BUSINESS
Maldives Trade Minister Seeks Chinese Bank Alliances Amid Fitch Downgrade to Junk
Saeed, who is in China to attend the 15th World Economic Forum in Dalian, sat down with chiefs of the China Industrial and Commercial Bank over current relations between the parties and how to elevate the cooperation to benefit both. He later met with high-ranking officials of the Bank of China.
India's External Debt Ratio Declines to 18.7% by March 2024
On a standalone basis, India's ex-debt was at $663.8 billion as of March 2024, higher by $39.7 billion than in March 2023. Significantly, with India's GDP growth surging in the meantime, it helps reduce India's debt-to-GDP ratio.
RBI Governor Forecasts India's Consistent Path to 8% GDP Growth
He was said to be speaking at the 188th AGM of Bombay Chamber of Commerce & Industry, where he noted that in the past three years, India had clocked an average growth of 8.3% and is currently projected at 7.2%. He added that the country has a very robust growth momentum and is likely to grow at 8% steadily in future.
ICICI Bank Joins Elite Club with $100 Billion Market Cap Achievement
ICICI Bank's share ended at ₹ 1,204 apiece, a rise of 2.9 per cent due to strong interest from investors. Latest research by Motilal Oswal has stated, "ICICI Bank is well positioned for robust loan growth, with improving focus toward high-quality underwriting." Resilience in asset quality and normalization in credit costs have been expected by analysts in the case of the bank.
India's Manufacturing Sector Set to Surge: Projected $1.66 Trillion Market by FY34, GDP Share to Reach 21%
These projections estimate that the share of manufacturing in GDP increased from 14% in FY 24 to around 21% in FY34. According to DSP Mutual Fund, this increase can be attributed to lowered logistics costs and infrastructure development. On the optimistic side, investments in infrastructure are likely to rise from 33 percent of GDP in FY24 to 36 percent by FY29, which may trigger the broader economic benefits.
Interest rates not impeding growth, monetary policy to focus on lowering inflation, says Reserve Bank Governor Shaktikanta Das
The Governor further told an event organized by the Bombay Chamber of Commerce and Industry that the country is standing at the threshold of a structural shift in its growth trajectory and can easily sustain an 8 per cent real GDP growth once that happens annually.
Sensex and Nifty Reach Record Peaks
At 1:35 pm, the 30-share BSE Sensex surged by 541.25 points to an all-time high of 77,882.33. The Nifty gained 130.8 points to a record 23,668.65 during the same time.
Adani Ports Recognized Among Top Asia Pacific Companies, Sole Indian Entity in Transport Sector
The company did well across various parameters of the Investor Relations (IR) Programme, ESG Programme, IR Team, and IR Professionals (on the basis of ratings by both buy-side and sell-side participants). Ashwani Gupta, CEO and Whole-time Director of APSEZ, attributed the same to the robust Investor Engagement and ESG efforts that the company has undertaken. He said, "This win only goes to prove that our team's commitment towards 'Service to Stakeholders,' topnotch in every sense. I thank the investor fraternity for keeping faith in us and for this recognition.".
Introducing OnePlus Nord CE 4 Lite 5G: Unveiling the 50MP Camera Marvel in India
There are three color options available: Super Silver, Mega Blue, and Ultra Orange. This model provides two variants: one variant with 8GB RAM and 128GB storage at Rs 19,999 and another variant with 8GB RAM and 256GB storage priced at Rs 22,999.
India's Current Account Deficit Shrinks to 0.7% of GDP Amid Strengthening Economy
The falling CAD mirrors an improving set of fundamentals for India, with the country closing out the financial year to March 31 by adding $63.7 billion to its foreign exchange reserves.
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