BUSINESS
Interest equalisation, export subsidy schemes renewal under consideration: Sources
The interest equalisation scheme extension proposal is likely to be decided within the next one or two months
BUSINESS
India, Russia mull direct rupee-ruble FX rate to boost bilateral trade
The idea involves avoiding pegging the exchange rate with the dollar or any other third currency. However, the official says that in order to establish a direct FX rate, the rupee and ruble would need to trade in the same currency exchange platform for a much larger quantity and for a longer duration while the two sides workout a mutual referencing price.
BUSINESS
India’s trade deficit widens to $23.5 billion in July; exports contract 1.5%
In June, exports had risen 2.6 percent to $35.2 billion, while imports had expanded $5.1 percent to $56.8 billion
BUSINESS
'No policy shift'; DPIIT secy says India to consider Chinese FDI only on case-to-case basis
The top bureaucrat for DPIIT clarified that every investment from Beijing will still go through the required checks and that the government is not looking to ease FDI norms for nations that share a land border with India.
BUSINESS
We will wait for a tweet: Govt official on Tesla's India plans
Since Elon Musk cancelled a scheduled visit to India in April that was expected to come with an announcement of Tesla's entry into the country, the Centre has not received any inquiries from the US-based electric car maker on investing via the EV policy.
BUSINESS
Centre seeks legal view to push labour codes amid Bengal's resistance: Sources
While the government is confident it will eventually be able to convince the eastern state to come on board citing the merits of the proposed regulations, it has reached out for a legal opinion in case of a stalemate.
BUSINESS
Secretary Dawra bets on regional workshops to convince Bengal, remaining states on labour codes
Though cleared by the Parliament, the proposed labour codes have been pending since 2020 and is now said to be part of the 100-day agenda of the government. The secretary said most states have brought out draft rules under the new labour codes, with about 30 of them entirely on board with the reform-agenda
BUSINESS
Govt backing more international MoUs on skilled labour migration amid shortage concerns raised by industry
The labour secretary's comments come at a time when major infrastructure companies like Larsen & Toubro have said that India is losing a large portion of its skilled labour to infrastructure projects that are being executed in the Middle East.
BUSINESS
Aim to implement 3 employment-linked incentive schemes by the end of year, says labour secretary Dawra
The labour ministry will work with around 25 ministries to collate data on the various central and state government schemes where employment is created, either directly or indirectly
BUSINESS
MC Interview: EPFO to soon get a digital makeover to minimise delays in disbursal of claims: Labour secy Dawra
The retirement fund body has been in the news for inordinate delays in disbursal of claims, sometimes even running into years. The labour secretary says the ministry is in the process of upgrading the EPFO’s digital platform and is developing a central database to streamline payments, which should be ready in another 2-3 months.
BUSINESS
Trading of Sovereign Green Bonds at IFSC likely from October, says RBI Governor
Although there is no official full-year target for green bonds, the Centre had said in March that out of the Rs 7.50 lakh crore of total gross borrowings in the first half of FY25, Rs 12,000 crore will be through issuance of sovereign green bonds.
BUSINESS
STT to stay as it helps track big-ticket spending, says FM Nirmala Sitharaman
STT was introduced in the 2004 Budget by then-Finance Minister P. Chidambaram with an aim to combat evasion related to capital gains.
BUSINESS
US pips UAE as largest buyer of Indian-made smartphones, but Russia pays more per piece
Smartphone exports to Russia jumped over 700 percent in the first five months of 2024 from the previous year
BUSINESS
Centre won’t go all out to save MTNL, will honour existing commitments
While, the government will honour all dues arising out of payment of interest on MTNL bonds, it is unlikely to facilitate any other measures to aid the recovery of the beleaguered telecom firm.
BUSINESS
FM slams opposition for recent fuel tax hikes in their states
Sitharaman said that opposition parties should administer cuts in taxes on fuel in states governed by them before lecturing the central government.
BUSINESS
India bats for lower tariff, non-tariff barriers globally to spur trade between nations
The DPIIT secretary further said that now there is a global recognition that one factory for the whole world is not enough. Singh is referring to the China plus one strategy wherein the world, especially developed nations are looking to diversify their supply chains beyond Beijing by tapping newer markets.
BUSINESS
Govt sets up online portal to fast track PLI-led visas including for Chinese vendors
The portal to fast track the PLI visas has been up for about a week. The aim is to ensure smoother approvals for technicians.
BUSINESS
Does India need China to build on the Bangladesh textile opportunity?
Given that Bangladesh plays a crucial role in the western world’s China plus one strategy, Indian garment markers could get an immediate benefit of the turmoil in the neighbouring country. However, textile manufacturers and associations say there are challenges around local manufacturing capacity and pricing given Dhaka's reliance on cheaper imports from Beijing.
BUSINESS
India may consider including long-tenure bonds in FAR if foreign portfolio investment picks up
The decision to exclude longer-tenure bonds came at a time when most foreign investments have been concentrated in bonds with tenures of 10 years or less.
BUSINESS
Centre may not extend Mahila Samman Savings Certificate scheme beyond March 2025
A government official said the Centre has targeted lower collections via small savings in FY25 as mop-up from some schemes may taper going ahead.
BUSINESS
Centre may reject bids in green bond auctions over low greenium
In 2024-25, the proposed fund requirement for green projects from green bond proceeds has been pegged at Rs 32,061 crore. However, the actual amount to be raised is likely to be around Rs 20,000 crore
BUSINESS
Cost of SGBs outweighs benefits; call on future of scheme likely next month: Govt source
The senior official said a holistic call needs to be taken whether we want to continue with the SGB scheme going ahead and a decision on issuing a tranche this year, if at all, will be taken in September.
BUSINESS
GST collections up 10.3% at Rs 1.82 lakh crore in July
The numbers were higher than the previous month but lower than the GST mop-up in April
BUSINESS
India's laptop import policy tangled as Centre debates manufacturer, consumer concerns
The Commerce Ministry and MeitY are seemingly in a bind over the way ahead for the import policy as the country looks to balance concerns around price pressures on consumers and the need to boost local manufacturing and reduce dependency on inbound shipments.
