BUSINESS
India's tech SME sector revenue to reach $40 billion by FY30: Report
With growing tech demand, the tech SME sector is expected to contribute 7-9 per cent to the overall FY23E tech industry revenue at $15-$20 billion, higher than the pre-pandemic share of the tech industry at 4-6 per cent. In terms of headcount, the Indian tech SME sector is estimated to close FY23 with 740,000 employees, with hiring for digital skills growing 2 times faster than traditional tech talent in FY20, according to the report by Nasscom, in collaboration with ProHance.
Samsung likely to report losses in chip business amid global headwinds
Samsung's Device Solution (DS) division, which oversees its chip business, is forecast to make its first financial loss in 14 years, according to analysts' estimates, as surplus chip inventory has been growing significantly amid tapering global demand. The last time Samsung saw its backbone unit t trade at a deficit.
India to become largest civil aviation market in next decade: Jyotiraditya Scindia
He made the remark while addressing the CII's International conference on Advanced and Short-Haul Air Mobility for All (ASHA): Technologies for Ease of Transport. Scindia said that India has crossed the pre-Covid number of air travellers by 10 per cent to reach 455,000 passengers daily, with airlines now operating at 80-90 per cent load factor.
Profit outflows from Pakistan drop by 80.4%
The SBP said that the foreign companies remitted $225.1 million in profits and dividends during the period from July 2022 to February 2023 compared to an outflow of $1,146.4 million in the same period of the last fiscal year, reports Xinhua news agency.
Supreme Court dismisses custom's plea claiming overvaluation in import of capital goods by Adani
A bench comprising Justices Krishna Murari and Sanjay Karol, after hearing detailed arguments in the matter from both sides, dismissed the appeal filed by the customs department against APML, APRL and others.
According to the counsel familiar with the development, the apex court found that the project cost of APML and APRL was either similar or lower than the price of peers/competitors.
'Life insurers to cut costs to grow under new tax regime'
According to the report authored by sectoral experts Avinash Singh and Mahek Shah, the life insurers for a long period of time have been selling their policies on one or more 'E' of EEE - Exempt, Exempt and Exempt- tax treatment (premium and proceeds are tax exempt).
Wind industry can expect record installations by 2025: Report
Policymakers need to act now to avoid a supply chain bottleneck stalling the deployment of wind energy from 2026. Those supply chain challenges could imperil hopes of the world reaching key 2030 climate targets -- a key stop on the journey to net zero by 2050.
37.5% grantmakers extend non-financial support to partners, 62.5% restrict only to financial support
Accelerate Indian Philanthropy, engaged with more than 20 philanthropic entities across categories including international foundations, domestic foundations, family foundations, and collectives, to understand their grantmaking lifecycle and approach to grantmaking. Noted industry names such as the Azim Premji Foundation.
EPFO fixes 8.15% interest rate on employees' provident fund for 2022-23
The decision was taken by EPFO's board of trustees. Last year, EPFO had declared 8.1 per cent as the rate of interest for 2021-22, which was the lowest in 40 years. The last time the interest rate had slipped to 8 per cent was in 1977-78. Subsequent to the CBT decision, the interest rate on EPF deposits for 2022-23 will be sent for the finance ministry's approval.
US CFTC civil complaint 'unexpected & disappointing': Binance CEO
The US regulators on Monday sued the leading blockchain and cryptocurrency for allegedly breaking trading and derivatives rules. In a statement, CZ said that they have been working cooperatively with the CFTC for over two years. Upon an initial review, the complaint appears to contain an incomplete recitation of facts.
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