The government has given approval to four waitlisted firms under the production linked incentive (PLI) scheme for domestic manufacturing of bulk drugs, an official statement said on Monday.
Chief economic adviser (CEA) K V Subramanian on Monday said the overall impact of the second wave of Covid-19 on the country's economy is not likely to be large but cautioned about an uncertainty surrounding the pandemic going ahead.
Investors have gained Rs 3,93,349.08 crore in four days following a strong rally in the equity markets amid a declining trend in Covid-19 cases. In four consecutive sessions of gains, the 30-share BSE sensex has climbed 1,299.91 points or 2.56 per cent.
The output of eight core sectors jumped by 56.1 per cent in April mainly due to a low base effect and uptick in production of natural gas, refinery products, steel, cement and electricity, official data released on Monday showed.
India's gross domestic product (GDP) for the fourth quarter (Q4) ended March 31, 2021 stood at 1.6 per cent, government data released on Monday showed. The strict nationwide lockdown imposed to curb the spread of Covid-19 last year led India to experience its first technical recession with two consecutive quarters of contraction.
Fiscal deficit for 2020-21 was at 9.3 per cent of the gross domestic product (GDP), lower than 9.5 per cent estimated by the finance ministry in the revised Budget estimates, according to the CGA data.
Equity indices jumped on Monday with benchmark BSE sensex rising over 500 points led by gains in metal and banking stocks, ahead of the gross domestic product (GDP) data for the fourth quarter. The 30-share BSE index rose 515 points or 1 per cent to close at 51,937; while the broader NSE Nifty settled 147 points or 0.95 per cent at fresh closing high of 15,583.
Retirement fund body EPFO has allowed its over five crore subscribers to avail the second Covid-19 advance in view of the second wave of the coronavirus infections in the country.
As the country is battling the second wave of Covid-19, Congress leader Rahul Gandhi on Monday slammed the BJP-led NDA government at the Centre for the mismanagement in tackling the pandemic and said that 97 per cent Indians have witnessed depreciation in their income due to the arrogance of the Central leadership.
The global economic outlook is improving as vaccine rollouts allow businesses to resume operations and as the United States pumps trillions of dollars into the world's largest economy, the OECD said on Monday, nudging its forecasts higher.
Twitter has to comply with the new Information Technology Rules for digital media if they have not been stayed, the Delhi high court said on Monday. The HC issued notice to the govt and Twitter seeking their stand on a plea by lawyer Amit Acharya, claiming non-compliance of the rules. Twitter claimed it has appointed a resident grievance officer, the Centre disputed the claim.
PNB Housing Finance on Monday said its board has approved a proposal to raise up to Rs 4,000 crore by issuing equity shares and convertible warrants to entities led by Carlyle Group firms.
China on Monday re-imposed anti-coronavirus travel controls on its southern province of Guangdong, announcing anyone leaving the populous region must be tested for the coronavirus following a spike in infections that has alarmed authorities.
Fuel prices have touched an all-time high after Monday's fresh hike.Petrol continued to cost more than Rs 100 in parts of Mumbai and Bhopal. Petrol in Mumbai stood at Rs 100.47 per litre and diesel at Rs 92.45 per litre.
The worry about economic uncertainty notwithstanding, Indian family-owned businesses are upbeat about their prospects in 2021-22. In a study of over 100 family-owned businesses by Executive Access India, conducted exclusively for TOI, 64% companies said they are optimistic in their outlook for the current financial year.
The United States imported a rare cargo of 1.033 million barrels of Iranian crude in March despite sanctions on Iran's energy sector, data from the US Energy Information Administration showed.
Finance minister Nirmala Sitharaman has said that there is no need to rush with an immediate stimulus in response to the Covid second wave as Budget announcements, including on spending, are yet to fully seep into the economy with just two months of the financial year having passed.
Banks will offer off-the-shelf unsecured loans of up to Rs 5 lakh to individuals for Covid treatment, and business loans up to Rs 100 crore for setting up healthcare facilities. The launch of the new schemes was announced by SBI chairman Dinesh Khara and Indian Banks’ Association chairman Rajkiran Rai on Sunday.
Industry chambers on Saturday said the GST amnesty of reducing late fees for delayed monthly return filing will provide some relief to small taxpayers, and demanded complete waiver of the late fees and interest.
The world’s worst coronavirus outbreak is changing the way Indians buy gold, hastening a shift to modern, retail stores. While buyers have been slowly shifting away from the thousands of family-run jewelry shops that control the bulk of the world’s second-biggest gold market, the pandemic has sped up the process, according to Ramesh Kalyanaraman, executive director at Kalyan Jewellers India Ltd.
As Covid-19 ravaged the world last year, CEOs' big pay packages seemed to be under as much threat as everything else. Fortunately for those CEOs, many had boards of directors willing to see the pandemic as an extraordinary event beyond their control.
A number of petitions have been filed before the Supreme Court seeking to initiate contempt of court proceedings against Reserve Bank of India (RBI) governor Shaktikant Das, Chief Executive of Indian Banks Association (IBA) and others for allegedly flouting the SC's earlier order, by turning and declaring the account of the petitioners as Non Performing Assets (NPA) in connection with the moratorium matter.
The Eastern Caribbean Supreme Court (ECSC) on Friday, after taking note of submissions made in the Mehul Choksi's hebeas corpus petition, restrained Dominican authorities from removing the fugitive diamantaire from the Commonwealth of Dominica until further hearing in the matter.
Vistara on Saturday received its first purchased A320neo aircraft, powered by CFM International's LEAP engines, in Delhi from Airbus' production facility in Toulouse, France. This will be the 46th aircraft to be added to its fleet. Out of 46, 43 are on lease while the rest have been purchased.
Mahindra & Mahindra expects it will take at least another two years for car sales to return to their pre-pandemic peaks, but a slow pace of vaccinations could hurt recovery prospects, its chief told Reuters in an interview. Battered by the pandemic in 2020 and an economic slowdown in 2019, passenger vehicle sales in India fell to 2.7 million units in the last fiscal year.
The rationalisation of late fees for delayed filing of monthly GST returns will give relief to small businesses and add to the government revenue, according to tax experts.
Petrol price on Saturday crossed the Rs 100-a-litre mark in Mumbai after the 15th increase in fuel prices this month. Petrol price was increased by 26 paise per litre and diesel by 28 paise a litre, according to a price notification of state-owned fuel retailers.
In the tussle between foreign and Indian firms over auditing bank accounts, the Institute of Chartered Accountants of India (ICAI) president Nihar Jambusaria has backed the RBI’s new norms and said there is no dearth of entities to perform the task credibly.
Maruti said it is enhancing production of oxygen generators by small-scale units to meet demand amid the second wave of the pandemic, having already increased output levels by more than 10 times.
India Inc has stepped up its efforts to contribute to the country’s healthcare infrastructure in the wake of the second wave of Covid.
It's all in the family. Bengaluru-based online brokerage Zerodha’s founders Nithin Kamath, his brother Nikhil Kamath, and Nithin's wife Seema Patil can each take home Rs 100 crore in salary, as per resolutions passed at an EGM of the company held earlier this month.
The two largest banks in the country — State Bank of India and HDFC Bank — moved the Supreme Court on Friday and sought a stay on the Reserve Bank of India’s directive to banks to provide financially sensitive data under the RTI Act, saying they feared that it could be detrimental to their business operations and compromise confidentiality of customer information
The GST Council on Friday deferred a decision on cutting rates for a number of products related to combating Covid-19, while exempting a medicine used for treatment of black fungus and relief material such as medical oxygen and concentrators, even if imported on payment basis, from payment of integrated GST.
Net job creation in the economy fell by 16.9 lakh in FY21 over the previous fiscal, shows an SBI Research analysis of EPFO payroll data.However, the FY21 numbers are better than the FY20 net job creation, which had declined by 28.9 lakh, further cementing the view that the economy is not creating new employment opportunities.
The country's foreign exchange reserves rose by $2.865 billion to a record high of $592.894 billion for the week ended May 21, boosted by gold and currency assets, RBI data showed on Friday. The previous all-time high for the forex kitty was $590.185 billion for the week ended January 29, 2021.
The US replaced Mauritius as the second largest source of foreign direct investment into India during 2020-21 with inflows of $13.82 billion, according to government data. Singapore remained the top source of foreign direct investment (FDI) into the country for the third consecutive fiscal at $17.41 billion.
Indian Immunological Limited plans to start production of the drug substance of indigenously developed Covid-19 vaccine Covaxin from June 15 and send the first batch to Bharat Biotech by July.
Equity indices finished higher on Friday with the benchmark BSE sensex rising over 300 points as falling Covid-19 infection rates boosted investor sentiment. . After scaling an intra-day high of 51,529, the 30-share BSE index rose 308 points or 0.6 per cent to finish at record of 51,423. The broader NSE Nifty settled 98 points or 0.64 per cent higher at fresh record closing of 15,436.
The government on Friday extended international commercial flights ban till June 30, the Directorate General of Civil Aviation (DGCA) said in a circular. The previous deadline for flights suspension was to end on May 31.
This year China's government has been gradually ramping up scrutiny of its sprawling oil industry, reinforcing its authority with new taxes on refined products while investigating crude imports by state energy giants and independent refiners.