Fiscal deficit until Dec at 55% of annual target

India's fiscal deficit for the first three quarters of the fiscal year reached 55% of the annual target, down from 58.9% the previous year. The fiscal gap until December 2023 stood at ₹9.82 lakh crore, compared to ₹9.92 lakh crore a year earlier. The government maintained control over revenue spending, which eased for the fourth consecutive month in December. Capital spending, however, increased by 37.5% to ₹6.74 lakh crore until December, representing 67.3% of the annual target. The fiscal gap in December alone widened to ₹75,694 crore, more than five times the November level.

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Fed holds rates steady, says more 'confidence' needed in inflation slowdown before cuts

The Federal Reserve left interest rates unchanged in its latest policy statement, signaling a shift away from a bias towards rate hikes. While not indicating an imminent rate cut, the Fed acknowledged concerns about both inflation and employment, suggesting a more balanced approach. The statement disappointed investors expecting rate cuts soon, emphasizing the need for greater confidence in achieving the 2% inflation target before considering reductions.

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NTPC to acquire Rs 5,000 crore KSK Mahanadi power project

NTPC is set to acquire the KSK Mahanadi power station in Chattisgarh, a large greenfield project with a proposed capacity of 3,600 MW, marking the state-run utility's second acquisition of a stressed asset. The project came under corporate insolvency resolution process in April 2022 after defaulting on loans. NTPC's investment in the project is valued at Rs 5,000 crore.

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One has to be a reliable supplier to get good customers, says US official

India's decision to restrict the exports of agricultural commodities, including wheat, rice, sugar, and onions, has caused a sharp increase in food prices worldwide. Seth Meyer, chief economist at the USDA, emphasized the importance of being a reliable supplier to maintain good customer relationships.

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IMF raises India's FY25 GDP growth forecast to 6.5%

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Gold imports surge 26.7% to $35.95 billion in Apr-Dec

Gold imports to India surged 26.7% to $35.95 billion from April to December, compared to the same period a year earlier, driven by robust demand. In December alone, imports of the precious metal soared by 156.5% to $3 billion. Switzerland remains the largest source of gold imports, accounting for about 41% share, followed by the UAE (about 13%) and South Africa (about 10%). Despite the rise in gold imports, India's trade deficit narrowed to $188.02 billion in the first three-quarters of this fiscal year.

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We're concerned, not worried, about Red Sea situation: Hardeep Singh Puri

The Red Sea shipping route is used for 30% of India's imports and 50% of exports. Oil imports from Russia usually take this route. The Red Sea situation affects the global trade including that of India but the effects haven't risen to a level that they become a cause of worry, Puri said.

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Gold firms on Middle East flare-up ahead of Fed meeting

Gold strengthened on Monday due to increased tensions in the Middle East, which bolstered demand for the safe-haven asset. Additionally, market participants awaited the Federal Reserve policy decision later in the week for further insight into the timing of the first US interest rate cut of the year. Spot gold rose by 0.4% to $2,027.00 an ounce by 12:02 pm ET (1702 GMT).

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Government likely to stick to fiscal discipline, may bolster NPS

If there is one word to describe the Budget team, it's stability. Not only has finance minister Nirmala Sitharaman stayed her full term and will present her sixth straight Budget, but there are at least two secretaries who would be there for their fifth Budget - a rarity in bureaucracy.Finance secretary T V Somanathan and department of investment and public asset management (Dipam) secretary Tuhin Kanta Pandey have been part of the Budget team since they took over top positions and could well have two full Budgets to deal with in July and Feb 2025.

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Govt may prune FY25 fiscal gap target to 5.3-5.4% on slower capex

India's fiscal deficit target for FY25 is expected to decrease significantly in line with post-Covid consolidation plans, potentially dropping to a range of 5.3-5.4% of GDP from the current year's 5.9%. Despite a slowdown in capital asset investments, gross market borrowing is anticipated to remain high, with estimates for FY25 around ₹15.3 lakh crore. The reduction in the fiscal deficit target is attributed to a slower pace of capital expenditure, providing room for consolidation. The government is committed to lowering the fiscal deficit to below 4.5% of GDP by FY26.

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Budget: Elderly want counselling services, accessible infra & minimal GST on products used by seniors

The analysis of budget expectations for senior citizens, based on a survey by the Agewell Foundation, reveals significant concerns among the elderly. Key points include the demand for GST exemptions or lower rates on essential products like adult diapers and wheelchairs, a call for more realistic old age pension schemes, and a desire for tax-free investment options.

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Rana Talwar, first Indian to head a global bank, dies

Rana Talwar, the first Indian and Asian to lead a global bank, passed away at the age of 76. He had been unwell for some time. Talwar began his career with Citibank in India in 1969 and played a crucial role in establishing Citi's consumer banking as a leading franchise in the nineties.

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Yes Bank Q3 net profit increases 4.5x to 231 cr

Yes Bank reports fourfold increase in net profit to Rs 231 crore, driven by lower provisions. The bank's operating profits declined due to modest growth in net interest income and increased operating expenses. Supreme Court to hear petition against stayed Bombay high court order on Yes Bank's write-down of Additional Tier 1 bonds.

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Red Sea shipping crisis to affect global trade, warns UNCTAD

UNCTAD has expressed deep concerns about the global trade disruption caused by the ongoing Red Sea crisis. The organization emphasized the adverse impact on developing nations, warning of repercussions on global food prices due to longer cargo routes and higher freight rates.

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IGL eyes villages in south-west Delhi to expand PNG service

Indraprastha Gas Ltd plans to expand its piped natural gas service to 57 villages in Delhi's south-west region. As urban areas near saturation and electric vehicles threaten CNG sales, the company aims to reach rural areas. This initiative is part of the government's goal to increase the share of gas in India's energy basket to 15% by 2030.

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JetBlue casts doubt on its merger deal with Spirit Airlines

JPMorgan analysts state that JetBlue avoids a costly merger. The market value of Spirit's equity has dropped significantly. It is believed that JetBlue's management and board were no longer committed to the merger.

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CPSEs told to boost interaction with investors, analysts

The finance ministry has asked central public sector enterprises (CPSEs) to bolster engagement with market participants, including big investors and analysts, to better communicate their growth plans. This move comes as the government reviews its disinvestment strategy, which is hindered by market uncertainties, litigations, and resistance from employees.

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Dissecting inflation to find what's core and non-core

Core inflation is the change in the costs of goods and services excluding the price variations in seasonal elements, such as those related to food and energy. Core inflation represents the long-term trend in the price level. Monetary policy measures are known to impact core inflation levels more than non-core or food inflation and hence considered a gauge for the success of monetary policy measures.

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Airbus nears helicopter-assembly deal during Macron’s India visit

Airbus is set to sign an accord to establish an assembly line in India for the production of H125 civil helicopters. The line will be overseen by Tata Advanced Systems Limited. This agreement is expected to be announced during French President Emmanuel Macron's visit to India.

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Zee Entertainment not to go ahead with USD 1.4 billion deal with Disney Star

Zee Entertainment cancels USD 1.4 bn deal with Disney Star for TV broadcast rights. The company misses USD 200 million instalment and terminates USD 10 billion merger agreement with Sony. ZEEL approaches NCLT to enforce merger deal and contests Sony's USD 90 million claim before SIAC.

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SBI Q3 profit rises 8 per cent to Rs 549 crore

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Arunachal Pradesh to have a mini food park in West Siang district

Arunachal Pradesh Chief Minister Pema Khandu has announced the establishment of a mini food park in West Siang district, equipped with food processing units to handle all agricultural produce from the entire Siang belt. Khandu declared the Arunachal Pineapple Festival, organized by the All Bagra Welfare Society in collaboration with the Arunachal Pradesh Marketing Board, as an annual event

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Microsoft hits $3 trillion market value

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Azim Premji gifts 10 million shares worth nearly Rs 500 crore to his sons

Wipro founder Azim Premji gifted 10.2 million shares worth nearly Rs 500 crore to his sons, Rishad and Tariq. The transaction does not alter the overall promoter and promoter group shareholding in the company, which remains the same. As of December, Wipro promoters and the promoter group held 72.9% in the company.

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Foreign funds take out over Rs 25,000 crore in 7 sessions

Foreign funds continued to sell off in the Indian market, with a net outflow of Rs 3,115 crore. In the past seven trading sessions, foreign portfolio investors have withdrawn over Rs 25,000 crore. This is one of the largest outflows in recent months, comparable to the outflows during the early days of the Covid pandemic.

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ITR filing doubles to 77.8 million in 10 years

The number of income-tax payers in India rose to 93.7 million in FY23 from 52.6 million in FY14. The tax deducted at source (TDS) emerged as the largest component of direct taxes, reaching ₹8.17 lakh crore in FY23, almost double the amount in FY18. In the last 10 years, net direct tax collections increased by 160.52% to ₹16.63 lakh crore in FY23 from ₹6.38 lakh crore in FY14.

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Govt asks companies to cut cooking oil prices

However, industry executives said there is little scope for an immediate reduction in prices. Industry executives said a reduction in retail prices may not be possible till March, when mustard crop harvest begins.

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Outward remittances by Indians in November fall to lowest level since February 2022

Outward remittances by Indians dropped to $1.9 billion in Nov last year, the lowest since Feb 2022. The decline continued due to increased tax collection at source (TCS) in October. Remittances for studies abroad dropped to $208 million in Nov compared to $269 million in Oct, and the average remittance before the TCS was $306 million.

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Stress in some retail loans, lenders alerted: RBI report

RBI report highlights weakness in unsecured retail loans and credit card outstanding, urging lenders to closely monitor these segments. Personal loans now constitute the largest category of bank credit, while credit cards show a rise in stress. The study emphasizes the need for pre-emptive macroprudential measures and assessing the credit flow to avoid risk buildup.

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Domestic output rises, coal imports dip 40% in April-December

Despite a 10% increase in thermal power output, coal import for blending at power plants decreased by over 40% in April-December 2023 compared to the same period last year. Domestic coal production and supply rose sharply, resulting in a decline in imports. The government aims to completely stop importing thermal coal by the next financial year.

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Budget 2024: India likely to announce social security fund for informal workers

Interim budget: The fund, proposed in the Social Security Code, 2020, would be a step toward universal social security for workers. The code, which is not yet rolled out because all the states have not framed rules, allows partial implementation of certain provisions.

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Travel boom: UP may earn Rs 25k crore in tax

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Singapore fund to invest $750 million in health business

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Serving a message: Creativity on India, US platter can dish out potent solution

During a recent visit, US Trade Representative Kathreen Tai experienced nuanced messages on India-US trade through her banquet menu. The inclusion of Indian wild-caught shrimps, usually prohibited under US law due to concerns about sea turtles, signaled potential collaboration in overcoming regulatory challenges. The second message was represented by grapes served with Angoori Rasmalai, symbolizing unresolved issues, such as market access barriers for Indian grapes.

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India's goods & services exports marginally up in 2023

India's exports of goods and services showed a marginal increase of 0.4% to USD 765.6 billion in 2023, despite global economic uncertainties. Key contributing sectors included electronics, pharmaceuticals, cotton yarn, fabrics, ceramics, meat, dairy, poultry, fruits, vegetables, and information technology. Goods exports contracted by 4.71% to USD 431.9 billion, while services exports rose by 7.88% to USD 333.8 billion. Merchandise imports decreased by 7% to USD 667.73 billion. Main export destinations include the US, UAE, Netherlands, Bangladesh, UK, and Germany. Geopolitical conflicts like the Russia-Ukraine war and the Red Sea trade route crisis impacted goods shipments.

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After Japan’s 7-minute miracle clean-up, Indian Railways eyes lessons from Switzerland railway system

Indian Railways plans to collaborate with the Swiss railway to learn from their best practices and procedures, including the hub and spoke model and tunnelling technology. Railway Minister Ashwini Vaishnaw emphasized the importance of learning from Switzerland's expertise in tunnelling technology and highlighted their efficient track technology and seamless train transfers at designated hubs.

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Budget 2024 income tax: Top 10 things FM Sitharaman should do for taxpayers

Budget 2024 income tax: It is recommended that some changes be made to the new income tax regime to make it more attractive to the taxpayers such as availability of certain deductions like interest on housing loan for self-occupied property, retiral contributions (PF, PPF, NPS).

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Union, IDBI, ICICI & IDFC stocks rise on strong Q3 FY24 profits

Union Bank of India and IDBI Bank reported the highest increase in Q3FY24 net profit at 60% and 57%, respectively. ICICI Bank's net profit rose 23.6% to Rs 10,272 crore, while IDFC First Bank saw an 18% rise in net profit to Rs 716 crore.

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Sebi spots inflating of IPO bids to lure buyers

Sebi has found evidence of merchant bankers inflating IPO subscription numbers to attract investors. The regulator is scrutinizing IPO-related data and will take measures to end such practices. Changes to policies related to public offers may be implemented.

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IIL rolls out India’s 1st indigenous Hepatitis-A vax Havisure

Indian Immunologicals Ltd rolls out Havisure, India's first indigenous Hepatitis-A vaccine. The two-dose inactivated virus vaccine, developed over eight years, is priced at Rs 2,150 per dose. Extensive clinical trials have shown that Havisure is safe and efficacious for pediatric, adolescent, and adult use.

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Govt to discuss market access with trade allies

The commerce department has begun the exercise with barriers such as registration requirements, higher pesticide levels and domestic standards, put up by Africa and 12 Central Asian countries, including Russia, and would then study the restrictions imposed by other trading partners.

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NHAI may monetise more than ₹1 lakh cr assets by FY24 end

"We have undertaken asset monetisation in a big way. This has been possible because of the attractiveness of the road projects, higher returns to investors and operational experience of players prompting them to go for greater investments year-after-year," said a senior official, who did not wish to be identified.

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UP govt raises sugarcane prices by Rs 20 per quintal

The Uttar Pradesh government has raised sugarcane prices by ₹20 per quintal, benefiting sugarcane farmers ahead of the upcoming general elections. The state advisory price (SAP) for the early maturing variety is now ₹370 per quintal, up from ₹350, while common varieties increased to ₹360 per quintal and unsuitable varieties to ₹355 per quintal.

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Tata Steel to cut 3,000 jobs in Wales: Source

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India eyes $100bn annual FDI in coming years: IT minister Ashwini Vaishnaw

India aims for $100 billion annual FDI, says Telecom and IT minister Ashwini Vaishnaw. India has gained trust as a reliable partner globally. The country has collaborations with US, Europe, Japan, South Korea. India's growth strategy includes investment in infrastructure, uplifting the bottom pyramid, boosting manufacturing, and simplifying business processes.

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Car insurance against falling coconuts, jumbos!

In a series of peculiar motor accident claims in India during 2023, insurers faced challenges, along with perhaps a few moments of amusement. Unusual incidents included coconuts unexpectedly landing on cars, stray dogs causing damage, angry peacocks pecking at their reflections, and stressed elephants venting their frustration on vehicles. These incidents, while unique to the Indian market, could easily fit into a funny-fail video. One standout claim involved a buyer unintentionally driving a car right through a showroom window, adding a touch of unexpected humor to the list of insurance headaches.

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Fertiliser subsidy bill likely to dip 30-34% to Rs 1.8 lakh crore

"Subsidy is expected to be lower this year because of fall in global prices. We have not increased retail prices to reduce subsidy," he said, adding that subsidy bill is estimated around ₹1.7-1.8 lakh crore.

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Insolvency professionals can play crucial role in pre & post resolution process: Report

Exploring the advantages of addressing stress early, the report -- Roles of Insolvency Professionals Across Insolvency Value Chain from Incipient Stage till Post-Resolution Stage -- delved into areas to identify and control the initial signs of distress, providing valuable insights for effective intervention.

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India's growth prospects are very good, says RBI chief

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Fitch affirms India rating at BBB- with stable outlook; revises growth numbers

“India's rating is underpinned by a robust medium-term GDP growth outlook and sound external finances, which remain intact as the country has effectively navigated a fraught external environment in the past few years,” the global rating agency noted.

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Jio Financial profit drops 56% to 294 crore in December quarter

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Majority of India-UK FTA issues either closed or at advanced stage of talks: Official

Majority of the issues in the proposed FTA between India and the UK are either finalised or at an advanced stage of talks, according to a government official. The 14th round of negotiations is currently underway. Talks are also progressing on the proposed BIT. Meanwhile, the seventh round of talks for the proposed trade deal between India and the EU and the sixth round of negotiations for a proposed trade agreement between India and Peru are scheduled.

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There's no real reason and hurry for RBI to cut rates: Neeraj Gambhir, Axis Bank

Now with the higher capital charge, the cost of funding from banks will go up and probably to some extent, there will be a volume impact as well. NBFCs were anyway borrowing from the bond market - at least the AAA- and AA-rated NBFCs. The bond market has seen the exit of a large borrower, which has created space for more NBFCs and for investors to diversify their exposure.

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Minimum wages may be hiked before polls

An expert committee headed by SP Mukherjee, set up in 2021 for a period of three years till June 2024, is expected to submit its report soon, and the new floor wage could be notified ahead of the elections likely to be held during April-May, officials said.

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Budget 2024: Pressure for populist measures is off after state poll results, says NITI Aayog member Virmani

Interim Budget 2024: Arvind Virmani, economist and NITI Aayog member, has said that the pressure on the Modi government to undertake populist measures has reduced after BJP's state election victory. The interim budget might have political messaging. Virmani had forecasted a 6.5% GDP growth rate for the current fiscal year, which is now at 7%, exceeding his expectations

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HCLTech beats peers, Wipro lags

HCLTech looks to be the star of the quarter ended December, outshining its IT peers with a 4.3% year-on-year revenue growth in constant currency (which discounts impact of currency fluctuations), compared to the year-ago quarter. On the other hand, Wipro's weak performance continued, with a sharp decline of 6.9% during the same period. TOI had reported on Friday that TCS's revenue in the quarter grew 1.7% year-on-year in constant currency, while that of Infosys declined by 1%.

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Piyush Goyal says US fund house looking to invest $50 billion in India

"They said we have invested about $13 billion so far, we expect it to double it in the next four years and then double the figure... in the next four years... just one fund," Goyal said at the ET NOW Leaders of Tomorrow Awards. He termed the firm "one of the most prominent" investment houses of the US but didn't disclose its name.

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India, US working on tech to process critical minerals

Currently, China dominates the global concentration of mineral deposits and processing of critical minerals. Implications are, therefore, high for India, especially since it is committed to achieving 50% of cumulative installed power capacity from non-fossil sources by 2030.

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India faces $10 trillion funding gap in bid to meet net zero pledge: FM Nirmala Sitharaman

Indian companies will soon be able to access global capital by directly listing on exchanges at the IFSC, a deemed foreign jurisdiction, she said.

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Elon Musk's X tells watchdog it has shed 1,000 'safety' staff

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View: Viksit Bharat's key element will be a strong middleware

'Viksit Bharat' holds the promise of life-changing transformation for many Indians beyond headline numbers.

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Central Board of Indirect Taxes & Customs app to cut litigation time

Named 'Samay', the app will capture all the pending orders across levels from adjudicating officer to the Customs, Excise and Service Tax Appellate Tribunal (Cestat) to High Courts, and reflect the pendency of review orders that are either under process at various levels or awaiting processing at the commissionerate level. The initiative will greatly reduce the litigation time, CBIC officials said.

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Indian economy likely to grow at 6.2% next fiscal: UBS India report

Despite the rising external headwinds, India is likely to grow 6.2 per cent next fiscal against a consensus of 6.3 per cent to USD 3.9 trillion from USD 3.57 trillion in FY24 on a likely 7 per cent growth, as consumption growth is likely to stabilise at 4.7 per cent from 4.5 per cent in FY24, Tanvee Gupta-Jain, the UBS India chief economist, said in a note.

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Airtel Business to power 20 million smart meters for Adani Energy Solutions

Airtel Business, the B2B arm of Bharti Airtel, on Tuesday announced that it will power over 20 million smart meters for Adani Energy Solutions Ltd (AESL). Airtel, through its nationwide communications network, will deliver reliable and secure connectivity for all AESL's smart meter deployments, the company said in a release. Besides this, Airtel's smart metering solutions that are powered by NB-IoT (narrowband-internet of things), 4G and 2G, will help AESL ensure real-time connectivity and uninterrupted transfer of critical data between smart meters and headend applications.

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Non-basmati prices high on low supply

The offtake of rice in September and October 2023 was 2.838 mt and 3.098 mt,respectively, while in September and October 2022, the monthly offtake was 5.848 mt and 5.386 mt , respectively. The offtake of rice in November 2023 was 3.126 mt against 7.083 mt in year-ago month.

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SC seeks response from taxman on ₹1L cr notices to e-gaming cos

The show-cause notices were issued after the government clarified that all online games involving betting and gambling, irrespective of skill or chance, will attract 28% GST on full-face value of the bets from October 1, 2023. The government believes some of these firms leveraged the lack of clarity on taxation of "game of chance" and "game of skill" before October 1 and there was a need to have a uniform 28% GST on the full value of bets placed on online gaming platforms.

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Nigeria's Dangote refinery set for test runs after getting more crude

Nigeria's Dangote oil refinery could begin test runs as early as this week after receiving a sixth crude cargo on Monday, company officials said, finally bringing the 650,000 barrels per day (bpd) plant to life after years of construction delays. The refinery, funded at a cost of $20 billion by Africa's richest man, Aliko Dangote, is being built at Lekki, on the outskirts of the commercial capital Lagos. Nigeria currently imports most of its fuel but the Dangote refinery will make it self sufficient and able to export fuel to neighbours in West Africa.

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Vision 2047: Mega plan for building highways soon

According to official data, the country has been annually constructing over 10,000 kilometres of national highways (NH) since the launch of Bharatmala in October 2017. The goal of the scheme was to build 74,942 kilometres (km) of NH, of which 34,800 km was approved as the first phase for development (till September 2022) against ₹5.35 lakh crore investment.

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29,273 bogus firms involved in suspected GST ITC evasion, 121 arrested: Finance ministry

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GDP numbers for FY24 show discrepancies of Rs 2.59 lakh crore

The National Statistical Office (NSO) has reported discrepancies in the computation of the Gross Domestic Product for 2023-24, with discrepancies of Rs 2.59 lakh crore compared to Rs 3.80 lakh crore in 2022-23 and Rs 4.47 lakh crore in 2021-22. The NSO's first advance estimates of national accounts showed that the Indian economy will grow at 7.3% in 2023-24, slightly higher than 7.2% in 2022-23.

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Markets to take cues from quarterly earnings of TCS, Infosys; global trends this week: Analysts

​Trading in stock markets this week will be majorly influenced by the upcoming quarterly earnings from IT majors TCS and Infosys, along with global trends, analysts said. Besides, global oil benchmark Brent crude, rupee-dollar trend and trading activity of foreign investors would also dictate the movement, they said. "On the domestic front, all eyes will be on the beginning of corporate performance for the third quarter of the current fiscal year. Market participants will be keeping an eye on the movement of the rupee against the dollar and crude oil prices.

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Forest certification scheme launched, origin of tree-based products can be checked by green-conscious consumers

India's environment ministry launches the Indian Forest & Wood Certification Scheme, which aims to promote sustainable forest management and agroforestry practices. The scheme provides an environmental label that informs consumers about the origin and source of forest and tree-based products. It allays concerns over deforestation and illicit timber trade through certification, boosting the export potential of India's wood-based products. Certification is available to farmers, institutions, and industries involved in agroforestry and the wood value chain.

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More made-in-India cars hit the roads abroad in 2023

"With increasingly stringent regulations focusing on safety, emissions, and technological advancements, car manufacturers are investing in research, development, and innovation," said Piyush Arora, managing director and CEO of Škoda Auto Volkswagen India. VW exported 40,920 passenger vehicles in 2023, registering a growth of 29%, while Skoda's exports soared 431% to 1,530 units.

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Spinning industry seeks support to tide over slow exports

Citing a 50-70% drop in capacity utilization 50% to 70%, the Confederation of Indian Textile Industry (CITI) sought extension of the one-year moratorium for repayment of the principal amount, and conversion of three-year loans under Emergency Credit Line Guarantee Scheme (ECLGS) into six-year term loans.

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Tata Power drive helped 4K consumers change name in electricity bills

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India likely to report higher GDP growth estimates for 2023/24

India is poised to project a robust 7% economic growth for the 2023/24 fiscal year, surpassing earlier forecasts. The National Statistical Office is set to unveil its initial GDP estimates, widely expected to reflect an increased annual gross domestic product. The Reserve Bank of India's recent 7% growth projection aligns with positive high-frequency indicators in October and November. Prime Minister Narendra Modi's infrastructure investments aim to invigorate the economy, with analysts foreseeing a potential third-term win due to this strategy.

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Traders look to buy maize from Myanmar to produce ethanol

As sugar prices started to rise due to estimates of lower production of sugarcane in Maharashtra and Karnataka, the Centre capped diversion of sugarcane juice for ethanol at 1.7 million tonnes in the ethanol supply year of November-October 2024. Sugar production till end of December in the current sugar season (2023-24) reached 11.18 million tonnes compared with 12.12 million tonnes for the same period in the previous year, according to Indian Sugar Mills Association, the industry body of private sugar mills, which has now rebranded itself to Indian Sugar and Bio-energy Manufacturers Association.

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Toy manufacturing: No new PLI sops on cards for now, says DPIIT secy

The Centre is running PLI programmes worth ₹1.97 lakh crore for 14 sectors in which India aims for self-reliance. These sectors include mobile manufacturing and specified electronic components, critical key starting materials, drug intermediaries and active pharmaceutical ingredients, speciality steel, automobiles and auto components.

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India has the potential to become the world’s largest gems and jewellery exporter, says Piyush Goyal

Goyal said massive investments are being made to create a world-class infrastructure, including the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ Mumbai with modern machinery and equipment. The infrastructure impetus can empower micro, small and medium enterprises in the gems and jewellery industry to build global competitiveness and expand their business in a modern and efficient environment, he said.

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Barclays: 12% exports growth target by 2030 more realistic

"The biggest policy push is seen in manufacturing exports, where India is slowly yet steadily moving up the value chain, and seeing greater diversification. Still, India's largest goods exports themselves are highly reliant on imports," said Rahul Bajoria, managing director, Barclays.

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Nomura sees rural demand gathering steam in 2024

The global investment banking firm noted that even though growth is expected to slow down in the coming fiscal to 5.6% from 6.7% projected in FY24, mass consumption may rise as easing price pressures support mass consumption.

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Glenmark Pharma launches antidiabetic injectable

Glenmark Pharmaceuticals has launched the first biosimilar of the popular anti-diabetic drug, Liraglutide in India. The drug, marketed as Lirafit, is an injectable anti-diabetic medication that lowers therapy cost by 70%. It has received approval from the Drug Controller General of India and is priced at approximately Rs 100 for a standard dose of 1.2 mg per day. This launch marks Glenmark's entry into the injectable anti-diabetic market, expanding their presence in the diabetes therapy space.

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Parties' Lok Sabha polls spend may top Rs 1 lakh crore, spur growth in Q4

Political parties' spending for the Indian general election could exceed ₹1 lakh crore, potentially increasing consumption and boosting growth by 0.2-0.3 percentage points in the last quarter of FY24. Candidates are expected to accelerate their spending, increasing travel for campaigns and publicity material. The increase in consumption is expected to be more pronounced for rural households and lower-income groups.

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FCI to borrow Rs 50,000 cr to meet short-term fund needs

The Food Corporation of India (FCI) is set to borrow Rs 50,000 crore to meet its short-term fund requirements. The government-owned corporation has invited bids from banks for a three-month tenure loan to meet its cash flow mismatch and procurement and distribution of food grains.

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ITC’s renowned hotelier Nakul Anand retires after 45 years

Nakul Anand, an eminent hotel and travel industry professional, retired from his position as executive director of ITC. He joined ITC Hotels in 1978 and rose to top positions in the company, overseeing ITC's hospitality, travel, and tourism businesses. Anand was given a farewell at ITC Green Centre. Anand served as ITC Hotels MD from 2003 to 2005 and was appointed as a director on the board of ITC in 2011. He has been acknowledged for his vision and commitment to the tourism and hospitality industry.

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Centre notifies creation of principal bench of GST Appellate Tribunal

On the recommendation of GST council, Centre on Monday notified the creation of the principal bench of Goods and Services Tax Appellate Tribunal (GSTAT). Last month the Parliament passed the CGST Bill, 2023 which seeks to raise age limits for the president and members of the Goods and Services tax Tribunal (GSTAT) from 67 and 65 years, respectively, to 70 years, against 67 years and 65 years specified earlier.

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Onion export ban may be lifted as prices drop, supplies rise

India plans to lift the ban on onion exports due to a significant drop in vegetable prices in the main producing regions. The ban was imposed on December 8, following domestic prices doubling in three months due to production decline. Prices have dropped by 20% to Rs 1,500 per quintal, with fresh kharif onions increasing to 15,000 quintals daily.

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A home to stay, a car to ride: Indians use savings to buy

Official data on household net financial savings indicates that it fell to 5.1% of GDP in FY23 from 11.5% in 2020-21, well below its long-run annual average of 7.0-7.5%. The fall was driven by a rapid rise in financial liabilities (household borrowings - from 3.8% of GDP in FY22 to 5.8% in FY23.

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