India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
Canara Bank has got exemption from the Centre to hold stake beyond the 30% upper limit under the Banking Regulation Act in joint ventures Canara Robeco Asset Management Company and Canara HSBC Life Insurance Company. The bank, which owns 51% each in the two JVs, had approached the government seeking permission to divest 13% in the asset management entity and 14.5% in the insurer, by way of initial public offers, Canara Bank said in a filing on Wednesday. The Centre, on the recommendation of the Reserve Bank of India, has decided that the provisions of sub-section (2) of Section 19 of the Banking Regulation Act will not apply to Canara Bank with regard to its shareholding exceeding 30% in the two companies till October 31, 2029 or its revocation, whichever is earlier, the Finance Ministry said in a notification. Published - November 28, 2024 08:19 pm IST Read Comments
India's manufacturing sector growth fell to a joint 11-month low, restricted by competitive conditions and inflationary pressures India's manufacturing sector growth fell to a joint 11-month low of 56.5 in November, restricted by competitive conditions and inflationary pressures amid a softer increase in factory orders, a monthly survey said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell from 57.5 in October to 56.5 in November, signalling a softer improvement in the health of the sector. However, the pace of growth remained above its long-r ...Read More >
New Delhi, Dec 14 (IANS) The Unified Payments Interface (UPI) has achieved 15,547 crore transactions worth Rs 223 lakh crore from January to November this year, 'showcasing its transformative impact on financial transactions' in India, the Finance Ministry said on Saturday. The Finance Ministry also said that UPI is now accepted in seven countries including France, UAE, Singapore, Sri Lanka, Mauritius, Bhutan and Nepal. The UPI system provides a cheaper and quicker alternative to the available channels of cross-border remittances. UPI has succeeded in increasing financial inclusion and promot ...Read More >
CCI has also approved a 25.18 per cent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) through a bid/resolution plan submitted by Central Bank of India | Image: Wikimedia Commons State-owned Central Bank of India on Thursday said it has acquired a 25.18 per cent stake in Future Generali India Life Insurance Company Limited (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process. With the acquisition of 65,43,80,439 shares on Wednesday (June ...Read More >
Mumbai: Even as mis-selling of insurance plans by banks has drawn scrutiny, the sector regulator doesn't want to manage distribution channels and seeks to focus on customer awareness to check the malpractice. "It's not necessary that every mis-selling is mis-selling, it's also about the customers' understanding of the product," said Swaminathan S Iyer, member (life), Insurance Regulatory and Development Authority of India on the sidelines of an event on Wednesday. "Once you drive home that your understanding is different from what the product is...then I think the absolute number on mis-selli ...Read More >
New Delhi, Jun 5 (PTI) Fintech firm BimaPay Finsure on Thursday said it has entered into corporate insurance financing and aims for Rs 20 crore in premiums in 2025-26. Launching the pilot phase with insurance partners, BimaPay said the initiative will allow businesses to pay premiums in easy equated monthly instalments (EMIs) instead of bearing the burden of full upfront costs. Also Read | Who Is Pinaki Misra? From Age to Family Background and Net Worth, Here's All About BJD Leader With Whom Mahua Moitra Reportedly Married. The company aims to finance over Rs 20 crore worth of premiums by t ...Read More >
New Delhi, Jun 27 (PTI) The higher oil prices triggered by a brief Israel-Iran war have come down, but it is too soon to sound the "all clear" for the rest of the year, said a finance ministry report on Friday. The ministry's monthly economic review also stressed that with no major imbalances in the macro aggregates, a subdued inflation rate combined with a growth-supportive monetary policy stance, India's macroeconomic health is in a relative goldilocks situation. Also Read | UK F-35B Lightning II Stealth Fighter Jet To Be Moved to Thiruvananthapuram Airport's Repair Facility As It Awaits R ...Read More >
VISAKHAPATNAM: Energy Minister Gottipati Ravi Kumar inaugurated Andhra Pradesh's first Super ECBC (Energy Conservation Building Code) compliant building at Sagar Nagar in Visakhapatnam on Friday. Terming it a landmark in sustainable infrastructure, he emphasised the government's commitment to energy efficiency and green design in public facilities. The facility will serve as a national-level training hub for power sector staff. He urged power utilities to expedite 20 lakh rooftop solar connections, targeting 10,000 in each Assembly segment. He reaffirmed nine-hour uninterrupted power for agri ...Read More >
SHILLONG, July 11: Union Finance Minister Nirmala Sitharaman on Friday highlighted the significant increase in central financial support to Meghalaya over the past decade, particularly in tax devolution. Speaking to the media here, Sitharaman stated that between 2014 and 2024, Meghalaya received Rs 48,883 crore in tax devolution -- a remarkable 572% increase from the Rs 7,273 crore it received during the previous decade (2004-2014). Similarly, grants-in-aid to the state more than doubled, rising from Rs 19,700 crore in 2004-2014 to Rs 40,452 crore in the 2014-2024 period. She emphasised tha ...Read More >
MUMBAI : In the face of decadal-low savings rates, state-run banks are hoping that dropping charges for not maintaining a minimum balance will help hold customers' interest in bank deposits. The decision, said two bankers close to the matter, follows a regulatory push to address customer grievances, as well as internal surveys that estimated limited revenue loss if such minimum balances are not maintained. "The Reserve Bank of India wanted us to look into complaints, and this was one of the major areas. We therefore decided to stop minimum balance charges," said the first of the two bankers, ...Read More >
Mumbai: State Bank of India's (SBI) record ₹25,000-crore institutional share sale was bid more than four times the stock on offer, with marquee names such as the $11-trillion asset manager BlackRock Group and London hedge fund Marshall Wace joining the queue to buy into the mass lender's first such capital-raising in eight years, people familiar with the bids told ET. Against ₹25,000 crore of stock SBI offered in India's biggest qualified institutional placement (QIP) to date, the most-valued government asset drew bids worth ₹1.10 lakh crore from about 120 interested parties. Market sources s ...Read More >
Mumbai: The board of IndusInd Bank has shortlisted three candidates for the role of managing director and chief executive officer - Rajiv Anand, deputy managing director at Axis Bank; Rahul Shukla, group head of commercial and rural banking at HDFC Bank; and Anup Saha, managing director of Bajaj Finance. With the Reserve Bank of India's June 30 deadline nearing, the board is unlikely to consider more contenders, people aware of the development said. The RBI had asked the board to submit three names by the end of this month. IndusInd Bank chairman Sunil Mehta had earlier told analysts that th ...Read More >
Mumbai: The Nifty PSU Bank Index jumped more than 2.5% Monday after the finance ministry urged these lenders to offer more credit and monetise subsidiaries through IPOs and stake sales. They bucked the declines in the rest of the banking space. The Nifty PSU Bank Index gained 2.7%, while the Bank Nifty and benchmark Nifty lost 0.2% and 0.5%, respectively. All 12 stocks in the PSU Bank index closed higher. Bank of Maharashtra soared 5.3% while Punjab National Bank and Bank of Baroda rallied 3.9% and 3% respectively. Union Bank, Canara Bank, UCO Bank and Indian Bank gained over 2.5% each. Anal ...Read More >
New Delhi: Maintaining the pace of India's growing economy, the country's gross goods and services tax or GST mop-up in June stood at Rs 1.85 lakh crore, marking a 6.2 per cent increase compared to the same month last year, while India's manufacturing sector activity rose to a 14-month high in June on the back of expansion in output, new orders, and job creation, two separate data showed on Tuesday. However, the finance ministry said that the government's focus on GST, which completes eighth year on Tuesday, is to promote ease of doing business, ensure stronger compliance and foster broader e ...Read More >
New Delhi [India], July 2 (ANI): The Reserve Bank of India (RBI) has appointed Kesavan Ramachandran as Executive Director of RBI with effect from July 1. 'As Executive Director, Kesavan Ramachandran will look after Department of Regulation (Prudential Regulation Division),' said the central bank in the statement. Prior to being promoted as Executive Director, Kesavan Ramachandran was serving as Principal Chief General Manager in Risk Monitoring Department. Ramachandran has experience of over three decades in areas relating to currency management, Banking and Non-Banking supervision, training ...Read More >
Mumbai, Jul 1 (PTI) Rupee appreciated 17 paise to close at 85.59 against the US dollar on Tuesday, supported by weakness of the American currency in the overseas market and a positive tone in the domestic equities amid rise in risk appetite. Forex traders said the US dollar is trading at lowest levels since February 2022 as President Donald Trump's growing influence on Federal Reserve policy revived fears over the central bank's independence. Moreover, Brent crude prices remained subdued, offering a buffer to India's import bill and helping cool inflation. At the interbank foreign exchange, ...Read More >
New Delhi, Dec 18 (PTI) Reliance Nippon Life Insurance, a subsidiary of debt-ridden Reliance Capital (RCAP), has initiated talks with IndusInd Bank for bancassurance partnership as the IIHL and RCAP deal has reached the final lap. Mauritius-based IndusInd International Holdings Ltd (IIHL), the parent entity of IndusInd Bank, won the bid to acquire RCAP and entities under it. Also Read | Cancer Vaccine Ready for Use, Announces Russia; What Is the Cost? How Effective Is It? When Will It Be Available?. "IIHL and Japan-based Nippon Life have struck a good understanding and they are absolutely c ...Read More >
New Delhi, Jun 27 (PTI) The higher oil prices triggered by a brief Israel-Iran war have come down, but it is too soon to sound the "all clear" for the rest of the year, said a finance ministry report on Friday. The ministry's monthly economic review also stressed that with no major imbalances in the macro aggregates, a subdued inflation rate combined with a growth-supportive monetary policy stance, India's macroeconomic health is in a relative goldilocks situation. The brief Israel-Iran war, followed by the US intervention, pushed the price of crude oil sharply higher, it noted. "Its persis ...Read More >
New Delhi [India], July 2 (ANI): The Reserve Bank of India (RBI) has appointed Kesavan Ramachandran as Executive Director of RBI with effect from July 1. "As Executive Director, Kesavan Ramachandran will look after Department of Regulation (Prudential Regulation Division)," said the central bank in the statement. Also Read | India Developing Its Own Bunker-Buster Missile? Reports Say DRDO Modifying Agni-5 ICBM To Carry Massive Conventional Warhead. Prior to being promoted as Executive Director, Kesavan Ramachandran was serving as Principal Chief General Manager in Risk Monitoring Department ...Read More >
1. India: New strategy on FX volatility The Indian Respondents' Bank (RBI) is allowing more volatility on the USD/INR exchange rate, prompting many companies to hedge with forward contracts. This is the highest level of coverage since 2020. We thank in advance our Official Broker Partner PEPPERSTONE who supported us in writing this article. FX Impact: Potential weakening of the rupee in the short term, but increased stability in the medium-long term. Volatility on USD/INR, EUR/INR, JPY/INR ? opportunities for carry trades and short-term shorts if the dollar strengthens. 2. Australia hit ...Read More >
Kargil , Jul 2: Pursuant to putting in place a comprehensive legal framework to ensure fair, inclusive, and transparent recruitment to public services, the Administration of the Union Territory of Ladakh has initiated a large-scale recruitment drive for 359 Gazetted posts through the Union Public Service Commission (UPSC). This marks the first-ever recruitment of Gazetted posts through UPSC since the formation of the Union Territory, officials said. This follows the establishment of a unique and dedicated legal framework specifically designed for Ladakh. The framework ensures maximum local re ...Read More >
Bengaluru: The Karnataka government on Thursday took strong action against the police officers allegedly responsible for the Bengaluru stampede, suspending several high-ranking officials, including the city's police commissioner. Addressing a press conference, Chief Minister Siddaramaiah also announced a one-man commission to probe the lapses that triggered the deadly stampede. "Cubbon Park Police Station police inspector, station house master, station house officer, ACP, Central Division DCP, cricket stadium in-charge, additional commissioner of police, commissioner of police have been susp ...Read More >
Hyderabad: Chief Minister A Revanth Reddy on Thursday warned educational institutions that cases would be booked against them if drugs were found in their premises. The CM announced that the state's Anti-Narcotics Bureau would henceforth be known as Elite Action Group for Drug Law Enforcement (EAGLE) and was tasked with curbing the menace of narcotics in the state. Speaking at an event marking the International Day Against Drug Abuse and Illicit Trafficking 2025 at Shilpakala Vedika here, Reddy placed an onus on educational institutions to ensure their campuses were free of drugs. "It is the ...Read More >
Lucknow, June 27 (UNI): Aiming to take financial inclusion to the grassroots, the Uttar Pradesh government is set to launch a special saturation campaign across all gram panchayats in the state. Scheduled to run from July 1 to September 30, the initiative aims to ensure last-mile delivery of key financial services to eligible citizens. Launched under the directives of the Centre's Department of Financial Services, Ministry of Finance, , the campaign will focus on extending the benefits of flagship Central schemes such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti ...Read More >
New Delhi: India's manufacturing sector activity rose to a 14-month high in June on the back of expansions in output, new orders, and job creation, a private survey showed on Monday. The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 58.4 in June, up from 57.6 in May from 58.2 in April and 58.1 in March. India's manufacturing PMI was 56.3 in February and 57.7 in January. A reading above 50 indicates expansion. To be sure, the headline figure was above its long-run average of 54.1, which suggests a substantial improvement in the sector's health. " ...Read More >
In the UPA's final three-year stint (2011-2014), India was saddled with an average retail inflation of 9.8 per cent even at a time when global inflation was relatively stable, hovering between 4-5 per cent, the official pointed out. India's retail inflation during the last 11 years is averaging at around 5 percent -- with a steady decline in recent months to touch an over 6-year low of 2.1 percent in June this year. The Finance Ministry figures show that the average inflation under Prime Minister Narendra Modi's tenure stands at 5.1 percent, compared to 8.1 percent in the UPA regime. During ...Read More >
Amante Capital, KKR's dedicated European hospitality platform, will serve as managing partner to the joint venture LONDON--(BUSINESS WIRE)--Leading investment firms KKR and The Baupost Group today announced a joint venture to purchase a portfolio of 33 Marriott International (NASDAQ:MAR) hotels across the UK from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Amante Capital, KKR's vertically integrated European hospitality platform, will serve as managing partner for the joint venture and the properties will continue as premium Marriott branded hotels. The portfolio ...Read More >
New Delhi: Mining Major Vedanta Ltd plans to utilise Rs 5,000 crore raised through its unsecured non-convertible debenture (NCD) to retire high-cost debt, that will save an estimated Rs 350 crore in interest outgo, sources said.It will also use a part of the proceeds to fund its growth capex, sources added. Mining conglomerate Vedanta Ltd had last week said the committee of directors has approved raising up to Rs 5,000 crore via issuance of debentures. The mining major plans to deploy funds from the Rs 5,000 crore raised through its unsecured NCD issue to pay down a high-cost private credit f ...Read More >
New Delhi, Jun 7 (PTI) RBI Deputy Governor T Rabi Sankar has been appointed as a part-time member of the 16th Finance Commission, the finance ministry said on Saturday. The appointment, the ministry said, is consequent to the resignation of one of the full-time members, former finance secretary Ajay Narayan Jha, on personal grounds. "The President has appointed T Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI), as a part-time Member of the 16th Finance Commission (XVIFC)," the ministry said in a statement. Sankar will hold office from the date of assuming charge until the submissi ...Read More >
New Delhi, Jun 29 (PTI) The finance ministry has asked public sector banks (PSBs) to look at monetising their investment in subsidiaries by listing them at bourses after further scaling up operations so that they realise good return. There are about 15 subsidiaries or joint ventures of PSBs lined up for initial public offering or divestment in medium to long term, sources said. Also Read | Tamil Nadu: Temple Worker, Detained in Connection With Alleged Theft of Gold Jewellery, Dies in Police Custody; Tension Erupts in Sivaganga. Wherever required banks should invest funds to scale up operati ...Read More >
New Delhi [India], June 30 (ANI): States and Union Territories combined will raise about Rs 2.86 lakh crore from markets in the quarter July-September 2025, the Reserve Bank of India (RBI) has indicated. The expected market borrowing plans have been decided upon by the RBI after consulting with the State Governments/Union Territories. On July 1, Rs 18,100 crore is proposed to be borrowed - Andhra Pradesh (Rs 2,000 crore), Assam (Rs 900 crore), Gujarat (Rs 1,000 crore), Himachal Pradesh (Rs 1,200 crore), Kerala (Rs 2,000 crore), Maharashtra (Rs 6,000 crore), Rajasthan (Rs 500 crore), Tamil Na ...Read More >