In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
'The CM's credibility is on the line.'
India face competition from Saudi Arabia, Qatar and Turkey, who are positioning themselves as strong contenders to host the 2036 Olympics.
As part of Prime Minister Dr Manmohan Singh's state visit to the United States at the invitation of President Barack Obama on November 24, India and the US are endeavoring to announce the convening of a India-US Education Council on the lines of the US-India Business Council, Human Resource Minister Kapil Sibal disclosed in Washington on Friday.
India's economy is likely to grow by 6.5 per cent in the current and the next financial year, an EY report said, attributing lower than anticipated expansion in the September quarter to fall in private consumption expenditure and gross fixed capital formation. Real GDP growth eased to a seven-quarter low of 5.4 per cent in July-September -- the second quarter of the current 2024-25 fiscal year.
Life insurance companies reported a 13.16 per cent year-on-year (Y-o-Y) growth in new business premium (NBP), totting up Rs 30,347 crore in October, even as the number of policies sold saw a sharp decline. The growth was largely driven by strong performance from private sector life insurers.
In FY24, the net income generated from Waqf properties fell to about Rs 1.26 crore from Rs 150 crore in FY20.
'We may see even more restrictive policies during 2.0.'
USIBC has seen exponential growth in the last five years, from just 80 companies as its members to now more than 350 top American companies, including scores of Fortune 500 and global Indian companies.
Asserting that the situation was deteriorating, Rosario urged Yunus to resolve the crisis by giving it top priority and putting an end to the violence.
Combining their respective strengths in creativity and research, Indian and US firms can grow their business relationship in the coming years and contribute to the global economy, says a study.
The weather in Washington is balmy, but Finance Minister Pranab Mukherjee, in the US to attend a meeting of the International Monetary Fund and the World Bank, would feel a distinct chill as he readies to meet corporate America.
'I have no idea about such a medal. Never got one,' says Surya Shekhar Ganguly, the national chess champion between 2003 and 2008.
The Life Insurance Corporation of India has the wherewithal to acquire a composite license, a top source aware of the development told Business Standard, adding that the insurance behemoth may look into entering the health and general insurance segments. "LIC has the scale, capacity, IT infrastructure, and the distribution reach to take advantage of the composite license. "LIC is looking at organic as well as inorganic growth opportunities.
Suddenly, the legendary advertising line -- a diamond is forever -- is losing its shine.
A Bangladeshi court on Tuesday denied bail to prominent Hindu leader Chinmoy Krishna Das Brahmachari, arrested on alleged 'sedition' charges, and sent him to prison, amid protests by community members in the capital Dhaka and the port city of Chattogram.
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
India's high commission in Canada said on Wednesday that the country's officials will resume processing some types of visa applications for Canadians applying from across the country as well as abroad.
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
West Bengal is home to 43,000 Durga Pujas, and the business around it is a major economic driver.
Contrary to expectations, the new business premium (NBP) of life insurance companies dropped 12.62 per cent year-on-year (YoY) in March 2023 due to an over 30 per cent drop in Life Insurance Corporation (LIC) of India's premiums, albeit on a high base. Data released by the Life Insurance Council shows the industry racked up NBP of Rs 52,081 crore in March 2023, compared with Rs 59,608.83 crore in the year-ago period. NBP is the premium acquired from new policies in a year. It is the sum of the first-year premium and single premium, reflecting the total premium received from new businesses.
At least 30 suspects have been detained in Bangladesh's Chattogram city for their alleged involvement in the killing of a lawyer and attacking security personnel following the arrest of a prominent Hindu community leader. The violence erupted after Chinmoy Krishna Das Brahmachari, spokesperson for Bangladesh Sammilita Sanatani Jagran Jote, was denied bail and sent to jail in a sedition case. The lawyer, Assistant public prosecutor Saiful Islam, was killed during clashes between security personnel and Das' followers. The interim government has condemned the violence, urging people to remain calm and has ordered an investigation into the killing and appropriate legal measures.
The UK India Business Council expects more emphasis to be put on improving bilateral economic ties.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
Valli Chettiar, charter member of The Indus Entrepreneur, Vancouver feels the Pravasi Bharatiya Divas was a wasted effort.
With the completion of the US-India civilian nuclear cooperation agreement, India's Minister for Power Sushil Kumar Shinde has said that India is open for business and American companies can avail themselves of the opportunities by contacting the Indian embassy or the consulates across the country for the necessary guidance.
PM Modi went to New York this time not to engage in polemics, but to find solutions to global problems. He made some progress on several matters, even on reform of the UN Security Council, when the US made a major concession for the first time that six permanent members without veto, including India, could be considered
Some states are taking a legal view on the state GST rate and the compensation rules ahead of the Goods and Services Tax (GST) Council meeting, which is likely to be held in mid-June, said people in the know. While the agenda is still being finalised, several states are likely to take up the matter related to GST compensation and may pitch for its continuation beyond the June 30 deadline. States would like to know how they would divide the compensation collected after June 2022 for payment of principal and interest of compensation shortfall borrowing and arrears to states, sources said.
Ron Somers, founder and CEO of India First Group and the former President of leading business advocacy group US-India Business Council said that when Lok Sabha election results are declared on June 4, "I believe that Narendra Modi will win Parliament by the largest majority ever recorded in the country's history.
FHe is the only one among 17 ministers from the outgoing council of ministers who lost the Lok Sabha polls to be reappointed minister.
USIBC had hosted a executive committee briefing.
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
"We should not have a repeat of what happened in Mumbai. That there was a terror attack and there was no response," Jaishankar told reporters in Mumbai.
India's gain will be an additional business of $300 million to $400 million per month if 10-11% of Bangladesh's export is diverted to Indian hubs like Tiruppur.
Ukraine is currently in the middle of a strategic offensive into Russia's Kursk region.
Lord's, the 'home of cricket', will host its first-ever Women's Test between India and England in 2026, the ECB announced on Thursday.
Bangladesh will take on Scotland in the tournament opener in an afternoon fixture followed by a clash between Asian teams Pakistan and Sri Lanka later in the day at Sharjah.
Warner said the opportunities ranged from advancing the cause of the bilateral investment treaty, to advance the cause of greater collaboration between educational opportunities.
With the dissolution of former chief statistician Pronab Sen-led Standing Committee on Statistics (SCoS) by the Ministry of Statistics and Programme Implementation (MoSPI), the National Statistical Commission (NSC) has regained prominence as the primary statistical body to address issues regarding results, methodology and questionnaire, among others. A MoSPI official in an email informed the 16-member SCoS about the decision to dissolve it, citing that its work was "overlapping" with that of the Steering Committee for National Sample Surveys (NSS), which was set up in June this year.
'Now it's for India to also make certain decisions. The sky's the limit. You've got to be strategic.'
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