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."
In a serious data breach, personally identifiable information of 815 million Indians has been up on the dark web for sale, according to a report by US-based cybersecurity firm Resecurity. Details such as Aadhaar and passport information along with names, phone numbers and addresses are available for sale online, it has said.
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.
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.
The Centre is looking to convene a meeting of the all-powerful Goods and Service Tax Council in early January. The meeting is likely to focus on rectifying the inverted duty structure for a few more items and will also serve as a platform for pre-Budget discussions between Union Finance Minister Nirmala Sitharaman and state finance ministers, Business Standard has learnt. "The current Winter Session of Parliament ends on December 23, followed by the Christmas-New Year period. "After that we would like to have a meeting of the GST Council, depending on whether there can be a quorum," a top government official said.
The government should provide home loan up to 25 lakh at a lower interest rate of 5 per cent to the people of the middle class, a prominent realtors' body appealed to the government against the backdrop of soaring home prices. G Hari Babu, president of the National Real Estate Development Council (Naredco), in an online interaction with Business Standard, said that the middle class in India accounts for roughly 30 per cent of the total population and is dependent on rental accommodation.
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.
Is it is necessary to play divisive politics to succeed in the next general elections? asks Dr Sudhir Bisht.
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.
USIBC encourages a dialogue between industry and the two governments to address how a constructive approach can protect Intellectual Property Rights.
'This victory would mean a huge inspiration for the next generation who can say that coming from India I can be anybody I want to be if I work hard and acquire the right skills.' 'They could be the next President, members of the Senate, or another Sundar Pichai.'
At least 10 Indian-Americans, almost all of them Democrats, have won local and state level elections held in several parts of the country, reflecting the growing political empowerment of the ethnic community that constitutes a little over one percent of the United States' population.
Why should India buy olives from Europe when it could do so from the world's largest producers?
Closely watched by the world for any escalation, the Iran-Israel conflict is already showing early signs of stress for India Inc - longer deliveries, doubling freight rates, extended working capital cycles, and higher costs. For those yet to feel the heat, there is growing apprehension and nervousness over future developments, observed industry executives.
For India to view the new Sri Lankan leadership only through the prism of the past or through their narrow view on China, is fraught with possibilities that should be avoided, asserts N Sathiya Moorthy.
The Finance Minister said as a result of India's economic reforms, a number of Indian companies have grown in size and stature and at times tend to compete with the US companies.
External Affairs Minister S Jaishankar has met United States Defence Secretary Lloyd Austin and held a productive conversation with him on deepening bilateral defence cooperation, including in the co-production of defence articles, and exchanged perspectives on a variety of security issues.
Reuters reported earlier this week that the Competition Commission of India (CCI) has sent a warning notice to the companies expressing concern that the merged entity will effectively have a monopoly on cricket broadcast rights worth billions of dollars, allowing it to squeeze advertisers.
It is a tribute to a system so robustly meritocratic that this team represents India's diversity better than any other institution: The Union Cabinet, our chief ministers, the civil services, the leadership of our armed forces and security agencies, the judiciary and more than all of these, our typical newsroom. That is the biggest message from this breathless rise of Indian cricket, asserts Shekhar Gupta.
The 49-year-old entrepreneur oversees the media and real estate arm of Dempo Industries as its executive director.
On Friday, Biden announced his intent to appoint 14 people to the advisory committee, which provides overall policy advice to the United States trade representative on matters of development, implementation, and administration of the US trade policy.
Saturday's Quad meeting in Delaware is taking place against the backdrop of China's assertive behaviour in the South China Sea, its sabre-rattling in the Taiwan Strait and increasing footprints in the Pacific and Indian Ocean, asserts Rup Narayan Das.
'Rahul inspired Indian industry with an ethos, an ethos of being more confident, more independent, more thorough, more competitive, more generous, more public-spirited, and more national and more international all at once,' remembers Naushad Forbes.
Chief Adviser to Bangladesh's interim government, Muhammad Yunus, has said the issue of attacks on minority Hindus in his country is 'exaggerated' and questioned the manner in which India projected it.
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
The fully funded scholarship includes tuition, living expenses and travel cost for a one-year-postgraduate programme.
'The die is cast. The wave is for her.' 'We will win this. The numbers are going to be higher than people are saying.' 'It is going to be more closer to Obama's numbers than Biden's numbers.'
External Affairs Minister S Jaishankar on Tuesday targeted Jawaharlal Nehru and claimed that past mistakes were responsible for the problems such as Pakistan Occupied Kashmir (POK) and occupation of some parts of the Indian territory by China.
IPL's Governing Council will have a meeting with the owners of all 10 franchises in Mumbai on Wednesday to discuss the various key issues of this year's players auction.
The Bharatiya Janata Party on Tuesday clinched a stunning hat-trick win in Haryana overcoming anti-incumbency and dashing Congress' hopes of a comeback while the National Conference-Congress combine pulled off a spectacular victory in maiden elections in Jammu and Kashmir after abrogation of Article 370 in 2019.
'At the heart of the strategic relationship between our countries are economic ties.'
Prime Minister Narendra Modi will move the motion today in the Lok Sabha to choose Om Birla as the Speaker of the lower house amid a tussle for the post with the opposition's Indian National Developmental Inclusive Alliance (INDIA).
India's pharmaceutical exports to Iran have been hit owing to depleting rupee reserves in the West Asian country because of India stopping the import of crude oil from it in 2019 following US sanctions. Pharmaceutical exports dropped 71.25 per cent in April-August this year over the same period last year. The data from the Pharmaceutical Exports Promotion Council (Pharmexcil) showed exports to Iran had declined 31.29 per cent in 2022-23 as against the previous financial year.
Had it not been for the slow but sure emergence of China as a threat to the western order, would India have been accepted as a near-equal partner by individual western nations, jointly and severally, questions N Sathiya Moorthy.
Tara completes a landmark... Mallika's favourite colour... Ibrahim goes to Miami...
'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.'
Should we not be creating roles in India for the talented, asks Ajit Balakrishnan.
Somers said, "Number one, the message has to be that now we are living in a global economy and that a knowledge partnership with India is enabling our American companies team with their Indian partners to remain globally competitive."
Next week, US Secretary of State John Kerry travels to India for the fourth annual US-India Strategic Dialogue
