BUSINESS
India not pitching for bond inclusion to index providers anymore: Govt source
In 2022, key index providers such as JP Morgan and FTSE Russel retained Indian government bonds on their watch lists. Though a review is due at the end of the current quarter ending September, the government has not recently been in discussions with index managers, according to the official who spoke on the condition of anonymity.
ECONOMY
MC Interview: Growth in small savings significantly high, on track to meet Rs 4.71 lakh crore target, says Fin Secy
TV Somanathan also said that NSSF inflows will not be impacted even if many people shift to the new direct tax regime
BUSINESS
July inflation peaked at 7.44 percent, expected to come down says Finance Secretary: Exclusive
Even as the finance ministry expects CPI numbers to cool down going ahead, the government will continue to take more steps to contain inflation but avoid any knee-jerk reactions, Somanathan told Moneycontrol in an interview.
BUSINESS
India looks to Japan, Latin America to arrest fall in gems & jewellery exports
The recent slowdown in the top export markets of Indian gems and jewellery, like the US, European Union and Hong Kong, has prompted New Delhi to scout for fresh markets, an official said
BUSINESS
Exclusive: On El Nino fear, India’s rice export ban may continue till at least November: Government source
Any decision on rolling back the prohibition can only be considered after the sowing season for kharif crops ends, enabling the government to assess the yield for the current year, the official said.
BUSINESS
India-UK FTA talks may conclude as early as September
The countries have already achieved broad consensus on trade of goods especially on the prickly issues of whiskey and automobiles. As many as 19 chapters of the total 26 have also been closed.
BUSINESS
India eyes diversifying imports, exports to limit fallout of US, China demand slowdown
Measures to arrest the impact of global headwinds include diversifying import source nations, scouting for newer markets for Indian goods as well as non-tariff barriers are expected to push local manufacturing at the same time, a senior government official said
BUSINESS
India explores FTA prospects with Peru, shifts focus to strategic cooperation in trade pacts
The country may engage with Peru as early as September to begin negotiations in this matter.
BUSINESS
India's exports plunge to 9-month low in July, trade gap widens on-month
Merchandise trade exports fell to a 9-month low of $32.25 billion in July along with imports registering a fall of 17 percent to $52.92 billion in the same period.
POLICY
PLI Scheme for electronics manufacturing attracts Rs 6887 crore investments till June 2023
The number has breached the ministry’s target which had aimed for an investment of Rs 5,488 crore till the end of FY24.
BUSINESS
PLI scheme disbursals may rise 4-fold on push to local manufacturing
The secretary further said that there is "some course correction required" in the PLI scheme focussing on the sectors that are lagging behind.
BUSINESS
India to take more steps to cool prices of essential commodities, says FM Sitharaman
Continuing on the issue of rising prices, Sitharaman hit out at states governed by opposition parties for not reducing duties on fuel which has led to high inflation in those regions.
BUSINESS
Exclusive: Brazil, South Africa may be next in line for India’s bilateral currency settlement plan
Key nations in Latin America and Africa are likely to be the next set of candidates for India’s bilateral local currency settlement push as it aims to first convince smaller countries to accept transactions in rupees
BUSINESS
Govt will not consider requests to stop HLL Lifecare privatisation: FinMin
In its response, the central government also said that the bid submitted by the Kerala government as a lead member of a consortium was given due consideration, but since it did not meet the eligibility criteria, the Expression of Interest could not qualify
BUSINESS
India's capital gains tax regime a big hurdle in including govt bonds in global indices: S&P Global
The inclusion of Indian government securities in major bond indexes could attract an initial inflow of $20-40 billion, increasing to $180 billion over the next decade, the S&P Global report has said.
BUSINESS
Fitch re-rating US won’t impact India, says S&P Global’s Atul Arya
Arya said that India has one of the best demographics in the world, but in order to take advantage of this dividend, the country needs to increase the participation of women in the workforce, which, at 24 percent, is much lower than the global average.
BUSINESS
In post GST compensation era, states fall back on land and liquor to shore up revenues
State governments, under electoral pressures and with fewer revenue sources, are imposing higher taxes on property, liquor, and even vehicles to meet the shortfall
BUSINESS
Manufacturing, labour sectors key to India retaining its world-beating growth: S&P Global
The data, research, and analytics firm expects India to grow at 6.7 percent on an average per year for eight years starting 2023-24 and retain the tag of the world's fastest growing large economy in. Meanwhile, the government and the RBI see India's GDP growing by 6.5 percent in 2023-24
BUSINESS
Vishakhapatnam Steel Plant divestment will not be completed in 2023-24: Fin Min
The Union government has set a target of Rs 51,000 crore from disinvestments in the financial year 2023-24
BUSINESS
India pins hopes on bilateral local currency trade to internationalise rupee
India has been looking to encourage the use of the Rupee to settle international trade transactions. However, progress has been slow, with the government and the Reserve Bank of India treading carefully to ensure there aren't any unintended consequences
BUSINESS
Govt should survey private capex intentions, says Parliamentary panel
The panel also urged the government to closely monitor the progress of capital expenditure to ensure that the actual spending is in line with the allocated amount to achieve “the desired multiplier impact on growth and employment.”
BUSINESS
GST Council likely to meet on August 2 to discuss online gaming tax treatment, law changes
The GST Council has no plans to reconsider its decision to impose 28 percent tax on online gaming, as per sources
BUSINESS
India to refer to the Apple playbook in negotiations with Tesla: Source
At a meeting between Tesla executives and commerce minister Piyush Goyal likely as early as this month, India’s focus will be on whether investment proposals by the car maker support manufacturing in the country.
BUSINESS
Centre aims cash balance near Rs 1 lakh crore until September to avoid using RBI window: Govt source
The Centre is also pushing states to prioritise spending on infrastructure with the expectation that additional tax devolutions earlier in the fiscal year would help speed up capex.
