Core sector growth stable at 4.3% fiscal deficit 11.8%

Growth in the eight key infrastructure sector remained stable in May, although electricity generation, crude oil and natural gas production contracted.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/9pPGjbm

Rs 7 lakh combined threshold for calculating TCS: Finance ministry

The finance ministry Friday clarified the threshold of Rs 7 lakh for the liberalised remittance scheme is the combined level for calculating tax collected at source (TCS), irrespective of the purpose of remittance such as medical treatment and education.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/86vXDgw

Interest rate hike for post-office plans five-year recurring deposits

The government has left interest rates on most small savings schemes unchanged, barring five-year recurring deposits, which will fetch 6.5% during the July-September quarter 30 basis points higher than the current level.

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

Area under paddy down 26% so far this kharif season

The area under paddy cultivation in India has decreased by 26% during the ongoing kharif season due to slow progress of the southwest monsoon. Acreage for pulses is also slightly down, but acreage for coarse cereals and oilseeds has increased. Cotton acreage has decreased, while acreage for sugarcane has slightly increased.

from Economy-News-Economic Times https://ift.tt/Rv02CiU
via

CBDT to 'duly consider' PAN Aadhaar linking requests where fees paid by June 30

The income tax department on Friday said it will "duly consider" cases where linking of PAN with Aadhaar is yet to happen despite individuals giving their consent and having paid the fee. The last day for linking PAN with biometric Aadhaar on paying a late fee of Rs 1,000 is June 30, 2023. From July 1, 2023, PAN will become inoperative for individuals who have failed to link it with Aadhaar and TDS and TCS will be deducted at a higher rate.

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

Chaos reigns on bank locker update

With Friday being the last date for updating 50% of locker agreements, banks are urging customers to sign the new contracts. But lack of uniformity, even between branches of the same bank, is proving to be a hurdle.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/8tMkOW5

Government plans rating of cars from October

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/x4Yo1Dl

CommMin asks depts to hold consultations with compnies on PLI issues

The ministry, which coordinates the scheme, also urged PLI beneficiaries to take up any procedural challenges/ issues with the respective implementing ministry or department so that positive reforms can be brought about and the scheme can be made more efficient and effective.

from Economy-News-Economic Times https://ift.tt/DyNlr7C
via

Prasoon Joshi-led agency bags Air India's advertising mandate

AI ads and destination campaigns of J R D Tata era, many featuring Bobby Kooka's lovable Maharaja, are remembered fondly even today. Now as the founder group has initiated a multi-billion dollar project to revive the airline, work will begin on sprucing up its image too.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/uGh9NBW

RTP to invest a third of $1bn fund in India

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/fyMvo8q

Personal use of family office money may be discouraged

Popular in western countries, the concept of 'family office' - serving the wealth management needs of a family - was recognised a year ago by the GIFT City regulator International Financial Services Centres Authority (IFSCA) when it came out with the 'family investment fund' (FIF) regulations.

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

Sensex tops 64000 Nifty 1 9000 on strong eco FII buying

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/yft2QVE

No TCS on remittances up to Rs 7 lakh credit card spending overseas

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/krAVUT1

Oil prices jump 3% on bigger-than-expected decline in US crude storage

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/FSCGJ4k

Since launch IBC has resolved 72% of distressed asset cases

While the IBC has been effective in terms of financial recovery, with financial creditors recovering 34.3% of their claims, realisation in comparison to liquidation value was 169%. "Though realisation is incidental under the Code, financial creditors recovered 34.3% of their claims which only reflects the extent of value erosion by the time the CDs entered CIRP," said RBI.

from Economy-News-Economic Times https://ift.tt/6vMEpgo
via

Finance ministry steps up capex scrutiny on front-loading funds to states

After front-loading tax devolution and funds for capital expenditure to states, the finance ministry is keeping a close watch on the utilisation of the funds by them, as it believes productive spending should not be curbed at any cost, said a senior official.

from Economy-News-Economic Times https://ift.tt/3C8VkBl
via

Dutch fund values Byjus at $5 billion down 75% since Oct

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

HDFC-HDFC Bank merger on July 1

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/IgGsW6B

Sekura in talks to buy Ashoka Buildcon's $670 million road assets

"Sekura has started diligence on these roads," one of the sources said. "Ashoka's portfolio is one of the bigger HAM portfolios available and hence it had evinced interest from multiple players," the person said. The portfolio is expected to fetch an enterprise value of close to ₹5,500 crore with equity value of up to ₹1,300 crore, he added.

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

IBBI prepares list of 400 insolvency professionals for easy pickings

In a first for the country's bankruptcy resolution regime, the insolvency regulator has prepared a "common panel" of 400 insolvency professionals (IPs) from those registered with it. The Insolvency and Bankruptcy Board of India (IBBI) will share the list with the adjudicating authority to choose from to oversee cases of resolution or liquidation from July 1, according to an official.

from Economy-News-Economic Times https://ift.tt/DKdo3PF
via

Govt assures PLI beneficiaries of timely resolution of issues next high level meet in Sept end

The government took feedback from industry and other government departments on the challenges being faced by PLI beneficiaries. More than 150 people attended the meeting and there were five beneficiaries from each of the PLI scheme sectors.

from Economy-News-Economic Times https://ift.tt/ts6aBm1
via

Govt assures PLI beneficiaries to resolve their issues

The government announced the PLI (production-linked incentive) scheme in 2021 for as many as 14 sectors, such as telecommunication, white goods, textiles and pharma with an outlay of Rs 1.97 lakh crore. The government has disbursed only Rs 2,900 crore till March 2023, out of Rs 3,400 crore claims received.

from Economy-News-Economic Times https://ift.tt/dlGYR30
via

Banks told to push foreign trade in Rupee

While many businesses - driven by commercial convenience, balance of payments, and terms of global reinsurers - often prefer to deal in hard, convertible currencies, New Delhi is pursuing its aim to internationalise the local currency.

from Economy-News-Economic Times https://ift.tt/OEF1aB7
via

'Ex-ICICI Bank CEO Kochhar got Rs 64 crore illegal gratification'

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Ij92on6

RBI in talks with leading global peers to promote digital rupee payments

Barely months before unveiling the CBDC pilot in both retail and wholesale segments, the central bank allowed rupee settlement for international trade as a step towards internationalisation of the rupee. Banks from 18 countries have opened rupee vostro accounts since July last year, helping their importers settle payments in the rupee.

from Economy-News-Economic Times https://ift.tt/oQ2WSxf
via

Highway construction target may be raised

The Centre had targeted developing 12,200 kilometres (km) of national highways (NH) in 2022-23, but could manage to construct 10,933 km. This was the second consecutive year that the target was missed. It was earlier expected that the target for highways construction for fiscal 2023-24 will be kept at around 12,500 km, but this is now being reassessed.

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

Donor disclosure rules tightened for trusts

These entities will also have to furnish an undertaking to the effect that the activities undertaken by them were charitable, religious or religious-cum- charitable in nature. The CBDT has also tweaked the format of the undertaking to be given as per the latest rules that will come into effect from October 1.

from Economy-News-Economic Times https://ift.tt/B5H4ImE
via

Construction workers may get pan-India card pension

Under the Building and Other Construction Workers Act, 1996, state governments through their state welfare boards are mandated to frame and implement schemes for safety, health and welfare of construction workers. Currently, different states have different eligibility conditions for availing benefits under the BOCW scheme, making it virtually impossible for migrant workers in the construction sector to enrol under the scheme.

from Economy-News-Economic Times https://ift.tt/QgJM0w5
via

Government to launch portal for unclaimed dividends shares by February

The Investor Education and Protection Fund Authority (IEPFA), under the corporate affairs ministry, is also planning to ease the process for investors to get the unclaimed shares and dividends, the official told ET, adding that this will curtail the requirement of certain superfluous documentations.

from Economy-News-Economic Times https://ift.tt/sV8SI7Z
via

NHAI looks to pare debt via asset monetisation higher toll income

NHAI officials played down concerns over the large debt saying the authority’s income from various sources can be used to repay debt. “NHAI has enough resources to repay the debt. It has been decided that investment in highways will be met from budgetary support while toll income and asset monetisation proceeds would be used to payback debt,” a senior NHAI official told ET on condition of anonymity.

from Economy-News-Economic Times https://ift.tt/d37Jt8a
via

India should consider free trade agreement with Egypt: Exporters

Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that India and Egypt have historic trade relations, which are robust and fairly balanced.

from Economy-News-Economic Times https://ift.tt/qT09OSZ
via

India in bilateral talks with Brazil to resolve sugar dispute at WTO

India is in negotiations with Brazil to resolve a sugar dispute at the World Trade Organisation (WTO) and the commerce ministry is coordinating with concerned departments for the same. In 2019, Brazil, Australia and Guatemala dragged India into the WTO's dispute settlement mechanism alleging that New Delhi's sugar subsidies to farmers are inconsistent with global trade rules.

from Economy-News-Economic Times https://ift.tt/7d6LtTY
via

Vedanta donates Rs 155 crore to political parties in FY23

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/kbfQ2M1

Byju's staff say morale waning amid turmoil at Indian edtech firm

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/YV09kUt

'Strong demand may stoke inflation if supply conditions not flexible'

Inflation expectations may have moderated, but firm demand in the economy could fuel cost and price increases unless supply conditions are flexible enough, Shashanka Bhide, an external member of India's Monetary Policy Committee (MPC), tells Bhaskar Dutta.

from Economy-News-Economic Times https://ift.tt/6AJ9aT7
via

Dr Reddy's enters generics business in India market

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/A3D41eH

Current level of real repo rate raises worries of damage to growth: Jayanth R Varma

The objective of monetary policy is to control inflation with as little growth sacrifice as possible. The current real repo rate is close to 1.5% based on projected inflation 3-4 quarters ahead. At this level, there are worries about the extent of demand destruction that it will cause and the consequent damage to economic growth.

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

US India agree to end six WTO disputes lift some tariffs

India also "agreed to remove retaliatory tariffs" on certain US products such as chickpeas, lentils and almonds, the US Trade Representative's (USTR) office added in a statement. The USTR announcement came during a visit of Indian Prime Minister Narendra Modi to the United States, and both nations have also reached major deals on engines for fighter jets, semiconductor investment and space cooperation.

from Economy-News-Economic Times https://ift.tt/Op8kb5U
via

IOB pact with Tamil Nadu rural livelihood mission to support SHGs

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/kma2UoC

Fitch raises India growth forecast for FY24 to 6.3%

Fitch also said that it expects the Reserve Bank of India (RBI) to pause rates until early next year given the moderation in growth and easing inflationary pressures.

from Economy-News-Economic Times https://ift.tt/oFIy1LO
via

DigiYatra more popular in Varanasi Vijayawada than metros

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/a5stwA4

Government exploring expansion of ESIC coverage: Delhi Labour Minister

The Delhi government on Thursday said that it is working to include as many employees as possible in the Employees' State Insurance Corporation (ESIC) and provide them with all the benefits.

from Economy-News-Economic Times https://ift.tt/Aa4SlRm
via

We welcome Tesla to India but government should get investments in 'fair spirit': Merc

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

US to ease visas for skilled Indian workers as PM Modi visits

The US state department is reportedly set to announce a pilot program that will allow a small number of Indians and other foreign workers on H-1B visas to renew them in the United States, without having to travel abroad. Indian citizens are the most active users of the US H-1B program, and made up 73% of the nearly 442,000 H-1B workers in FY2022.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/HV3abhU

Amazon to accept Rs 2000 notes on CoD

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Vd7SPrJ

Corp filing site's glitches hit due diligence market analytics

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/7tK9ZXO

El Nino likely to hit rabi crops: Top weather forecasters

Winter rainfall is crucial for key rabi crops like wheat, chana and mustard. El Nino, an ocean-warming weather pattern that occurs every 2 to 7 years, was expected to impact the monsoon rainfall in the second half of this season. However, now it looks like El Nino forming earlier than initially expected.

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

India Firm on data & patent red lines in trade pacts with UK EU

India is firm on its red lines on cross-border data flows as there is no ecommerce policy at present, while any commitments on data exclusivity and patent extensions would impact the manufacturing and distribution of generic medicines, officials said.

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

Govt clears Rs 22000cr Micron investment for chip project

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

Twitter employees sue social media company over bonuses they say weren't paid despite promises

Employees are suing Twitter over tens of millions of dollars in bonuses they say the social media company failed to pay despite promises it would.The lawsuit filed Tuesday in federal court in San Francisco claims that in the month's leading up to billionaire Elon Musk's acquisition of the company, executives including former finance chief Ned Segal “repeatedly” promised employees that 50% of their 2022 bonuses would be paid.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/KNj6tbD

View: India's inflation may have cooled but premature to bet on rate cuts

Consumer Price Index (CPI) inflation was at 4.25% in May, the lowest in 25 months. With the price gauge now not too far from the Reserve Bank of India's target of 4%, it could be reasonable to see markets building up hopes of interest rates being lowered after a year of aggressive policy tightening.

from Economy-News-Economic Times https://ift.tt/63xCjp1
via

India approves wheat broken rice exports requests from 4 countries

The South Asian country banned exports of wheat and broken rice in 2022 to lower local prices. But following requests, India would allow broken rice exports to Indonesia, Senegal and Gambia in 2023/24 financial year started on April 1. New Delhi also approved request from Nepal and allowed wheat exports in the current financial year.

from Economy-News-Economic Times https://ift.tt/xHcTKL8
via