After a COVID-19 pandemic-led contraction in consumer spending in 2020, household spending will return to growth in 2021, expanding by as much as 6.6 per cent, Fitch Solutions said on Monday.
Data giant S&P Global Inc has agreed to buy IHS Markit Ltd in a deal worth $44 billion that will be 2020's biggest merger, creating a heavyweight in the increasingly competitive market in financial information.
S&P Global Ratings on Monday retained its forecast of 9 per cent contraction in the Indian economy for the current fiscal, saying even though there are now upside risks to growth but it will wait for more signs that Covid infections have stabilised or fallen.
5G connections across the globe are estimated to be 3.5 billion and India will account for 350 million subscriptions by 2026, according to a report by telecom company Ericsson.
Union minister Nitin Gadkari on Monday expressed confidence that India will get a Covid-19 vaccine "as early as possible" and overcome the pandemic to win the economic war.
Moody's Investors Service on Monday said the bank capital will moderately fall in emerging Asia over the next two years, with India seeing larger capital decline without further infusion.
Two pilots' unions on Monday wrote to Union minister of civil aviation Hardeep Singh Puri seeking an urgent meeting with him to discuss the "indefinite and unilateral" salary deductions faced by the pilots of Air India.
DBS Bank India on Monday said customers of Lakshmi Vilas Bank (LVB), which has now been merged with it, can continue to access all banking services, and interest rates on savings and fixed deposits are unchanged as of now.
Gold fell on Monday en route to its worst month in four years, as optimism over a coronavirus vaccine-led economic revival prompted investors to buy into traditional risk assets. Spot gold declined about 1% to $1,771.22 per ounce by 0452 GMT, shedding 5.7% so far this month - its biggest since November 2016.
The Trump administration is poised to add China’s top chipmaker SMIC and national offshore oil and gas producer CNOOC to a blacklist of alleged Chinese military companies, according to a document and sources, curbing their access to US investors and escalating tensions with Beijing weeks before President-elect Joe Biden takes office.
Billionaire Gautam Adani's roads-to-mining group has indicated that it can improve on its Rs 33,000 crore takeover offer for collapsed housing lender DHFL and has sought forfeiture of deposits of bidders seeking to vitiate auction by questioning maximum recovery of public money.
With Jan Dhan accounts and the government’s direct benefit transfers (DBT), ATM usage has gone up in rural areas. This is most clearly seen by the trend of increased usage of ‘white-label operators’ ATMs, which are used only in rural and remote parts of the country. From just 2% of total ATM transactions in India in 2014, white-label ATMs now make up 12% of total transactions.
India Inc has quietly progressed on the gender diversity front in spite of the pandemic. Engineering firm ABB, Hindustan Zinc (HZL), Sun Life Asia Service Center (ASC) and leading direct selling FMCG major Amway have improved upon their gender diversity numbers significantly this year through proactive hiring of women candidates.
Forecasters are revising upwards their projection for the current fiscal’s GDP growth after better-than-expected numbers for the second quarter. Most economists expect India’s GDP to shrink between 6% and 8% in FY21. Until last month, international agencies like the IMF were expecting the economy to shrink by 10%. The RBI is widely expected to continue with its accommodative stance.
Air India is currently operating non-stop flights to London from Delhi (seven flights a week), Mumbai (four flights a week), Kochi (three flights a week), Ahmedabad (two flights a week), Bengaluru (two flights a week), Goa (two flights a week), Kolkata (one flight a week) and Amritsar (one flight a week), an airline spokesperson told PTI.
The six-member Monetary Policy Committee (MPC) headed by RBI Governor is scheduled to meet for two days starting December 2. The resolution of the sixth bi-monthly MPC meeting would be announced on December 4.
Foreign direct inflows went up almost 15% during the first half the current financial year. The period also saw Mauritius slip to the fourth spot as the preferred source to route funds into India with the US and tax haven Cayman Islands overtaking it.
Retirement fund body EPFO has extended the deadline for submission of life certificates by pensioners till February 28, a move which would benefit over 35 lakh persons who could not submit the document by November due to coronavirus pandemic.
HSBC Holdings Plc is considering a complete exit from retail banking in the United States after narrowing the options for how to improve performance at its struggling North America business, the Financial Times reported on Saturday.
The contraction of the Indian economy eased off in the three months to September amid signs of a pick up in manufacturing, and economists expect a steady recovery next year if progress on coronavirus vaccines feeds consumer demand.
Increase in foreign direct investment (FDI) into India in July-September 2020 to $28.1 billion indicates global investors' preference for the country's enabling environment, commerce and industry minister Piyush Goyal said on Saturday.
Yoga guru Ramdev, his younger brother Ram Bharat and close aide Acharya Balkrishna will be on the board of soya food brand Nutrela-maker Ruchi Soya that was recently acquired by Patanjali Ayurved.
The CBI on Saturday started a massive search operation at 45 locations across four states after registering a case against an alleged coal pilferer who acted in collusion with two general managers and three security personnel of the Eastern Coalfields Ltd (ECL), officials said.
Petrol price on Saturday crossed Rs 82-mark in Delhi and diesel surpassed Rs 72 a litre after eighth increase in rates in past nine days. Petrol price on Saturday was hiked by 24 paise per litre and diesel by 27 paise as hopes of a vaccine development led to a rally in international oil prices.
You may not have heard of it previously, but ‘hearables’ have emerged as the next big thing in the consumer tech industry, becoming more than a fad and fast turning out into a serious business category.
Shareholders of Lakshmi Vilas Bank (LVB) drew some consolation on Friday at the Madras high court. The HC refused to stay LVB’s merger with DSB Bank India (DBIL), but directed DBIL not to take any further actions prejudicial to LVB shareholders.
A deadly heat wave could burn the economy. In just another decade, India would be among the first places where extreme heat would make working outdoors dangerous, says a report released by global management consulting firm McKinsey.
Prime Minister Narendra Modi on Saturday visited Zydus Biotech Park of pharma major Zydus Cadila in Ahmedabad to review the vaccine development. The visit is the first of PM Modi's three-city tour to personally review the vaccine development and manufacturing process in the country.
The economist listed out a host of factors for his “cautiously optimistic” outlook and said that the sustainability of the recovery process depended on the spread of Covid-19, and added that some sectors, particularly services, will remain impacted till the highly contagious infection does not go away and people observe social-distancing protocols.
From June 1, no non-BIS two-wheeler helmet can be manufactured or sold in the country and any violation of this would be treated as an offence. The road transport ministry on Thursday notified the quality control order for two-wheeler helmets to ensure that only safe headgears, which are also termed as “helmet vaccine for head injuries”, are made and sold in India.
Jeff Bezos and Mukesh Ambani, two of the world’s richest men, face a turning point in a battle for pre-eminence in India’s booming, nearly trillion-dollar retail market. The outcome of a legal dispute which has embroiled the billionaires’ Amazon.com and Reliance Industries Ltd empires - where a court ruling is imminent - may shape India’s retail landscape for years to come.
Insurance Regulatory and Development Authority of India (Irdai) on Friday gave in-principle approval for the merger of Bharti AXA General with ICICI Lombard.
Non-food credit growth decelerated to 5.6 per cent in October 2020 compared to a growth of 8.3 per cent in the same month of the previous year, RBI data showed. Growth in loans to agriculture and allied activities accelerated to 7.4 per cent in the reporting month from a growth of 7.1 per cent last year, the data on Sectoral Deployment of Bank Credit - September 2020, released by the Reserve Bank of India, showed.
Confederation of All India Traders (CAIT) said it is "highly dejected" with the penalty of Rs 25,000 levied on Amazon India by the ministry of consumer affairs, and called for "exemplary punishment" for sending out a clear message to foreign e-commerce players "disobeying the law of the land".
With England relaxing quarantine norms for overseas visitors from some countries, including India, from December 15, Vistara will starting flights thrice-weekly on Mumbai-London Heathrow (LHR) route from January 16, 2021. In all, Vistara will at that time have six weekly flight to LHR — thee each from Delhi and Mumbai.
With India's GDP clocking a lower contraction of 7.5 per cent in the September quarter, industry and experts expressed confidence of further recovery in the coming months and said the government's actions are bearing fruit.
Chief economic adviser (CEA) K V Subramanian on Friday said there is an "upside potential" in the estimates about the economy during the current financial year as recovery is taking faster than expected.
India's gross domestic product (GDP) for the second quarter ended September 30 contracted by 7.5 per cent, government data showed on Friday. However, this pace of contraction is considerably slower than the slump of 23.9 per cent in the previous quarter.
India's e-commerce festive sale season from October 15-November 15 this year delivered $8.3 billion (about Rs 58,000 crore) worth of gross sales for brands and sellers, up 65 per cent from $5 billion (Rs 35,000 crore) last year, research firm RedSeer said on Friday.
India’s imports of palm oil are set to rise by as much as 100,000 tonnes a month from December after the government slashed import tax on the tropical oil, making it cheaper than rival edible oils, industry officials said on Friday.
The Union road transport and highways ministry on Friday issued fresh guidelines for cab aggregators (such as Ola and Uber) to bring them under a regulatory framework. According to the new guidelines, surge price by cab aggregators should not be more than 1.5 times and they can't offer discounts that is more than 50 per cent of the base fare.
The Bombay high court on Thursday, in an interim order, rejected a plea for a stay sought by shareholders of Lakshmi Vilas Bank (LVB) on its merger with DBS Bank India. Even as shareholders filed petitions in Chennai and Mumbai seeking to stay the merger, the Reserve Bank of India (RBI) directed the administrator of the bank to write off Rs 318 crore worth of tier-2 bonds.
Mobility restrictions due to the coronavirus and emergence of trends around home/remote office, education and entertainment have decluttered Indian cities that have seen a sharp reduction in travel in the months since the lockdown.
Demand for new credit cards has fully recovered and monthly applications in October have exceeded levels in the same month of the previous year. According to credit information company TransUnion Cibil, last month saw inquiries that were 106% of the queries in October 2019.
Reserve Bank of India governor Shaktikanta Das said on Monday that the Indian economy has exhibited stronger than expected pick-up and the growth outlook has improved but cautioned over the need to be watchful over downside risks of a fresh surge in infections, the sustainability of demand after festivals and a possible reassessment by markets around vaccine expectations.