Reliance Retail follows Future Group in online foray
Ficci: Rationalise tax structure; CII: Space for fiscal incentives is limited.
The AAP government withdrew the approval given by the Sheila Dikshit-led government on allowing FDI in multibrand retail in Delhi.
Photo-messaging app Snapchat on Wednesday said its monthly user base has reached 100 million in the country, and the company will continue to anchor its efforts towards growing and providing more resources to its community of Indian creators. Snap Inc, the parent company of Snapchat, virtually hosted the second edition of 'Snap in India'. At the event, Snap co-founder and CEO Evan Spiegel announced the milestone of reaching 100 million Snapchatters monthly in India.
Riniki Bhuyan Sarma, the wife of Assam Chief Minister Himanta Biswa Sarma, has filed a Rs 10 crore defamation suit against Congress MP Gaurav Gogoi for 'false' allegations of irregularities in a food processing project.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
Ashok Vaswani, a banker with more than three-and-half decades experience in building and scaling up businesses across consumer and corporate banking and payments, will be the next managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank. Last week, the Reserve Bank of India (RBI) had given its approval to Vaswani's appointment. Vaswani is currently President of Pagaya Technologies, a US-Israeli artificial intelligence (AI) fintech firm, which he joined in June 2022.
Unprecedented pay and perks like free healthcare for in-laws helping the likes of Flipkart, Snapdeal tap talent
India's e-commerce market is poised to grow by 84 per cent to $111 billion by 2024 on the back of accelerated adoption of digital technologies amid the COVID-19 pandemic, a report by fintech firm FIS said on Wednesday. The report noted that countries, including India, have seen a shift in consumer behaviour caused by COVID-19, and new payment trends are shown to be on the rise. FIS, in its 2021 Global Payments Report, examined current and future payment trends across 41 countries. India's e-commerce market is projected to grow by 84 per cent between now and 2024 to about $111 billion (from about $60 billion in 2020) driven by mobile shopping, which is projected to grow 21 per cent annually over the next four years, the report said.
Condemning the recent incidents at the Manesar unit of Maruti Suzuki, Sahney said that differences between management and workers should be resolved in a peaceful manner.
Minister says rupee and market surge caused by current recovery in the external sector, 8% economic growth possible in next three years.
Over 65 Union ministers are likely to take oath, going by the visual of the meeting Modi held with his likely council of ministers.
The rumour verification process would now be triggered by changes in price or 'material price movements', as the paper defines it. What this means is that companies would need to verify rumours only if the share price moves significantly.
Taiwan-based Hon Hai Technology Group, the subsidiary of Foxconn Industrial Internet (Fii), is in talks with the Tamil Nadu government to invest around $200 million to set up an electronic components unit in the state. According to a Reuters report, FII, which makes communication, mobile network and cloud computing equipment, has shared the plan with the Tamil Nadu state officials. Business Standard had reported last week that Fii's chief executive officer (CEO) Brand Cheng met Tamil Nadu Chief Minister M K Stalin and Minister for Industries, Investment Promotion and Commerce TRB Rajaa.
Commerce and Industry Minister Piyush Goyal has visited the manufacturing facility of US-based electric vehicle major Tesla at Fremont, California and said that the company would be doubling its auto components imports from India. The minister is in the US on a four-day visit. The world's largest electric car producer Tesla Inc's chief Elon Musk met Prime Minister Narendra Modi in June in New York and after the meeting Musk had said that he planned to visit India in 2024.
Whether the age-old cry of kendrer banchana will be able to drown out pangs of Sandeshkhali, the EVM will tell.
Companies manufacturing fast-moving consumer goods (FMCG) continue to see rural stress sustain and it continues to trail urban demand. At the Confederation of Indian Industry's FMCG summit, managements of various companies pointed out urban demand continued to grow while rural demand remained under pressure because incomes were under stress in rural areas. "Due to rural stress, volumes continue to remain an issue for the industry and we are yet to see any revival in demand," Sudhir Sitapati, managing director (MD) and chief executive officer (CEO) at Godrej Consumer Products
Reliance Industries' (RIL's) retail arm, Reliance Retail, is now valued at nearly twice the amount of its decades-old and lucrative oil-to-chemical (O2C) division. Bernstein's latest report on the conglomerate projects a valuation of $112 billion for its retail business, dwarfing the $57 billion valuation of its O2C division. In addition, the research firm valued Jio Platforms, the company's telecom arm, at $77 billion and the renewable energy business at $17 billion.
The tourism industry expects a short-term impact, as it is counting on the state's proven expertise in managing such crises.
'I tell those in their 20s that age is on their side and they should start exercising early.' 'Just like investing in good stocks, if they start early, they will get the multiplier effects of being healthy, fit and strong later in life.'
The RBI is scheduled to announce the annual credit policy for 2011-12 on May 3. Industry representatives are expected to press the RBI to lower interest rates so that credit becomes cheaper for them in the customary pre-policy meeting.
Online travel portals are flooded with flight and train bookings, hotels teeming with requests for accommodation, and spiritual merchandise on e-commerce platforms is selling like hotcakes. As the consecration ceremony of Ram Mandir in Ayodhya on January 22 draws near, Indians across the country are putting their travelling boots on as the temple frenzy catches on. India's largest travel technology (traveltech) platform MakeMyTrip (MMT) has witnessed a substantial four-fold increase in bookings for Ayodhya compared to the previous year.
Interview with first woman president of the Ficci country head of HSBC India.
'We will see a lot of investments from the private sector.' 'As long as we are not impacted by some global events, I think we will be in a strong place.'
In a meeting with the commerce minister, India Inc hammered Sharma on the collapse of investments, structural nature of the current account deficit and stagnant growth in agriculture.
Well aware that the government cannot control inflation through RBI's monetary tools only, the Centre tried to inbuilt a supply-augmenting mechanism in the economy by opening multi-brand retail to 51 per cent FDI, but vehement opposition from the Opposition and even some of the United Progressive Alliance allies forced it to hold back the decision.
The lawmakers from the US State of Washington have urged the Biden administration to help remove or reduce the tariffs on American apples imported to India as the country's fruit industry has incurred significant losses due to New Delhi's retaliatory measures. In a letter to US Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo, all members of the House of Representatives from Washington State and other two senators said the tree fruit industry suffered losses due to India's retaliation to US tariffs. On average, 30 per cent of the apples, cherries, and pears produced in the Pacific Northwest are exported and India was once a strong market.
In the April-June quarter (Q1) of 2023-24 (FY24), growth in sales of FSN E-Commerce Ventures (the parent company of Nykaa) decelerated to 24 per cent year-on-year (Y-o-Y), and 9 per cent quarter-on-quarter (Q-o-Q), compared with 34 per cent in the previous quarter, due to a decline in the beauty & personal care (BPC) and fashion division's gross merchandise value (GMV). But Nykaa claimed it gained market share in both divisions. The earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin of 5.2 per cent expanded 120 basis points (bps) from a year earlier.
The beneficiaries of the second set of announcements are expected to be micro, small, and medium enterprises, farmers, women, poor, migrant workers, and other marginalised sections of the society, reports Arup Roychoudhury.
'There is a need for a national task force with a singular objective to increase automotive exports.'
The West Bengal government may consider asking companies to directly purchase land for all industrial projects, including the Salim group's proposed SEZ.
The junior Abdullah would be banking heavily on Shia support as the constituency has many Shia dominated areas that include Budgam, Beerwah, Pattan, Sonawari and Bandipora, among other pockets.
India will never provide company or enterprise-specific incentives in the electric vehicle sector, a top government official said on Friday, amid a push from American electric carmaker Tesla for special sops to set up its factory in the country. If the government has to consider providing incentives then it will only be for all EV makers and entrants who want to come to India, the official said. The official added that inter-ministerial discussions have happened on the customs duty concession demand of the US-based electric car maker Tesla, but "we never" came to any conclusion on those.
Union Minister Piyush Goyal on Friday sought an apology from the Congress for the controversial statement by party MP that suggested a call for a separate south nation over fiscal injustice, but the opposition party's president said it stands for a united nation and will not tolerate any such call.
The Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce has called a meeting on July 10 to discuss the foreign direct investment (FDI) policy in the cigarette industry.
Industry lobbies have begun pre-budget consultations with the Union finance ministry for 2010-11.
The Indian industry is not yet fully prepared for the complete elimination of tariffs in the World Trade Organisation identified seven key sectors, including textiles and auto components, the PHD Chamber of Commerce and Industry has said.
Union Finance Minister Nirmala Sitharaman will present the Interim Budget on February 1 ahead of the Lok Sabha elections likely to be held in April-May.
The government on Friday came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.
