BUSINESS
Importing Russian crude during global crisis was part of inflation management: Nirmala Sitharaman
Speaking at a function here, she said that it was due to the "statesmanship of Prime Minister Narendra Modi" that while keeping up the relations with all countries, India managed to get the Russian crude. The Finance Minister said that the Prime Minister was fully conscious of the political fallout of the decision to get Russian crude and "here I give credit to the statesmanship of the Prime Minister that we kept our relations with all countries and managed to get Russian crude.
Indian toy industry needs PLI key to become toy maker for the world
According to them, a little nudge from the Central government in the form of a production linked incentive (PLI) scheme is the need of the hour which would have a multiplier effect. "We are shipping toys for global majors. Global toy majors are now looking at India as a steady sourcing point apart from China.
India online festive sales to log 28% increase to reach $11.8 bn
The festive month is generally defined as a period starting from the first sales event and lasting roughly till Diwali week. In the first festive week, the sales are estimated to reach $5.9 billion, projecting a 28 per cent increase from $4.8 billion last year, according to Redseer Strategy Consultants.
Indices end marginally down, Sensex dips over 150 points
At close, Sensex ended 168.08 points or 0.28 per cent down at 59,028.91, and Nifty closed 31.20 points or 0.18 per cent at 17,624.40. About 2,138 shares have advanced, 1,318 shares have declined and 123 shares have remained unchanged. BSE Midcap and Smallcap were up 0.46 per cent and 0.73 per cent, respectively. However, BSE LargeCap ended down 0.15 per cent.
Indian macros appear to be relatively stable despite headwinds: George Thomas
Though the GDP growth was below estimates, a revival in domestic demand was visible in strong growth in private consumption (59.9 per cent of GDP) at 9.1 per cent compared to the pre-pandemic level (Q1, FY20). Gross Fixed Capital Formation (34.7 per cent of GDP) recorded a growth of 3.6 per cent in the same period.
India needs to be self-reliant in semi-conductor technology: Gautam Adani
Addressing the India Ideas Summit organised by US-India Business Council, he said that US' help would be critical in helping India become self-reliant in semi-conductor manufacturing. Due to global shortage of semi-conductor chips, which are vital for running everything from cars to computers to aircrafts and military equipments, industries are suffering, Adani said.
Building three giga factories in India for green energy value chain: Gautam Adani
Speaking at an event where he was conferred the USIBC Global Leadership Award, Adani said this will extend from polysilicon to solar modules, complete manufacturing of Wind Turbines, and the manufacturing of Hydrogen Electrolyzers. "As a result, we will generate an additional 45 GW of renewable energy to add to our existing 20 GW capacity, as well as 3 million tonnes of hydrogen, all of which will be completed before 2030," Adani said.
Asia-Pacific logs record $41.8 bn in fintech investment in 2022 1st half
The region saw a diversity of jurisdictions attract good-sized deals, according to the KPMG in India report. In the Asia-Pacific region, a number of fintech subsectors that attracted substantial interest and hype over the past 12 to 24 months cooled off considerably in the reported period, including retail payments, insurtech, and B2C solutions. Crypto, NFTs and blockchain also came off the investment burner.
Digital currency to be launched as pilot project this year: RBI Deputy Governor
Addressing the India Ideas Summit, RBI Deputy Governor T. Rabi Sankar said that Central Bank Digital Currency (CBDC) is the most efficient system for cross-border payments. Finance Minister Nirmala Sitharaman had announced in the Union Budget that CBDC would be launched during 2022-23.
Inflation not 'red lettered' priority: Sitharaman
Addressing the India Ideas Summit, she said that the Centre's priority is job creation and income distribution. She further said that India is taking up the G20 president-ship in challenging times when global supply chains have been damaged and geo-political equations are volatile. Sitharaman said uncertainties in the energy sector were an area of concern for the Centre.
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