The delivery of the Tejas Light Combat Aircraft (LCA) to the Indian Air Force under a Rs 48,000-crore deal will begin from March 2024 and around 16 aircraft will be rolled out annually till the completion of the total supply of 83 jets, Chairman and Managing Director of Hindustan Aeronautics Limited R Madhavan said on Sunday.
Foreign exchange reserves jumped $1.17 billion to touch a new record high of $355.46 billion.
CII has also called for tax incentives for new health care projects and import duty relief for lifesaving equipment.
India said on Thursday domestic firms would be allowed to prepay existing foreign currency convertible bonds up to September 30, 2003.\n\n\n\n
After upgrading India's foreign currency debt rating, Moody's Investor Service on Wednesday upgraded the foreign currency deposit, debt and issuer ratings for 11 Indian banks and financial institutions.
Global rating agency Moody's Investor Services in its latest report said the strong fundamentals, combined with upturn in savings and investment as well as rising rate of potential growth, supports the Indian government's foreign currency sovereign medium investment grade (Baa3) bond rating and local currency speculative grade (Ba2) bond rating.
The Reserve Bank of India announced a slew of measures to attract foreign currency deposits and boost liquidity to mutual funds, non-banking finance companies and exporters.
The Reserve Bank of India (RBI) is precariously balancing two opposing objectives - maintaining easy financial condition in the domestic market, while ensuring external stability - and economists have started taking note. They say India is going through the classic trilemma of the 'Impossible Trinity'. The RBI cannot have an independent monetary policy (setting domestic interest rates) in an environment of an open capital account and flexible exchange rates. What is even more complicated for the central bank now is that financial market stability overlays all the other three objectives.
India's foreign exchange reserve went up by $3.59 billion to $254.05 billion during the week ended December 19, 2008 mainly on account of revaluation in foreign currency. The foreign currency assets rose by $3.58 billion to $ 245.30 billion, according to the latest data released by the Reserve Bank of India on Friday.
India's foreign exchange reserves fell for the next time in a row by $2.58 billion to $ 252.18 billion in the week ended January 16, 2009 mainly due to revaluation of foreign currency and heavy pullout by the foreign institutional investors.
Companies hit by the sudden appreciation of foreign currencies such as Swiss franc and yen are finding it difficult to restructure their currency options as banks have become cautious in extending fresh credit limits to them.
Leveraging global capital markets to give muscle to an innate competitive advantage in rapid mass transaction systems will lead to India becoming a petri dish for global enterprises and new-age innovation that it yearns to be.
The facility will be open till November 30.
India's sovereign credit ratings do not reflect the economy's fundamentals, the Economic Survey said on Friday and nudged the global agencies to become more transparent and less subjective in their ratings. The Economic Survey 2020-21, tabled in Parliament, said that sovereign credit ratings methodology must be amended to reflect economies' ability and willingness to pay their debt obligations, and suggested that developing economies must come together to address this bias and subjectivity inherent in sovereign credit ratings methodology. "Never in the history of sovereign credit ratings has the fifth largest economy in the world been rated as the lowest rung of the investment-grade (BBB-/Baa3). While sovereign credit ratings do not reflect the Indian economy's fundamentals, noisy, opaque and biased credit ratings damage FPI flows," the survey said.
External commercial borrowings above $20 million have now been allowed only for foreign currency expenditure for permissible end-uses and are required to be parked abroad.
Experts disagree with the idea and the Reserve Bank of India (RBI), which has the sole right to print money, is not comfortable with it as well.
Foreign currency non-resident bank FCNR (B) deposits in dollar, having maturity of one year to less than two years, would now attract an interest rate of 2.41 per cent as compared to 2.33 per cent earlier. Rate of interest for deposits with 2-3 years maturity has been revised to 2.71 per cent from 2.43 per cent earlier. For deposits having a maturity of five years, the rate has been revised to 3.47 per cent, against 3.11 per cent earlier, the banks said.
Nepalese police on Friday decided to slap charges of illegal kidney transplants and foreign currency violations against alleged kingpin Amit Kumar as India wanted him to be handed over to the Central Bureau of Investigation at the earliest.
While foreign currency rating was retained at Baa2 -- the second-lowest investment grade score -- Moody's also projected a fiscal deficit of 3.7 per cent of gross domestic product in the year through March 2020, a breach of the government's target of 3.3 per cent.
Mid-sized Indian IT companies are increasingly adopting the Foreign Currency Convertible Bonds route to raise funds.
Investors in international funds should have a horizon of more than five years. Not only will this help them overcome equity and currency volatility, it will also help them enjoy better tax treatment, says Sanjay Kumar Singh.
The reserves have been surging by over $3 billion for the last two consecutive weeks. The forex reserves stood at $288.316 billion, up by $3.418 billion a week before.
The foreign currency assets increased by $1.808 billion to stand at $224.870 billion as against $223.062 billion in the previous week, the Reserve Bank data stated.
Though the NDA government had been trying to privatise 20 companies, a decision for which was taken in 2017, and included national carrier Air India, the investor community evinced little enthusiasm for any of them. Now, with an in-principle approval for privatisation of BPCL, CCI and SCI, the government has taken the plunge again.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
Experts point to the bitter experience of countries including Mexico, Thailand, South Korea and Russia and desist from going forward with plans of issuance of such securities. They say rather than going abroad, the country should increase participation of foreign investor in the government securities which does not have any forex risk.
India's gold reserves were also up by $297.7 million to $19.33 billion
Foreign currency reserves declined $1.055 billion to $144.222 billion for the week ended September 16, 2005
India's forex reserves increased by a whopping 5.031 billion to stand at $185.078 billion during the week ended February 9, as against $180.047 billion during the week ended February 2.
India's foreign exchange reserves declined by $685.1 million to $274.81 billion in the week ended August 30 due to a dip in the foreign currency assets, the Reserve Bank said.
Forex reserves include a country's gold holdings and convertible foreign currencies held in its banks, including special drawing rights and exchange reserve balances, with the International Monetary Fund.
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The rated oil and gas companies, Fitch said, have a significant proportion of foreign currency-denominated debt.
India's forex reserves decreased by $666 million to stand at $176.585 billion during the week ended January 5 as against $177.251 billion during the week ended December 29.
India's forex reserves went up by $75 million to stand at $175.519 billion during the week ended December 15 as against $175.444 billion during the week ended December 8.
High interest costs and a weak rupee may raise overall debt, even as refinancing may not be an issue.
India's forex reserves increased by $1.141 billion to $200.325 billion during the week ended April 6 as against $199.179 billion in the previous week.
India's forex reserves went up by $1.168 billion to stand at $168.284 billion during the week ended November 10 as against $167.116 billion during the week ended November 3.
India's forex reserves came down by $30 million to stand at $165.275 billion during the week ended October 13 as against $165.305 billion during the week ended October 6.
The rupee's fall against the dollar is bad news for companies which have increased their exposure to foreign currency loans in recent years.
A Dubai-bound passenger, who had allegedly swallowed 159 capsules containing foreign currencies valued more than Rs 16 lakh, was arrested on charges of smuggling
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