India’s ambitious plan to provide some Rs 3 lakh crore ($39.5 billion) in loans to small businesses to boost an economy ravaged by the coronavirus pandemic has got off to a slow start with banks disbursing only a tiny fraction of the available funds.
Reserved and mostly invisible to the public, Manoj Modi is viewed by many insiders and others in India’s business world as the right hand of billionaire Mukesh Ambani. He played a key role during negotiations for a $5.7 billion deal with Facebook Inc in April. As Ambani, 63, shifts focus from petrochemicals to internet technologies, … Continue reading The man behind Mukesh Ambani’s $13bn deal spree
India’s fundamentals demand a much better rating, chief economic adviser Krishnamurthy Subramanian said on Thursday after Moody’s downgraded the country’s rating and S&P retained it at the lowest investment grade. India’s ability and willingness to repay debt is gold standard, he said making a case for ratings upgrade.
India on Thursday said it has asked the UK not to consider any request for asylum by Vijay Mallya as there appeared to be no ground for his persecution in the country. Last week, the UK government indicated that Mallya is unlikely to be extradited to India anytime soon, saying there is a legal issue … Continue reading Don’t consider Mallya’s asylum plea: India to UK
In September 2019, the govt had reduced the corporate tax rate to 22% for companies that gave up all exemptions and incentives. Further, a 15% rate was offered to new manufacturing firms and could be extended to all companies. It will improve India’s competitiveness and is estimated at Rs 2.5 lakh crore revenue loss which … Continue reading A case for 15% corporate tax rate in India
After steep double-digit declines for three months, India’s exports are estimated to have dropped by just 0.8% during the first week of June due to a spike in the value of shipments to several Asian countries, led by China, amid indications of a pick-up in economic activity.
A Mohali-based cosmetics company is making sanitizer, a handicraft manufacturer in Nagaland is selling masks, Gurgaon-based apparel exporters are assembling PPE suits and a Vapi-based paper company is constructing cardboard beds — several small and big businessmen have temporarily left their earlier field of work and switched to more relevant and in-demand products.
After a contraction in the current financial year, India’s economy is forecast to bounce back with a sharp growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health, Fitch Ratings said on Wednesday. Fitch Ratings forecast a 5 per cent contraction in the GDP in the ongoing financial … Continue reading ‘Indian economy to grow at 9.5% in next fiscal’
S&P on Wednesday retained India’s sovereign rating at ‘BBB-‘ with a stable outlook, saying that while risks to growth are rising, the economy and fiscal position will stabilise and begin to recover from 2021 onwards. It has projected GDP growth to be 8.5 per cent in 2021-22 and 6.5 per cent in 2022-23.
India’s economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity. The World Bank downgraded its projection of India by a massive negative nine … Continue reading India’s economy to contract by 3.2% in FY21: WB
Arguing for a rate cut, RBI governor Shaktikanta Das in the meeting said there was a rising probability of a sharper loss of growth momentum in the near term. Deputy governor Michael Patra said the damage is “so deep and extensive that India’s potential output has been pushed down, and it will take years to … Continue reading At rate cut meet, RBI bosses bearish on economy
Kushal Pal Singh is transitioning from being the chairman of DLF, India’s largest real estate developer, to being the chairman emeritus. In a 75-minute interview with TOI, Singh discussed the failure of urbanisation policy, his relationship with the Gandhi family, including the controversial land deal with Robert Vadra, and the future of the real estate … Continue reading In urban infra, we’ve failed, says K P Singh
Many Indians, mostly on H-1B visa, have said that they feel being left out as their US-born children are ineligible to travel to India due to the restrictions put in place by the Indian government in view of the coronavirus pandemic.
State Bank of India the country’s largest lender by assets, reported a more than four-fold jump in profit for the fourth quarter on Friday, driven by a one-time gain from a stake sale in its credit card unit. Net profit for the three months ended March 31 jumped to Rs 3,581 crore ($474.46 million) from … Continue reading SBI records historic net profit in FY20
Physical gold dealers in India offered the highest discounts in about two months this week as customers kept away with coronavirus cases in the country continuing to mount, while Singapore saw steady safe haven demand.
The Air India website received a record 6 crore hits in the first two hours when it opened bookings for outbound Vande Bharat flights to North America and Europe. Being the only confirm connection flights available for eligible people to fly out of India, the demand is huge and passengers who wanted make bookings had … Continue reading Vande Bharat-III: AI faces ‘overwhelming’ demand
The US has launched an investigation against several countries, including India, on the levy of digital service tax, in what is seen as the latest trade offensive by the Trump administration to help Google, Facebook and e-commerce players such as Amazon and Netflix avoid levies. The investigation comes barely two months after India imposed a … Continue reading US launches probe into tax on Amazon, Netflix
Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in Indian mobile operator Bharti Airtel, underscoring the growing attraction of India’s digital economy for US tech giants. The planned investment, if completed, would mean Amazon acquiring a roughly 5% stake based on the current market value of Bharti.
Until recently feted for its world-beating economic growth, India today is Asia’s coronavirus hotspot, facing a long road out of a crisis that’s left businesses broken and millions jobless. With India heading for its first full-year contraction in more than four decades, it may be a while yet before India can get back to its … Continue reading India’s path to world-beating growth looks tough
The world’s biggest lockdown has cost India millions of jobs, resulted in record low economic activity, and fueled the biggest earnings decline in at least six years.
India’s palm oil imports in May plunged 53% from a year ago to 387,006 tonnes as a nationwide lockdown to curb the spread of the novel coronavirus cut demand from hotels and restaurants. Lower imports by India, the world’s biggest importer of edible oil, could put pressure on Malaysian palm oil prices.
In the coronavirus era, policymakers are worried that the number of Covid-19 health insurance claims in India is only about 8,500 with a claim amount of Rs 135 crore. This is against total cases of 2.17 lakh – which means only 4% of people getting admitted have health insurance. So far there have been only … Continue reading Less than 4% Covid patients have insurance
Fugitive businessman Vijay Mallya is unlikely to be extradited anytime soon with the UK government on Thursday saying that there is a legal issue that needs to be resolved before his extradition can be arranged. Last month, Mallya lost his appeals in the UK Supreme Court against his extradition to India to face money laundering … Continue reading Legal issue needs to be resolved: UK govt on Mallya
The world’s largest-ever repatriation exercise, Vande Bharat Mission, will expand its wings in the third phase which begins after June 13. For the first time in this exercise, India will send flights to Africa to fly back its citizens from there. Till now almost 3.5 lakh Indians abroad have registered to return home on compelling … Continue reading ‘AI fares less than other repatriation flights’
Business activity across India’s service sector fell drastically during May as the unfavourable economic effects of the coronavirus pandemic impaired business operations, restricted consumer footfall and led demand to collapse, a monthly survey said on Wednesday.
India has saved Rs 5,000 crore in foreign exchange after it capitalised on the global low oil prices to fill its underground strategic oil storage to shore up insurance against any supply or price disruption, the petroleum ministry said on Wednesday.
Air India will operate 75 additional flights to North America this month and foreign nationals can fly out on them. Resumption of schedule international flights will take some time and till then the Vande Bharat flights will fly eligible people in and out of India.
Prime Minister Narendra Modi on Tuesday said India will definitely get its economic growth back as the government continues to pursue various reforms. Speaking at industry association CII’s annual session, he said the government has taken tough steps to fight the coronavirus pandemic and has also taken care of the economy.
A day after India’s sovereign rating downgraded, Moody’s Investors Service on Tuesday cut ratings of eight non-financial companies, including Infosys, Tata Consultancy Services (TCS), ONGC, and three banks SBI, HDFC Bank and EXIM. It also downgraded seven Indian infrastructure issuers, including NTPC, NHAI, GAIL and Adani Green Energy Restricted Group, by one notch.