Industry
Global inflation pressures could become harder to manage in coming years, research suggests, ET BFSI
Rising trade barriers. Aging populations. A broad transition from carbon-spewing fossil fuels to renewable energy. The prevalence of such trends across the world could intensify global inflation pressures in the coming years and make it harder for the Federal Reserve...
Wider range of food items drive 7% plus inflation, ET BFSI
NEW DELHI: Staples like cereals and pulses are unlikely to offer relief in the near term amid hardening international prices and subdued sowing domestically. This raises the likelihood of inflation remaining above 7 per cent in August, said a research report by...
Risk of existential viability of earth takes precedence over business viability: Uday Kotak, ET BFSI
The risk of existential viability of earth has to be put a step above the business viability, said Uday Kotak, MD and CEO of Kotak Mahindra Bank during a panel discussion at the B20 summit on Saturday. The theme of the session was “Financing the Climate...
Jan Dhan accounts cross 50 crore-mark in less than 9 years: Govt, ET BFSI
The total number of Jan Dhan accounts in the country has crossed 50 crore-mark, with 56 per cent of the accounts belonging to women, the finance ministry said on Friday. About 67 per cent of these accounts have been opened in rural and semi-urban areas, it said in a...
SBI chairman Dinesh Kumar Khara, ET BFSI
India has leapfrogged over the last decade, and other countries can learn from the financial inclusion model and move much faster, said Dinesh Kumar Khara, SBI Chairman, on Thursday.“If you look at it in our country, I think it's a lesson for all of the globe on how...
India, South Africa have highest share of population below “economic empowerment” line among G20 nations: Report, ET BFSI
New Delhi: Among the G20 nations, the highest proportion of population, as a share of the country total, below the economic empowerment line live in India and South Africa (over 75 percent), followed by Brazil, China, Indonesia and Mexico (over 50 percent), according...
Sebi submits Adani report to Supreme Court, says probe completed, ET BFSI
India's market regulator has completed the investigation into whether Adani Group companies violated securities laws, it said in a submission to the Supreme Court on Friday. It has investigated 24 transactions - findings in 22 of them are final in nature, it said. The...
Japan’s SoftBank will likely sell shares in India’s Zomato
Bengaluru: Japan's SoftBank Group will likely sell shares in Indian food delivery firm Zomato as the lock-in for investors post the company's acquisition of Blinkit ends on Aug. 25, CNBC-TV18 reported on Friday, citing sources.Zomato, which acquired the quick...
FM Nirmala Sitharaman, ET BFSI
Central banks need to be cognizant of growth- and growth-related priorities even while equally looking at curbing inflation, finance minister Nirmala Sitharaman said Friday, while highlighting the unnecessary priority given to interest rates as a policy tool to curb...
Reliance Retail, BC Jindal group seek more time to conduct due diligence on Future Enterprises, ET BFSI
Reliance Retail and BC Jindal group have sought more time to conduct due diligence on Future Enterprises that owns lucrative stakes in insurance joint ventures that Future Group runs with Italian financial services major Generali, according to sources aware of the...
Shapoorji Pallonji Group promoters in talks to refinance Rs 18,000 crore of debt, ET BFSI
The Mistry family, promoters of Shapoorji Pallonji (SP) Group, have begun engagement with lenders to refinance the maturing ₹18,000 crore ($2.2 billion) it borrowed from Ares SSG and US hedge fund Farallon Capital. These bonds are coming up for repayment in June next...
Kazakhstan ready to be hub for Indian investments in region, says Kazakh envoy to India, ET BFSI
Kazakhstan has ranked 25th in the World Bank's Ease of Doing Business Report. The office of KAZAKH INVEST in India is ready to provide assistance, starting from an idea to the commissioning. The development and operation of INSTC will be key to increase India’s...
Lessors tell court that Go First planes stripped of key parts, ET BFSI
Aircraft lessors have told the Delhi High Court that bankrupt airline Go First is cannibalising key components from their aircraft according to documents and pictures seen by ET. The lessors are locked in legal battles with the airline to repossess their aircraft...
Food inflation worries mount as scanty August rains hit key crops, ET BFSI
Pune|New Delhi: Half way through the monsoon-season, an extremely dry August has increased concerns about the output of key kharif crops like arhar/tur, soyabean, cotton, maize, bajra and onions increasing upside to the food inflation, which has jumped to 11.51% in...
WEF President Borge Brende, ET BFSI
India will be the third-largest economy in the world in a few years, but it's important for India to continue reforms, build better infrastructure, and invest in education, World Economic Forum (WEF) President Borge Brende said at the B20 Summit in New Delhi on...
US Fed prepared to raise interest rates higher to bring down inflation: Jerome Powell, ET BFSI
The US Federal Reserve chairman Jerome Powell on Friday said that the central bank is prepared to raise interest rates higher -- and hold them there -- in order to bring down elevated inflation. "We are prepared to raise rates further if appropriate, and intend to...
India economic growth likely picked up pace in April-June: Reuters poll, ET BFSI
By Milounee PurohitBENGALURU - India economic growth likely accelerated to 7.7% in the April-June quarter, the fastest annual pace in a year, on robust service sector growth, strong demand and increased government capital expenditure, a Reuters poll found.All but two...
Moody’s India rating disappointing; govt’s FY24 market borrowing may be cut: official, ET BFSI
Global ratings agency Moody's failed to properly assess India’s robust macroeconomic fundamentals despite global turmoil when it retained its sovereign rating for the country at the lowest investment grade of 'Baa3' earlier this month, a senior finance ministry...
Govt’s priority is to tame inflation, says FM Nirmala Sitharaman at B20 Summit, ET BFSI
Government's priority is to tame inflation, said Finance Minister Nirmala Sitharaman while addressing the B20 Summit on Friday.Green shoots of pvt capital expenditure upcycle can be felt now because of high budget capex, said Sitharaman. Focusing on investments in...
Covid boosted adoption of digital financial services, says Dinesh Khara, SBI Chairman, ET BFSI
Dinesh Khara, the Chairman of the State Bank of India (SBI), Friday said Covid-19 boosted the adoption of digital financial services since 2020. About 40% of adults in developing economies, excluding China, use digital payment methods. Khara said 11 key priority...
Banks to remain closed in Delhi on these dates, BFSI News, ET BFSI
In order to ensure the security and orderly operation of the G20 Summit held in Delhi, the event dates have been declared as public holidays.The Delhi G20 Summit will take place on September 9 and 10, 2023, respectively. Banks, financial institutions, and commercial...
All eyes on Jio Financial Services in the upcoming Reliance Industries Limited AGM, ET BFSI
Reliance Industries Limited will hold its annual general meeting (AGM) with the shareholders on August 28. Investors will be glued to this 46th Reliance industries AGM as Chairman Mukesh Ambani usually makes key announcements related to growth and expansion plans in...
Diversification of supply chains to be critical for global growth: FM Sitharaman, ET BFSI
The world in the next 50-60 years can not afford one more jolt to the global supply chain as the one witnessed recently, said Nirmala Sitharaman, the Minister of Finance today."We need to quickly diversify our supply chains. Well functioning international markets with...
Watching China situation closely, but focused on ‘India’s Moment’, says FM Sitharaman, ET BFSI
B20 Summit 2023: Finance Minister Nirmala Sitharaman on Friday pointed out that the Indian economy speaks for itself, when seen from a global standpoint. Sustained global economic recovery, according to her will be a key issue for atleast the next few years as the...
Unicorn drought ends as Zepto raises $200 million at $1.4 billion valuation, ET BFSI
Mumbai-based quick commerce platform Zepto has raised $200 million in fresh capital at a valuation of $1.4 billion, making it the first unicorn to be minted in India in almost a year. New investors StepStone Group and Goodwater Capital, existing backers Nexus Venture...
Next wave of global growth to come from Global South, and India will be a growth flagbearer: Amitabh Kant, ET BFSI
The Global South's economic potential would increase with India leading the way on several fronts, Amitabh Kant, India's G20 Sherpa, said on Friday.The term Global South refers to countries that are often labelled as developing, less developed or underdeveloped. These...
Threat of losing companies forcing promoters to settle dues, ET BFSI
NCLT benches have concluded 6,811 cases after admission, whereas 25,565 cases were closed before reaching the admission stage, marking a significant 3.7-fold difference. Threats of losing their companies have prompted a considerable number of promoters to settle their...
Vegetable Prices | RBI Inflation: A lot depends on vegetable prices to find comfort for RBI’s inflation battle, ET BFSI
India's retail inflation rate will be back in the central bank's mandated 2-6% comfort band once the vegetable prices ease and that will also bring a clear picture to the inflation trajectory, said Ashima Goyal, a member of India's Monetary Policy Committee...
Donald Trump’s mug shot taken after Georgia arrest, ET BFSI
Former US President Donald Trump made history on Thursday when he surrendered at a Georgia jail on charges of racketeering and conspiracy. After his surrender, he was arrested and jail authorities took a mug shot of Trump. This was the first time that a mug shot was...
IBC recovery rates higher at 32.6% in large firms, shows IBBI data, ET BFSI
The aggregate recovery from large cases, each with admitted creditor claims exceeding Rs 1,000 crore, reached Rs 2.67 lakh crore out of admitted claims totalling Rs 8.18 lakh crore. Among the 720 companies salvaged through IBC up to June, 127 were considered large...
Mastercard signs up as ICC sponsor for 2023 World Cup, BFSI News, ET BFSI
MUMBAI: Digital payments company Mastercard has signed up as one of International Cricket Council’s (ICC) top-tier sponsors for the 2023 World Cup in India, which will be held between October 5 and November 19. With this, Mastercard joins ICC’s other global partners...
PM Modi at BRICS Summit, ET BFSI
Prime Minister of India Narendra Modi and South African President Cyril Ramaphosa arrive at the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa on August 23.While addressing the 15th BRICS Summit in Johannesburg, Prime Minister...
India’s retail inflation surges on food prices in challenge to Modi government, ET BFSI
Representative ImageNew Delhi: India's annual retail inflation in July rose to its highest in 15 months as vegetable and cereals prices skyrocketed, beating all market expectations and putting pressure on the government to take action to bring down prices.India's...
PM Modi in virtual address at G20 meet, ET BFSI
New Delhi [India], August 24 (ANI): Prime Minister Narendra Modi on Thursday said India has moved from "red tape" to "red carpet" and has enabled unfettered Foreign Direct Investment (FDI) inflows in the last nine years.In a virtual address to the G20 Trade and...
ICRA, BFSI News, ET BFSI
New Reserve Bank of India (RBI) norms for infrastructure debt funds (IDFs) opens up new avenues of funding and capital raising and also provides these companies with wider segments for lending. However, easier guidelines alao mean that these companies will have to...
Inflation concerns re-emerge, panel flag need for close monitoring of situation, ET BFSI
With retail inflation hardening once again in July-August owing to a spike in vegetable prices, the rate-setting panel of the Reserve Bank of India stressed the need to monitor the situation closely given the risk of El Nino and uneven rainfall."While the vegetable...
India to clock highest growth rate among top 5 global economies in foreseeable future: Finance secy, ET BFSI
New Delhi, Finance secretary T V Somanathan on Thursday said India will continue to clock the highest growth rate among the top five economies in the world in the foreseeable future and asked Indian diaspora to act as a catalyst and supplement government efforts in...
Das, BFSI News, ET BFSI
Mumbai: RBI governor Shaktikanta Das has said there will be a slowdown in vegetable inflation from September, with the July spike correcting in August, led by tomato prices. The governor, however, called for supply side interventions to limit the impact and duration...
FY24 growth to be higher than 6.5%, credit growth continues in double digits: SBI Report, ET BFSI
Indian macroeconomic factors point towards a growing resilient economy, in in the current global landscape. The IMF growth forecast upward revision, robust credit growth and production data reveal strong financial health.The RBI projects real GDP growth for FY24 at...
India sees inflation abating soon after deploying its ‘toolkit’, ET BFSI
India’s inflation should abate in the coming months as policymakers are taking every possible step to cool down soaring prices, according to a top Finance Ministry official.“I am very confident that it is a temporary spike and will not sustain,” Finance Secretary TV...
PM Modi, BFSI News, ET BFSI
Prime Minister Narendra Modi on Thursday said India is seen as a combination of openness, opportunities and options as the world sees optimism and confidence in the Indian economy.In a video message at the G20 Trade and Investment Minister's meeting, prime minister...
PM to G20 ministers, ET BFSI
Jaipur, Prime Minister Narendra Modi on Thursday suggested the G20 trade ministers to work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing cross-border e-commerce. In a video message at the G20...
Economy likely grew 7.8% in Q1, say economists, BFSI News, ET BFSI
India's economy likely expanded 7.8% in the June quarter, according to the median forecast of an ET poll of 20 economists.Resilient domestic demand, government capital expenditure and a nascent revival in private investment supported growth in the quarter amid a...
S African Prez Ramaphosa at Brics meet, ET BFSI
JOHANNESBURG: The new wave of protectionism and the subsequent impact of unilateral measures that are incompatible with WTO rules undermine global economic growth and development, South African President Cyril Ramaphosa said as he opened the 15th Brics Summit on...
Biden to push IMF and World Bank reforms at G20 summit: White House, ET BFSI
WASHINGTON: US President Joe Biden will urge reforms to the IMF and World Bank that will better serve developing country needs at the G20 summit in New Delhi next month, the White House said Tuesday.White House National Security Advisor Jake Sullivan said that the two...
CBI books bank officers, GTIL in Rs 4,000-crore loan fraud case, ET BFSI
NEW DELHI: The CBI has conducted searches at the office of GTL Infrastructure Ltd (GTIL) in Mumbai after registering an FIR against it and unidentified officials of banks in a loan-fraud case of more than Rs 4,000 crore, officials said on Tuesday.The officials of 13...
Mehul Choksi’s wife moves Mumbai court for cancellation of bailable warrant, ET BFSI
Preeti Kothari, wife of fugitive jeweller Mehul Choksi, moved a special court here on Tuesday seeking cancellation of the bailable warrant issued against her in connection with the over Rs 13,000-crore Punjab National Bank (PNB) loan fraud case. The probe agency,...
Jet Airways’ CoC agrees to a 30-day extension but differs on mode, ET BFSI
Jet Airways’ Committee of Creditors Monday informed the National Company Law Appellate Tribunal that they were ready to grant a month's extension for payment of Rs 350 crore but differed on the terms of payment suggested by the Jalan-Kalrock Consortium."How do we...
Future Group companies moves to Delhi HC against a debt recovery tribunal order, ET BFSI
The Future Group companies on Tuesday moved the Delhi High Court against a debt recovery tribunal's July 31 order that restrained them from alienating their assets in recovery proceedings initiated by lenders.A bench led by Chief Justice Satish Chandra Sharma, while...
Pragyan to roll out soon, BFSI News, ET BFSI
BENGALURU: India is on the Moon! In the next couple of hours, Pragyan the Chandrayaan-3 rover which is sitting in the lander’s (Vikram) belly is expected to emerge and roll out onto the lunar surface. A success at this will make Chandrayaan-3’s more...
US President Joe Biden will visit India from September 7-10 to attend G-20 summit, ET BFSI
NEW DELHI: US President Joe Biden will visit India from September 7-10 to attend a summit of the Group of 20 nations, White House national security adviser Jake Sullivan told a briefing on Tuesday.President Biden and G20 partners will discuss a range of joint efforts...
India to soon become USD 5 trillion economy, says PM Modi at BRICS Summit, ET BFSI
Prime Minister Narendra Modi on Tuesday said India will soon become a USD 5 trillion economy and is poised to become the growth engine of the world in the coming years. Speaking at the BRICS Business Forum Leaders' Dialogue, Modi highlighted that "mission-mode"...
India’s govt, RBI need to step up vigilance on higher inflation expectations, Finance Ministry says, ET BFSI
Global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in India for the coming months, the Finance Ministry said in a report released Tuesday."Going forward, while domestic consumption and investment demand are expected to...
Icra estimates India’s GDP growth at 8.5 pc in first quarter; maintains FY24 forecast at 6 pc, ET BFSI
India's economic growth will accelerate to 8.5 per cent in the April-June period of the current fiscal from the 6.1 per cent growth rate witnessed in the preceding January-March quarter, Icra Ratings said in a report on Tuesday. The rating agency attributed the faster...
ISRO’s landmark budget-friendly space odyssey poised for momentous lunar landing today, ET BFSI
On Wednesday, India prepared for its latest endeavor to land on the Moon, marking a historic moment for the world's most populous nation as it rapidly approaches milestones established by global space leaders.Scheduled for a 6:04 pm touchdown near the relatively...
Indian economy decoupling should lead to stronger rupee in medium term, ET BFSI
India’s fiscal year 2024 is showing more and more signs of the decoupling of the Indian Economy from the rest of the world. In a period when the US has witnessed declining manufacturing and services PMI, the US 2-year, and 10-year rates are close to peak backwardation...
Jet CoC agrees to a 30-day extension but differs on mode, ET BFSI
Jet Airways’ Committee of Creditors Monday informed the National Company Law Appellate Tribunal that they were ready to grant a month's extension for payment of Rs 350 crore but differed on the terms of payment suggested by the Jalan-Kalrock Consortium."How do we...
‘BRICS bank’ aims to issue first Indian rupee bond by October, ET BFSI
The development bank founded by the so-called BRICS countries is planning to issue its first Indian rupee bond by October, its chief operating officer said on Monday, as the lender comes under pressure to raise and lend more in local currencies.The New Development...
Smita Aggarwal appointed as Director of UNSGSA Office, BFSI News, ET BFSI
Smita Aggarwal gets appointed as the new Director of the Office of the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA). She will assume the leadership role in supporting Queen Máxima's efforts as the UNSGSA, based in...
Future Lifestyle resolution hits a bump over forensic auditor’s role, ET BFSI
The sale of Future Lifestyle Fashions (FLFL) under the corporate insolvency process has run into a roadblock due to a conflict of interest between promoter Kishore Biyani and the forensic auditor appointed by lenders, people aware of the development said. Dilip Dixit...
Relax about NRI-PIO fund transfers, BFSI News, ET BFSI
When old mindset and anxieties of the officialdom confront new realities, the aberrations in rules become obvious. One such oddity is the limit of $1 million a year, unchanged for two decades, that NRIs and PIOs can take out of the country after sale of inherited...
Trump to surrender in Georgia on Thursday to face racketeering charges, ET BFSI
Donald Trump said he will turn himself in on Thursday in Georgia to face racketeering and other charges stemming from his bid to overturn the 2020 election.Writing on his platform Truth Social on Monday, Trump said that that day he would be "ARRESTED by a Radical Left...
Adani hikes stake in flagship firm Adani Enterprises Ltd, ET BFSI
Billionaire Gautam Adani-led promoter group has increased its stake in the group's flagship firm as the ports-to-energy conglomerate continues to recover from the effects of a report by US short-seller Hindenburg Research. Promoter group has increased stake in Adani...
Indian startups raised $5.1 bln across 226 deals in Q2 CY23, signals a slowdown: Report, ET BFSI
Startups in India raised approximately USD 5.1 billion across 226 deals (early to late stages) in Q2 CY23, signaling a slowdown in amount of about 66 per cent and volume (about 36 per cent) as compared to Q2 CY22, revealed a recent report by 1Lattice (PGA...
Icra estimates India’s GDP growth at 8.5 pc in first quarter; maintains FY24 forecast at 6 pc, ET BFSI
India's economic growth will accelerate to 8.5 per cent in the April-June period of the current fiscal from the 6.1 per cent growth rate witnessed in the preceding January-March quarter, Icra Ratings said in a report on Tuesday. The rating agency attributed the faster...
Price pressure in food items to be transitory; global uncertainty, domestic disruption to keep inflation elevated: FinMin, ET BFSI
New Delhi, The finance ministry on Tuesday said the inflation in food items is likely to be transitory as preemptive measures by the government and arrival of fresh crops will cool prices, even though global uncertainty and domestic disruptions may keep inflationary...
Monsoon deficit worsens, reservoir levels in deficit, ET BFSI
India’s retail inflation for July hits 7.44% from 4.87% earlier in June with 11.5% spike in the food prices.Riding on tomatoes, vegetable prices soared 37.3% while cereals and pulses became over 13% costlier. The surge lifted the food bill of urban consumers by over...
India’s govt, RBI need to step up vigilance on higher inflation expectations, Finance Ministry says, ET BFSI
Global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in India for the coming months, the Finance Ministry said in a report released Tuesday."Going forward, while domestic consumption and investment demand are expected to...
Finance Minister Nirmala Sitharaman discusses road map for developed nation tag, ET BFSI
Finance and corporate affairs minister Nirmala Sitharaman on Monday huddled with over 100 senior officers of her ministries to deliberate on re-orienting policies and priorities to realise the goal of turning India into a developed nation by 2047.The meeting, part of...
Neelkanth Mishra appointed part-time Chairperson of UIDAI, ET BFSI
New Delhi [India], August 22 (ANI): The Centre has appointed Neelkanth Mishra, Chief Economist, Axis Bank and Head of Global Research, Axis Capital as part-time Chairperson of Unique Identification Authority of India (UIDAI).The government has also appointed Mausam,...
Stagflation risks low in India, says RBI report, BFSI News, ET BFSI
Despite the sharp pick-up in inflation, the risk of stagflation remains low at the current juncture, the Reserve Bank of India said.In its State of the Economy report, the central bank said that historical analysis shows that high stagflation risks were encountered...
Dalmia Group submits revised debt resolution plan for Birla Tyres, ET BFSI
According to Birla Tyres' website, the company has been in the business of manufacturing tyres for 25 years. It earlier had a collaboration with Italians tyre manufacturer Pirelli. New Delhi: Dalmia Group firms have submitted a revised debt resolution plan for INR...
Europe inflation high, US economy recovering, ET BFSI
China’s central bank unexpectedly lowered a key interest rate in a bid to invigorate an economy beset by a deepening property slump and lackluster consumer demand.Data this week showed home prices in China fell for a second month in July, while industrial production...
Court Allows Rana Kapoor’s Daughter To Visit Dubai, Us, BFSI News, ET BFSI
MUMBAI: Observing that she has every right to grab her career opportunities, a special court has allowed Yes Bank founder Rana Kapoor’s daughter Roshini Kapoor to visit the UAE and the US for about a month to broaden her career opportunities. “Of course, she is bound...
PM Modi to attend slew of BRICS meets over two days, BFSI News, ET BFSI
Prime Minister Narendra Modi will have a series of engagements between Tuesday and Thursday at the BRICS Summit hosted by South Africa and this includes his addresses to the BRICS Business Forum and BRICS plus meetings besides engaging with the strong Indian diaspora...
Govt imposes 40% duty on onion exports to check price rise, ET BFSI
The government on Saturday imposed an export duty of 40% on onions with immediate effect to check price rise and improve supplies in the domestic market. This export duty is valid till December 31, 2023.As per the data by the consumer affairs ministry, the all-India...
Min Launches Msme Helpdesk In Koc, BFSI News, ET BFSI
Kochi: The department of industries and commerce of the state in association with Institute of Chartered Accountants of India (ICAI), Kerala Chapter, launched a state-level micro, small and medium enterprises (MSME) helpdesk in Kochi on Saturday.Minister for law,...
India slotted low on women empowerment, gender parity, BFSI News, ET BFSI
NEW DELHI: India, despite figuring in the medium human development group of countries as per the Human Development Index, finds itself placed in the group of countries classified as low on empowerment on the first twin indices for women empowerment (WEI) and global...
Sitharaman Leads Push To Elevate Gift City’s Financial Profile, ET BFSI
Ahmedabad: Union finance minister Nirmala Sitharaman, on Saturday, chaired a high-level review meeting to advance India’s first International Financial Services Centre (IFSC) at GIFT City in Gandhinagar. The finance minister underlined the importance of all...
Survey, BFSI News, ET BFSI
Leading software reviews and selection platform Capterra India, recently released the results of its “Digitalisation of Indian SMEs survey- Part II”, a new study capturing the voice of small and medium businesses in India. The findings reveal key insights around the...
National e-commerce policy in final stages; to be presented before top-level: official, ET BFSI
The proposed national e-commerce policy being formulated by the commerce and industry ministry is in the final stages and no new draft policy will be issued now for seeking views of stakeholders, a senior government official said. The Department for Promotion of...
Vegetable prices likely to cool down next month, rising crude a concern: FinMin official, ET BFSI
The government expects vegetable prices to start cooling off from next month with the advent of new crops in the market, but rising crude oil prices is a concern even though it is still within the tolerable zone of $90 a barrel, a finance ministry official said. The...
Adani Group companies’ net profit surges 70%, BFSI News, ET BFSI
Adani group companies have seen their combined net profit surge nearly 70% on year in the June quarter, helped by robust performance in the ports, power and green energy businesses. Strong operational performance helped boost the group's net profit, although overall...
RBI paper, BFSI News, ET BFSI
NEW DELHI: The total cost of projects sanctioned by banks and financial institutions during 2022-23 increased to a record high of Rs 2,66,547 crore, highlighting the effect of the government's efforts to push capital expenditure.A Reserve Bank of India (RBI) paper...
Govt will adhere to fiscal deficit target of 5.9 pc for FY’24, ET BFSI
New Delhi, The government will stick to the fiscal deficit target of 5.9 per cent of the GDP as robust tax, non-tax collections will help meet the spending requirement and make up for any shortfall in disinvestment proceeds, Finance Secretary T V Somanathan said on...
Finance minister Nirmala Sitharaman calls on auditors to develop expertise in new areas like ESG, carbon accounting, ET BFSI
Finance minister Nirmala Sitharaman on Thursday called on chartered accountants to adequately familiarise themselves with new and growing areas of auditing, including ESG (environmental, social, and governance) and carbon accounting.Addressing an event of the...
Inflation to fall below RBI’s 6 pc upper tolerance from November: Morgan Stanley, ET BFSI
Morgan Stanley expects retail inflation to moderate to Reserve Bank of India's 6 per cent upper tolerance target only from November. Retail inflation in India rose sharply in July to 7.44 per cent and in the process breached RBI's 6 per cent upper tolerance target,...
MoS IT Rajeev Chandrasekhar, ET BFSI
Union MoS for Electronics and Information Technology Rajeev Chandrasekhar during the inauguration the G20 Digital Innovation Alliance Summit 2023 in Bengaluru on Thursday. (PTI Photo)Union Minister of State for Electronics and Information Technology Rajeev...
Headline inflation could stay ‘well above’ 6 per cent in second quarter: RBI, ET BFSI
Headline inflation is expected to average well above 6 per cent in the second quarter, said the Reserve Bank of India's monthly bulletin on Thursday."Headline inflation, after reaching a low of 4.3 per cent in May 2023, rose in June and is expected to surge during...
Performance of high-frequency indicators for July, ET BFSI
-Riddhima GuptaAs growth drags globally, and the apex bank is making efforts to curb the upsurge in inflation.Reserve Bank of India (RBI) recently took a third consecutive pause over the policy rates with retail inflation surged to a 15-month high of 7.44 % in July...
UK annual inflation drops to 15-month low, BFSI News, ET BFSI
LONDON: Britain's annual inflation rate dropped sharply in July to a 15-month low, official data revealed Wednesday, off the back of lower energy prices and in line with economists' expectations.The Consumer Prices Index (CPI) rose by an annual rate of 6.8 percent,...
Inflation risks from house prices not well captured in index may rise, ET BFSI
A section of the market is taking comfort from the falling core inflation (excluding food and fuel) but that may be deceptive. A substantial chunk of it is due to softer home price index that could be due to lack of uniform matrix to measure this inflation.The index...
Crisil, BFSI News, ET BFSI
Urban poor have been the most impacted by 15-month high consumer price inflation (CPI) in July, a domestic rating agency's arm said on Wednesday. The high-income segment in urban areas faced the lowest inflation burden, as food has a relatively low share in their...
India’s per capita income to rise 7.5-times by FY47: SBI Research, ET BFSI
India’s per capita income is set to increase 7.5 times to Rs 14.9 lakh ($12,400) per annum by FY47 from Rs 2 lakh ($2,500) in FY23, according to the latest study published by SBI Research economists on Tuesday.The government has set a target of FY47 to become a...
India has demography, democracy, diversity to realise all dreams: PM Modi, ET BFSI
Prime Minister Narendra Modi on Tuesday said that India has "demography, democracy and diversity" and these factors have the potential to realise the dreams of the country."Today, we have demography, democracy and diversity - these three together have the ability to...
Govt will take more steps to tackle inflation, says Prime Minister, ET BFSI
New Delhi, Prime Minister Narendra Modi on Tuesday said the government will be taking more measures to tackle inflation and minimise the burden of price rise on people. In his address to the nation on the 77th Independence Day, the prime minister said that his...
Government policies helped India become world’s third largest startup ecosystem: PM Modi, ET BFSI
Prime Minister Narendra Modi on Tuesday said the policies of the government are providing support to the youth of the country and their strength has helped India become the third largest startup ecosystem in the world. Addressing the nation on the 77th Independence...
Adani to buy remaining 51% stake in BQ-publisher Quintillion Business Media, ET BFSI
New Delhi, Billionaire Gautam Adani's group will acquire the remaining 51 per cent stake in Quintillion Business Media Pvt Ltd to take full control of the Raghav Bahl-curated digital business news platform. Adani Enterprises Ltd, the ports-to-energy conglomerate's...
PM’s I-Day Speech lays blueprint for India to become developed nation by 2047: Industry, ET BFSI
NEW DELHI: Prime Minister Narendra Modi's Independence Day speech outlined the notable achievements of his government in the last decade, which have laid the blueprint for India becoming a 'Viksit Bharat' by 2047, industry body CII said on Tuesday.India is at a...
Retail inflation for July much worse than expected, surprise economists, ET BFSI
A lot of the progress made in cooling interest rates post RBI’s rate hike pause in April 2023 could be undone, by what is clearly a transitory food inflation trend, said economists after the National Statistical Office (NSO) released the retail inflation data on...
Retail inflation worsens in July’23; Jumps to 15-month high of 7.44%, ET BFSI
According to the latest data released by the National Statistical Office (NSO) on Monday, India's consumer-based price index, or retail inflation has surged to a 15-month high of 7.44% (YoY) in July over 4.87% in June.Erratic monsoons over the past months attributed...
Retail inflation in July jumps to 15-month high of 7.44%, BFSI News, ET BFSI
NEW DELHI: India's retail inflation in July jumped to 7.44 per cent from 4.87 per cent in June, government data showed on Monday.The inflation, based on Consumer Price Index (CPI), is now once again above the RBI's comfort band of 2-6%.The figures had stayed within...
Wholesale inflation stays in negative for fourth month at (-) 1.36 pc in July, ET BFSI
New Delhi, The wholesale price based inflation remained in the negative territory for the fourth straight month in July at (-)1.36 per cent on easing prices of fuel, even though food articles turned costlier. The wholesale price index (WPI) based inflation rate has...
INDIA BONDS-Indian bond yields rise; state debt auction demand, inflation data in focus, ET BFSI
By Bhakti TambeMUMBAI, - Indian government bond yields rose on Monday tracking U.S. peers, while focus shifted to demand at a state debt auction later in the day and local inflation print due after market hours.The benchmark 7.26% 2033 bond yield was at 7.2122% as of...
RBI selects McKinsey and Company, Accenture Solutions to use AI, ML to improve regulatory supervision, ET BFSI
Mumbai: The Reserve Bank has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its supervisory functions. The RBI is looking to extensively...
US stays on moderate-inflation path, deflation in China raises concerns, ET BFSI
US inflation continued along a path of moderation that is bolstering prospects for an economic soft landing, while across the globe in China, consumer and producer prices fell in tandem.The US core consumer price index, a closely watched measure of underlying...
M-cap of seven of top 10 firms falls by Rs 74,603 crore; HDFC Bank biggest laggard, ET BFSI
The combined market valuation of seven of the top 10 valued firms declined by Rs 74,603.06 crore last week, with HDFC Bank emerging as the biggest laggard. The BSE benchmark declined 398.6 points or 0.60 per cent last week. ICICI Bank, Hindustan Unilever, Infosys and...
Build global debt data sharing platform to address global debt vulnerabilities: RBI Governor, ET BFSI
RBI Governor pitches for global debt data sharing platformStating that high and unsustainable debt levels have severely constrained the fiscal capacity of many countries, Reserve Bank of India Governor Shaktikanta Das on Friday pitched for a global debt data-sharing...
India’s job scene improves, Euro-zone returns to growth, ET BFSI
(Bloomberg) --US employers continued to add workers at a steady, yet more moderate pace, suggesting the economy has scope to avoid a recession despite higher interest rates.The economy in the euro area eked out modest growth in the second quarter, while the Bank of...
How rupee-dirham trade can give a fillip to internationalisation of the Indian currency, ET BFSI
The recent signing of a memorandum of understanding between the Reserve Bank of India and the Central Bank of the UAE to encourage cross-border trade using the rupee and the dirham is to boost the internationalisation of the rupee.India's trade with the UAE has been...
Consumer spending to exceed $4 trillion by 2030, UPI most preferred option: Report, ET BFSI
The consumer spending in India is expected to surpass $4 trillion by 2030, according to a report released by e-commerce enablement platform Shiprocket. The report sees the consumer spending in the country to rise at a CAGR of about 10% on account of increased domestic...
Sebi’s refunds to Sahara investors reach Rs 138.07 crore in 11 years, ET BFSI
NEW DELHI: Sebi has made refunds of Rs 138.07 crore to investors of two Sahara companies in 11 years, while the amount deposited in specially-opened bank accounts for the repayment has surged to more than Rs 25,000 crore.These disclosures have been made by the...
Centre’s debt profile safe and prudent; external debt-to-GDP ratio eases: Finance Ministry, ET BFSI
The Central government’s debt profile remains safe and the share of its external debt in the country’s gross domestic product dropped to 2.7% in FY23 from 3.3% in FY14 at the current exchange rate, the finance ministry told the Lok Sabha on Monday.In a written reply,...
India, US discuss G20 cross-border payments, global debt challenges, ET BFSI
India and the US have held wide-ranging discussions on cross-border payments issues including G20 payments roadmap, India's United Payments Interface (UPI) platform, and the Federal Reserve's implementation of the FedNow payments system.The meeting was held on August...
PayU and CSC Academy to offer financial education to underprivileged people, ET BFSI
A joint initiative to improve digital and financial literacy among the weak and underprivileged segments of society, particularly SC-ST, BPL, and women, has been launched by PayU India, a leading online payment service provider in the country, and CSC Academy, an SPV...
Inflationary pressure is not strong, despite weather, says Sanjeev Sanyal, ET BFSI
The underlying inflationary pressure is not strong despite the weather related spikes in vegetable prices, member of the economic advisory council to the Prime Minister, Sanjeev Sanyal said Tuesday, two days before the Reserve Bank of India's August monetary policy...
CAG asks FinMin to put in place online Customs refund system, BFSI News, ET BFSI
New Delhi, The Comptroller and Auditor General (CAG) has asked the Finance Ministry to consider having an online system for processing customs refunds along the lines of the GSTN system to make it more efficient. The official auditor has also flagged "inordinate...
Indian economy to grow at 6% in FY24, say NIPFP researchers, BFSI News, ET BFSI
Indian economy is likely to grow at 6% as global growth slowdown and lagged monetary policy effect weighs on growth, NIPFP researchers contended in the mid-year macroeconomic review on Friday. The researchers pointed that the industrial growth in the first quarter of...
India’s July inflation likely breached RBI’s 6% upper tolerance level: Poll, ET BFSI
India's retail inflation likely accelerated to 6.40% in July on surging food prices, breaching the upper end of the Reserve Bank of India's 2%-6% tolerance band for the first time in five months, a Reuters poll of economists found.Food prices, which account for nearly...
Will tomato prices push RBI to hike rates? Check old footprints of onion & potato, ET BFSI
Upsetting budgets of households and even burger chains, the prices of tomatoes have jumped 5 times since June. For RBI Governor Shaktikanta Das, vegetable inflation has made the 4% CPI inflation target look more elusive.To find out whether tomato-nomics will force RBI...
Sitharaman calls for debt relief for poor nations amidst unravelling multilateralism., ET BFSI
Mumbai: Finance Minister Nirmala Sitharaman said that after decades of integration, the global economy is witnessing unravelling multilateralism. She called for strengthening the capital base of multilateral development banks (MDBs) and providing debt relief to poor...
Global community must find ways for debt restructuring of low-income countries: Nirmala Sitharaman, ET BFSI
Union Finance Minister Nirmala Sitharaman The international community must collaborate and find stronger ways to coordinate debt restructuring for low-income and vulnerable middle-income countries facing debt distress, Union finance minister Nirmala Sitharaman said...
Finance minister Nirmala Sitharaman, ET BFSI
Finance minister Nirmala Sitharaman Thursday said India remains in a "rare position of being optimistic" about its future growth prospects even when the global economy is undergoing a period of gloomy growth and elevated inflation.She pledged more steps to boost...
Finance ministry cautions against frauds in name of Indian customs, ET BFSI
Finance Ministry on Wednesday cautioned people to guard against fraudsters extorting money in the name of Indian Customs. Updated On Aug 10, 2023 at 08:13 AM IST New Delhi: Finance Ministry on Wednesday cautioned people to guard against fraudsters extorting money in...
RBI retains GDP growth forecast at 6.5% on buoyant economic activity, ET BFSI
The Reserve Bank of India has retained its GDP growth forecast at 6.5 per cent for FY2023-24 on robust domestic demand, rising business optimism, investment activity gained further steam on the back of government capital and revival in private capex in certain key...
Despite global headwinds, Indian economy doing well, Nirmala Sitharaman says in Lok Sabha, ET BFSI
NEW DELHI: Union finance minister Nirmala Sitharaman said on Thursday that despite global headwinds, India is among the fastest growing economies in the world."In 2013, Morgan Stanley had included India in the list of five fragile economies of the world. India was...
Tomato worry to get over, India importing tomatoes from Nepal: FM, ET BFSI
Finance Minister Nirmala Sitharaman on Thursday said that India has initiated tomatoes import from Nepal and the first lot of it is supposed to reach by Friday."We have initiated import of tomatoes from Nepal, by removing the import restrictions and the first lot of...
Incremental CRR to neutralise liquidity surplus, say Economists, ET BFSI
-Riddhima GuptaEconomists express their views on the decisions and developments of the Reserve Bank MPC Meet. They discuss the unchanged policy rates, imposition of the ICCR and its impact on the liquidity in the economy and expectations for inflation &...
