BUSINESS
Mutual recognition of MIR and RuPay between Russia and India another step towards de-dollarisation of global economy
Eleven countries have already joined the Russian MIR payment system, and more than 15 have expressed their readiness, India among them. India and Russia are already in talks to integrate their respective payment mechanisms to ensure trade between the two nations does not suffer. The two countries need to develop a financial system which would not be affected by Western sanctions on Russia.
FICCI urges Finance Ministry to withdraw export duty on pig iron exports
FICCI has claimed that the decision to impose the export duty, will have no positive impact on the Indian steel industry, but it will adversely affect pig iron producers making it unviable for them to export surplus pig Iron. Merchant pig iron producers are forced to export surplus pig Iron due to vagaries in domestic demand and to sustain the operations.
After Delhi returns to old liquor policy, industry concerned about leftover stock
The stock which was left unsold after the city stepped in to the new excise policy in November 2021 has not yet been resolved and additionally this changeover policy has also been added in the stock which has become a headache for the industry.
Adani Group dismisses NDTV's contention of stake sale needing I-T Dept's nod
In a regulatory filing with the Bombay Stock Exchange (BSE) on Wednesday, Adani Group described RRPR Holding's statement as misconceived and misleading and has asked the NDTV promoter group entity to convert the warrants into equity shares. Adani Group's letter to BSE came after RRPR Holding informed Vishvapradhan Commercial Private Limited (VCPL, an indirect subsidiary of Adani Enterprises) that its (RRPR Holding's) stakeholding in NDTV has been provisionally attached by the Income Tax authorities and requires their (I-T department's) approval for transfer.
Rupee falls 11 paise at 79.56 against US dollar
"Rupee opening was flat near 79.53 and gained positive momentum in the early part of the session as capital markets witnessed positive momentum after weak opening giving strength to the Rupee. Strong selling in Crude helped majorly to Rupee as crude prices dipped below $95 in Brent witnessing 3rd of major selling in oil, Rupee found resistance near 79.25 zones.
India is in no rush to resume India-Pakistan trade ties
The issues of both trade and humanitarian assistance have been in focus since Pakistan's Finance Minister Miftah Ismail said earlier this week that Islamabad can consider importing vegetables and food items from India to cope with shortages due to the floods, which have killed more than 1,000 people and affected 33 million.
Indian-born Laxman Narasimhan is new CEO of Starbucks
Narasimhan joins the growing ranks of Indian-descent CEOs heading leading US corporate giants such as Satya Nadella of Microsoft, Sundar Pichai of Alphabet, Shantanu Narayen of Adobe, Punit Renjen of Deloitte and Raj Subramaniam of FedEx. Major former Desi CEOs include Indra Nooyi of PepsiCo and Ajay Banga of Mastercard.
Niti Aayog in two minds on PMGKAY extension
Sources privy to developments in Niti Aayog said that the scheme -- under which free food grains are provided to poor (covered under the National Food Security Act provisions) to ease the hardships they faced when the Coronavirus pandemic had erupted in 2020 -- should not be extended beyond September as the situation vis-a-vis availability of food grains has improved in the last two years.
SBI Ecowrap revises annual GDP growth for FY23 to 6.8%
"The downward revision is mostly to do with our Q1GDP estimate that was at 15.7 per cent," the report said. In the first quarter of the current financial year, the Indian economy grew by 13.5 per cent amid rebound in the growth of the service sector. The GVA grew by 12.7 per cent. Though GDP grew in double digits, but it still came way below the market expectations.
Govt received Rs 7,85,914 crore till July, incurred Rs 11,26,745 crore as expenses
Non-debt capital receipts consist of recovery of loans of Rs 5,559 crore and miscellaneous capital receipts of Rs 24,560 crore. An amount of Rs 2,01,108 crore has been transferred to state governments as devolution of share of taxes by the Centre up to July, 2022, which is Rs 36,044 crore higher than the previous year. Total expenditure incurred by the government till July 2022 was Rs 11,26,745 crore, out of which Rs 9,18,075 crore is on revenue account and Rs 2,08,670 crore is on capital account.
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