China's intended role for AIIB is not so different from the existing Western lenders like the World Bank.
Modi was on his first visit to Ayodhya after he laid the foundation stone of a Ram temple at the once disputed Ram Janmabhoomi site on August 5, 2020.
India does not feature in the top 100 countries on eight of the 10 indicators of the World Bank study.
The 30-share Sensex ended lower by 46 points at 27,842 and the 50-share Nifty slipped 17 points to trade at 8,378.
'We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.'
Continuing their massive selling spree for the ninth consecutive month, foreign investors dumped Indian shares worth Rs 50,203 crore in June -- the highest net outflow in over two years -- amid aggressive rate hike by the US Federal Reserve, elevated inflation and relatively higher valuation of domestic equities. Foreign portfolio investors (FPIs) have now pulled out around Rs 2.2 lakh crore from domestic equities in the first six months of 2022 -- the highest-ever net withdrawal by them. Before that, FPIs withdrew Rs 52,987 crore in the entire 2008, data with depositories showed.
Daniel Wu, chairman of the Asian Bankers Association (ABA), says there is merit in merging some of the less efficient public sector banks in the country.
This, said Sitharaman, would remove the possibility of unauthorised communication "and consequent harassment", which was a cause of concern for bankers.
With average capacity utilisation now touching 76 per cent, Indian companies are going back to the drawing board to add capacity but the plans to build new factories and plants are still some months away.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
The agency is also examining the documents seized during raids at 31 places including the residence of Delhi Deputy Chief Minister Manish Sisodia on Friday, they said.
Hong Kong on Friday invited Indian companies to tap the market in sectors like transportation, construction, IT, financial services and banking.
The first tranche of Sovereign Gold Bonds 2021-22 will be open for subscription for five days from Monday, the finance ministry said in a statement. The bonds will be issued in six tranches from May 2021 to September 2021, it said on Wednesday. The subscription period for 2021-22 Series I will be May 17-21, and bonds will be issued on May 25.
Chief Minister Himanta Biswa Sarma said two major terror modules were busted in the state in a "nationally coordinated operation".
India's services sector lost momentum in July as demand was curtailed by competitive pressures, elevated inflation and unfavourable weather, a monthly survey said on Wednesday. The seasonally adjusted S&P Global India Services PMI Business Activity Index fell from 59.2 in June to 55.5 in July, pointing to the slowest rate of growth in four months. For the 12th straight month, the services sector witnessed an expansion in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Why weren't the chief ministers of Andhra Pradesh, Goa, Kerala, Maharashtra and Telangana -- all of which have borders with Karnataka -- not invited to Saturday's swearing-in ceremony, asks Shyam G Menon.
The government has given sanction for prosecution against PNB executive director Sanjiv Sharan as part of the clean up exercise in the system.
'Allocate some parts of one's surplus income towards cryptocurrencies, considering the immense growth potential of this emerging asset class.'
Not just from the likes of Alibaba and Didi Chuxing, Indian startups saw a surge in Chinese funding from financial investors in 2019. This is a seven-fold jump from $459 million in 2016.
India's services sector activity witnessed a sharp upturn in August on the back of stronger gains in new business, ongoing improvements in demand conditions and job creation, a monthly survey said on Monday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from July's four-month low of 55.5 to 57.2 in August, amid a quicker upturn in business activity and the sharpest rise in employment for over 14 years. For the thirteenth straight month, the services sector witnessed an expansion in output.
AIBOC in a letter to the Prime Minister, has said the government should not expect the banking fraternity to "join the political campaign of #MainBhiChowkidar" unless issues related to merger of banks, salary revision and staff recruitment, among others, are addressed.
India's services sector activities improved further and expanded at strongest rate in over 11 years in May, supported by a substantial pick-up in new business growth, even as input cost inflation climbed to a record high, a monthly survey said on Friday. The seasonally adjusted S&P Global India Services PMI Business Activity Index jumped to 58.9 in May, up from 57.9 in April, amid better underlying demand and strong inflows of new work. For the tenth straight month, the services sector witnessed an expansion in output.
A depreciating rupee, which briefly hit 80 to the dollar on Tuesday, may boost India's exports but price-inelastic imports of crude oil and gold would mean limited relief on the trade deficit, which clocked a record $26.2 billion in June. Due to global risk aversion on the back of geo-political tensions and aggressive policy tightening by the Fed, the dollar has appreciated against most currencies, including the rupee. And, with other currencies depreciating, India's comparative advantage in this respect may be limited.
Tamil Nadu Tennis Association Vice President Karti Chidambaram says the top 5-6 players such as Yuki Bhambri, Ramkumar Ramanathan, Sumit Nagal, Dhakshineshwar Suresh and Nitin Sinha should be supported to travel with a common coach and trainer, play 26 tournaments, out of which at least 18 are abroad, train for 20 weeks and have six weeks of rest in a year.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
