Prime Minister Narendra Modi on Wednesday said the world looks at India as an important pillar of stability, a trusted friend, an engine of growth in the global economy, a technology hub for finding solutions and a powerhouse of talented youth. He also said that in the rapidly changing world order, India is moving forward as 'vishwa mitra' (friend of the world). Speaking at the inauguration of the 10th edition of the Vibrant Gujarat Global Summit, which saw participation of state hea
Gold import from the UAE at a lower rate of duty -- in terms of an agreement -- has posed a survival challenge for the Indian refining industry while hurting the price discovery of the metal, with the India International Bullion Exchange starting operations at GIFT City. The problem has arisen after the government signed the Comprehensive Economic Partnership Agreement (CEPA) with the UAE. Under it, Indian jewellery manufacturers have been allowed to import gold at a concessional rate of 14 per cent against 15 per cent, which is normal.
'When the gold price rises rapidly, India's physical gold market remains on standby.'
The Reserve Bank of India (RBI) has put in place a framework to allow overseas subsidiaries and branches of Indian banks and financial institutions to undertake activities not specifically permitted in the Indian domestic market. The framework also specifies the applicability of these instructions to International Financial Services Centres in India, including Gujarat International Finance Tec-City (GIFT City). While these activities may not need prior approval, they are subject to compliance with all applicable laws/regulations and conditions stipulated by the RBI and those prescribed by the host regulator.
'We are receiving a steady stream of interest from well-established foreign universities.'
Finance Minister Nirmala Sitharaman on Saturday reviewed the performance of public sector banks (PSBs) on various financial health parameters and their resilience in the wake of the current global financial scenario emanating from the failure of some international banks in the US and Europe.
Sources said the process has taken time because of a delay in leasing of aircraft. As per the original plan the aircraft were to be leased through GIFT City, Gujarat, but this is proving costlier than doing it offshore.
The 'Holi celebrations' event was organised by the Governor in the honour of the visiting dignitary and his delegation.
Fintech and venture capital firms such as Recur Club, Razorpay and Trifecta Capital have come to the aid of homegrown start-ups caught in the crossfire of the Silicon Valley Bank fiasco. Alternative funding platform Recur Club said it was allocating $15 million to all Indian founders affected by the crisis. It will not charge any platform fee for the same.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
Sundararaman Ramamurthy has been an interesting choice for the publicly-listed BSE, which has seen its chief move to bigger rival -- the National Stock Exchange (NSE) -- in July. Having spent nearly two decades at the country's largest bourse, Ramamurthy is among the early architects of NSE and understands all the cogs of the exchange wheel like only a few others in the country. Just like NSE's core team, which includes its founder RH Patil, the 59-year-old Ramamurthy has worked at the Industrial Development Bank of India (IDBI) before moving to NSE in 1995.
The NSE International Exchange (NSE IFSC) on Monday said trading in select US stocks will soon be facilitated through its platform. The Exchange will soon announce the operational details and will launch the product at the earliest possible time, NSE IFSC said in a statement. It further said depositories, banks and brokers have already started working with NSE IFSC to enable these investment products for Indian investors.
Shanghai Gold Exchange plans to open a centre at GIFT City, in partnership with BSE or NSE
Indian start-ups raised issues, such as blockages in international wire transfers, disruptions due to threshold limits on withdrawals, lack of communication from US agencies, and the need for preferential access to credit, in a meeting with the government over the fallout of Silicon Valley Bank's collapse. Rajeev Chandrasekhar, minister of state for electronics and information technology, held a virtual meeting with over 450 members from start-ups, venture capitalists, and investors who have been directly affected by the closure of SVB. He assured them that the IT ministry would put together a list of suggestions and give it to the finance minister on behalf of start-ups.
The government has been in discussions to promote such international financial services centres within India as alternatives to places like Singapore.
The criteria for allowing companies to avail of this provision will include profitability, networth, paid-up capital, and turnover.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
The recent migration of marquee investments from Maharashtra to Gujarat seems to have rekindled the Marathi manoos sentiment.
The absence of the CM at the airport irked the saffron party, which said Rao failed to follow the protocol and 'insulted the prime minister'.
Finance Minister Nirmala Sitharaman on Tuesday highlighted "significant reforms" undertaken by the government including National Monetisation Pipeline (NMP) and National Infrastructure Pipeline (NIP) as she met institutional investors in Boston. Sitharaman arrived in the US on Monday for a week-long trip to attend the annual meet of the World Bank and IMF in Washingon as well as G20 Finance Ministers and Central Bank Governors (FMCBG) meeting. During the official visit to the US, Sitharaman is expected to meet US Treasury Secretary Janet Yellen.
This is also because Johnson's visit will follow at the end of Modi's three-day visit to Gujarat for inaugurating projects, reports Vinay Umarji.
Most of the members, including Prime Minister Narendra Modi, were seen wearing face masks. However, members had crowded the Lok Sabha chamber, while hardly a handful of others, including union ministers Dharmendra Pradhan and Piyush Goyal, were seen seated in the Rajya Sabha chamber.
INX will trade initially in equity derivatives, currency derivatives, commodity derivatives including index and stocks
Overseas bourses may take similar action and stop providing data on foreign indices and commodities traded in India, Ashish Chauhan, chief executive officer, BSE said.
From March 3, investors in India will be able to trade in select US stocks through the NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange (NSE). Investors can invest in NSE IFSC receipts on US stocks, which will be in the form of unsponsored depository receipts (DRs). For a start, this will include DRs of 50 US stocks such as Apple, Alphabet, Amazon, Tesla, Microsoft, Morgan Stanley, Nike, P&G, Coca-Cola, and Exxon Mobil. Indian retail investors will be able to transact on the NSE IFSC platform under the Liberalised Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India (RBI), which currently stand at $250,000 per year.
'You have to be a total anti-national bozo to shut down the Nokia plant in Sriperumbudur, which was the first large manufacturing plant for mobile phones in India.' 'Why was the unit shut down? Because of somebody's ego.'
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
Some international markets offer interest rates as low as one per cent, which could reduce the government's interest cost significantly.
Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without the mandatory 180 days' waiting period.
The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore, she said.
Manchester City reached the Champions League quarter-finals after beating Real Madrid 2-1 (4-2 on aggregate) at the Etihad Stadium on Friday, with scorers Raheem Sterling and Gabriel Jesus taking advantage of errors by defender Raphael Varane.
Kevin de Bruyne's first-half penalty and a superb strike by Raheem Sterling after the break earned holders Manchester City a comfortable 2-0 away win at Newcastle United in the weekend's last FA Cup quarter-final on Sunday.
GIFT city has two components of development - domestic financial centre and international financial services centre.
The objective is to ensure the exchange's preparedness in the event of a natural calamity, so that any disruptions should not affect market integrity and investor confidence.
Congestion on Mumbai roads has become chronic.
Through a tweet, Modi said he went to meet his mother early Tuesday morning and had breakfast together.
The new exchange will also help global companies raise finance from other overseas investors.
Some of projects, especially in infrastructure, have seen quite a few unexpected delays.
Instruments such as Reits, InvITs, unsponsored GDR, GIFT find few takers.
Real Madrid moved into the semi-finals of the Champions League after their makeshift defence held on for 0-0 second-leg draw with Liverpool at Anfield on Wednesday to complete a 3-1 aggregate win.
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