The price of a liquified petroleum gas (LPG) is set to fall by Rs 10 with effect from April 1, Indian Oil Corporation informed in a statement on Wednesday. In the recent weeks, price of the domestic cooking gas had been increased by Rs 125 per cylinder.
Economic affairs secretary Tarun Bajaj on Wednesday informed that the government's inflation target has been retained at 4 per cent (+/- 2 per cent) for the next five years. Under the current dispensation, the Reserve Bank of India (RBI) has been mandated by the government to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side.
The output of eight core infrastructure sector contracted by 4.6 per cent in February, data released by government showed on Wednesday. "The combined Index of eight core industries stood at 127.8 in February 2021, which declined by 4.6 (provisional) per cent as compared to the index of February 2020," ministry of commerce and industry said in an official release.
The Monetary Policy Committee (MPC), which decides on key interest rates, will meet six times during the next financial year, the Reserve Bank of India (RBI) said on Wednesday.
The Mumbai high court on Wednesday granted no immediate relief to China's ByteDance in a case where the company has challenged the local tax authority's decision to block its bank accounts in the country. The government has blocked at least two of ByteDance's bank accounts for alleged tax evasion, prompting it to ask the court to quash the directive that it fears will hit its operations, Reuters reported on Wednesday.
Equity indices plunged on Wednesday with the benchmark BSE sensex falling over 600 points, dragged by losses in banking and financial stocks. The 30-share BSE index fell 627 points or 1.25 per cent to close at 49,509; while the broader NSE Nifty settled 154 points or 1.04 per cent lower at 14,691.
The Reserve Bank of India (RBI) on Wednesday extended the deadline for processing recurring online transactions to September 30, 2021, from March 31, 2021.
"The government will give cash incentives of more than $1 billion to each company which will set up chip fabrication units," a senior government official told Reuters, declining to be named as he was not authorised to speak with media.
Country's largest lender SBI on Wednesday said it has raised an additional $1 billion (around Rs 7,350 crore) loan from Japan Bank for International Cooperation (JBIC) to help Covid-hit Japanese auto manufacturers in India.
People flying to Delhi from states where Covid cases are rising will now be subjected to random testing and those testing positive shall be mandatorily quarantined.
India's economy has bounced back amazingly from the Covid-19 pandemic and nationwide lockdown over the last one year, but it is not out of the woods yet, according to the World Bank, which in its latest report has predicted that the country's real GDP growth for fiscal year 21/22 could range from 7.5 to 12.5 per cent.
Biden’s decision will please business groups, which had pressured the administration to lift the ban ever since the new president took office. Executives have grown frustrated that the directive was not immediately revoked, arguing it hurt US companies.
The gig economy has the potential to service up to 90 million jobs in India’s non-farm economy alone, transact over $250 billion in volume of work, and contribute an incremental 1.2% to India's GDP over the long term, says a report by the Boston Consulting Group (BCG).
In a major data security lapse by a private entity, 8.2 terabytes — the largest such breach in India -- consisting of personal information of 3.5 million users, allegedly of payments platform MobiKwik, is up for sale on the dark web.
Oil prices slid on Tuesday as the Suez Canal reopened to traffic and the dollar rallied, while focus turned to an Opec+ meeting this week, where analysts expect an extension to supply curbs to offset dim demand prospects.
Amidst assembly elections in four states and a Union territory, the government on Tuesday approved issuance of the 16th tranche of electoral bonds which will be open for sale from April 1 to April 10.
Hindustan Petroleum Corporation Ltd (HPCL) has bought out the 50% stake of SP Ports, a Shapoorji Pallonji group company, in a joint venture building a gas import terminal in Gujarat, for Rs 397 crore.
India faces a historic opportunity to transform into one of the world's major technology hubs, a report by Asia-based Hinrich Foundation said on Tuesday. As India aims to build up its local manufacturing capabilities, it is focusing on smartphones, other digital hardware and a new crop of national unicorns which the govt believes will transform India into a tech export hub.
The government is expected to further extend the existing foreign trade policy (FTP), which is scheduled to lapse from April 1 this year, for few more months, an official said.
Come April there will be no automatic recurring payment for various services including recharge and utility bill as the Reserve Bank of India (RBI) has made Additional Factor of Authentication (AFA) mandatory after March 31.
The gig economy can serve up to 90 million jobs in the non-farm sectors in India with a potential to add 1.25 per cent to the GDP over the "long term", a report said on Tuesday.
The government has blocked bank accounts of ByteDance in the country for alleged tax evasion. The company has asked a court to quash the directive which it fears will hit its operations hard, two sources with direct knowledge told Reuters.
Investor wealth surged Rs 6,02,001.9 crore in two days of market rally which was supported by positive global cues. The 30-share BSE index on Tuesday closed at 50,136.58, an increase of 1,128.08 points or 2.30 per cent. During the day, it gained 1,259.95 points to touch 50,268.45.
Bharat Petroleum Corporation Ltd (BPCL) petrol pump owners have sought the provision of an exit window before India’s second-largest state-run oil refiner and fuel retailer is privatised.
The country's largest private sector lender HDFC Bank on Tuesday said it is taking steps to resolve glitches in its digital banking platform and restore services on priority.
Former Tata Sons chairman Cyrus Mistry on Tuesday said that being a minority shareholder of the company, he is "personally disappointed" by the outcome of the Supreme Court judgement. Mistry said he hopes that the issues raised by him will cause deeper reflection and influence individuals concerned to catalyse change. Last week, SC upheld Tata Sons' decision to sack Mistry.
Equity indices jumped on Tuesday with the benchmark BSE sensex rising over 1,100 points led by gains in IT, metal and financial stocks. The 30-share BSE index soared 1,128 points or 2.30 per cent to close at 50,137; while the broader NSE Nifty moved 338 points or 2.33 per cent higher to settle at 14,845.
India's economic output in 2021 is expected to remain below the 2019 level despite roll-out of the vaccine to deal with the menace of the coronavirus pandemic, said a report by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) released on Tuesday.
Passengers violating Covid norms at airports could soon end up paying fines, apart from facing action under other sections. Finding “unsatisfactory” compliance of pandemic-time travel protocol at airports, the Directorate General of Civil Aviation (DGCA) on Tuesday directed all airport operators to explore “the possibility of taking punitive action, such as levy of spot fines… so as to serve a deterrent for violation of Covid-19 protocol.”
The markets watchdog of the European Union said on Tuesday it has fined credit ratings firm Moody's 3.7 million euros ($4.35 million) for breaching certain rules including the failure to disclose conflicts of interests.
India’s consumption demand and business activity looked steady in February, although chances of a strong recovery appeared doubtful after a sharp surge in virus cases and the increasing risk of renewed lockdowns.
“Recalculating,” as the GPS often tells us when we are driving, may be our best career strategy after a year of uncertainty. Roadblocks or jams may lie ahead, but the route could be more scenic with twists and turns. Maybe another destination would even be better than the one we had planned.
People of Indian origin and the Indian diaspora having Overseas Citizens of India (OCI) cards are now not required to carry their old, expired passports for travel to India, as required earlier, according to a government notification that has been welcomed by members of the community.
The Indian Banks Association (IBA) has asked its members to exclude the moratorium period while calculating the number of days for deciding the status of a non-performing loan.
The Opec+ grouping of oil producers will hold its third ministerial summit of the year via videoconference Thursday to discuss output cuts in the face of fresh price volatility.
IDBI Bank plans to ramp up growth, regain lost corporate customers and sell stakes in its insurance, capital markets and technology arms following its exit from the banking regulator’s prompt corrective action (PCA) framework for weak lenders.
India and the United States have agreed to revamp their strategic energy partnership to focus on greater collaboration in cleaner energy sectors such as biofuels, and hydrogen production, the government said in a statement on Monday.
The hikes include both regulatory costs as well as raw material price rises, said car marketers. “What we are witnessing is that the pricing power for OEMs differs across segments. Sedans are classic example. The segment has declined and value perception for SUVs, MPVs has improved, allowing OEMs to implement tougher price increases,” said Ravi Bhatia, country hesad, JATO.
H&M, Burberry, Nike and Adidas and other western brands have been hit by consumer boycotts in China since last week over comments about their sourcing of cotton in Xinjiang. The growing rift comes as the United States and other Western governments increase pressure on China over suspected human rights abuses in the western region.
Delhi has nearly 50 lakh registered vehicles that are over 15 years old and the national capital has the third-highest share of such vehicles in the country. Moreover, 70% of these are more than 20 years old. Karnataka tops the list among states with approximately 70.1 lakh 15-year-old plus vehicles, followed by Uttar Pradesh having nearly 56.5 lakh such vehicles.
TRAI has written to key ministries, associations like COAI and Nasscom and nodal agencies like NIC in a massive information outreach as it pulls out all stops to ensure smooth implementation of its new regulations on bulk messages after March 31.
The market capitalisation of Bajaj Finance plunged Rs 16,197.55 crore to Rs 3,12,327.04 crore and that of State Bank of India (SBI) went lower by Rs 12,494.45 crore to Rs 3,18,697.88 crore.
