Category: BUSINESS

RBI Governor Shaktikanta Das on Monday said the central bank had acted ahead of time by starting to slash rates in February this year, and hoped the decision to pause the cuts earlier this month will prove to be a right call over time. He also hoped for the US-China truce on trade tariffs, announced over the weekend, would last as he pitched for coordinated efforts to push global growth like those after the 2008 financial crisis. The comments from Das come following a series of five consecutive rate cuts…

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Beginning the customary pre-Budget consultation exercise from Monday, Finance Minister Nirmala Sitharaman will seek inputs from various stakeholders including industry bodies, farmer organisations and economists for reviving consumption and boosting growth.Sitharaman is likely to present her second Budget for the Modi 2.0 government in Parliament on February 1.Sources said the pre-Budget consultations starting Monday will last till December 23.They said the main focus of the Budget this time will be on boosting economic growth, which slowed to an over six-year low of 4.5 per cent in the second quarter of…

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The 7th Economic Census, which is being conducted nationwide through common services centres (CSCs), is expected to be completed by March 2020, Central Statistics Office Director General (Social Statistics) AK Sadhu said on Friday. The Ministry of Statistics and Programme Implementation (MoSPI) has tied up with CSC e-Governance Service for the 7th Economic Census. The survey was launched in Delhi on Friday.  “For the first time, the entire Census is being conducted on a digital platform by the use of an application which will ensure high accuracy and data security. …

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The rupee jumped 33 paise in day trade before closing flat at 70.83 to the US dollar on Friday as surging crude oil prices after reports of a US-China trade deal knocked off sharp gains.The rupee opened strong at 70.54 and surged further by 33 paise to touch the day’s high of 70.50 to the US dollar, mirroring sharp gains in stock markets.Equity benchmark BSE Sensex breached the 41,000 level as the US and China reportedly reaching a trade deal and Boris Johnson’s win in the UK general elections boosted…

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The government is creating an enabling framework for deployment of affordable and secure 5G services in India, Telecom Minister Ravi Shankar Prasad said on Thursday.No case of any first world countries disapproving 5G spectrum services due to security reasons has come to its notice, he added.During the question hour in the Rajya Sabha, the minister said the standards for IMT (International Mobile Telecommunications) 2020, also known as 5G technologies are being finalised.In reply to a question on a company being banned by some countries owing to security concerns over 5G…

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The Indian rupee appreciated by 12 paise to 70.80 against the US dollar in early trade on Wednesday as positive opening in domestic equities and easing crude oil prices strengthened investor sentiments. At the interbank foreign exchange the rupee opened at 70.87, then gathered momentum and touched a high of 70.80 against the US dollar, registering a rise of 12 paise over its previous close. On Tuesday, rupee had settled for the day at 70.92 against the US dollar. The domestic unit however could not hold on to the gains…

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Market benchmark BSE Sensex on Tuesday slipped over 33 points in early trade, due to losses in select private banks, IT and auto stocks amid fresh infusion of funds by foreign investors. The 30-share index was trading 33.67 points or 0.08 per cent lower at 40,453.76 in morning trade. The broader Nifty was trading 11.00 points or 0.09 per cent down at 11,926.50. Top losers in the Sensex pack in early trade included Yes Bank, TCS, Tech Mahindra, PowerGrid, Infosys, Axis Bank, ITC and IndusInd Bank, falling up to 2.22…

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The budget-making team of the Finance Ministry is short of two key officials, including a full-time expenditure secretary, while the preparation for the second budget of Modi 2.0 government has shifted into top gear.The budget for 2020-21 to be presented on February 1 is keenly awaited for the expected second wave of structural reforms for pulling out the economy from its over six-year low growth of 4.5 per cent.In addition to expenditure secretary, the position of joint secretary (Budget), one of the key officials in the entire Budget-making process, is…

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Vodafone Idea Ltd, the India’s third largest mobile service provider, will shutdown if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order, its billionaire chairman Kumar Mangalam Birla said on Friday.”If we we are not getting anything then I think it is end of story for Vodafone Idea,” Birla said at the HT Leadership Summit when asked about the future of Vodafone Idea in absence of a government relief on payment of Rs 53,038 crore dues.Birla’s Idea Cellular and…

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The Indian rupee opened on a weak note and fell 12 paise to 71.78 against the US dollar in early trade on Wednesday, amid weak opening in domestic equities and sustained foreign fund outflows.Forex traders said, the domestic unit is trading in a narrow range ahead of the RBI monetary policy decision on Thursday.At the interbank foreign exchange, the rupee opened weak at 71.76 then fell to 71.78 against the US dollar, showing a decline of 12 paise over its previous closing.The Indian rupee on Tuesday had closed at 71.66…

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