Amid concerns over minorities being targeted in India, former Reserve Bank governor Raghuram Rajan on Thursday cautioned that an 'anti-minority' image for the country can lead to loss of market for Indian products and may also result in foreign governments perceiving the nation as an unreliable partner. India enters the perception battle from a position of strength, the professor at Chicago's Booth School of Business said, alluding to credentials like democracy and secularism, but warned that this battle is "ours to lose". The comments came a day after bulldozers tore down several concrete and temporary structures close to a mosque in Jahangirpuri as part of an anti-encroachment drive, days after the northwest Delhi neighbourhood was rocked by communal violence.
With the US "quietly" supporting him, former Spanish Finance Minister Rodrigo Rato is likely to become the next managing director of the International Monetary Fund, according to media reports.
Within days of announcing mega investments for building in Hyderabad its second data centre cluster in India, Amazon Web Services (AWS) on Monday said it is excited about the India market, where cloud adoption offers massive headroom for growth. Pledging its long-term commitment to the India market, AWS, Amazon's cloud computing unit, said it expects global uncertainties to accelerate the decisions by companies to opt for flexible, on-demand cloud infrastructure to pare costs, gain efficiencies and drive business innovation. "Cloud reacts well to uncertainty," Puneet Chandok, president - commercial business, AWS India and South Asia, Amazon Internet Services Pvt Ltd (AISPL) told PTI.
India skipper Harmanpreet Kaur came much cheaper for Mumbai Indians at nearly half the price of Mandhana at Rs 1.80 crore.
'Marginal rates will definitely affect the consumer's decision in entering a new transaction, but in reality, they don't affect much because banks/financial institutions have come up with step-up EMIs: 50% of home loans which exceed 15 years in India are prepaid, within 7-8 years.' 'This doesn't happen anywhere in the world.'
The Indian economy is expected to grow around 10 per cent during the current financial year on the likelihood of fewer COVID-19-linked supply disruptions and buoyancy in the global economy, said Poonam Gupta, director general of economic think-tank NCAER. The real challenge, however, would be to sustain a growth rate of 7-8 per cent in years to come, she said. "We could see annual growth in the ballpark range of about 10 per cent. "The reasons for this perceived optimism are: fewer supply disruptions; increased pent-up demand in the traditional and contact-intensive services; and a buoyant global economy.
There are still bumps in the road ahead for Swiss banks.
'These are only passing clouds. The banking industry is a century-old industry and this is not the first time it is going through such a crisis.' 'When the economy revives, those companies that are in the infrastructure fields will also get revived.' 'After all, a lot of money has gone into creating assets like power projects and roads, so you can't say money has been wasted.'
Axis Bank Managing Director & Chief Executive Officer Shikha Sharma on the new mechanism for non-performing loans, the bank's loan portfolio, industry outlook and the bank's future plans.
The UNICEF is the world's largest single vaccine buyer, procuring more than 2 billion doses of various vaccines annually for routine immunisation and outbreak response on behalf of nearly 100 countries.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
The India government needs to work on policies that can enhance global trade.
State Bank of India chief Arundhati Bhattacharya, ICICI bank head Chanda Kochhar, Biocon founder Kiran Mazumdar-Shaw and HT Media chair Shobhana Bhartia are among the world's 100 most powerful women.
Telecom service operator Airtel on Thursday urged the government not to charge high fees for allotting 5G spectrum, saying a faster roll out of the next-generation telecommunication network can have more benefits than collecting revenue in upfront cost. Sunil Bharti Mittal, chairman of Bharti Enterprises which runs the country's second largest telco, said that there are a variety of applications across sectors ranging from healthcare to video interactions, which will make 5G a technology to be introduced as soon as possible. "5G is important and that's why we keep on requesting the government to make the 5G as an enabler for hundreds of things that we develop in the country, to keep the spectrum at affordable pricing, to not load the industry too much," Mittal said at the Times Network India Economic Conclave.
Jeff Bezos of Amazon tops the list for the second consecutive year with networth of $147 billion.
Emerging countries should not accumulate too much foreign exchange reserves as such a buildup has its own limitations and at a particular point complicates monetary policy, IMF managing director Rodrigo de Rato said.
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.
Ace stock market investor Rakesh Jhunjhunwala, often referred to as India's own Warren Buffet, passed away at the age of 62.
India has become a focus of private equity firms with deals worth more than $5.9bn this year, 50 per cent more than the total for all last year. Most of the leading firms have set up in India or are finalising plans to do so.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
Rising unemployment rate reflects a rise in the labour participation rate, which in India's case has been worryingly low.
'SBI is already too big. Too big to fail.' 'It already is a moral hazard. What will it do with 20,000 branches that it cannot do with 14,000, especially in these days of online and mobile banking?'
'Health will continue to be at the centre of the government's attention as it underpins economic recovery and our collective well being.'
'At the first board meeting I chaired, I sensed that corporate governance is an issue in this company.' 'I started taking steps that may have aggrieved a few.' 'This has now become a mission I intend to accomplish before I step down.'
Foreign investors have pulled over Rs 6,400 crore from the Indian equity market in the first four trading sessions of the ongoing month when the Reserve Bank of India (RBI) and US Federal Reserve raised interest rates. Given the headwinds in terms of elevated crude prices, inflation, tight monetary policy among others, FPIs' flows in India are expected to remain volatile in the near term, Shrikant Chouhan, Head - Equity Research (Retail), Kotak Securities, said. Foreign Portfolio Investors (FPIs) remained net sellers for seven months to April 2022, withdrawing a massive amount of over Rs 1.65 lakh crore from equities. This was largely on the back of anticipation of a rate hike by the US Federal Reserve and due to the deteriorating geopolitical environment following Russia's invasion of Ukraine.
Most forecasts do not have a track record of transparency and accuracy
With cyber criminals becoming savvier by the day, learning how to safeguard yourself is imperative.
The price of bitcoin, the bestselling cryptocurrency, has shrunk nearly three times this year to mark the fate of such digital assets. Crashing prices, regulatory uncertainty and taxes have put Indian crypto exchanges in troubled waters. Finance Minister Nirmala Sitharaman's budget for FY23 announced a 30 per cent tax on any income from the transfer of virtual digital assets.
At the time of the media maelstrom around her non-dom status, she hit back at implications that it was in some way indicative of her stronger bond with India than the UK.
Every patriot should learn from our history and recognise that celebrating size will neither negate nor obscure the huge economic challenges that India faces, asserts Rathin Roy.
The consortium will launch programmes in ease of doing business in their respective regions B-schools.
"Now is the time for countries with room in their budgets to deploy -- or get ready to deploy -- fiscal firepower. In fact, low interest rates may give some policymakers additional money to spend," new IMF chief Kristalina Georgieva said.
Riteish Deshmukh on movies, Genelia and what he'd like to teach his sons.
Apart from being the most successful cases under the IBC, Bhushan Steel and Essar Steel are among the best steel assets in the country. They also ended up helping their lenders get back a significant chunk of the money while allowing Tata Steel to consolidate its position and giving the world's two largest steel makers - ArcelorMittal and Nippon Steel - a strong foothold in India. A significant contrast was the pace at which these two cases were resolved under the bankruptcy code. In the annals of the Insolvency and Bankruptcy Code (IBC), Essar Steel may go down in history as the most noticeable resolution with the world's largest steelmaker, ArcelorMittal, and the incumbent, Ruia family, locked in an intense battle spanning more than two years and ultimately resulting in full recovery of the principal amount for the financial creditors.
Apart from mobile apps, 611 websites with the .in domain in the country were also found to be vulnerable, the Trend Micro survey reveals.
At Prestige Polygon Towers in Chennai's Teynampet, hectic preparations are on for a mega global investors' meet under the aegis of Guidance Tamil Nadu (the state investment promotion agency) scheduled for January 2024. Asked about the key focus areas of the meet, the agency's managing director and chief executive officer, V Vishnu, said the state was betting big on electric mobility. This is no surprise, given that the state has signed electric vehicle (EV)-related memorandums of understanding (MoUs) with several companies in the recent past that may bring in investments worth around Rs 33,000 crore with the potential to create over 43,000 job opportunities.
India's GDP is estimated to contract by a record 7.7 per cent during 2020-21 as the COVID-19 pandemic severely hit the key manufacturing and services segments, as per government projections released on Thursday. Amid overall decline in economic activities, some respite was provided by the agriculture sector and utility services like power and gas supply, which have been projected to post positive growth during the current fiscal ending March 2021.
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