Business Standard - September 06, 2024

In this issue

September 06, 2024

High-level delegation of US pension funds to visit India next week

A delegation of high-level executives from US public pension funds (non-profit and government sectors) is visiting India next week to assess and familiarise themselves with the investment opportunities in the country.

1 min

India now top weight in key MSCI EM gauge

Dethrones China as EM IMI leader

2 mins

ITI scores improve in latest grading

In what could be a forerunner of better employment prospects, Industrial Training Institutes (ITIS) have shown an improvement in performance in a grading by the Ministry of Skill Development and Entrepreneurship.

2 mins

GST relief on health insurance: Council may take up 4 options

Expected cost to exchequer likely between ₹650 crore and #3,500 crore

2 mins

'Will keep introducing innovations in beverages and food'

Starbucks India launched its first experiential store in New Delhi's Punjabi Bagh on Thursday. Amid a sustained slowdown in the quick-service restaurant (QSR) sector, the coffee giant aims to open 1,000 stores by 2028. SUSHANT DASH, chief executive officer of Tata Starbucks, speaks with Akshara Srivastava in a video interview about how the new store aligns with the company's strategy of driving growth through innovation and more. Edited excerpts:

2 mins

IT revenue per head rises 6% in June qtr

The Indian IT sector has reported a 6 per cent year-on-year (Y-o-Y) increase in revenue per head (RPH) in the first quarter of 2024-25 (Q1FY25), according to a report by HSBC Securities and Capital Market research.

1 min

Merc lauds govt's clear stand on EV transition

Mercedes-Benz India appreciates the Central government's \"clear stand and focus\" towards transition from internal combustion engine (ICE) cars to electric cars, its Managing Director and Chief Executive Officer Santosh Iyer told Business Standard on Thursday.

1 min

PV sales fall 4.5% in Aug due to rains

Inventories have reached alarming levels: Fada prez

2 mins

No bar on Bina Modi to vote at Godfrey Phillips AGM: HC

The Delhi High Court has cleared the way for Bina Modi, widow of industrialist K K Modi, to vote as a managing trustee of the K K Modi Family Trust at the 87th annual general meeting (AGM) of Godfrey Phillips India (GPI) on September 6, rejecting her grandson Ruchir Modi's plea to stop her from voting.

1 min

'EV makers no longer need subsidy'

Union minister Nitin Gadkari on Thursday said there is no need to provide subsidy to electric vehicle (EV) makers as consumers are now choosing EVS or CNG vehicles on their own.

1 min

No major tariff hike, but telcos' Q1 revenue up 7.2%

Adjusted gross revenue (AGR) in the telecom sector rose 7.2 per cent yearon-year (Y-o-Y) to ₹61,400 crore in the first quarter (April-June) of financial year 2025 (Q1FY25), an impressive showing which surprised many analysts who point to the lack of a major tariff action by the telcos during the period.

1 min

Companies raise concerns over subsidy refund

Representatives of companies have raised concerns over the inclusion of a contentious clause in the proposed employment-linked incentive (ELI) scheme.

2 mins

'India to add trn dollars to GDP every 18 months'

India is on track to becoming a $30 trillion economy by 2050, with the country poised to add a trillion dollars to its GDP every 18 months in the next decade, Adani group Chairman Gautam Adani said on Thursday.

1 min

Amazon India: Set to exceed $13 bn in exports by 2024-end

E-commerce giant Amazon on Thursday said that it is on track to surpass $13 billion in cumulative exports from India by the end of 2024, an increase of 62.5 per cent from $8 billion last year.

1 min

Strong fundamentals keep growth story intact: RBI guv

Das says 7.2% FY25 GDP growth forecast not out of place; new MPC team soon Mumbai, 5 September Notwithstanding a moderation in growth in the first quarter (Q1) of 2024-25 (FY25), the fundamental drivers of the economy are gaining momentum, instilling confidence that India's growth story remains intact, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday.

2 mins

Over 70% of Punjab's Dalit sub-groups still rural bound

In the last of a three-part series, Business Standard looks at Punjab's Scheduled Caste population and inter-group variance on key parameters

2 mins

EFTA-India trade deal 'one step' closer to reality

The Swiss government has submitted a 'dispatch' on the free-trade pact between India and the European Free Trade Association (EFTA) to Parliament, as a first step towards ratifying the ambitious deal that could open up the Indian market to Swiss exports.

1 min

Spending lag, capacity issues behind govt's capex push

To address the lag in government spending caused by the election season and to gain a realistic estimate of capacity issues, the finance ministry has relaxed capital expenditure (capex) norms and began review meetings, according to two government officials.

2 mins

FM denies friction with states on GST

Union Nirmala Finance Minister Sitharaman on Thursday denied any 'friction' in the ties between the Centre and states over goods and services tax (GST), and emphasised that the federal structure in this economic reform should be respected.

1 min

US institutional investors have $50 bn investments in India

Global firms are trying to make their supply chains more resilient by reducing their reliance on any one country and diversifying their manufacturing bases.

1 min

Goyal for border adjustment tax to safeguard steel industry

Union Commerce and Industry Minister Piyush Goyal on Thursday mooted the idea of introducing a border adjustment tax (BAT) and suggested discussions on this with the steel industry to safeguard the interests of domestic players.

1 min

SBI turns to JanDhan accounts to drive deposits

Country's largest lender State Bank of India is focusing on various segments, including JanDhan account holders, trusts, societies, and the segment below the affluent class but above the normal account holders to boost its deposit base.

1 min

India, Singapore ink pacts on semicon, digital tech

India and Singapore on Thursday announced the signing of a key bilatthe field of semiconductors, as the two countries elevated their ties to a \"comprehensive strategic partnership\".

2 mins

Soon, tyre makers to pay for flouting waste management norms

New Environmental of and Compensation (EC) guidelines to strengthen waste tyre management have been approved by the Ministry Environment, Forest, Climate Change (MOEFCC).

1 min

Swachh Bharat averted 70K infant deaths yearly: Study

Decade-old cleanliness camSwachh Bharat paign Mission (SBM) contributed to preventing deaths of 60,00070,000 infants and children under five years anually from 2014 to 2020, according to a study in an international peer-reviewed journal.

1 min

Macron names Michel Barnier as French PM

French President Emmanuel Macron appointed Michel Barnier, the European Union's former Brexit negotiator, as his new prime minister on Thursday, in a bid to put an end to political paralysis following an inconclusive snap election.

1 min

'Sitting in India, she (Hasina) is speaking, giving instructions. No one likes it'

Muhammad Yunus, the head of Bangladesh's interim government, has said that former prime minister Sheikh Hasina making political remarks from India is an \"unfriendly gesture\", asserting that she must remain silent to prevent the discomfort to both countries until Dhaka requests her extradition.

2 mins

In touch with India, China over Ukraine conflict: Putin

Russian President Vladimir Putin on Thursday named India among the three countries he is constantly in touch over the Ukraine conflict and said they are sincerely making efforts to resolve it, stateowned TASS news agency reported.

1 min

Verizon to buy Frontier in $20 bn deal to boost fibre network

Verizon said on Thursday it would buy Frontier Communications in an all-cash deal worth $20 billion, as the US wireless carrier looks to expand its fibre network.

1 min

US, Britain, EU to sign 1st international AI treaty

Convention focuses on human rights of people affected by Al systems

1 min

US weekly jobless claims decline amid low layoffs

5 September The number of Americans filing for unemployment benefits fell to its lowest level in two months last week, signalling that layoffs remain relatively low despite other signs of labour market cooling.

1 min

Private sector's space lift-off

Startups are gaining from Isro's mentorship and technology transfer, but significant risks remain in this space ILLUSTRATION. DINAV CINULA

4 mins

Savings rate: Root of C-D mismatch?

Scheduled commercial banks (SCBS) are under increasing pressure to mobilise large deposits because the incremental credit-deposit (C-D) ratio has reached 98 per cent.

4 mins

Safety first

The West Bengal Assembly's unanimous vote to pass a law prescribing the death penalty for most categories of rape represents little more ☐ Trinamool Congress' shockingly inadequate response to the rape and than an attempt to regain political ground following the ruling murder of a woman doctor at state-owned R G Kar Medical College and Hospital last month.

2 mins

The right framework

Inflation debate must look at the downsides of alternatives

2 mins

12 industrial smart cities - A vital cog in India's development journey

Given the high priority accorded to the manufacturing sector, several policy initiatives around the theme of Atmanirbhar Bharat have been set in motion to address its competitiveness and growth.

3 mins

INDIA-UAE TRADE TANGLE

New Delhi, 5 September A fter walking out of the Regional Comprehensive Economic Partnership (RCEP) agreement at the 11th hour of negotiations in 2019, India was seen as protectionist and averse to signing trade deals.

5 mins

E-com, logistics players load up carts for peak demand

Ahead of the festival season, e-commerce firms are ramping up hiring for gig roles, third-party logistics (3PL) players are enhancing their infrastructure for faster deliveries, and quick commerce companies are expanding their dark store networks to meet the anticipated demand.

2 mins

Central database for allied health care personnel soon

The Union government is planning to launch a cen☐ tral register for allied and health care professionals soon.

2 mins

Sebi forms panel on listing obligations

The Securities and Exchange Board of India (Sebi) has set up a 22-member advisory committee to streamline the rules for listing obligations and disclosures.

1 min

Demat accounts hit fresh high, top 171 mn mark

Despite market volatility, 4.2 mn accounts added in Aug

2 mins

Nippon, Axis MFS set to launch active momentum offerings

With momentum as a factor continuing to deliver, mutual funds (MFs) are exploring the active side of it.

1 min

FPIs turned net buyers in second half of August

August was a tale of two halves when it came to overseas flows into the domestic equities.

1 min

A section of Sebi staff protests, seeks Buch's resignation

A group of disgruntled Securities and Exchange Board of India (Sebi) employees protested outside the market regulator's headquarters on Thursday, seeking the immediate resignation of chairperson Madhabi Puri Buch, and the withdrawal of the press release that termed their grievances \"misplaced\" and \"misguided\" by external elements.

2 mins

Growth, credit cost concerns mar MFI prospects

There are increasing concerns about stress in the MFI (microfinance) segment.

2 mins

Sensex, Nifty extend losses into 2nd session

Benchmark equity indices Sensex and Nifty surrendered early gains to close lower for the second straight day on Thursday, tracking losses in the most valuable firm Reliance Industries, Bharati Airtel, and L&T amid a sluggish trend in global markets.

1 min

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