Reliance Retail Ventures Ltd (RRVL) is discussing a three-pronged plan that includes an additional divestment of $250-300 million this year, apart from what it has diluted in favour of the Qatar Investment Authority (QIA) and US-based private equity fund KKR recently.
The ministry is of the opinion that there is a need for a rigorous regime for large unlisted companies, in contrast with the current "light-touch" regulation. "There is a defined regime for listed companies, by the Securities and Exchange Board of India (Sebi). "There is a view in the ministry that it needs to look at a framework for large unlisted companies," the senior official said.
The first leg of Micron's semiconductor play in Sanand is crucial for the company to sprint towards India's goal of joining the chip race.
Even as top Pegatron executives went to the factory near Chennai on Tuesday to make an assessment of the fire damage to decide on a possible date for resuming operations, sources said the impact of the closure will be minimal for Apple's iPhone production. Late in the evening sources said that the factory might be operational soon-but said they are waiting for a final update. It will also not impact the availability of the newly-launched iPhone 15 and iPhone 15 Plus, they said.
There is no plan to direct over the top (OTT) communications players who generate large amounts of traffic to give a 'fair and proportionate' share of their revenues to telecom network operators, the communications ministry has said. A senior official allayed any such apprehension by saying: "We have no proposal of this kind or anything like this which we are working on. "There is no fresh reference on this matter to the regulator (Trai)," he said. The ministry's view is significant as telecom network operators have been escalating this issue since July when Trai issued a consultation paper called 'Regulatory Mechanism Over OTT Communication Services and Selective Banning of OTT Services'.
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
'To get a 100 per cent consensus document without any reservation, any bracket, any chair summary is unprecedented in the history of multilateral forums.'
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
Apple Inc has announced the India prices of the new variants of its bestselling smartphones - launched on Tuesday - as it assembles the device in the country. The new iPhone 15 range starts at Rs 79,900 for the 128 GB variant (the same price as the iPhone 14 when it was launched last year) and goes up to Rs 199,900 for the top-end Pro Max with a 6.7 inch screen and 1 TB (terabyte) storage. The world's most valuable company also launched three new upgraded Apple watches, starting with the SE at Rs 29,900 and going up to Ultra 2 at Rs 89,900.
Crypto assets should not be granted official currency or legal tender status, the much-awaited synthesis paper by the International Monetary Fund (IMF) and Financial Stability Board (FSB) has said ahead of the G20 leadership summit under India's presidency. However, the report has argued against a blanket ban on activities linked to crypto assets, explaining that such a move can be costly as well as technically demanding to enforce. Central banks should avoid holding crypto assets in their official reserve as they pose a risk to monetary and global financial stability, according to the synthesis paper.
It started out as a Production Linked Incentive (PLI) scheme to make India an export hub. But after many a twist and turns, the latest 2.0 PLI for IT hardware, for which the 40 eligible candidates have applied till its deadline, is now focused on 'import substitution'. The scheme will help in reducing India's over-dependence on imports (80 per cent of laptops are imported), especially from China which include laptops, tablets and servers.
From the customer point of view too, LFP batteries are safer and offer a longer life.
The Competition Commission of India has introduced draft regulations for combinations or mergers, under the new competition Act, to bring global deals in the digital space, including those involving Big Tech companies, under its scanner. The draft regulations would provide guidance on the valuation of merger transactions and the criteria for assessing sustainable operations in India for companies. The proposed rules mention that if the number of users and subscribers, or the turnover or gross merchandise value in India is over 10 per cent of the global figure, the company would be considered to have substantial business operation in India and would need CCI approval for the merger.
The government is confident of meeting the fiscal deficit target of 5.9 per cent of gross domestic product (GDP) and the nominal GDP target of 10.5 per cent despite pressure in the initial months of FY24, Economic Affairs secretary Ajay Seth told Business Standard. Normally the initial months of any financial year see proportionally a higher fiscal deficit because the expenditure is evenly paced while revenue picks up in the later months, he said. "This year the proportional fiscal deficit so far is much closer to the target than in most other years.
Indian sweet, snack, and restaurant chain group Bikanervala, with revenues of over Rs 3,000 crore, is working towards an initial public offering (IPO) for its food company in the next three years. Before that, it could also bring in private equity (PE) investors. The low-profile Aggarwal family-owned group company, Bikanervala Foods (which also sells under the brand name Bikano), operates in the snack business.
The government is "extremely disappointed" with the latest report of the Moody's rating agency on India's economic outlook. The report, a senior government official said, was highly contradictory and called the rating agency's credibility into question. Referring to the Moody's statement that "India's fiscal strength remains a key weakness in the sovereign credit profile...", the official remarked: "How can my strength be my weakness? Moreover, they are unwilling to have a like-to-like comparison with India."
The finance ministry has cautioned that global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months, warranting "greater vigilance" by the government and the Reserve Bank of India (RBI). "Russia's decision to terminate the Black Sea grain deal, along with dry conditions in major wheat-growing areas, caused a price spike in cereals. Domestic factors like white fly disease and an uneven distribution of monsoon exerted pressure on vegetable prices in India," the ministry said in its latest Monthly Economic Report for July, released on Tuesday. However, the report maintained, the recent price surge in certain food items "is expected to be transitory". "Tomato prices are likely to decline with the arrival of fresh stocks by the end of August or early September.
The Ministry of Corporate Affairs (MCA) is contemplating an increase to the existing strength of the National Company Law Tribunal (NCLT) benches to handle the growing case load. The ministry is currently analysing the time taken by each bench to dispose of matters and the total number of cases being handled by each bench. "We need to first determine our requirement, given that the NCLT handles both Company Act and insolvency and bankruptcy matters. "The latter constitutes the majority of the case burden.
Clearly, Foxconn Chairman Young Liu and his team are looking to raise their game in India.
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