Category: BUSINESS

India is on the right track and is innovating on the policy side, including on digital identity and payments, but it also needs to capture all the segments of the financial market and institutions to make sure that every piece fits together like a puzzle to fuel growth in the country, according to a top IMF official. The goal is to have an economy and a financial system that can absorb shocks. ..Balance sheets can be better managed, Non-Performing Loans (NPLs) can be better managed, Tobias Adrian, Director of the…

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The country’s electric vehicle (EV) policy needs to be “rejigged” and requires “course correction” in order to make it more effective to achieve envisaged sales targets, according to the country’s leading electric two-wheeler maker Hero Electric. Under the FAME-II scheme, which was launched in April 2019, the plan was to put at least 10 lakh high-speed electric two-wheelers on the road by March 2022. But with two years already over, the number of electric two wheelers on the road remains low at around 60,000 units. In 2020, just 25,735 units…

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Equity benchmark Sensex dropped over 150 points in early trade on Friday, tracking losses in index-heavyweights HDFC Bank, ICICI Bank and Reliance Industries amid largely negative cues from global markets. The 30-share BSE index was trading 186.94 points or 0.38 per cent lower at 49,559.27. Similarly, the broader NSE Nifty slipped 44.10 points or 0.30 per cent to 14,829.70. Bajaj Finance was the top loser in the Sensex pack, shedding around 2 per cent, followed by Asian Paints, ICICI Bank, Kotak Bank, HDFC Bank and Reliance Industries. On the other…

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Reliance Jio has signed an agreement with Bharti Airtel to acquire a portion of spectrum in 800 MHz band for Andhra Pradesh, Delhi and Mumbai circles at an aggregate value of Rs 1,497 crore — marking the first such deal between the two telecom giants. With this spectrum trading agreement, Airtel will receive a consideration of Rs 1,037.6 crore from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 459 crore relating to the spectrum, Bharti Airtel said in a separate statement. “Reliance Jio Infocomm…

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Equity benchmarks wilted under widespread selling on Monday as a record single-day jump in COVID-19 cases in the country unnerved investors and fanned fears over the economic recovery. A sharp plunge in the rupee added to the concerns, traders said. After plunging over 1,400 points earlier in the day, the 30-share BSE Sensex pared some losses to finish at 49,159.32, down 870.51 points or 1.74 per cent. Similarly, the broader NSE Nifty sank 229.55 points or 1.54 per cent to 14,637.80. Bajaj Finance was the top laggard in the Sensex…

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India’s crude steel output fell by 1 per cent to 19.1 million tonnes (MT) during the first two months of 2021, according to worldsteel. The country had produced 18.9 MT crude steel during the same period last year. The production for the 64 countries reporting to the worldsteel was 313.1 MT in January-February 2021, registering a 5 per cent increase compared to 297.7 MT in the year ago period, the global industry body data showed. China remained the global leader in production of steel, registering 8.86 per cent year-on-year growth…

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Union Minister Nitin Gadkari has said that the pace of highways construction in the country has touched a record 37 km per day in financial year 2020-21. He said the achievement was remarkable as it was achieved despite constraints posed by the COVID-19 pandemic. The ministry of road transport and highways has constructed 13,394 km of highways in fiscal year 2020-21. “Tremendous progress has been achieved in building national highways across the country… We have achieved a road building pace of 37 km of highways a day,” Gadkari said. Gadkari…

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A Chinese liquor company which was granted a licence in 2018 for making beer has formally started production at its plant in Pakistan’s Balochistan province, the first such alcohol firm from China to establish its unit in the Islamic nation, according to media reports on Wednesday. Hui Coastal Brewery and Distillery Limited, producer of some of the famous alcohol brands, commenced production at its plant in Balochistan’s industrial town of Hub. The beer produced at the plant will be supplied to Chinese nationals working at various projects launched across Pakistan.…

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Equity benchmark Sensex rallied over 500 points in early trade on Tuesday, tracking gains in index majors HDFC twins, HUL and ICICI Bank amid largely positive cues from the Asian peers. The 30-share BSE index was trading 510.31 points or 1.04 per cent higher at 49,518.81, and the broader NSE Nifty surged 162.70 points or 1.12 per cent to 14,670. HUL was the top gainer in the Sensex pack, rising over 3 per cent, followed by Titan, NTPC, ONGC, Dr Reddy’s, Nestle India, PowerGrid, HDFC twins and ICICI Bank. On…

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India has supplied more COVID-19 vaccines globally than vaccinated its own people, the country has told the UN General Assembly and cautioned that vaccine inequity will defeat the collective global resolve to contain the coronavirus as the disparity in the accessibility of vaccines will affect the poorest nations the most. India was one of the initiators of the Political Declaration on Equitable Global Access to COVID-19 Vaccines’ that garnered the support of more than 180 UN member states. India’s Deputy Permanent Representative to the UN Ambassador K. Nagaraj Naidu said…

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