India

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The Reserve Bank on Tuesday imposed operational restrictions on Punjab and Maharashtra Co-operative Bank (PMC Bank), resulting in chaos outside its branches in the financial capital.As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans.The RBI monitors banks' health and issues such directions in case of concerns over financial health of an institution. Howev…


Trader from Lasalgaon says situation is very unpredictable Heavy rains, which lasted for 48 hours, have affected the production of onions in Maharashtra’s Lasalgaon region. This region, situated in Maharashtra’s Nashik district, is a one of the major onion producing areas in the country. An estimated 23,000 hectares of Kharif and late Kharif crops have been planted in the Nashik district. The area is also the largest wholesale market…


India's second largest private steel manufacturer, JSW Steel, plans to launch up to $500 million in dollar-denominated bonds, the company told stock exchanges on Tuesday. This is part of the company's plan to raise up to $1 billion that was approved by its board of directors in July. On Monday, The Economic Times reported that the company had finalised 11 international banks over the weekend to manage the proposed issue. The procee…


Kumar says the foundation for putting the GDP on 8%-plus growth trajectory has been laid India has become a more attractive investment destination following the reduction in corporate tax rates but relocation of units from competitors such as China will depend on other factors as well, such as the ability of states to make their environment more business-friendly, said NITI Aayog vice chairman Rajiv Kumar. In an interview to ET’s Yogima Set…


President Trump makes unscheduled appearance at UN climate summit, to listen to Modi Prime Minister Narendra Modi on Monday gave a clarion call for a “global people’s movement” to bring about a behavioral change to deal with climate change as he made a path-breaking pledge to more than double India’s non-fossil fuel target to 450 gigawatts. In his Independence Day speech, Modi had announced that India will produce 175 GW …


The fund will be aimed at creating an ecosystem of strong execution-focused partners who have built scale Former Partner at Norwest Venture Partners, Mohan Kumar and former Chief Operating Officer (COO) at Chennai-based Software as a Service (SaaS) unicorn Freshworks have come together to launch Avataar Venture Partners, whose maiden fund will have HarbourVest, the global fund-of-funds, as its single Limited Partner or sponsor. The $300 million f…


Chatbots have stepped in to automate cumbersome, repetitive tasks so that humans can tackle more nuanced, complex problems. Robotic Process Automation has revolutionized brand communication Online communication is continually evolving. For a long time, marketers focused on email marketing because it was the best channel to generate the most Return On Investment (ROI). However, today, email has become overcrowded. Professionals receive approximate…


PM Modi also thanked the Indian community in Houston for setting the stage for a 'glorious future' of Indo-US ties Prime Minister Narendra Modi requested Indians leaving across the world on Sunday to send at least five non-Indian families to India as tourists every year. Addressing a gathering of members of the Indian community here, he said, "Can you do something for me? It is a small request. I am saying this to all Indians leaving all over the…


Adani Enterprises, Cube Highways and Infrastructure, Canada Pension Plan Investment Board (CPPIB) and IRB Infrastructure are expected to place binding bids for a set of roads coming up for auction under the toll-operate-transfer (TOT) model, two people aware of the matter said. The National Highways Authority of India (NHAI) has put up nine stretches of roads totaling 566.27 km across Uttar Pradesh, Jharkhand, Bihar and Tamil Nadu for TOT auction…


Two days after announcing sweeping corporate tax reforms, FM says lower rates here to stay Finance minister Nirmala Sitharaman has ruled out any cutback in expenditure, allaying apprehensions sparked by hefty corporate tax rate cuts, and said the government would instead push spending as the country looks to stave off the economic slowdown that pulled down growth in the first quarter of this financial year to a six-year low.“We want ministr…


Consumer-linked sectors to benefit most The reduction in corporate tax announced by Finance Minister Nirmala Sitharaman on Friday could help the top 1,000  listed companies in the country save at least ₹37,000 crore this fiscal year. Segments linked to the consumer  will benefit the most given higher effective tax rates of over 30 per cent. Export-linked sectors such as IT and pharma, on the other hand,  will benefit the le…


The prime minister is scheduled to address over 50,000 Indian-Americans at the "Howdy, Modi" event on Sunday, in which he will be joined by US President Donald Trump Prime Minister Narendra Modi had a "fruitful" meeting with CEOs from the energy sector on the first day of his week-long US visit here on Saturday, the Ministry of External Affairs (MEA) said. It added that the meeting focussed on working together for energy security and ex…


Speaking on the state of Indian economy, Rishad Premji said, "I am very optimistic on this. Good news is that it appears 'cyclical not structural'. The govt is doing a lot of things and is open to ideas. It is doing a lot of disruptive things, and I think the scenario will change in the next quarter." Wipro Chairman Rishad Premji, the son of business tycoon and philanthropist Azim Premji, on Saturday said that technology is changing the landscape…


The Directorate General of Civil Aviation (DGCA) has asked the country's largest airline IndiGo to keep about 15-20% of the seats on its Delhi-Istanbul flight empty during days of strong Westerlies. The advisory from the Indian civil aviation regulator comes after the airline failed to carry luggage of passengers traveling on the route during one of its flights a few days ago. The directive was given only for flights facing Westerlies, …


There are many ways to look at Prime Minister Narendra Modi’s first US visit in his second term — from the transactional to the strategic, from the politically symbolic Texas event to the more substantive outcomes like the trade deal or, if you may, from talking up potential to getting real.On the first count, there is now a broad consensus that an India-US partnership makes eminent strategic sense. That a Democrat US president (Bill …


Earnings growth for India Inc, which has been on first gear in recent times, is all set to receive a boost from lower tax outgo, with the reduced corporate tax rates. For many manufacturing companies, the savings on this front could give them room to reduce prices or improve other spends, thereby spurring demand. Many companies in sectors such as infrastructure, capital goods and FMCG stand to gain. Some others in the auto, steel, oil and gas and…


When do angel investors turn into demons? Kallol Borah, CEO and Co-Founder, Verified AG, warns of three kinds of angels As a necessary part of the start-up ecosystem, angel investors often step in when no one else is willing to take the risk of investing in an entrepreneur. In more than 18 years as an entrepreneur, I have come across all sorts of ‘angels’ — from corporate professionals to high net worth families to successful fi…


The likes of Amazon & Flipkart are expanding market access for sellers The Confederation of All India Traders (CAIT) have time and again opposed the discounts provided by e-commerce giants – Amazon & Flipkart – arguing that it creates an uneven playing field between the sellers who sell online and offline. Online marketplaces, however, are arguing that they are instead enabling the small sellers to scale by bringing them onlin…


2019-09-21

Nov 20-22 2019 Asia-Pacific Agri-Food Innovation Week in Singapore - Accelerating technology and investment in Asia's agri-food supply chain Singapore’s annual Asia-Pacific Agri-Food Innovation Week investigates the growing role of technology in building an efficient, resilient and sustainable agri-food supply chain that can deliver fresh, nutritious food to today’s fast-changing consumer market.


GST Council meet: On top of that 12 per cent of cess would be charged under the new Goods and Services Tax (GST) rules Finance Minister Nirmala Sitharaman on Friday decided to hike the tax rate on caffeinated drinks at the GST Council meet. Tax levied on caffeinated drinks has been increased to 28 per cent from 18 per cent, reports mention. On top of that 12 per cent of cess would be charged under the new Goods and Services Tax (GST) rules. Follo…


Real estate financier Altico Capital India Ltd, which defaulted on an interest payment recently, has sought a moratorium on further repayments from its lenders. In a presentation to its lenders earlier this week, Altico said it is in talks to sell some assets and infuse fresh funds from new shareholders, as part of a resolution plan. For this, Altico said it is working alongside turnaround advisory firm Alvarez and Marshal and legal adviser Shard…


Rate on a par with that in SE Asian countries; experts want more steps With a lower tax rate for new manufacturers, the government is looking to attract investment flowing out of China following its trade dispute with the US, but experts say India needs to also remove other major obstacles for multinationals to consider it as an alternative destination to the neighbouring country.The 15% rate — 17% after including a cess and surcharge &mdas…


Assesses with ₹2-cr turnover need not file annual return for two years The GST Council on Friday decided to lower GST rates on hotel tariff and outdoor catering, giving a boost to the hospitality sector.  The GST Council accepted the recommendation of the Fitment Committee for not lowering tax on auto sector. The GST Council did not take up rate cut proposal for auto sector and biscuits. Small Goods & Services Tax (GST) assesses …


Included in the initiative is a project to develop a scan and printing package to produce 3D printed ears Australia’s University of Wollongong has recently signed a strategic collaboration in Visakhapatnam (Vizag), India. The collaboration will bring its expertise in 3D bioprinting techniques to AMTZ, India’s first integrated medical devices manufacturing zone. The Agreement   According to a recent press release, the sig…


Conglomerates in the West are feeling distinctly unloved these days. Investors and business leaders have become increasingly skeptical toward them, unconvinced of the benefit of grouping a number of diverse businesses together under one corporate umbrella. In some markets, they are seen as lumbering, unfocused, and inefficient. The result? Markets have applied a “conglomerate discount” to these businesses, valuing them below the sum o…


Facebook Inc said on Friday it has suspended tens of thousands of apps on the social networking platform, as part of the company's ongoing app developer investigation it began in March 2018 in response to the Cambridge Analytica row. The suspended apps are associated with about 400 developers, Facebook said, adding that it is not necessarily an indication that these apps were posing a threat to users.     Earlier this year, the company …


With advanced tech innovation, the logistics and manufacturing sectors have moved beyond the rudimentary transportation of trade goods in the supply chain Warehousing and logistics are crucial factors for companies to gain a competitive edge. With the advent of modern manufacturing, which combines smart and effective products with advanced and innovative technologies, the very definition of warehousing and logistics has evolved to a much larger a…


While central government is yet to lay out its EV policy, states are taking the lead on this matter to meet their EV goals While the central government is looking to achieve sale of only electric vehicles by the year 2030 to lead the e-mobility revolution in India, it is yet to lay out a distinct framework and policy to achieve the target and eliminate the market uncertainties. Meanwhile, states are leading with their policies to achieve their ow…


According to a report by industry body MAIT, the country can ramp up its production quickly and contribute towards $5 trillion economy goal India aims its manufacturing sector to contribute 25% of the gross domestic product (GDP) by 2025 as part of the country’s plan to become a $5 trillion economy. However, at present 50% of the contribution made by the manufacturing sector comes from the automobile industry making it lopsided. According t…


National Payments Corporation of India, developer of the RuPay card brought to the UAE last month by Prime Minister Narendra Modi, plans to introduce its UPI digital payment system in the Emirates next year. “I don't think there's any doubt in anyone's mind that the UAE is one of the most important corridors for India,” said Praveena Rai, chief operating officer of NPCI, at a press conference in Dubai on Thursday. “India is the …


“We must care for each other more, and tax each other less," said the American lawyer and politician Bill Archer. India’s corporate sector is certainly feeling loved and cared for, with the government slashing the effective corporate tax rate from 34.94% to 25.17%. That effectively means a 15% boost to post-tax corporate earnings, which will help companies increase investments and/or payouts to shareholders. It’s littl…


Apple is sourcing battery packs from US contract manufacturer Flex’s India plant for locally-made iPhones Apple has begun sourcing battery packs from US contract manufacturer Flex’s India plant for its locally made iPhones, said a person familiar with the matter.The move is a step-up for the Cupertino-based company in building a parts ecosystem in India, where it has so far struggled to have a wide presence. “Flex is making batt…


Reserve Bank of India governor Shaktikanta Das said there is room for further interest rate cuts to bolster economic growth given that inflation continues to remain within the central bank’s target. Governor Das, speaking at the Bloomberg India Economic Forum in Mumbai on Thursday, added, however, that the government has limited space for any fiscal expansion. “Today, when we see that the price stability is maintained and in…


Instead of pleading for handouts, businesses need to proactively take steps to deal with the slowdown Finance Minister Nirmala Sitharaman has announced that she has yet another booster dose for the economy up her sleeve, which she will announce shortly. The markets reacted by tanking over 1.7 per cent, although the proximate cause for Tuesday’s fall was the drone attack on Saudi Aramco, which knocked out about half its capacity.......


A study by National Institute of Public Finance & Policy (NIPFP) found also that the funds allocated to local bodies were inadequate A decadal study on Jammu & Kashmir’s financial health has pointed out that its debt-state GDP ratio had been persistently high compared with other special category states, and that it relied far too heavily on borrowings to meet its expenditure and fund developmental work.The study by National Institut…


Officials aware of the deliberations in a meeting of AISAM on Thursday said the agenda was to seek a formal political approval for the re-initiation of the privatisation process A group of ministers, led by Home Minister Amit Shah, on Thursday set the ball rolling on disinvestment of state-owned Air India. This is the second attempt of the Modi government to sell Air India after a previous attempt failed to generate any intere…


Telcos are accusing one another of foul play after Trai ordered a review of its order scrapping IUC The telecom regulator’s latest paper on deferring implementation of a zero-interconnect usage charges (IUC) regime has triggered a blame game among older operators Bharti AirtelNSE 0.60 % and Vodafone Idea, and newest entrant Reliance Jio Infocomm. They blame each other for voice traffic imbalance.People familiar with matter at Airtel and Vod…


Essel Group chairman Subhash Chandra has secured a six-month extension from lenders to repay debt given its inability to pay back more than half of its dues by 30 September as agreed earlier, a mutual fund executive familiar with the details said. A standstill agreement with mutual funds and non-bank lenders that was inked in February has now been extended to 31 March, the person said on condition of anonymity. As part of the initial ag…


Asks banks, NBFCS to organise meetings in districts to reach credit to the needy Ahead of the festival season, Finance Minister Nirmala Sitharaman on Thursday opened the liquidity tap, directing banks and NBFCs to jointly hold public forums for distribution of loans to the credit-needy segments of the society. The effort is to push liquidity to those who are struggling to access funds while at the same time ensuring that the current regulations …


The Minister of Commerce and Industry recently launched a common digital platform for the issuance of electronic certificates of origin (CoO) in New Delhi. The platform will be a single access point for all exporters, free trade agreements (FTAs), preferential trade agreements (PTAs), and agencies concerned. The certificate of origin will be issued electronically if agreed to by the partner countries. Authorities of partner countries wi…


Indonesia will prioritizes imports of buffalo meat, rice and raw sugar from India after the South Asian country adjusted crude palm oil (CPO) tariffs for its top two importers, Malaysia and Indonesia, earlier this month. “India has given us an opportunity to increase our CPO exports, it is only fair to give India access to our market as well,” Trade Minister Enggartiasto Lukita said during the India-Indonesia Multi Product Roadshow op…


But it is still far short of the targeted 16% growth rate in mop-up for the full year Direct tax collection numbers for the half year to September have brought some cheer for the government, which is battling revenue shortfalls. The numbers for April-September (2019-20) have edged past those from the same period last year, but they are still well short of the target. According to sources, the total direct tax collection was about ₹5.5-lak…


Infosys Ltd, India’s second-largest software exporter by revenue, aims to reduce its high attrition levels with skilling programmes and other compensation-based incentives. The attrition rate at Infosys was at 23.4% in April-June, up 3% from 20.4% in the previous quarter ended March. This was also much higher than competitor Tata Consultancy Services (TCS) Ltd.'s attrition rate of 11.5% in the quarter ended June. According to a 29 August re…


US should remove curbs on H-1B visas to help retain edge against China, a US-based think tank has said The Council on Foreign Relations, a US-based think tank, has asked the Trump administration to offer “green cards” to students with advanced US degrees, besides removing restrictions on H-1B visas, to boost the country’s effort to compete against China in new technology areas.The independent think tank has asked the US governme…


The 48-year-old, who is fighting extradition to India at Westminster Magistrates' Court, is expected to be given a confirmed date for his trial, expected in May next year Fugitive diamantaire Nirav Modi, wanted in connection with the nearly USD 2 billion Punjab National BankNSE -1.59 % (PNB) fraud and money laundering case, will appear before a UK court via videolink from his London prison on Thursday for a routine “call-over” remand …


In her keynote address "The Glass is more than Half full", Zia Mody, Founder and Managing Partner, said as more and more women are joining the boards it creates a ripple effect and gets more women leaders to workplace At a power packed evening in Mumbai, Business Today, India's largest business magazine felicitated the Most Powerful Women in business. The awards were given to 31 women business leaders who have broken the glass ceiling and are cre…


IIFL Wealth Management Ltd made its debut on the bourses, listing at ₹1,210 and hitting the upper circuit of 5%. Investors seem to be focusing on the potential of growth for wealth management firms in the country. As it is among the first wealth management firms to be listed, investors seem to be comparing it with the two listed asset management firms -- HDFC Asset Management Company Ltd and Reliance Nippon Life Asset Management Company Lt…


The survey has been compiled by Foundation for India and Indian Diaspora Studies (FIIDS) USA The Indian-Americans overwhelmingly support dual citizenship from the Indian government while non-resident Indians prefer proxy voting instead of direct postal ballots, according to a survey.The survey has been compiled by Foundation for India and Indian Diaspora Studies (FIIDS) USA and was conducted ahead of Prime Minister Narendra Modi's address to a cr…