BUSINESS
Fitch Ratings affirms India's sovereign rating at BBB-, outlook negative
The affirmation of the negative outlook on India's Long-Term IDRs reflects concerns over high public debt levels and increasing risk to growth from the recent surge in coronavirus cases.
India capable of attracting annual FDI of $120- $160 bn by 2025: Piyush Goyal
He made these remarks while speaking at the second edition of the CII National Conference on MNCs, 2021 via video link. He also said that the FDI over the past seven years has observed a positive trend wherein each year the FDI recorded is breaking the previous year's record.
Consumption demand making strong comeback: RBI Governor
Speaking at the eighth SBI Banking & Economics Conclave, he said: "There are signs that consumption demand triggered by the festive season is making a strong comeback." "This would encourage firms to expand capacity and boost employment and investment amidst congenial financial conditions."
Crypto raises serious concerns for govt: Subhash Chandra Garg
While Finance Minister Nirmala Sitharaman had emphasised that not all windows on cryptocurrencies will be shut down, Garg, a pioneer in formulating policies around crypto, sees a lot of new and serious concerns coming through those windows, as the policymakers struggle to find answers as to how to deal with the highly-volatile crypto situation.
BFS firms spend to benefit Indian IT companies
Commentary by BFS firms on IT spends in the Sep-21 quarter is similar to that in the previous quarters. A similar outlook has been shared by a newer set of players indicating that the trend is broad based. Accelerated investments in cloud and digital will continue in the near term and beyond making 2022E a strong year of IT spending.
Competition in private sector will help provide healthcare at affordable prices: Union Health Minister Mansukh Mandaviya
"Total health starts with preventive care. Like 'Fit India', yoga, 'Khelo India' are part of total health. Ayushman Bharat health and wellness centres are a backbone of our health system," the Minister said. Under the guidance and leadership of Prime Minister Narendra Modi, we are moving in the direction of total health, he added.
Delhi government to formally exit liquor business
As many as 850 new private vends are set to begin operations under Delhi Government's new excise policy. However, of those only 300-350 shops are likely to start functioning from first day leading to liquor shortage in the city, a Delhi government official said. Gradually all the liquor vends will open up.
General insurers in India, China, Indonesia may reduce exposure to coal industry gradually: Moody's
According to Moody's, such initiatives will reduce insurers' potential liability risk from weather-related claims and stranded asset risk, where insurers' coal-related investment assets will lose economic value. By contrast, insurers operating in economies with low coal dependencies, such as Japan, and Korea will take a more progressive approach to lower coal exposures.
China overtakes US as richest country in the world
A report by McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60 per cent of the world's income. China accounted for almost one-third of gains in global net worth over the past two decades, the report said. Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study.
Fuel price relief continues as OMCs keep petrol, diesel prices unchanged on Tuesday
Accordingly, petrol and diesel prices remained static for the 12th consecutive day on Tuesday under the daily price revision mechanism followed by oil marketing companies. So, the pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on the Diwali day on November 4 from previous days' level of Rs 110.04 a litre, remained at the same level on Tuesday. The diesel prices also remained unchanged in the capital at Rs 86.67 a litre.
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