India braces for 8% sugar output dip as cane crop suffers- trade body

India's sugar production is anticipated to decline by 8% to reach 33.7 million metric tons in the marketing year 2023/24, commencing on October 1. This projection, put forth by a prominent trade association, is attributed to the decreased rainfall in crucial sugar-producing states, which is expected to impact crop yields.

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Mark Mobius sees Sensex hitting 1 lakh mark in 5 years, says India's future looks very exciting

Mark Mobius expressed his optimism about India's growth potential, stating that the benchmark Sensex could reach the 1,00,000 milestone in the next five years. He also highlighted India's promising economic growth prospects and the significant role played by a tech-savvy young population.

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In New Year, know your health cover at a glance

Starting from January 1, 2024, health insurance policies in India will be required to provide a concise summary of coverage details, waiting periods, limits, and exclusions in a customer information sheet (CIS). Policyholders will also have a 15-day "free-look" period to cancel their cover if they suspect mis-selling. The aim is to increase transparency and policyholder awareness. The CIS will also highlight policyholders' rights and their obligation to disclose relevant health information for claim settlements.

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India calls for initiating formal talks on WTO's dispute settlement body reforms

India has called for the start of formal negotiations by WTO members to reform the dispute settlement body of the World Trade Organisation (WTO). These negotiations are essential as informal deliberations are preventing several nations from participating in the talks. The formal talks aim to arrive at a consensus by the 13th ministerial conference of the WTO in Abu Dhabi in February 2023.

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Insolvency resolution high for manufacturing sector, lags for real estate

Manufacturing and real estate sectors in India have seen varying outcomes in insolvency cases. Manufacturing accounted for 38% of admitted cases but 48% of resolved ones, while real estate represented 21% of admitted cases but only 15% of resolved cases, according to data from the Insolvency and Bankruptcy Board of India.

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Mamaearth raises Rs 765 crore from anchor investors ahead of IPO

Mamaearth's parent company, Honasa Consumer, has raised ₹765.2 crore from 49 anchor investors ahead of its IPO launch on October 31. The company has also allocated shares worth ₹253.6 crore to domestic mutual funds. Mamaearth's IPO consists of a fresh issue of shares worth ₹365 crore and an offer for sale of up to 4.12 crore shares. Promoters, founders, and investors will be offering shares in the OFS. The IPO is expected to fetch about ₹1,701 crore at the upper end of the price band. The offer will close on November 2.

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Niti Aayog to consult India Inc before readying vision report

Niti Aayog, the Centre's think tank, will consult with business and thought leaders including Mukesh Ambani, N Chandrasekharan, Sundar Pichai, Gautam Adani, and others to gather input for a vision document aimed at making India a developed nation by 2047. The consultations will take place in Delhi and Mumbai in November, with the draft document expected to be ready by December. Niti Aayog was given the responsibility in July 2023 to consolidate sectoral visions into a national vision for Viksit Bharat@2047.

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TOTal gain: NHAI awards 400 km for Rs 6,584 crore

​TOT model has been developed to encourage private participation in the highway sector. Till now, NHAI has monetized 1614 km of projects for Rs 26,366 crore (excluding ToT bundle 11 and 12) through ToT and 636 km of projects for Rs 10,200 crore through InVIT.​Till now, NHAI has monetized 1614 km of projects for Rs 26,366 crore (excluding ToT bundle 11 and 12) through ToT and 636 km of projects for Rs 10,200 crore through InVIT, it said.

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VinFast Auto, rival to Elon Musk's Tesla, starts shopping for land in India for EV plant; sees "tremendous potential"

VinFast recently expressed its intention to establish a manufacturing facility in India. The company is set to invest approximately $200 million. The Vietnamese electric vehicle manufacturer is widely seen as a rival to Elon Musk's Tesla.

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Apple India's revenue booms; nears Rs 50,000 crore milestone with record growth

Apple's India business almost touched a record milestone of Rs 50,000-crore revenue, with sales growing by 48% to Rs 49,321 crore in the fiscal year 2022-23. Analysts attribute this growth to a higher share of sales of new generation devices and a reduction in component costs.

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IDFC First Bank posts 35% quarter 2 profit

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Rules for co-location: CBIC clarifies on place of supply

​In case of services delivered overseas from India or from outside the country, the Central Board of Indirect Taxes and Customs (CBIC) said the place of supply will be the location of the recipient, if the location is known. In case the recipient's location is not readily available in the regular course of business, the place of supply will be the service provider's location. The same principle will be applied to services provided by courier or mail.

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Auto strikes to reduce US payrolls count in October

The strikes by the United Auto Workers (UAW) union against Detroit's Big Three car manufacturers could result in a loss of at least 29,000 jobs from U.S. nonfarm payrolls in October, according to government data. The strikes affected assembly plants owned by Ford Motor, General Motors, and Chrysler parent Stellantis, as well as Mack Trucks plants and Blue Cross Blue Shield. The work stoppages have disrupted supply chains, leading to furloughs and layoffs of non-striking workers. The impact of the strikes will likely be seen in a decline in manufacturing employment.

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CICs to pay Rs 100/day to customers for delay in updation of credit info: RBI

The RBI announced that credit information companies (CICs) will have to compensate clients for delays in updating or correcting their credit information by giving them a daily payment of Rs 100. The 'Framework for reimbursement to consumers for delayed updation/rectification of credit information' will be implemented in six months by CICs.

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Michelin winds down tire production at Ardmore, cuts 1,400 jobs

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Sensex slides for 5th day in row, below 64000 after 4 months

The Sensex fell below the 64,000 mark for the first time in four months due to global factors impacting investor sentiment. The index closed 523 points down at 64,049, with 24 of 30 Sensex constituents in the red. Foreign funds recorded a net outflow of Rs 4,237 crore, while domestic funds were net buyers. Global factors such as the Israel-Hamas conflict, crude oil price volatility, and rising US government bond yields have led to a 'risk-off' sentiment among investors, resulting in strong selling by foreign portfolio investors in the Indian market.

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Rabi season fertiliser subsidy of Rs 22,000 crore gets nod

The Union cabinet has approved nutrient-based fertiliser subsidy rates for the rabi season 2023-24, with an outlay of ₹22,303 crore. This move aims to ensure that farmers can access soil nutrients at reasonable rates despite high global prices. The subsidy rates for nitrogen-based fertiliser, phosphorus, potash, and sulphur have been announced. These rates are lower than those during the kharif season due to the rationalisation of subsidies based on recent international price trends. The government aims to provide fertilisers to farmers at last year's rates.

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Formal employment additions drop in August

New enrolments to the government's social security schemes in India declined in August, indicating slower growth in formal employment. The decline was more significant in higher-paying jobs, with new enrolments in the Employees' Provident Fund (EPF) Scheme falling by 13.3%. However, net subscriptions to the EPF scheme, which takes into account exits and re-entries, reached the highest level this year.

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PSBs told to speed up sale of defaulters' properties

The Indian finance ministry has requested state-owned banks to expedite the development of an advanced property auction platform and mobile app. Around 500,000 properties owned by state-owned lenders will be listed on the platform, offering bidders access to ownership details, photographs, videos, and other information. Currently, state-owned banks advertise properties for sale, but they often go unnoticed.

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Microsoft sales beat estimates as customers prepare for AI rollout

Microsoft reported better-than-expected fiscal first-quarter results, driven by growth in its cloud computing and PC businesses. The company's revenue rose 13% to $56.5 billion, exceeding analysts' estimates. Revenue from its Intelligent Cloud unit, which includes its Azure cloud-computing platform, grew to $24.3 billion, surpassing expectations. Microsoft's strong messaging on its AI technology is attracting companies to consider them more seriously. The company's capital expenditures for AI software are expected to exceed $44 billion this fiscal year.

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Industry seeks 15 per cent concessional tax rate extension, set-off of losses

Industry bodies in India have submitted their wish list for the interim budget for 2024-25. They are requesting an extension of the concessional tax rate of 15% for domestic infrastructure companies and non-corporate taxpayers, exemption from withholding tax on payment of interests on overseas bonds with a maturity period of more than five years, and the ability to carry forward and set-off business losses for the services sector.

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Pakistan, Afghanistan discuss border management issues, evacuation of illegal Afghanis

Officials from Pakistan and Afghanistan met to discuss border management issues and the evacuation of illegal Afghan citizens living in Pakistan. The Pakistani government has set a deadline of November 1 for all illegal Afghan nationals to leave the country. The meeting focused on providing facilities to Afghan refugees crossing the border, including patients, and ensuring a smooth and organized evacuation process. There was also an emphasis on addressing the challenges faced by patients at the border.

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Outspoken Qatar Airways CEO to retire after 27 years

One of the airline industry's most outspoken leaders, Akbar Al Baker, is retiring as chief executive of Qatar Airways after almost three decades at the helm of the state-owned carrier, according to a memo seen by Reuters on Monday and a source. Al Baker will be succeeded by Badr Mohammed Al Meer, currently chief operating officer of Hamad International Airport, the source familiar with the matter said. Al Baker was appointed CEO in 1997, three years after the airline's launch.

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Juventus starts talks with banks over planned 200 million Euro cash call

Juventus initiated talks with banks to create a syndicate for a planned capital increase of up to €200 million following the board's approval. "The company is considering the opportunity to engage a syndicate for the subscription of any newly-issued shares that remain unsubscribed and, for this purpose, has initiated contacts with leading banking institutions," it said in a statement. Juventus said the capital increase was expected to be executed in the first four months of next year.

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FinMin sees bright FY24, backed by robust indicators

India's macroeconomic outlook for the 2023-24 financial year is strong, supported by robust domestic fundamentals, according to the finance ministry. The report highlights two additional drivers of growth: increasing investment demand and a rise in industrial activity. Industrial growth in India reached a 14-month high in August, and the International Monetary Fund recently raised its growth forecast for India for FY24.

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Govt eyes shift to BOT as private cos show interest in roads sector

The Indian government plans to bid out road projects worth over ₹2 lakh crore through the build-operate-transfer (BOT) model by March 2024. This shift from the engineering, procurement, and contract (EPC) model will encourage private players to build high-quality roads that they will be responsible for maintaining for 15 years.

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NREGS may get Rs 28,000 cr more, over and above budgeted Rs 60,000 cr

Nearly 95% of the budgetary allocation for FY24 has already been released. The additional funds will be included in the first batch of supplementary demands for grants and will bring the total outlay for the scheme closer to last year's level of ₹90,000 crore. The government aims to maintain its fiscal deficit target of 5.9% of GDP by cutting wasteful expenditures and reallocating savings.

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Foxconn faces tax audit, land use probe: Chinese state media

China's natural resources department conducted on-site investigations on the land use of enterprises of Foxconn in Henan, Hubei provinces and other places, according to the exclusive report in the Global Times. It did not elaborate on the investigations or the timing of them. "Foxconn's subsidiaries are obliged to actively cooperate with audits and investigations, and if there are indeed violations of laws and regulations, they should admit mistakes and accept penalties and step up rectification," Zhang, deputy dean of the Taiwan Research Institute of Xiamen University, said.

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US sanctions 3 China companies for selling ballistic missile components to Pakistan

The US has imposed sanctions on three China-based companies for supplying missile-related items to Pakistan's ballistic missile program. The sanctions were imposed as part of the global nonproliferation regime. China has been a major supplier of arms and defense equipment to Pakistan. The sanctioned firms include General Technology, Beijing Luo Luo Technology Development Co, and Changzhou Utek Composite Company. They have been involved in activities that contribute to the proliferation of weapons of mass destruction or their means of delivery.

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At Rs 10,261 crore ICICI bank quarter 2 net profit up 35%

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Rs 5L penalty on Godrej's arm for violating NGT norms

The Municipal Corporation of Delhi (MCD) has imposed a penalty of Rs 5 lakh on a subsidiary of Godrej Properties for not taking environment safety precautions in construction works at its project site here. In a regulatory filing on Saturday, Godrej Properties informed that its subsidiary Godrej Vestamark LLP on October 16 received an order in this regard under the Delhi Municipal Corporation Act 1957. Godrej Properties is one of the leading real estate firms in the country.

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'No proof our wheat exports harming others'

India has defended its wheat exports at a meeting of the World Trade Organization (WTO), stating that there is no evidence of harm to food security or trade distortion. The country called for a food security package at the WTO's 13th Ministerial Conference, emphasizing the need for a solution on public stockholding. India's request has gained support from around 80 countries, including China and South Africa. The European Union has also expressed its support for finding a permanent solution to the public stockholding issue.

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Wall Street dips as benchmark US bond yields breach 5%

Wall Street declined due to mixed earnings, concerns about further interest rate hikes from the Federal Reserve, and worries about escalating conflict in the Middle East. The yield on 10-year US Treasury notes briefly surpassed 5%, the first time since July 2007. Tech stocks were particularly affected, pulling down the Nasdaq. Investors were urged to focus on strong company earnings and guidance. Federal Reserve Chairman Jerome Powell's comments left open the possibility of another rate hike.

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Financial Services Secretary chairs review meet with PSBs

Financial services secretary Vivek Joshi, on Thursday, chaired a review meeting with heads of public sector banks (PSBs).

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Medical, tuition expenses to hurt even as core inflation eases

In the June quarter of 2022-23, average employee cost of listed companies had increased 17.4% year-on-year. Average education inflation in the first half of this fiscal was 6.2%, whereas health inflation averaged 5.6%.

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Oil settles up 1% on nagging worries about Middle East

Oil prices rose on Thursday amid concerns that the conflict between Israel and Gaza could escalate into a regional conflict. Brent futures settled up 1% at $92.38 a barrel, while US West Texas Intermediate (WTI) futures settled up 1.2% at $89.37 a barrel. The potential for escalation, particularly from the Arab world, is a concern. However, gains were limited after the US issued a six-month license authorizing transactions in Venezuela's energy sector.

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Union Pacific railroad's quarterly profit falls 19%

Union Pacific reported a 19% decline in third-quarter profit due to lower shipments and high costs. However, the average speed of its trains improved by 5% under the leadership of new CEO Jim Vena. The company earned $1.53 billion. Although the number of shipments decreased by 3%, costs improved by 4%. Union Pacific's revenue also fell by 10% to $5.9 billion. Vena aims to push decision making to lower levels and eliminate bureaucracy to improve efficiency.

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GST officers detect Rs 1.36 lakh cr evasion in current fiscal

The Finance Ministry has revealed that GST Intelligence Officers have uncovered Rs 1.36 lakh crore in GST evasion during the current fiscal year. The Directorate General of GST Intelligence (DGGI) has been using advanced data analytics tools and its intelligence network to identify tax evasion. This fiscal year alone, officers have identified evasion cases exceeding Rs 1 lakh crore within the first six months.

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World Bank expert team visits Thane

A delegation of experts, including representatives from the World Bank, visited Thane to discuss the state government's plan to revamp its statistics sourcing system. Officials said the state wants real-time data of all districts at the click of a button. Presently, the state relies on outdated data which is compiled and relayed to it months later or in some cases even a year late.

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39 per cent capital cities in India have no active master plan: Report

​The Annual Survey of India's City-System 2023 also states that mayors and councillors only have limited role in key municipal functions. The survey report, released on Tuesday by Union Housing and Urban Affairs Minister Hardeep Singh Puri here, says 17 per cent of cities have a mayoral tenure of less than five years, adding that a tenure of less than five years makes the position of the mayor largely "ceremonial and inconsequential".

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Weeding out fake welfare scheme beneficiaries to help save ₹18K cr

The Indian government expects to save ₹18,000 crore in the current fiscal year by identifying and removing fake beneficiaries from various welfare schemes. Duplicate or ineligible farmers receiving benefits from the PM Kisan scheme have already been removed from the database, resulting in savings of ₹9,000 crore. In addition, efforts are being made to prevent the diversion of subsidised fertilisers for industrial use, and measures have been taken to eliminate duplicate or fake job cards under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), saving around ₹4,000 crore.

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China, Turkiye seek to align BRI with middle corridor

China has initiated dialogue with West Asia to align its Belt and Road Initiative (BRI) with Turkiye's Middle Corridor Initiative. This move comes as China is concerned about India's growing influence in the region through projects like the India Middle East Europe Economic Corridor (IMEC) and India-Israel-USA-UAE projects. Turkiye had opposed IMEC, which aims to rival the BRI. The two sides recently held a high-level dialogue on the issue. China is also deepening political contacts in West Asia and assisting countries like Saudi Arabia, Egypt, and Iraq.

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RBI Governor awared for 'A+' ranking in Global Finance Central Banker Report 2023

Reserve Bank of India (RBI) Governor Shaktikanta Das has been awarded an 'A+' ranking in the Global Finance Central Banker Report Cards 2023. The report cards recognize central bank governors who have outperformed their peers in terms of originality, creativity, and tenacity. Das was placed at the top of the list alongside Switzerland's Thomas J Jordan and Vietnam's Nguyen Thi Hong.

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India stands out as beacon of hope for world economy: FM Sitharaman

Sitharaman cited admitting the African Union into the G20, adoption of the Green Development Pact, and commitment to pursue reforms for better, bigger, and more effective Multilateral Development Banks (MDBs) as the key aspects of the consensus building.

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Should bosses be fire breathing dragons like Elon Musk wanted with Parag Agarwal? What leaders say

"Fire-breathing dragon" concept represents a leader who is fiercely competitive and uncompromising in their pursuit of success. However, many leaders and experts argue that such an approach is not sustainable.

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India's foreign exchange reserves fall for the fifth consecutive week

India's foreign exchange reserves have fallen for the fifth consecutive week, with a total decline of $14.154 billion in the past five weeks. The Reserve Bank of India is believed to have sold dollars in order to prevent a steep fall in the value of the rupee against the dollar, amid concerns over global interest rates.

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India’s foreign exchange reserves dip $2.17 bn to $584.74 bn

India's foreign exchange reserves fell by $2.166 billion to $584.742 billion for the week ending October 6, according to the Reserve Bank of India (RBI). The drop in reserves was primarily due to a decrease in foreign currency assets and gold reserves. The country's forex kitty had reached a record high of $645 billion in October 2021, but has been declining as the central bank uses the reserves to defend the rupee against global pressures.

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Revamp lending way of MDBs, says expert group

An independent expert group has proposed reforms to strengthen multilateral development banks (MDBs) and increase lending to countries. The group suggests mobilizing $240 billion from the private sector to reach a lending goal of $390 billion by 2030. The group emphasizes the need for collaboration and inclusivity, following the G20 Summit's example.

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Local consumption to drive growth: Finance minister

India's finance minister, Nirmala Sitharaman, highlighted domestic consumption and investment as key drivers of the country's growth. She also cautioned against inflationary pressures due to global uncertainties and emphasized the need for vigilance from the government and the Reserve Bank of India. Sitharaman acknowledged the impact of the slowdown in global demand on India's goods exports and suggested the need to strengthen the external sector.

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Retail inflation at 3-month low, IIP growth hits 14-month high

Retail inflation in India eased to a three-month low in September due to moderating food prices, bringing relief from surging price pressures. The Consumer Price Index (CPI) rose by 5% annually in September, slower than the 6.8% in August and below the Reserve Bank of India's upper tolerance band.

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India slips four ranks in global hunger index 2023; govt says flawed methodology

The report places India below its neighbours Pakistan (102), Bangladesh (81) and Nepal (69) in the index. It points out that India had the worst rates of wasting, with 18.7% of the children under five who have low weight for their height.

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Insolvency watchdog seeks public comments to further simplify regulations

The latest move is also part of the broader efforts by authorities to expedite the insolvency resolution process and prevent erosion of stressed asset value.

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TCS’s headcount drops by 6,333 in September quarter

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Embellished CV? Skill holds key

According to a study by HirePro, recruiters are relying less on resumes and more on personal interactions to hire candidates. The study found that resumes are often inaccurate and do not provide enough information for recruiters to judge a candidate's skills and behavioral attributes. It also revealed that a significant number of candidates exaggerate their qualifications and lie on their resumes.

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Kitchen staples may not pinch in festive season

Food inflation, though high, has started to cool off from recent highs, after the government took a series of measures such as imposing export restrictions and stock holding limits, as well as offloading wheat, rice, chana and onions in the local market to augur supplies and tame prices.

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North Bengal tea gardens settle for 19 per cent bonus payment for FY'23: Official

Tea gardens in the Dooars and Terai regions of north Bengal have agreed to pay a bonus of 19% for the 2022-23 fiscal year, compared to 20% in the previous year. However, the issue of bonus payment for Darjeeling tea gardens is still unresolved, with unions demanding 20% and managements offering 8.33%. There are approximately 135 tea gardens operating in north Bengal, excluding Darjeeling.

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Escalation of war may knock off next year’s growth forecast: World Bank chief economist

The World Bank has forecast India to grow by 6.3% for FY24, projecting strong investment to drive growth, in its latest update released last week. South Asia is expected to grow by 5.8% this year — higher than any other developing country region in the world.

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CCI to firm up rules for leniency-plus regime: Chairperson Ravneet Kaur

The Competition Commission of India (CCI) is proposing a new "leniency-plus" regime that would allow companies under investigation for cartelisation to reduce penalties by disclosing information about other cartels. The regulator plans to seek stakeholder comments on the proposed regulations and finalize them for enforcement.

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Finance Ministry steps up vigil, but sees no major impact from Israel war for now

After panic signals on Monday, stocks rebounded on Tuesday, brent crude oil shed some gains and the rupee partly recovered and remained only a tad lower against the greenback than the October 6 (pre-war) level, as markets began to gauge the precise impact of the conflict in the absence of any fresh trigger point.

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Competition authorities cannot look at coordinated enforcement action against international cartels: CCI chief

While addressing the media about the BRICS International Competition Conference to be held in the national capital from October 11-13, she also emphasised that a memorandum of understanding (MoU) with various competition authorities is an important instrument that allows for cooperation and sharing experiences. To a query regarding enforcement against international cartels, the Competition Commission of India (CCI) Chairperson said that when it comes to enforcement, "we have to be very careful in terms of enforcement because each authority has its own legal framework".

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States borrowing cost soars to 7.68%, the highest so far this fiscal

Eight states raised Rs 9,600 crore through state government securities (SGS) on Tuesday, which is 13.6 per cent higher than the amount indicated for this week in the auction calendar, according to Aditi Nayar, the chief economist at Icra Ratings.

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Indian banks pursue unpaid loans by Singapore's GVK in UK court

Six Indian banks are pursuing a trial in the High Court of London against GVK Coal Developers (Singapore) and associated companies for unpaid loans amounting to around $2 billion. The case dates back to 2011 and 2014 when loan facilities were provided to the company, which the banks claim are long overdue. The trial, which began on Tuesday, will last for two weeks. GVK was only represented by an Indian advocate after reportedly disengaging their UK legal firm before the trial.

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E-scooter sales recover after subsidy cuts

Electric two-wheeler sales in India increased by 16% to 3.4 lakh units in the first six months of the financial year 2023-24. Despite a dip in sales after the government reduced subsidies in June, sales have been stabilizing in recent months. However, month-on-month growth has flattened out, posing a challenge to reach the target of 20 lakh units set by Niti Aayog.

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Policy in works to scale up bamboo cultivation

The policy, expected by the end of this year, is expected to lay down of BIS standards for bamboo, food and safety standards certification for bamboo products and geographical indications (GI) tagging to enhance exports opportunities for bamboo.

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Dilip Buildcon signs agreement for Rs 397 crore project in Rajasthan

"Dilip Buildcon has received LOA and signed the agreement for the new project planning, design and construction of dewas III and IV Dams Tehsil- Gogunda Udaipur district in Rajasthan...including 10 years O&M (operations and maintenance)," the statement said.

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France wants methane curbs on Europe's fossil fuel imports: document

France has proposed that the European Union impose methane emissions limits on gas imported into the bloc. Methane is a potent greenhouse gas and the second biggest cause of climate change. The EU is currently negotiating a law to stop methane emissions from oil and gas producers within Europe, and France wants to extend these rules to cover imported fossil fuels.

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Centre to discuss GST cess road map with states

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Finance minister Sitharaman reviews reform progress of MDBs

Indian Finance Minister Nirmala Sitharaman discussed multilateral development bank reforms with global agency heads before attending the annual meeting of the World Bank and the IMF in Marrakech. India plans to push for issues such as cryptocurrency regulation, debt restructuring for vulnerable countries, and MDB reforms at the G20 finance ministers and central bank governors meeting.

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Multilateral banks back reforms plan

​The MDB reform programme will be taken up at the G20 finance ministers and central bank governors' (FMCGB) meeting in Marrakech under India's presidency on October 12-13. The reforms blueprint is derived from the report of the Independent Expert Group (IEG), co-chaired by 15th Finance Commission chairman NK Singh and former US treasury secretary Larry Summers, set up by the G20.

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Attack on Israel likely to boost appeal of gold, safe-haven assets

The recent violence in Israel is expected to lead investors to seek safe-haven assets, such as gold and the dollar, due to the geopolitical risks involved. The attack by Hamas has been condemned by Western countries, and there is concern about the potential impact on energy prices. However, analysts believe that the immediate impact on financial markets is limited to safe-haven flows.

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Business activity picks up greater pace in July-Sept

The Confederation of Indian Industry's Business Confidence Index showed that two-thirds of the respondents believed that sales and new orders rose faster in the second quarter of the ongoing financial year compared with the previous quarter, whereas more than half expected capacity utilisation to average 75-100% - five percentage points higher than the previous quarter.

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Huge demand for Indian chicken, dairy, basmati rice, wheat products in Middle East: UAE industry

The UAE food industry is seeking support from the Indian government to meet the high demand for chicken, dairy, basmati rice, frozen marine goods, and wheat products in the Middle East. They have requested smooth certification processes, better coordination with APEDA, and harmonization of standards. The industry also emphasizes the importance of high-quality packaging to boost exports to countries like Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Commerce and Industry Minister Piyush Goyal has held discussions with importers to explore ways to increase exports from India.

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GST authority issues Rs 922 cr show cause notices to Reliance General Insurance

Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital Ltd, has received multiple show cause notices from the Directorate General of GST Intelligence, amounting to Rs 922.58 crore. According to sources, the company has received four notices from the DGGI demanding GST of Rs 478.84 crore, Rs 359.70 crore, Rs 78.66 crore, and Rs 5.38 crore respectively, on the revenue generated from the services like re-insurance and co-insurance.

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FSSAI reviews safety and quality standards of tea

India's food safety regulator, the Food Safety and Standards Authority of India (FSSAI), and the Tea Board have held a meeting to address concerns about the quality and safety of tea. The FSSAI CEO emphasized the responsibility of all stakeholders to ensure tea safety and highlighted regulations regarding extraneous matter, harmful substances, and pesticide limits. The Tea Board will work with FSSAI to create awareness campaigns and educate farmers and workers on compliance and quality control measures. India is the fourth-largest tea exporter but is facing challenges such as rising costs and declining exports.

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India's coal imports decline 12 pc in August

India's coal imports in August fell by 12.08% to 18.26 million tonnes compared to the same month last year, according to data from mjunction services ltd. Overall coal imports between April and August also dropped by 10.3% to 103.93 million tonnes. The decline in imports is due to increased domestic availability, which has risen by around 10%. Non-coking coal imports fell by 20 million tonnes during this period.

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Why it could be a little hard for India to clinch favourable free trade pacts with UK, European Union

​Free Trade Agreements (FTAs), or treaties between two or more nations designed to reduce barriers to trade and investment, are not new to India. New Delhi has signed 13 such pacts in the last five decades, with the primary ones being with countries and blocs in the east — for instance Japan, South Korea, Australia, and the Association of Southeast Asian Nations. In 2019, New Delhi opted out of the Regional Comprehensive Economic Partnership at the last moment, mainly due to concerns over China’s undue benefits out of the proposed pact.

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Changing faces of India’s FTAs: A long way since Bangkok Agreement

From the Bangkok agreement (or APTA) to IPEF, India’s FTA journey has evolved significantly, reflecting its commitment to foster international trade and economic integration within its region and with global partners. These phases demonstrate India’s adaptability and willingness to explore new avenues for economic growth and cooperation on the international stage.

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TCS looks at 5th buyback in 6 yrs, may hit ₹20k cr mark

Indian IT company Tata Consultancy Services (TCS) is considering a fifth share buyback in six years, which could benefit its parent company Tata Sons. TCS's board, led by N Chandrasekaran, will discuss the proposal on October 11. The move comes as Indian IT firms face a challenging market, particularly in the US.

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Economic Offences Wing probes Rahul Yadav, wife in Rs 288 crore alleged fraud case

The Economic Offences Wing (EOW) of Mumbai Police is investigating Rahul Yadav, the owner of property startup 4B Network Pvt Ltd, for allegedly misusing Rs 288 crore of investor money and transferring funds to a firm owned by his wife. Info Edge, an investor in 4B Network, has filed a complaint accusing the company of cheating and listing suspicious transactions.

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RBI sounds alarm bells over strong personal loan growth

The Reserve Bank of India (RBI) is closely monitoring the strong growth in personal loans and is concerned about any potential stress in that segment. RBI Governor Shaktikanta Das has urged banks, NBFCs, and fintechs to strengthen their surveillance mechanisms and implement robust risk management and stronger underwriting standards.

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RBI Governor Shaktikanta Das cautions lenders over rise in unsecured loans

The Reserve Bank of India (RBI) has called for increased scrutiny of the financial sector's rising unsecured loan exposure. The central bank has warned banks and non-banking finance companies (NBFCs) to strengthen their risk management systems and closely monitor the growth of unsecured loans. Though unsecured loans account for less than 10% of formal credit in India, their high growth rate and lack of collateral make them more vulnerable.

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Govt considers lowering minimum export price on basmati rice to USD 850/tonne

Industry has stated that due to the USD 1,200 per tonne MEP, Indian exporters lose their hard-earned buyer base to Pakistan, which is a competitor of India in this segment. In August, the government decided not to allow exports of basmati rice below USD 1,200 per tonne to restrict possible "illegal" shipment of white non-basmati rice in the garb of premium basmati rice.

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A 5x increase in Indians earning over Rs 5 lakh is driving India’s consumption surge

From 3.8 million in FY12 to 18 million in FY21, individuals in India earning above Rs 5 lakh per annum have surged 5 times, a BNP Paribas analysis of the I-T department's data has shown.

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RBI to look through transient spike in Inflation

The upcoming MPC meeting will address challenges such as rising CPI inflation and concerns about moderating growth. Vegetable inflation has been the main driver of recent inflation spikes, but prices are expected to moderate as supply improves. However, inflation in other basic food items remains high, which could impact household inflationary expectations. The monsoon deficit has further aggravated food inflation concerns.

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India, UAE looking to expand trade to $100 billion: Piyush Goyal

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NEDFi declares 8% dividend amounting to Rs 800 lakhs to its shareholders in 2022-23

North Eastern Development Finance Corporation Limited (NEDFi) has declared an 8% dividend of Rs 800 lakh for the financial year 2022-23. NEDFi achieved record-breaking figures in various parameters, including financial assistance and loan portfolio. The net worth of NEDFi crossed Rs 1000 crore, and it facilitated private capital investment of over Rs 20000 crore in the region.

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RBI forms working group to find framework for transition to credit-loss based provisioning system

The Reserve Bank of India has established a working group to propose a framework for a smoother transition to the expected credit loss-based provisioning system. The group, headed by R. Narayanaswamy, will provide inputs on technical aspects of the transition. The new system would be a shift from the current incurred loss-based provisioning regime. While there are concerns about the impact on banks' profits, India Ratings and Research believes that the healthy operating buffers and provision coverage ratio provide comfort. The group will also suggest factors for determining credit risk and recommend prudential floors for provisioning.

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IL&FS clears 35% of debt under new board

IL&FS, a company that faced a financial crisis five years ago, has announced that it has cleared 36% of its debt, amounting to Rs 35,660 crore. Another Rs 25,000 crore is in the pipeline to be cleared. The company has also made interim payments to various creditors and debenture holders. Legal action has been initiated against some executives, but it is yet to be completed.

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Indian companies with overseas staff on deputation get GST notices

In recent weeks, Indian companies have been receiving GST demand notices due to the deputation of overseas staff to India. This follows a Supreme Court judgment stating that the reimbursement of salaries to overseas entities for "seconded employees" will be subject to service tax. Companies are now examining their cases to determine the best approach, as the period of limitation for assessment of cases for the financial year 2017-18 has ended. It is common for employees to be deputed from overseas to Indian subsidiaries, and their salaries are reimbursed by the Indian company to the overseas entity.

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Indian IT gears up for muted Q2 earnings

Indian IT companies are expected to face a weak earnings season due to Accenture's modest guidance and continued weakness in discretionary spending. However, deal wins have accelerated, giving confidence in strong growth for FY25. The top four Indian IT firms have collectively booked deals worth nearly $20 billion, with a significant portion coming from large deals. Infosys recently expanded its partnership with Liberty Global in a deal valued at 1.5 billion euros.

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States' borrowing cost soars to 23-week high of 7.56%

The borrowing cost for Indian states has increased by 10 basis points to 7.56% at the first weekly debt auction of the third quarter. This is the highest rate in the past 23 weeks. Despite a decline in the average tenor to 13 years, the weighted average cost has risen. Additionally, the spread between the cut-off of 10-year state bonds and the new 10-year G-Secs yield has also increased slightly.

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US Fed rates, India's GDP, and more: Interview with World Bank's Country Director to India

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BigBasket looks to turn profitable in 6-9 mths

BigBasket, owned by Tata Group, aims to achieve profitability in six to nine months, according to co-founder Vipul Parekh. The company's slotted grocery delivery business is already profitable, while its quick commerce business is expected to become profitable in the next six to nine months. BigBasket's losses for its business to consumer arm increased to Rs 1,535 crore in FY23. The company is also considering expanding its offline presence and may prepare for an IPO in 2025.

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AAR ruling may benefit e-comm players which facilitate logistics

The GST-Authority for Advance Rulings (AAR) in Karnataka has ruled that Juspay Technologies, the provider of the ride-hailing app 'Namma Yatri', is considered an e-commerce operator under GST laws. However, the company is not required to collect and pay GST on transportation fare as the supply of passenger transportation is not made through it.

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Inflation above its target, but RBI unlikely to change rates

The Reserve Bank of India's rate-setting committee is expected to maintain interest rates at their current level, despite inflation being above the target range, rising crude oil prices, and a weakening rupee. The committee has kept rates unchanged since February 2023. Economists predict that inflation will decrease in the coming months, but caution that the central bank should be watchful of rising oil prices and bond yields.

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IMF says private sector needs to shoulder most of climate investment burden

The International Monetary Fund (IMF) has stated that the majority of the $2 trillion in annual climate investments needed by developing countries by 2030 will have to come from the private sector. Governments risk accumulating high debts if they attempt to reach net-zero goals using public funds. The IMF recommends that countries develop carbon pricing schemes to raise revenue and encourage private investments.

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Tea production decreases by around 4 pc to 177.95 mkgs in August

Tea production across India declined by around four per cent to 177.95 million kilograms in August this year as compared to the output in the year-ago month. The production volume in August last year was 185.48 million kgs (mkgs).

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Jindal Steel and Venezuela 'tie up' for iron ore plant

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Government hopes festive sales will add to domestic demand

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Resolutions under insolvency law likely to touch 300 this year: IBBI chief

The number of resolutions of stressed assets under the insolvency law is expected to reach 300 this year, according to Ravi Mital, Chairperson of the Insolvency and Bankruptcy Board of India (IBBI). Mital urged resolution professionals to expedite the cases. He also highlighted that creditors have recovered around Rs 3 lakh crore through the Insolvency and Bankruptcy Code (IBC) and emphasized that the IBC is a resolution mechanism, not a recovery mechanism.

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India 'big hub' for blue collar economy: Fountain CEO Sean Behr

Fountain, a hiring automation software provider, sees India as a significant hub for its services. The company, which focuses on blue and grey collar workforces, already operates in several countries including the US, UK, France, South Africa, and New Zealand. Fountain's CEO, Sean Behr, highlighted India's potential for investment and expansion due to its large population and the high growth rate in the blue/grey collar market.

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'India emerging market for cocoa, should become inter-govt body'

India, an emerging market for cocoa consumption, should join the International Cocoa Organization (ICCO) to participate in policy dialogue, according to ICCO Executive Director Michel Arrion. India currently produces only 27,000 tonnes of cocoa annually and imports about 100,000 tonnes of cocoa-based products.

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