Here is a collection of the most important stories this evening:
India likely to use PAN to ease entry to its National Single Window, Piyush Goyal says
India is likely to use the Income Tax Department’s Permanent Account Number, or PAN, as the entry point for its National Single Window System, Piyush Goyal, the minister for commerce and industry said on December 5. India’s national single window seeks to be a one-stop digital platform for investors to obtain the most central and state approvals needed to start business operations.
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G7 price cap on Russian oil won't impact India; green hydrogen policy soon, says Hardeep Singh Puri
The European Union (EU) and Group of Seven (G7) nations decided to cap the price of Russian seaborne crude oil at $60 per barrel as of December 5. However, the decision is unlikely to impact India, as its exposure to Russian crude oil is minimal, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri has said.
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MC Investigates: Unlicensed actors are managing hundreds of crores for investors
In India, to manage someone’s money, an entity needs to be licensed as a mutual fund, a portfolio management service or an alternative investment fund. But to set one of these up, the regulatory and capital requirements are daunting. Therefore, the easiest way is to have an informal arrangement with a client.
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Tata Motors mulling price hike for passenger vehicles from next month
Tata Motors is looking to increase passenger vehicle prices from next month in order to make its model range compliant with stricter emission norms which kick in from April 1 next year, according to a top company official.
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This is Indian banking sector's Cinderella time: Uday Kotak
Uday Kotak, chief executive of Kotak Mahindra Bank feels that the time has come for getting investments back. Describing the global investors' behavior towards India, the billionaire banker in an interview with The Economic Times said that India is a cleaner white shirt in a dirty shirt world. When talking about the banking sector’s condition post the asset quality review in 2015, Kotak said that it is a 'Cinderella time' for the sector.
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India a bright spot in shaky global realty market but may see pushback if home loan rates cross 9.5%: CLSA
Despite a rise in mortgage rates and property prices, housing demand remains steady in India, according to foreign brokerage firm CLSA’s channel checks. Demand should remain resilient up to mortgage rates of 9.5 percent but beyond that, there could be pushback from buyers, believes CLSA. Currently, mortgage rates are at 8.5 percent.
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Dabur International Chief Krishna Chutani resigns; Raghav Agrawal to take over as CEO
Fast moving consumer goods (FMCG) company Dabur India on December 5 announced the resignation of Krishan Kumar Chutani, chief executive officer (CEO) of Dabur International. Raghav Agrawal will take over Chutani’s role. Raghav Agrawal - an engineering graduate from BITS, Pilani, India and MBA from IIM Lucknow, comes with over three decades of experience in marketing, sales and overall business management across different regions - India, Europe, the Middle East, and Africa.
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Foxconn expects COVID-hit China plant back to full output in late December-early January: Source
Apple supplier Foxconn expects its COVID-hit Zhengzhou plant in China to resume full production around late December to early January, a Foxconn source said on Monday, after worker unrest disrupted the world's biggest iPhone factory.
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