Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
State Bank of India plans to open its office in Dubai International Finance Centre in a few weeks, a move which will boost India's largest bank's presence in the Gulf region.
The International Financial Services Centre Authority (IFSCA) plans to operationalise the framework for direct listing of companies at International Financial Services Centre (IFSC) exchanges by the end of the year, said Chairperson K Rajaraman. He added that the amendments would be notified within three months. Further, the GIFT City regulator is also considering the launch of separate payments system regulations - similar to that of the real time gross settlement (RTGS) for banking within a few months.
Even though the NIA claims that more than 90 per cent of cases charge-sheeted have ended in conviction, the figure is likely misleading. To date, very few cases investigated by the NIA have resulted in a completed trial, points out former CBI joint director Navneet Rajan Wasan.
Finance Minister P T R Palanivel Thiagarajan has proclaimed his determination to set Tamil Nadu's fiscal house in order in five years, and Friday will show how he plans to go about it when he rises to present the Stalin government's maiden budget, says N Sathiya Moorthy.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
Internet giant Google is investing $10 billion in India's digitisation fund, its CEO Sundar Pichai has told Prime Minister Narendra Modi, a step that will recognise India's leadership on fintech and will support small and large businesses in India, the US and around the world. Pichai met Prime Minister Modi in Washington on Friday and also announced the opening of Google's global fintech operation centre in the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. "It was an honour to meet Prime Minister Modi during the historic visit to the US. We shared with the Prime Minister that Google is investing $10 billion in India's digitisation fund," Pichai said.
India's real estate market is poised for growth across categories - residential, commercial, and rental. Currently valued at Rs 24 trillion, or about $300 billion, it is projected to surge to $1.3 trillion by 2034, and then grow further to $5.17 trillion by 2047, indicates a report by the Confederation of Real Estate Developers Associations of India (Credai).
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 World Bank must become Archimedes's lever to help change the world into a more prosperous, inclusive, and sustainable planet in the 21st century. The change in leadership now provides that opportunity, observes Ajay Chhibber.
The migration of domestically developed intellectual property to foreign corporations within India reflects an anomaly in the demand pattern of the country's job market, points out Kanika Datta.
External Affairs Minister S Jaishankar said the passage of the amendment will strengthen India's national security and its global position.
Nearly 40 per cent of IITians sitting for placements in 2024 are yet to receive job offers, showing a doubling of the 'unplaced' in the last three years from 19 per cent in 2021-2022 to 38 per cent in 2023-2024.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
Now that the economy is growing at a higher-than-expected rate, it is time to accelerate the pace of fiscal consolidation, and the Budget could be a good starting point, argues Rajesh Kumar.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
The unemployment rate for women was last this low around Diwali in 2022. The unemployment rate has dropped for women from 14.9 per cent in December 2023 to 11 per cent in January 2024, according to data from the Centre for Monitoring Indian Economy (CMIE). It was higher in January 2023 at 13.5 per cent.
Gift Nifty will provide Indian investors cues on how domestic markets could react to global events.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
The government has been in discussions to promote such international financial services centres within India as alternatives to places like Singapore.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
Political pundits unanimously suggest that the state is not experiencing a discernible Gandhi wave this time around.
The government has decided to hold off introducing the production-linked incentive (PLI) scheme for additional sectors until it verifies the efficacy of existing initiatives. Top government officials have received mixed feedback on the scheme, including insights from the Economic Advisory Council to the Prime Minister, people aware of the matter said. "There are no new PLI schemes in the offing.
Many financial sector reforms suggested by the Percy Mistry Committee may not figure in Budget 2008-09.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
Finance Minister Nirmala Sitharaman on Saturday reviewed the performance of public sector banks (PSBs) on various financial health parameters and their resilience in the wake of the current global financial scenario emanating from the failure of some international banks in the US and Europe.
Ahead of the upcoming elections, political parties have started announcing incentives to benefit women, but what do women truly seek for genuine gender parity, asks Nivedita Mookerji.
If the BJP gets only 200 seats and wants to remain in power, Modi will have to make way -- either for a proxy of his choice, or for an internal rival, predicts Nilanjan Mukhopadhyay.
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country's only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
The government must expedite its plan for asset sale and privatisation, both of which hardly got any mention in the Budget speech, points out A K Bhattacharya.
Director-General of World Health Organisation (WHO) Dr Tedros Ghebreyesus on Friday said though COVID-19 is no longer a health emergency for the world, it is still a 'global health threat' and a new variant of coronavirus is already under the scanner.
Tata Group-owned Air India has informed the Centre that aircraft lessors wish to set up their special purpose vehicles (SPVs) outside India since they aren't enthused about the Indian 'legal structure' and are loath to take risks. Indian airlines have a combined fleet of about 700 planes; over 85 per cent are on lease. A majority of lessors are based in Ireland due to its attractive tax policy, light-touch regulations, and swift legal system.
The High-Powered Expert Committee report sounds impatient on various issues like capital account convertibility.
'We are receiving a steady stream of interest from well-established foreign universities.'
Stalin still enjoys a lot of sympathy and empathy as someone wishing well for the state, but not full-throated support as in 2019 and 2021, notes N Sathiya Moorthy.
The Reserve Bank of India is in favour of a cautious and gradual approach to financial sector reforms rather than a big-bang approach, as advocated by the Percy Mistry Committee report on making Mumbai an international financial centre.
Indications are that the DMK combine will win more seats than the AIADMK and BJP, but is facing a tough fight in about half a dozen from the rest, predicts N Sathiya Moorthy of the electoral contest in Tamil Nadu.
India's role as a leader of the global south may require it to give up its ambition to serve as a bridge between the warring halves of the international community, points out Mihir S Sharma.
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