 per kg, as the transportation cost is included in the price.

from Economy-News-Economic Times https://ift.tt/Jckf1la
via

Crypto paper soon; no need to alter growth forecast: Ajay Seth, secretary of economic affairs

Speaking about cryptocurrency, Seth on Monday told reporters, "Our consultation paper is fairly ready. We have gone into a deep dive into this." He did not mention when it is likely to be put out. Sources, though, told ET that it can be expected in August.

from Economy-News-Economic Times https://ift.tt/qVfX2Ld
via

India finalising consultation paper on crypto: DEA secy

The government will soon finalise a consultation paper on cryptocurrencies with inputs from various stakeholders and institutions, including the World Bank and the IMF, economic affairs secretary Ajay Seth said on Monday.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Po7ITwh

GIC Re to shift its int’l biz to GIFT City arm

General Insurance Corporation (GIC Re) plans to upscale its branch in the International Finance Centre at GIFT City, Ahmedabad into a subsidiary.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/7f3yzuB

Customs, GST wings asked to be proactive in IBC cases

The government and the Insolvency & Bankruptcy Board of India (IBBI) have worked out a mechanism to share data on companies facing insolvency action as the customs and GST wings repeatedly miss the deadline for filing claims, resulting in prolonged litigation.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/OZbvBxY

Ambani and Adani in race to be No. 1 in civilian drones

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ADbaoJl

FY22 trade gap with China swells to $72.9 billion

In FY21, when India's economy contracted 6.6% and overall imports shrank 17%, imports from China held steady at $65.2 billion, reflecting their stickiness and the surge in demand for electronic goods. These were the key imports from China during the pandemic.

from Economy-News-Economic Times https://ift.tt/3QiL20C
via

Donate-a-pension retirement plan finds few takers

Only 14,518 unorganised workers enrolled under the scheme between April 1 and May 25, government data showed, bringing average enrolment in a month to a little over 7,000. This is about half the average monthly enrolment of 13,452 or annual addition of 1,61,432 beneficiaries in financial year 2021-22.

from Economy-News-Economic Times https://ift.tt/BYFZXPL
via

MP: Banned wheat exports to ensure adequate domestic supply, says Union minister

India's wheat exports stood at an all-time high of 7 million tonnes, valued at USD 2.05 billion, in 2021-22, with over 50 per cent being bought by neighbouring Bangladesh.

from Economy-News-Economic Times https://ift.tt/Zt5AHwy
via

Coal India to import for first time in years as power shortages loom

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ahpP90c

ONGC reports highest net profit of Rs 40,306 cr; becomes India's 2nd most profitable firm

On the back of the best-ever price it earned on crude oil it produces, state-owned Oil and Natural Gas Corporation (ONGC) reported a record net profit of Rs 40,305 crore in the fiscal year ended March 31, becoming India's second most profitable company behind Reliance Industries Ltd. ONGC pushed Tata Steel to No.3 spot, while TCS is at No.4.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/izOYLvu

Tata Motors gets Gujarat nod to take over Ford's Sanand plant

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/UZ7dfig

IndiGo fined Rs 5 lakh for not allowing special child to board

Civil aviation regulator DGCA has fined private carrier IndiGo Rs 5 lakh for "deficient" handling of a special child who wasn't allowed by the airline's ground staff at Ranchi airport to board a Hyderabad-bound flight with his parents on May 7, following which the family couldn't make the trip and later filed a complaint.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/GQncrpw

Digitizing land records in India: Centre's challenge to alleviate concerns around it and bring states on board

​​The Digital India Land Records Modernisation Programme (DILRMP) was launched in 2016 as a central sector scheme. According to data available with the department of land resources, 58,10,300 plots in 18 states and Union territories have so far been surveyed and ULPINs assigned.

from Economy-News-Economic Times https://ift.tt/DwKpbFr
via

School canteen, bus services not under GST purview: AAR

The question under review was whether these services provided by schools and the money charged by them should be subject to GST.

from Economy-News-Economic Times https://ift.tt/iWaD1Qd
via

Have right to levy service charge: Restaurants' body

Defending the right of restaurants to levy service charge, the Federation of Hotels and Restaurants Association of India on Friday said it will participate in the meeting called by the department of consumer affairs (DoCA) on the issue on June 2. The DoCA discussion follows complaints by customers on the National Consumer Helpline that restaurants impose 5-15% service charge even though it is different from taxes and is in the nature of a tip.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/zPVvjxC

India seen facing wider coal shortages, worsening power outage

India is expected to face a wider coal shortage during the quarter ending September over expectations of higher power demand, an internal power ministry presentation seen by Reuters showed, worsening risks of widespread power outages.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/YXbMw3h

Certificates issued for 1.5 MT wheat export after ban

FIEO along with GlobalLinker has designed and developed the "Indian Business Portal", an International Trade Hub for Indian Exporters and Foreign Buyers. The B2B digital marketplace seeks to empower SME exporters, artisans and farmers to identify new markets for their products and grow their sales globally.

from Economy-News-Economic Times https://ift.tt/3SYbyOA
via

Forex reserves rise $4.23 billion to $597.51 billion: RBI

India's forex reserves increased by $4.23 billion to $597.509 billion for the week ended May 20 on the back of a high accretion of core currency assets, according to RBI data. The country's foreign exchange reserves had declined by $2.676 billion to $593.279 billion in the previous reporting week ended May 13.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3LCuG7e

Oil India reports high-ever profit on oil price surge

State-owned Oil India Ltd on Friday reported its highest-ever quarterly net profit in the three months to March as it got nearly $100 per barrel price for oil produced and sold.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ra2ncdD

Inflation forecast will drive rate action, says RBI governor Shaktikanta Das

Das says Mint Street is committed to containing inflation. "At the same time, we have to keep in mind the requirements of growth. It can't be a situation where the operation is successful and the patient is dead."

from Economy-News-Economic Times https://ift.tt/sc6zie5
via

India has no plans to curb rice exports as local supplies surge

India does not plan to curb rice exports as the world's biggest exporter of the staple has sufficient stocks and local rates are lower than state-set support prices, trade and government sources said.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/k8N9wq0

Export of 1 million tonne wheat likely to get green signal

The government on May 13 banned exports of wheat amid accelerating inflation, but exempted shipments under contracts where letters of credit (LCs) had already been opened. The clearance for the shipment is expected under this exemption, they said.

from Economy-News-Economic Times https://ift.tt/uO7dA1R
via

Govt asks power producers to seek weekly payments

India has asked power producers to bill electricity buyers every week to ensure adequate cash flow as costs surge due to higher imports of expensive coal, according to a federal power ministry letter seen by Reuters.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/iCu1Vfh

Ministries can carry forward unused funds: Centre

"Ministry/department should not under any circumstance presume prior approval of the expenditure secretary. This has to be formally obtained prior to utilising the unspent balances. Seeking post facto approval is not an option," the memorandum said.

from Economy-News-Economic Times https://ift.tt/AzvrmpO
via

SBI economists peg Q4 GDP at 2.7%, FY22 growth at 8.5%

Upcoming release of official data for economic performance is likely to register a 2.7 per cent growth for the January-March period, and the FY22 growth is expected to be 8.5 per cent, economists at SBI said on Thursday.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/f5Z7yD4

High inflation may delay rejig of GST rates

Inflation may take a toll on GST rate rationalisation as the Centre and the states may find it prudent to postpone a decision until prices stabilise given that the rejig may see the levy on several items go up, government sources indicated on Wednesday. While a group of state finance ministers has been constituted to look into the issue, it is yet to support the move and the GST Council is unlikely to meet until the second half of June.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/xDFBNwi

States to save Rs 19,833cr in power dues from amnesty scheme

State discoms ( power distribution companies) will save Rs 19,833 crore on late fee in the next 12 to 48 months from an surcharge-free instalment scheme being rolled out by the power ministry to help them clear their accumulated dues to gencos (generation companies), a major drag on the sector.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Dd5v3iO

Cabinet clears sale of govt's 29.58% stake in Hindustan Zinc

The Union Cabinet on Wednesday approved the sale of the government's residual 29.58 per cent stake in Hindustan Zinc, which at current prices would fetch over Rs 38,000 crore to the exchequer, sources said.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/GFM7XjR

After wheat and sugar, govt may curb rice exports

As per another official, export restrictions on five products are being considered, of which wheat and sugar have already been covered. Sources say restrictions on rice could be similar to those on sugar whose exports have been capped at 10 million tonnes (mt).

from Economy-News-Economic Times https://ift.tt/YhiN64W
via

'Govt has no plan for additional borrowing to manage fiscal deficit'

The government is not planning any additional borrowing and will stick to the borrowing target fixed for the current fiscal year despite sacrificing revenue on account of reduction in duties on petroleum products and other goods, official sources said on Wednesday.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/j0MZqme

WEF meet: "Very fruitful" for Karnataka, MoUs for Rs 52,000 cr investments signed

The state government has succeeded in wooing the investors in a big way under the leadership of Bommai with able cooperation from Industries Minister Murugesh Nirani and IT, BT Minister C NAshwath Narayan. Today was Bommai's third day at the WEF meet, during which he had had interactions with a number of business leaders from across the world.

from Economy-News-Economic Times https://ift.tt/oenTqxE
via

WEF meet: Ikea to open store in Bengaluru in June

CEO of Ingka Group, of which Ikea is a part, Jesper Brodin on Wednesday met Karnataka chief minister Basavaraj Bommai at the World Economic Forum Meet in Davos, Switzerland, and held discussions in the backdrop of the store-opening.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/kWv8VUs

Coal India to open big, new mine this year to fight power crisis

State-run Coal India will open this year what is expected to become one of the country's biggest coal mines, officials said, as India struggles to keep pace with surging power demand.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/jyMZYVQ

India imposes restrictions on sugar exports from June 1

India is the world's biggest producer of sugar and the second biggest exporter after Brazil. The move by India, according to experts, has the potential to impact prices worldwide.

from Economy-News-Economic Times https://ift.tt/PgSYn3u
via

Govt to launch Skills India Mission 2.0 to tap global opportunities

This will be part of the government's revamped skills programme, called Skills India Mission 2.0, which, according to the official, is expected to be unveiled in July, six years after the launch of the programme in 2015.

from Economy-News-Economic Times https://ift.tt/W3sO0Yb
via

Government restricts sugar exports to 10 million tonnes

The government on Tuesday announced a curb on export of sugar beyond 100 lakh tonnes (MTs) during this sugar season ending September. The government said this has been done considering the high increase in exports of the sweetener in the past few months.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/w6U5Xbo

Tata Steel says India export tax could alter output targets

Tata Steel is concerned New Delhi's sudden decision to impose an export tax on some steel products could force it to review its production targets, if the levy remains in place for a long time, its CEO told Reuters on Tuesday.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/nqY7RhG

Amid coal crunch, NTPC targets 86% rise in output from own mines

Amid a crushing coal crunch, India’s largest electricity producer NTPC is looking at ramping up Black Diamond production by 86% to 26 million tonnes (mt) from its captive mines in the current financial year, even as the power ministry has raised the requirement of domestic coal for the sector by 10% to 742 millions tonnes.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/im509Nj

US: Hyundai recalls 239,000 cars for exploding seat belt parts

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/HhaOIqN