Asia's richest man Mukesh Ambani on Thursday said his oil-to-telecom-and-retail conglomerate is not seeking short-term profit but is in the business of creating wealth for the nation. Speaking at the company's annual shareholder meeting, he said all businesses of Reliance Industries Ltd continue to be key drivers of the Indian economy and have become a success story. "We are not in the business of pursuing short-term profit and hoarding wealth. "We are in the business of creating wealth for India," he said.
'This agreement will help the Indian workforce to move to non-traditional sectors of employment like teaching, nursing, and manufacturing.'
'If the period between 1991 and 2014 was about laying the foundations and building the runway, the period from 2014 to 2024 has been about the aircraft taking off.'
Currently, companies are taxed in the jurisdictions in which they have a physical presence. However, digital businesses generate revenues from markets without a significant physical presence in a country.
Gross GST collection grew 9 per cent to over Rs 1.87 lakh crore in October on higher revenues from domestic transactions. The Central GST collection stood at Rs 33,821 crore, State GST at Rs 41,864 crore, Integrated IGST at Rs 99,111 crore and cess at Rs 12,550 crore.
Prime Minister Narendra Modi and US President Joe Biden will have a substantive engagement on the sidelines of the Quad summit on Saturday, and the two sides will sign at least two agreements following the talks.
Households are likely to remain the primary net lenders to the economy in the coming decades.
Chief Economic Adviser (CEA) K V Subramanian on Tuesday exuded confidence that India would achieve double-digit growth in the current financial year on the back of policy initiatives and continuing reforms. He also said the country is well poised to meet the fiscal deficit target of 6.8 per cent of GDP. "At this stage, I can say confidently that we should be able to achieve that fiscal deficit number. "Any shortfalls that might happen on the disinvestment side will also be accompanied by positive surprises that have happened on tax revenue," he told reporters.
Net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal, on higher advance tax payment by corporates.
'The attention economy is making it economically valuable for us to spread our attention thin', observes ad guru Sandeep Goyal.
'Investors should consider small and midcaps only if they can handle volatility and have a longer investment horizon.'
the largest transactions of the year include the merger of Quality Care India and Aster DM Healthcare valued at $5.08 billion, followed by Bharti Enterprises' acquisition of a 24.5 per cent stake in the BT Group at $4.08 billion, and a family settlement transaction in the Godrej family at $3.5 billion.
There will be uncertainty about outcomes,but one must hope for the best, observes T N Ninan.
From connectivity woes to infrastructure advancements and the startup boom, there is a gulf between claims and reality in India's economic landscape, points out Devangshu Datta.
Reliance Industries Ltd has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth, its chairman and managing director Mukesh Ambani said outlining plans from net zero to roll-out of True5G telecom network and retail. In the firm's latest annual report, he said in the world of volatility and uncertainty, India is shining as a beacon of stability and prosperity.
So, while it is great that India's numbers look relatively good, don't raise a cheer just yet, points out T N Ninan.
Trumponomics, poor growth, and high valuation certainly don't make a bullish recipe for Indian markets, warns Debashis Basu.
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
Wedding planner WedMeGood estimates that the average wedding budget has surged to Rs 36.5 lakh this year, with destination weddings averaging Rs 51 lakh.
For Yogi Adityanath the successful management of the fair is a crucial part of building 'Brand UP' and making the state a $1 trillion economy.
Ashok Kumar Gupta, chairman of the Competition Commission of India (CCI), has never minced words while talking about the giant technology companies, referring to them on multiple occasions as "centres for entrenched and unchecked dominance". The anti-trust regulator has, in fact, been cracking down on big technology companies such as Google, Apple, Facebook, and others, after they were hauled up by regulators and lawmakers in Europe and Australia. However, in several instances, existing regulations have prevented the CCI from going all out against these companies for anti-competitive activities.
The existing double taxation avoidance agreements will not be covered by the proposed change, implying that in order to tax Facebook, Google and the like, India will require to renegotiate tax treaties.
The likelihood is that India will maintain a moderately upbeat economic tempo -- well short of tearaway growth, explains T N Ninan.
Sri Lankan President Anura Kumara Disanayaka assured Prime Minister Narendra Modi that his country's soil will not be used against India's interests, addressing concerns over China's growing influence in Colombo. The two leaders discussed a range of issues, including a defense cooperation agreement, energy ties, and debt restructuring. They also agreed to initiate a ferry service between Rameshwaram and Talaimannar, and to adopt a "humanitarian approach" to the fishermen issue.
'While criticising India's high tariffs, Mr Trump stated he would impose reciprocal taxes on Indian products if re-elected.' 'However, since India's tariffs follow WTO rules, Mr Trump's actions would violate these rules,' Ajay Srivastava points out.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
Union Finance Minister Nirmala Sitharaman on Tuesday commended Indian financial sector regulators for doing a "world-class job" and bringing greater transparency into the system. Underlining that she is not against questioning or critiquing regulators, Sitharaman said there is a need to be "extremely conscious" about contributions made by them as well. Speaking at the Financial Express Best Banks Awards, the finance minister said, "I strongly recommend that facts are taken on board before we discuss anything to do with the regulators, strictly speaking."
The Declaration for the Future of the Internet is in part a response to a rising trend of digital authoritarianism, including Russia's actions to block credible news sites
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
Indian students are looking at destinations that offer quality education coupled with unique cultural and career experiences, often at more affordable costs, says Gaurav Batra, CEO, Infinite Group.
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
A tech architect must have certifications across ERP platforms (SAP, Oracle, Microsoft) and Cloud platforms (MS, Google, Low code SAAS platforms such as Salesforce, and ServiceNow).
'India has tremendous potential for digital ventures,' says Ratan Tata.
'Defence and aerospace show huge potential thanks to the government's Make in India push.'
'Citing an example of the pressure students face, she mentioned that one student shared how friends in college would say, "Don't come back without that multi-crore job," as they said their goodbyes.' 'But you have to understand that this is the end of the beginning, and it's not even the beginning of the end.'
'Google and Facebook need to be tamed, their garb of 'Investing in India's future' need to be pulled off,' observes Vibhu Arya.
'Why does a State that sees a national security issue at every turn not recognise the seriousness of the data from sensitive databases being breached?'
The draft policy proposes the launch of a non-personal data based India datasets program and addresses the methods and rules to ensure that non-personal and anonymised data from both government and private entities are safely accessible by the research and innovation ecosystem.
Since jobs will remain scarce for the foreseeable future, an unemployment allowance should be the next big social-security initiative, suggests T N Ninan.
Automobile (auto) retail sales in India grew by an impressive 14 per cent in July compared to the same period last year, driven by a surge in the rural economy, good product availability, and product launches. While passenger vehicles (PVs) saw a 10 per cent increase during this period, inventory levels have surged to a historic high of 67-72 days in PVs, equating to Rs 73,000 crore worth of stock, according to the Federation of Automobile Dealers Associations (Fada). This poses a risk to dealer sustainability. Inventory levels in July 2023 were only 50-55 days, equating to a stock worth Rs 49,833 crore. In June 2024, inventory was between 62 and 67 days, with a stock value of Rs 60,000 crore.
