BUSINESS
Sitharaman participates in roundtable conference with Singapore, discusses bilateral ties
During the meeting, the Ministers emphasised on ways of enhancing cooperation between the two countries in the emerging and futuristic areas. The two sides deliberated upon a wide range of issues which inter alia included financial sector operations, fintech, regulatory cooperation, investment opportunities and current economic arrangements.
RBI ready to bring card tokenisation norms into effect from Oct 1
Several people were cheated in the last few years by cyber frauds because they have stored their card data on the merchants website for future payments. Lets us understand what these new norms are and why you should tokenise your card.
Economic growth to improve in coming months, says govt's monthly economic review
The review noted that as external pressures will diminish, inflationary pressures are expected to wear down. India's GDP growth was 13.5 per cent in the first quarter of the current fiscal. "Increase in private consumption and higher capacity utilisation in the current year has further reinvigorated the capex cycle to take the investment rate in the first quarter of 2022-23 to one of its highest levels in the last decade," it said.
FedEx troubles set off fresh worries over global economy
The delivery giant's shares lost 21 per cent on Friday, its biggest one-day percentage drop ever, after the company said a macroeconomic slowdown had led to lower volumes of goods moving around the world in recent weeks, The Wall Street Journal reported. All three major US stock indexes fell Friday, capping a week where the S&P 500 declined 4.8 per cent and the Dow Jones Industrial Average dropped 4.1 per cent.
Centre issues new rules to simplify, streamline Trade Certificate regime
Due to certain anomalies in the existing rules, the applicability of the Trade Certificate was open to interpretation in many cases, leading to harassment of many business establishments. Moreover, an application was required to be filed physically at the RTO which was a time-consuming process.
Finance Minister urges banks to 'professionalise' decision-making boards
Addressing the 75th Annual General Meeting (AGM) of Indian Banks' Association (IBA) in Mumbai, Sitharaman said: "Professionalise your decision-making boards, there is no way banks can any longer run with a crony background, our government has ensured that there are no instructions given or interference made in the functioning of the banks. We need to take professionalism at a faster pace.
India bets big on agritech, investors pump in money
Union Minister for Agriculture and Farmers Welfare, Narendra Singh Tomar, recently said the administration is constantly working to improve a lot of the nation's small farmers. The minister informed that the government has started the work of creating 10,000 new Farmer Producer Organisations (FPO), for which Rs 6,865 crore is being spent.
ASEAN, Russia emphasise need to further deepen bilateral economic ties
The two-way trade between ASEAN and Russia amounted to $20 billion last year, up 27.3 per cent from 2020, the statement said, adding that the bilateral foreign direct investment (FDI) amounted to $1.7 billion, Xinhua news agency reported. It said Russia is ASEAN's ninth largest trading partner and source of FDI among ASEAN dialogue partners in 2021.
Global economy in its steepest slowdown since 1970: World Bank
Central banks have raised rates "with a degree of synchronicity not seen over the past five decades" to tackle soaring prices, World Bank said, BBC reported. Raising rates makes borrowing more expensive to try to bring down the pace of price rises. But it also makes loans more costly, which can slow economic growth. The warning from the World Bank came ahead of the monetary policy meetings of the US Federal Reserve and Bank of England, which are expected to increase key interest rates next week.
Government cuts windfall tax on crude oil
The government also cut tax on Aviation Turbine Fuel (ATF) exports to Rs 8.50 per litre from Rs 9 per litre, according to a gazette notification. Similarly, cess on export of diesel was slashed to Rs 6.50 per litre from Rs 13.50 per litre. The decision came after the fifth fortnightly review of windfall taxes conducted by the Centre.
Don't Miss
Advertisement