Overseas Indians book a returns trip, send home a record $29 billion in Q3

To be sure, remittances are a source of permanent flows, unlike repatriable NRI deposits, and these help in narrowing the current account deficit (CAD), which has steadily shrunk as a percentage of India's gross domestic product (GDP).

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ET Graphics: New fiscal year, new disclosures; All you need to know

The commencement of the new financial year marks the initiation of various alterations in compliance prerequisites, as highlighted by ET. These changes encompass a spectrum of regulatory adjustments aimed at enhancing financial governance and ensuring adherence to updated standards.

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Export growth for 2024 will be led by PLI and Make In India schemes: GTRI

India's export sector, notably electronics, shows promising growth with smartphone exports projected to exceed USD 15 billion in FY2024. Ajay Srivastava highlights trends and emphasizes the need to revive traditional sectors for global competitiveness.

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Need to remain alert about financial service innovations: RBI

RBI deputy governor M Rajeshwar Rao highlights the evolving financial landscape, challenges with new trends, and the importance of balanced regulations for niche players, emphasizing the need for responsible innovation in the market.

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Only principal commissioners or higher officials can probe into GST, other sensitive matters: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory for high-ranking officials, such as the principal commissioner or above, to approve investigations, searches, or questioning in GST matters related to large industrial houses, multinationals, and those with national implications. This move, aimed at minimizing instances of harassment, follows a directive from Finance Minister Nirmala Sitharaman to adopt a more taxpayer-friendly approach. Taxpayers can also approach designated officials of the rank of principal commissioner in case of grievances during an investigation.

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Tax department detects HRA fraud with illegal usage of PANs

Income tax department uncovered a PAN fraud scheme where individuals misused PANs for house rent allowance claims, leading to the detection of numerous high-value cases. The misuse may entail legal repercussions, including penal interest and tax payments.

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US continues monitoring India's restrictions on ICT imports, raises concerns on digital trade barriers

The United States has expressed ongoing concerns about India's restrictions on the import of certain information and communications technology (ICT) products, including laptops, tablets, and servers. In its National Trade Estimate Report on Foreign Trade Barriers for 2024, the US Trade Representative highlighted issues such as politically motivated content takedown requests and complex customs procedures in India.

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Micro enterprises' share in total exports rises, drops for SMEs

Micro enterprises' exports grew to 6.63% in January, while small and medium enterprises' shares decreased. Top MSME export sectors are engineering goods, gems, garments, rice, and chemicals. Various factors affect exports, including freight costs and Western world economic challenges.

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On track: Core growth at 3-month high of 6.7% in Feb

India's core sectors saw a 6.7% growth in February, with various industries showing positive trends. Steel output increased, while fertiliser production contracted. Economists predict a 4-6.5% expansion in the Index of Industrial Production for February.

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In a first, more government agencies allowed to source wheat directly for Bharat Atta

Government pushes Bharat brand staples to curb food inflation, targeting consumers ineligible for free foodgrains. Quality control measures planned. Bharat products cheaper and sold directly to consumers, including through ecommerce and retail stores.

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Govt relaxes export norms for dual-use telecom equipment, information security software

The government has issued a new policy for the export of certain telecom and information security-related items. Under this policy, one-time bulk licenses will be granted for these items under the SCOMET category. Exporters will need to apply for a license through the online SCOMET portal and follow the prescribed format. The policy aims to simplify and liberalize the export process for these items, with licenses valid for three years.

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Rise in investments will generate more jobs this decade: CEA

V Anantha Nageswaran anticipates more job opportunities with improved capital formation, evidenced by positive signs in various sectors. The economy shows potential for growth with streamlined policies and a focus on job creation.

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Forex reserves rise $32.9 billion in April-December

​​ The valuation gain, reflecting the depreciation of the US dollar against major currencies, lower bond yields and higher price of gold, amounted to $11.1 billion during April-December 2023 as against a valuation loss of $29.9 billion during April-December 2022, the RBI said.

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Wherehouse? Spice, dry fruit importers facing GST heat

The Goods and Services Tax (GST) authorities have issued notices to around 50 importers of spices, dry fruits, processed food, and poultry for storing products at warehouses different from the actual place of supply. They seek additional tax payments of approximately Rs 1,000 crore. Some importers have also been warned of registration cancellation.

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Pvt companies may've to let Govt buy wheat first

Private wheat industry and trade are eyeing Uttar Pradesh, currently the source of the cheapest wheat in India, as the central government's wheat stock is expected to fall below the buffer norm on April 1 for the first time in over a decade. However, they may have to wait before refilling their silos until the government meets its procurement targets. The government has signaled to the industry not to hoard wheat during the arrival season to allow for procurement. While the new crop will start arriving in April, larger volumes are expected after mid-April.

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SP Group to sell port to Adani co for Rs 3.3,000 crore

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In a 1st, Mumbai tops Asia in billionaires list, is No. 3 globally

There are now more billionaires in Mumbai's 603 sq km than there are in Beijing's over 16,000 sq km. By overtaking the Chinese megalopolis, Mumbai has become Asia's billionaire capital for the first time. While China has 814 billionaires compared to India's 271, Mumbai hosts 92 billionaires against 91 in Beijing, Hurun Research's 2024 Global Rich List showed. Mumbai now ranks third globally in terms of billionaires after New York, which regained its top status after seven years with 119 billionaires, followed by London with 97.

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No withholding tax on discount on prepaid SIM cards, recharge vouchers: Supreme Court

Supreme Court ruled discounts on SIM cards won't trigger withholding tax. Telecom operators not liable without commission payments. CBDT should issue clear instructions to avoid future disputes.

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FY25 to greet car buyers with discounts as demand shrinks

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India wants WTO bodies to prioritise finance access, food security, tech

India has urged for the prioritization of several key issues in discussions within the World Trade Organization (WTO), including access to finance, manufacturing concentration, food security, and reducing transaction costs in international trade and services. New Delhi emphasized the need to address trade issues that disproportionately affect developing countries, such as access to technology, bridging the digital divide, and supply chain resilience.

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DPI, bankruptcy law, tax code make India attractive investment destination: WEF official

In a video interview with PTI, Matthew Blake, Head of the Centre for Financial and Monetary Systems at the WEF said India has been one of the best-performing markets in the world and investors have made money here.

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UK, Oman trade agreements may figure in commerce ministry's 100-day agenda for new Govt: official

The exercise assumes significance as while chairing a Cabinet meeting on March 17, Prime Minister Narendra Modi asked the ministers to meet secretaries and other officials of their respective ministries to discuss how the agenda for the first 100 days and the next five years can be better implemented.

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Miners urge govt not to impose export duty on low grade iron ore

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Pakistan to 'seriously' consider restoring trade ties with India: Foreign Minister Dar

Pakistan downgraded its diplomatic ties with New Delhi after the Indian government abrogated Article 370 of the Constitution, revoking the special status of Jammu and Kashmir and bifurcating the State into two Union Territories.

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IRDAI gives approval to set up insurance e-marketplace

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FY25 outlook bright, need to watch out for CAD: Finmin

India's economic outlook for FY25 is positive with strong growth, stable inflation, and robust external account. The government's capital push boosts private investments. Focus needed on increasing domestic savings, monitoring global challenges, and attracting foreign investments for sustainable growth.

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Pakistan to tap China for $300 million debut Panda bonds

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Business activity rises to 8-month high in March

The HSBC Flash India Composite PMI Output Index rose to 61.3 in March from 60.6 in February. The increase was led by manufacturing output, which expanded at its fastest pace of 63.5 in nearly three and a half years from 60.7 in February. Manufacturing PMI, which represents private activity in the sector, rose to 59.2 compared with 56.9 in the previous month.

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Reddit jumps 55 per cent in Wall Street debut

Reddit's successful IPO valued close to USD 9 billion on the New York Stock Exchange, priced at USD 34/share, debuting at USD 47. The price climber higher and soared over 55 per cent around 1: 20 pm ET. Supported by prominent figures like Sam Altman, Peter Thiel, and Snoop Dogg. Potential volatility expected.

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India, US resolve last outstanding WTO dispute on poultry

In 2015, India lost a long-pending dispute over poultry imports from the US at the WTO. India had prohibited the import of various agricultural products from the US because of concerns related to Avian Influenza. New Delhi lost the case at the WTO at both the panel level and at the appellate level and though it lifted the ban, Washington remained unconvinced about the mechanism for poultry shipments and import duties and did not withdraw the case at the WTO.

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JSW MG Motor India plans to recreate ‘Maruti movement’

Indian and Chinese companies have teamed up for a significant joint venture in the automotive sector. SAIC, a leading Chinese automaker that owns MG Motor, has partnered with Indian steel giant JSW to produce cars for both domestic and global markets. The new entity, JSW MG Motor India, will have 51% ownership by Indian firms. Initial investment for the venture is set at Rs 5,000 crore, as confirmed by Sajjan Jindal, chairman of JSW group.

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Federal Reserve plans three rate cut this year; lending rate remains unchanged for 5th time

Federal Reserve officials plan to reduce key interest rates three times in 2024 despite higher inflation. Forecasts suggest continued growth, inflation, and job market strength. Rate cuts could lower borrowing costs and support Biden's re-election prospects. Fed's cautious approach aims to balance economic growth and inflation concerns.

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Exporters seek exemption from 45-day payment to MSMEs rule

Around 150,000 exporters, represented by as many as 15 export promotion councils, including the Federation of Indian Export Organisations, have raised concerns over the provision, saying it will impact their liquidity as payments for exports are received with an average time lag of 120 days, although the Reserve Bank of India allows a nine-month period to realise export proceeds as sometimes it takes even longer.

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Sensex slips again on global cues, down 2,ooo points from peak

The sensex took a dip on Tuesday due to various global and local factors. Japan's first interest rate hike in 17 years and concerns about overvaluation in certain stock market segments contributed to the decline. Despite foreign and domestic funds being net buyers, both the sensex and Nifty started the day in the red and continued to slide, closing near their intraday lows.

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Pvt investments rise in India very visible, says ADB

ADB, under Dasgupta's leadership, aims to increase private investments in India, focusing on clean energy and financial inclusion. Reforms and new models like IF-CAP are set to strengthen ADB's role in climate finance.

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McDonald's names its CEO as new board chairman, taps Kimberly-Clark exec as independent director

Chris Kempczinski will become chairman of McDonald’s, succeeding Enrique Hernandez Jr. Jim Skinner, a previous CEO, also held the chairman position. Kempczinski, earlier, was named as the burger chain's President and CEO in 2019. Mike Hsu is nominated as an independent director. McDonald's noted that Hsu would help maintain a corporate goal of having 50% or more of its board members represent diverse backgrounds.

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Tata Sons looks to sell Rs 9,000 crore TCS shares to reduce debt

Tata Sons is aiming to raise around Rs 9,362 crore ($1.1 billion) by selling shares of its lucrative unit Tata Consultancy Services (TCS) on Tuesday. This move is part of Tata Sons' efforts to lower its debt burden. The company is restructuring its balance sheet to avoid mandatory public listing under RBI's 'upper layer' NBFC regulations. These regulations require companies to adhere to strict guidelines, including a mandatory listing within three years of notification.

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Big poll spends unlikely to lift rural demand

Economists suggest that rural consumption in India needs further government support and sustained capital expenditure to become broad-based in the coming quarters. The upcoming general election is unlikely to provide a significant boost to consumption. Instead, broader economic growth, easing inflation pressures, and government measures such as rationalizing GST rates and increasing allocations to rural schemes could support demand. Automakers also do not expect a huge sales boost from the elections, as historical data shows no real correlation between election years and sales.

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Jumbotail raises Rs 151 crore to expand food and grocery marketplace

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All eyes on US, Japan central banks

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Dalal Street gears up for election volatility

Stock markets are expected to be volatile during India's 78-day general election. Analysts predict auto, banking, and infrastructure sectors to show promise this year. Motilal Oswal Financial Services underscores that equity markets will keep a watch on the outcome of this election, as it will have a significant bearing on short-term market behaviour. Siddharth Khemka head (retail research), Motilal Oswal Financial Services said.

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Govt to buy 1,650 tonnes of onions from traders for Bangladesh

This will be the first official export of the key kitchen staple from India in more than three months since the country banned its export from December 8 to March 31. In March first week, the Centre allowed export of 64,400 tonnes of onions to countries from which it had received requests through diplomatic channels, government officials said at the time.

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Banks asked to check mis-selling, safeguard account holders' interest: DFS secretary

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US Fed to provide new insights on rate cut after rise in inflation

The US Federal Reserve is expected to maintain its key lending rate unchanged while considering potential rate cuts to combat inflation. Market experts predict a June rate cut, aligning with the Fed's cautious approach towards achieving inflation goals.

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Cabinet likely to meet today in unusual move, a day after election announcement

Although the specific agenda for the meeting remained undisclosed, ToI sources indicated that several significant matters might be discussed like negotiations on a trade deal with Oman and the potential elevation of the Line of Credit to $250 million for Iran's Chabahar port.

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Net direct tax collections likely to surpass FY24 target of Rs 19.45 lakh crore

Net direct tax collections from April 1, 2023, to March 15, 2024, stood at Rs 18.95 lakh crore, up 14.05% year on year, buoyed by advance tax collections of Rs 9.10 lakh crore, officials said.

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US probing Gautam Adani and his group over potential bribery

US prosecutors are investigating Adani Group for potential bribery, focusing on founder Gautam Adani. The probe includes scrutiny of Adani entities and individuals linked to the company for alleged misconduct in India and involves the US Attorney’s Office in New York. The probe, which is also looking at Indian renewable energy company Azure Power Global Ltd., is being handled by the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, said people familiar with the matter.

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Majority of issues in India-UK FTA towards resolution, says commerce ministry

Commerce Secretary Sunil Barthwal leads progressing India-UK FTA negotiations, aiming to enhance economic ties. Talks cover 26 chapters, including intellectual property rights, with bilateral trade data showing an increase to USD 20.36 billion.

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Rashmi Govil 2nd woman on IOC board, takes charge as director HR

Rashmi Govil, the new HR director at IndianOil, brings 30 years of experience, leading innovative initiatives like 'Srijan' and handling challenges at Mathura refinery. She is known for her collaborative style and focus on employee well-being.

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Northeast among biggest gainers of GST, says Finance Minister Sitharaman

Speaking at the Indian Institute of Technology in Guwahati, Sitharaman said the compounded annual growth rate (CAGR) of GST revenue of the north-eastern states has been 27.5% since its introduction in 2017-18. This was way above the CAGR of 14.8% under the earlier indirect tax regime. Elevated tax mop up has enabled these states to spend more on development programmes, she added.

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India's diesel exports to Europe see nearly three-fold jump in February

Amid the threat of Houthi attacks on ships, a large share of diesel exports to Europe was diverted to transit via the Cape of Good Hope, avoiding the Red Sea and the shorter Suez Canal. The longer route means higher freight. This combined with weak east-west arbitrage helped attract more Indian diesel cargoes to Asia in January.

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Startups have the potential to contribute $1 trillion to India’s GDP by FY30: CII Report

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Petrol, diesel to be cheaper by Rs 2 per litre in first price cut since May 2022

Fuel retailers cut petrol and diesel prices by Rs 2, aiming to benefit consumers and boost spending. Govt influence seen in past duty and VAT reductions. Impact on transportation sector profitability highlighted.

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Sensex plunges, investors lose Rs 14 lakh crore

Wednesday was the worst day for Dalal Street investors since Covid in terms of wealth erosion. The day's selloff erased Rs 13.9 lakh crore worth of investors' wealth in terms of loss in BSE's market capitalisation that was just a tad lower than the Rs 14.2 lakh crore, the biggest loss ever.

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MSME apprenticeship may become shorter, better-paid

Depending on the fiscal burden on the exchequer, the government could either tweak the existing apprenticeship schemes or draft a new scheme dedicated to MSMEs, which account for 38.4% of the total manufacturing output and contribute 45.03% of the country's total exports. The government has held several rounds of discussions with the industry and is expected to unveil the roadmap for hiring of apprentices by MSMEs by the middle of this year.

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EVs cheaper to own in long run than ICE cars in India but bumps ahead: BNEF

EVs cheaper to own than internal combustion engine (ICE) models in India, but concerns over resale value, charging stations, financing remain. CNG vehicles pose competition. Two- and three-wheelers adopt EVs faster. Electric buses economically favorable. Battery-driven heavy trucks reach TCO parity after 2030. Infrastructure and financing important for EV adoption.

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Unorganised workers to be urged to enlist on E-Shram portal for social security plan

The portal, launched in August 2021, has 294.5 million unorganised workers registered as on date with average daily enrolments of 20,000. The government had estimated India's unorganised workforce at 370 million at the time of the launch of the portal.

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Insurance cos plan to file writ petition seeking GST clarity

Insurance players plan to file a writ petition against the tax demand on commission for co-insurance due to the absence of a GST Council meeting. The sector faces a deadline to pay the tax, and the matter is expected to be resolved soon.

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Wheat stock with FCI lowest since 2018, but higher than buffer norm

Wheat stock with Food Corporation of India (FCI) has dropped below 100 lakh tonne for the first time since 2018, falling to 97 lakh tonne this month, due to low procurement during past two years and record sale of the cereal in open market to keep prices under check. In case of rice stocks, FCI is currently holding more than four times.

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Modi and Sunak welcome progress in FTA talks

Both leaders reaffirmed their commitment towards strengthening the bilateral comprehensive strategic partnership, a statement in New Delhi said. A Downing Street readout of the call noted that Sunak and Modi agreed on the importance of securing a "historic and comprehensive deal".

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Byju’s gives up all offices except HQ

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Plan afoot to reclassify items for GST clarity in FMCG sector

The Central Board of Indirect Taxes and Customs (CBIC) is planning to prepare a list of products that end up in litigation due to classification issues. The fitment committee will investigate items with minor changes in composition but different tax slabs, creating confusion in tax liability, particularly in the fast-moving consumer goods (FMCG) sector.

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TEPA: Norway to eliminate customs duties for almost 98 pc of imports from India

The ambitious trade pact, signed between India and the European Free Trade Association (EFTA) comprising Norway, Switzerland, Iceland and Liechtenstein, aims to expand trade across a range of areas including pharmaceuticals, manufacturing, new technologies and machinery. After the EEA (European Economic Area) agreement, this could become one of the most important trade agreements Norway has ever entered, said Norwegian Prime Minister Jonas Gahr Stoere.

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US mulls blacklisting CXMT to curb China's chip advance

The United States is considering sanctions on Chinese tech companies, including ChangXin Memory Technologies, to restrict China's development of advanced semiconductors. ChangXin Memory Technologies complies with USexport regulations. The United States aims to prevent Beijing from acquiring advanced AI chips that could strengthen its military.

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Australian farmers rip out millions of vines amid wine glut

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Initiatives taken to boost R&D: Need to balance IPRs with development needs, says FM Sitharaman

“We are trying to make them (IPR laws) work as a facilitator, a booster, and not as a barrier to the process of R&D,” Sitharaman said on Saturday, asserting that India’s IP regime remains compliant with the Trade-Related Aspects of Intellectual Property Rights (TRIPS) framework of the World Trade Organization.

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Centre raises M&A thresholds for antitrust regulator's nod

According to a notification by the ministry, two domestic companies pursuing M&A plans will now have to seek the Competition Commission of India's (CCI's) clearance if their combined assets and annual turnover in India exceed ₹2,500 crore and ₹7,500 crore, respectively, compared with ₹2,000 crore and ₹6,000 crore earlier.

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Crop diversification to fetch farmers MSP for pulses, cotton

The Union government plans to procure pulses, maize, and cotton at the minimum support price (MSP) to encourage diversification from rice. It will sell subsidised urad dal under the brand 'Bharat'. The initiative aims to restore groundwater levels, benefit protesting farmers, and gather accurate data on cropping and yield estimates.

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Cabinet okays 4% DA hike for staff; outgo pegged at ₹12,900 crore

The union cabinet approved an additional instalment of 4% DA and DR for central government employees and pensioners effective from January 1. This would benefit over 10 million employees and 6.79 million pensioners, with a combined impact on the exchequer of Rs 12,869 crore per annum.

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Free trade pact with EFTA likely to be signed on March 10

The agreement has several chapters, including trade in goods, rules of origin, intellectual property rights, trade in services, investment promotion and cooperation, trade and sustainable development, and trade facilitation. New Delhi has sought $100 billion of committed investments from the grouping and is considering giving quota-based duty concessions on gold imports from Switzerland.

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Fruit for thought: Farmers turn to cultivation of exotic varieties

These fruits offer up to 50% higher returns than other local fruits, according to experts. "Over the last five years, farmers and entrepreneurs have realized the potential for exotic fruits and new varieties for both domestic and international markets," said Purnima Khandelwal, chief executive of InI Farms, a large exporter of horticulture products.

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ET analysis: RBI shows the fist to build 'future proof' digital financial ecosystem

Recent penalties on financial intermediaries by the RBI under Governor Shaktikanta Das reflect the regulator's intolerance towards non-compliance. The actions highlight serious violations, including non-compliance with regulations and deviation from good governance. The RBI is focused on improving compliance and transparency in the financial sector.

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India mulls quota-based duty cuts on gold imports to Switzerland under EFTA

Switzerland had sought duty concessions on inbound shipments of gold, which accounts for about 80% of India’s total imports from Switzerland. Quota based concessions to Switzerland are crucial as India has already extended 1% duty concession to gold importers under tariff rate quota in its trade pact with the UAE.

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US stocks rise on rate hopes as gold hits record high

US and European stock markets surged on Wednesday, while gold reached a record high of $2,150. The Federal Reserve's indication of potential rate cuts and the British government's pro-growth budget contributed to the positive market sentiment. The dollar weakened due to expectations of lower interest rates. Earlier in the week, US stocks had experienced a slight decline as investors secured profits ahead of Federal Reserve Chief Jerome Powell's congressional testimony.

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RBI bars JM Financial's arm from lending against shares

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As India gets poll ready, FTA talks with UK in last leg

India and the UK are in the final stages of negotiating a free trade agreement, with most talks completed at the negotiator level. The UK wants access to India's government procurement and a bilateral investment treaty before a trade pact. India's demand for more visas for workers and a social security agreement has been accepted by British negotiators, but requires the nod of UK prime minister Rishi Sunak.

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Balanced regulation vital for growth, says Uday Kotak

Addressing a two-day conference of the National Financial Reporting Authority (NFRA), Kotak said sacrificing growth to tackle risks is not a solution but problems need to be dealt with in an innovative manner. Kotak's comments come at a time when watchdogs across the financial sector-from the Reserve Bank of India to the Competition Commission of India-are increasingly facing pressure to balance regulations with innovation, especially due to the fast-paced evolution in the technology space.

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Services sector PMI eases in Feb to 60.6 from 61.8 in Jan

India's service sector growth slowed in February, but remained robust, according to a private survey. The HSBC India Services Business Activity Index fell to 60.6, from 61.8, indicating expansion. Despite the decline, service activity reached its second highest level in five months. However, milder growth clouded the business outlook. Of the 400 firms surveyed, 26% expect growth in the year ahead, while 2% predict a decline.

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Finance Minister Sitharaman asks CBIC to settle classification issues

​The tax officials under GST has detected fake ITC evasion of ₹.1.14 lakh crore from the year 2020 till date. "Fake entities and GST evasion not only erode our national revenue but also distort fair competition and fuel an underground economy," Sanjay Kumar Agarwal, chairman Central Board of Indirect Taxes (CBIC) told the field formations. He highlighted the importance of strong data analytics and the use of technology and the need to stay ahead of the perpetrators of GST evasion.

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Jobless rate declines to record 3.1% in 2023

India's unemployment rate dropped to 3.1% in 2023, the lowest in recent years, from 3.6% the previous year. Female labor force participation crossed 40% for the first time. Urban unemployment fell to 5.2% from 5.9%, and rural unemployment dropped to 2.4% from 2.8%. Despite this, the gender gap in unemployment widened as female unemployment declined slower than male unemployment. Female labor force participation rose to 41.3%, but their participation in certain sectors, like legislators, senior officials, and managers, decreased.

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Core inflation to stay around 3% till Q1 FY25: Economists

Inflation in goods and services other than fuel and food is expected to remain low at around 3% due to weak rural demand. Despite a strong economy, depressed wage growth and muted private consumption have contributed to declining core inflation.

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Healthcare, education, fintech to be key beneficiaries of India-UAE pact: CII President

CII President R Dinesh believes the ambitious USD 100 billion non-oil trade target between India and the UAE by 2030 is achievable. The 2022 free trade agreement has already spurred significant bilateral trade and investments, with the UAE now India's top non-oil trading partner. The comprehensive pact covers various sectors, fostering growth, and facilitating global supply chains.

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India-UAE non-oil trade target of USD 100 billion by 2030 ambitious, but achievable: CII President

CII President R Dinesh believes the ambitious USD 100 billion non-oil trade target between India and the UAE by 2030 is achievable. The 2022 free trade agreement has already spurred significant bilateral trade and investments, with the UAE now India's top non-oil trading partner. The comprehensive pact covers various sectors, fostering growth, and facilitating global supply chains.

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Market capitalization of 7 of top-10 most valued companies rose Rs 65,302 crore last week

The combined market valuation of seven of the top 10 most valued firms in India increased by Rs 65,302.5 crore last week. TCS and ICICI Bank were the biggest gainers. Sensex climbed 663.35 points or 0.90%, and Nifty jumped 165.7 points or 0.74%. TCS, HDFC Bank, ICICI Bank, SBI, Bharti Airtel, Hindustan Unilever, and ITC experienced gains in their market capitalization. Reliance Industries, Infosys, and LIC saw a decline.

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Tripura receives additional tax devolution of Rs 1006 crore

The announcement has been met with appreciation from Tripura Chief Minister Manik Saha, who acknowledges the funding's potential to boost infrastructure and expand the scope of welfare schemes in the state.

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We have been able to protect India’s interests at WTO: Piyush Goyal

Since the process has not yet been completed, we believe that it is in the best interest that we continue this ecommerce moratorium and ensure that if at all it is found to be necessary, there will be discussions at Geneva to see if there are any areas particularly which need to be covered under the moratorium, otherwise as the decision stands, it will expire at the end of two years or the next ministerial, whichever is earlier, Commerce and industry minister Piyush Goyal.

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WTO meeting: India objects to agri timelines in draft text for permanent solution

A revised text on agriculture circulated in the afternoon offered two options either adopting a permanent solution at the MC13 or members intensify negotiations at the committee of agriculture to arrive at a permanent solution for food security purposes available to all developing country members.

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