BUSINESS
India's private consumption rebound points to pick-up in rural demand
Private final consumption expenditure or PFCE, accelerated to a seven-quarter high of 7.4 percent in Q1 FY25 from 4.0 percent in Q4 FY24.
BUSINESS
Quick commerce on Govt radar; ministries assess impact on kirana stores
While a government source said that the issue is still in its early stages, taking any action at this time would be premature, as the industry is still embryonic. According to industry stakeholders, kiranas do not need protection, and there is a need for reskilling as technology advances.
BUSINESS
RBI, European market regulator close to resolving bond settlement deadlock
In October 2022, ESMA said it would de-recognise Clearing Corporation of India citing a lack of permit rights for audit and inspection of trades on CCI. Sources told Moneycontrol that talks between the RBI and ESMA have made progress.
BUSINESS
Finance ministry struggles to find credible use cases for crypto; to seek inputs from stakeholders
The ministry wants to ensure any policy around this asset class is well-balanced. This would be facilitated through a discussion paper, likely to be released by the end of next month.
BUSINESS
Piyush Goyal says India not against e-commerce, but wants fair play
The latest take is a significantly toned-down version from his August 21-speech wherein he said that the exponential growth of e-commerce in India is a matter of concern rather than pride given its impact on brick-and-mortar stores operating in the country.
BUSINESS
India may allow foreign investors from specific countries to raise capital in rupees
A senior government official said that allowing a resident foreign investor from a specific country to raise capital in India to invest in that nation is under discussion
BUSINESS
‘Make in India’ success runs through Chinese factories, manpower. What can the govt do?
New Delhi has been trying to limit cheap imports from countries such as China with the use of several policy measures, including tariff hikes and quality control orders. But such moves don’t augur well for the success of the key PLI scheme
BUSINESS
Amazon’s India investments only to fill balance sheet losses, no reason to celebrate: Piyush Goyal
Goyal also remarked that Amazon incurred huge losses because it follows predatory pricing.
BUSINESS
Volkswagen, Mercedes interested in manufacturing locally under new EV policy: Govt source
Both the German automakers already have significant presence in India even without utilising the EV policy. Mercedes-Benz runs an EV assembly line in Pune, and Volkswagen reportedly plans to assemble its maiden electric car for India, the ID.4, at its Aurangabad plant.
BUSINESS
India seeks review meet with UAE to discuss rules of origin under CEPA
The UAE-India Comprehensive Economic Partnership Agreement entered into force on May 1, 2022.
BUSINESS
ASEAN-India trade agreement review to be held in November in India
Separately, the ninth round of trade agreement negotiations with the EU will also be held in India in September
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
