Russia's G20 sherpa Svetlana Lukash says there is no place and time in the all-powerful group to discuss one regional conflict that has dominated the minds of western nations. In an interview to TOI, she said many G20 countries are concerned about the banking crisis and it should be analysed.
FTP 2023 emphasises ease of doing business, streamlining of processes and reducing transaction costs, a greater focus on ecommerce exports and bringing on board district- and state-level players to raise outbound shipments.
"Our idea is to involve more youngsters at the district level (like collectors) so that they see the initiative to boost export as a core function, and not a peripheral function," Sarangi said. The phase one of the plan will cover 75-100 districts, which could go up in the next leg.
This includes 63 Unilateral APAs (UAPAs) and 32 Bilateral APAs (BAPAs). With this, the total number of APAs since inception of the APA programme has gone up to 516, comprising 420 UAPAs and 96 BAPAs. "The BAPAs were signed as a consequence of entering into Mutual Agreements with India’s treaty partners namely Finland, the UK, the US, Denmark, Singapore, and Japan," CBDT said in a statement issued Friday.
Wall Street stocks climbed Thursday as markets calmed after recent banking sector turmoil. The Dow Jones Industrial Average rose 0.4 percent to 32,859.03, while the broad-based S&P 500 picked up by 0.6 percent to 4,050.83. The tech-heavy Nasdaq Composite Index jumped 0.7 percent to 12,013.47.
Sachs mooted a massive increase in multilateral development bank financing and routine rollover of amortisations for over 20 years for the G20 Leaders' Summit in September. Strengthening multilateral development banks is one of the key issues being pressed by India during its G20 presidency.
The second G20 Sherpa meeting began on Thursday with side events on digital public infrastructure and green development. Kant said the Sherpa meeting will take stock of the progress made on various issues outlined by the country as the key agenda items for its presidency. Sixteen Sherpas are attending the meeting, including from Russia. Kant said the spotlight must turn to key economic issues that were confronting the world economy after the Covid-19 pandemic with a large number of countries battling recession and inflation.
This significant increase in trade turnover between Russia and India was noted during Igor Sechin, Chief Executive Officer of Rosneft Oil Company, working trip to New Delhi this week. Thus, the goal set by the leaders of our countries to increase turnover to $30 billion by 2025 has been achieved in advance," said the head of Rosneft.
India's largest conglomerates have contributed to elevated inflation in the country and should be broken up, according to former Reserve Bank of India deputy governor Viral Acharya. The so-called “Big 5” – Reliance Group, Tata Group, Aditya Birla Group, Adani Group and Bharti Telecom – have grown at the expense of smaller local firms.
"The Central Government has given full exemption from basic customs duty on all drugs and Food for Special Medical Purposes imported for personal use for treatment of all Rare Diseases listed under the National Policy for Rare Diseases 2021," a statement by finance ministry said.
"We see CAD easing from here on, led by incrementally improving trade deficit amid receding commodity prices, especially for oil," said Madhavi Arora, lead economist, Emkay Global. "The solid services trade surplus will continue to strongly offset CAD, which will now likely amount to $85 billion in 2023-24."
The country's coal production is expected to reach 1.1 billion metric tons by FY26, of which 200 million tonnes would be from captive and commercial coal mines, coal secretary Amrit Lal Meena said on the sidelines of the launch of seventh commercial coal block auctions.
Addressing an event here, Nageswaran further said going forward, global exports growth volumes may be somewhat tepid in terms of their growth rates due to the kind of uncertainties the world is facing. "So, I think the restoration of the financial, credit and the investment cycle in the commercial sector and the real estate sector will probably see us growing on an average of six and a half per cent in the coming decade," he said.
The bullish sentiments in tur and sudden sharp jump in prices last week has influenced prices of the entire pulses complex.
The finance ministry on Tuesday announced a nine-member committee to recommend ways to strengthen multilateral development banks (MDBs), such as the World Bank, so that they can meet the financing requirements of not just the poor countries but also support the developing and emerging economies meet challenges, such as combating the impact of climate change.
Mutual fund firms are wooing retail investors who seek to avail of long-term tax benefits in debt funds in the last few days of the fiscal ending March 31, report Aseem Gujar & Partha Sinha. Last week, the government withdrew indexation benefits for investors in MF schemes that hold less than 35% domestic equity in their portfolio. The new norms will apply from April 1.
The services sector is expected to rebound with YoY growth of 9.4 per cent in 2022-23 compared to8.8 per cent in 2021-22, driven by a recovery of the contact-intensive service sector: FinMin said in a report
Lyft founders Logan Green and John Zimmer will step down from their CEO and president roles to be replaced by board member David Risher. Risher, a former executive at both Amazon and Microsoft, will take charge of the ride-hailing firm amid pressure to better compete with larger rival Uber.
A senior government official, on the condition of anonymity, told ET that various options are being examined keeping in view the financial implications and the challenges in implementing the plan that would have wide application - on the lines of Ayushman Bharat.
The government will announce the first set of production-linked incentives (PLI) for drones soon, civil aviation secretary Rajiv Bansal said on Monday at the CII International Conference and Exhibition on Advanced and Short Haul Air Mobility for All in Bengaluru.
Drugmaker Sun Pharmaceutical Industries Ltd would see a revenue drop in a few of its businesses and incur some expenses due to an "IT security incident" that happened earlier this month.
A year ago, lenders were wooing homebuyers with a decadal low-interest rate of 6. 5%. But in the last 10 months, home loan borrowers have seen a sharp 250-basis-point (100bps = 1 percentage point) increase in interest rates. Those who borrowed at 6. 5% in April 2022 are now billed 9%, resulting in their repayment tenure extending beyond retirement.
In absolute terms, the daily wages have been raised in the ₹7-26 range, according to a notification by the rural development ministry. The increase assumes significance, as the MGNREGS rates serve as the benchmark for rural wages and influence the rise in industrial wages as well.
Sitharaman advised the PSBs take steps to attract the deposits given the steps taken by the government to reduce the tax arbitrage in some debt instruments. She also asked them to pivot their strengthened financial position to support credit needs of the growing economy and focus on credit outreach in states where the credit offtake is lower than the national average, particularly in northeast and eastern parts of India.
Apart from hitting companies with parents in jurisdictions that do not have a tax avoidance treaty with India, the move also makes it possible for the government to impose the higher treaty rate of 15% on local arms of companies from the US, UK and other countries with whom India does have a tax treaty.
The MSP of Raw Jute (TD-3 equivalent to earlier TD-5 grade) has been fixed at Rs 5,050 per quintal for 2023-24 season. Anurag Thakur said the decision would ensure a return of 63.2 per cent over the all India weighted average cost of production.
Wall Street rebounded after US Treasury Secretary Janet Yellen reassured that measures would be taken to keep Americans' deposits safe, boosting growth shares in the Nasdaq. The Dow Jones Industrial Average rose 75.14 points, or 0.23%, to 32,105.25, the S&P 500 gained 11.75 points, or 0.30%, to 3,948.72 and the Nasdaq Composite added 117.44 points, or 1.01%, to 11,787.40.
Finance minister Nirmala Sitharaman is expected to move around 60 changes to the Finance Bill, 2023 when it is taken up for passage in the Lok Sabha. These will include clarifications and also measures to take the sting out of some of the tax proposals announced in the budget.
The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two US banks.
Vartika Shukla, the chair and managing director of Engineers India Ltd (EIL), has been leading the state-owned company's transformation since she took the position 18 months ago. Shukla aims to diversify EIL’s order book beyond fossil fuel projects, branching out into renewable energy projects such as India's first biorefinery to produce bioethanol with bamboo.
The rally in stocks on Wall Street comes a day before a crucial interest-rate decision from the US Federal Reserve, which is hoping to balance high inflation with ongoing concerns about the banking sector, after the dramatic decline of Silicon Valley Bank.