Billionaire Mukesh Ambani's Reliance Industries Ltd climbed two spots to No. 53 on Forbes' latest Global 2000 list of public companies worldwide. Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets and market value, Forbes said releasing the 2022 ranking of the world's top 2,000 companies. Reliance is the top-ranked Indian firm on the list, followed by State Bank of India at No. 105, HDFC Bank at No. 153 and ICICI Bank at No. 204.
Fitch Ratings on Wednesday cut India's growth forecast to 10 per cent for the current fiscal, from 12.8 per cent estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence. In a report, the global rating agency said the challenges for banking sector posed by the coronavirus pandemic have increased due to a virulent second wave in the first quarter of the financial year ending March 2022 (FY22). "Fitch Ratings revised down India's real GDP for FY22 by 280bp to 10 per cent, underlining our belief that renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and revenue generation in FY22," it said. Fitch believes that rapid vaccination could support a sustainable revival in business and consumer confidence; however, without it, economic recovery would remain vulnerable to further waves and lockdowns.
As the world celebrated International Day of Persons with Disabilities (PwD) on December 3, corporate India has kept up with efforts to make workplaces more inclusive and accessible. Organisations across sectors are taking initiatives such as equipping offices with practical work tools like Braille-friendly and voice-enabled lifts and screen readers. While inclusion has gained pace, only 11.3 per cent (or 3.4 million out of 30 million) Indians with disabilities have jobs.
'Indian equity valuations, although not very expensive, are not cheap either.'
Billionaire Gautam Adani's group is planning to build 10 GW of integrated solar manufacturing capacity by 2027, as it looks to capture energy transition business, sources close to the company said. Adani Group currently has a solar manufacturing capacity of 4 GW. Adani Solar has a confirmed order book of over 3,000 MW in exports that are to be serviced over the next 15 months, they said, adding Adani, recently, raised $394 million for solar manufacturing from Barclays PLC and Deutsche Banks AG through a trade finance facility.
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Residential house prices have only risen since the pandemic.
After 2014, our growth has been average of around 5%. If this continues, we will remain here like Egypt, Brazil, South Africa and Bangladesh, points out Aakar Patel.
Australian Prime Minister Anthony Albanese said on Tuesday that his Indian counterpart Narendra Modi gets a 'rock star reception' wherever he goes, as he welcomed his 'dear friend' at an event in Sydney and compared him to American singer Bruce Springsteen.
India's huge digital prowess and potential will play a huge role in enabling digital lending, says Romita Majumdar.
'Looking back, there is every chance that I would not have opted for Kota.'' 'The biggest flaw is that your personality gets blocked.' 'It took me two years to get back to 'being human' again.'
A cricket match involving India and Pakistan is not just about top-quality cricket, but it is also about roaring fans giving the stadium the atmosphere of a Roman colosseum.
A slew of Indian firms, including Flipkart, Byju's and Zomato, is building a path to profitability and diversifying into newer business segments ahead of mega-IPO plans.
'Chasing sectors which have reported strongest earnings is not always the right strategy for outperformance.'
The Lok Sabha elections in 2024 are not a consideration when it comes to monetary policymaking, said Reserve Bank of India governor Shaktikanta Das to underscore the central bank's commitment to controlling inflation. "It's not possible for me to comment what we do in the next MPC (Monetary Policy Committee), but one thing I can tell and I would like to make it very clear-that the fact of elections coming up in 2024 is not a factor at all so far as monetary policymaking is concerned. "Monetary policymaking is for checking (and) controlling inflation," Das said at the Business Standard, BFSI Insight Summit.
Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform oriented.
Stating some consolidation in the banking system was inevitable, Finance Minister P Chidambaram on Saturday said India must have two or three world size banks.
'One way of doing this could be offering credit guarantee to the banks, say 10 per cent, for fresh loans given to micro, small and medium enterprises,' observes Tamal Bandyopadhyay.
Check the Fortune 500 listings, and you will find that the largest companies in the world tend to be in five or six key businesses: energy, automobiles, telecom, IT, banking and retailing.
10 non-bank and non-finance stocks from the BSE500 Index universe that offer an optimal blend of low valuation, reasonably robust revenue and earnings growth in recent quarters, a strong balance sheet, and most importantly, positive cash flow from their operations.
Noting that India has 'limitless possibilities and countless opportunities', Modi urged the BRICS business leaders to take advantage of them.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
The evolving RBI-government relationship, a reversal in the interest rate cycle and return to profitability will dominate bankers' conversation this year, says Tamal Bandyopadhyay.
'Till today, we don't know how many people died of Covid in India.' 'How many migrated from cities to villages during the Covid pandemic?' 'How many corporates contributed to PM Cares?'
Almost every country in the world just signed on to the #ParisAgreement on climate change
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.
'At the heart of the strategic relationship between our countries are economic ties.'
Tech Mahindra was the top loser in the Sensex pack, crashing over 9 per cent, followed by Kotak Bank, Axis Bank, TCS, Infosys and HUL. On the other hand, Hero MotoCorp, Bajaj Auto, Bajaj Finance and Titan were the gainers.
The men with guns tend to know little finance, and establishing such a conspiracy then involves leakage of information, which is also dangerous, Ajay Shah points out.
A key government official involved in initiatives to make doing business in the country easier said improving the ranking to 50th in a year was not possible but the country could certainly do that over two years.
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
'Saying that Snapdeal is not doing well is beyond premature. Suggesting that someone has won or lost is myopic.'
During his first Union Budget in July 2014, former finance minister Arun Jaitley announced the setting up of an institution called 3P India, with an allocation of Rs 500 crore. The intention was to mainstream public-private partnerships (PPPs) in India. The plan was to bring together the capacities of the government and private sector to push PPP projects.
Discussions are on in government about how to make the process simpler for the poor and more cost-effective for telecom operators, says Subhomoy Bhattacharjee.
Modi is keen to get more investments into Gujarat.
'With technology advancing rapidly, the need for branches is declining.'
'When my father travelled 5,000 miles to build a new home in Ireland, I doubt he ever dreamed that his son would one day grow up to become its leader.' Vaihayasi Pande Daniel/Rediff.com profiles Dr Leo Varadkar who will step down as Ireland's taoiseach (prime minister) next week.
Go-getter, ambitious, dynamic, workaholic are some of the adjectives that officials who worked closely with B V R Subrahmanyam use to describe him.
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