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Rupee gains 19 paise to breach 80 level against U.S. dollar

The local unit moved in a range of 81.02 to 80.88 in morning deals on January 23, 2023. File | Photo Credit: The Hindu The rupee rose by 19 paise to breach the 80 level against the U.S. currency for the first time in two months on Monday due to a weak dollar in overseas markets. A fall in crude oil prices and early gains in equity markets also supported the local currency, according to forex…

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Apple targets raising India production share to up to 25%: Piyush Goyal

NEW DELHI: Apple Inc wants India to account for up to 25% of its production from about 5%-7% now, the trade minister told a conference on Monday, as the iPhone maker continues to move its manufacturing away from China. “Apple, another success story,” Piyush Goyal said, pitching India as a competitive manufacturing destination. “They are already at about 5-7% of their manufacturing in India. If I…

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Business-20 has important role to play; can be value adding for world, says N Chandrasekaran

GANDHINAGAR: The Business-20 forum during India’s leadership has a unique opportunity and a very important role to play in working out agenda that can be value adding for all G-20 nations and the rest of the world, B20 India Chair N Chandrasekaran said on Monday.The Business 20 (B20) is the official G20 dialogue forum with the global business community. It is among the most prominent engagement…

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Ahead of merger with AI, Vistara sees its first profitable quarter in Oct-Dec 2022; revenue crosses $1 billion

NEW DELHI: Vistara, which started flying in January 2015, has finally reported its first profitable quarter in the October-December 2022 period and revenue for this fiscal have already crossed the $1 billion mark. The turnaround comes ahead of Vistara’s impending merger with Air India in the next 14 months thanks to the rebound in air travel seen this winter and the leadership provided by the…

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Thousands of Indian IT professionals now jobless scrambling for options to stay in the US

WASHINGTON: Thousands of Indian IT professionals in the US, who have lost their jobs due to the series of recent layoffs at companies like Google, Microsoft and Amazon, are now struggling to find new employment within the stipulated period under their work visas following the termination of their employment to stay in the country. According to The Washington Post, nearly 200,000 IT workers have…

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Centre To Tap Brakes On Capex Growth, Key Subsidies: Report

Private investment has lagged New Delhi’s lead for about a decade. (File) Bengaluru: The Indian government is set to tap the brakes on a torrid pace of capital investment growth in the coming fiscal year as a slowing economy limits spending power by weakening tax revenue, according to a Reuters poll of economists. Food and fertiliser subsidies that help two-thirds of India’s 1.4 billion people…

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Government to borrow a record 16 trillion rupees in fiscal 2023/24

BENGALURU: The Indian government will borrow a record 16 trillion rupees ($198 billion) in the fiscal year to March 2024, according to a Reuters poll of economists, who said infrastructure spending and fiscal discipline ought to be its highest budget priorities. The government’s gross indebtedness has more than doubled in the past four years as Prime Minister Narendra Modi’s government has spent…

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Oil prices retreat in thin trade, but China outlook offers support

Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week’s gains on the prospect of an economic recovery in top oil importer China this year. Brent crude futures was down by 46 cents, or 0.5%, to $87.17 at 0349 GMT, while US West Texas Intermediate (WTI) crude futures fell 36 cents, or down 0.4%, to $81.28 a barrel.…

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India's 1.4 billion population could become world economy's new growth engine

NEW DE:HI: India’s economic transformation is kicking into high gear.Global manufacturers are looking beyond China, with Prime Minister Narendra Modi stepping up to seize the moment. The government is spending nearly 20% of its budget this fiscal year on capital investments, the most in at least a decade.Modi is closer than any predecessor to being able to claim that the nation — which may have…

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Asian markets mixed in holiday-hit trade

HONG KONG: Asian markets were mixed in holiday-thinned trade Monday, while the dollar dropped as investors lowered their expectations for US interest rate hikes. Tokyo was the standout performer, rallying more than one percent following a blockbuster performance on Wall Street, where all three main indexes enjoyed a strong end to last week thanks to a tech rally. Comments from top Federal Reserve…

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Samsung expects 5G to push sales

NEW DELHI: Samsung expects nearly 75% of its India smartphone sales to come from 5G devices, as demand for sophisticated devices will increase, following expansion of high-speed telecom network across the country.The company, which competes with top Chinese makers such as Xiaomi and Vivo, apart from traditional US rival Apple, hopes sales to grow by over 20% this year, faster than what it did in…

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Supreme Court notice on Kerala GST law permitting levy of tax under repealed VAT regime

The Supreme Court has sought response from commercial tax authorities in a petition challenging the legality of provisions in the Kerala Goods and Services Tax (GST) law which allows assessment, levy and collection of tax under the repealed Value Added Tax (VAT) regime. A Bench of Justices S. Ravindra Bhat and Dipankar Datta recently protected traders, including the lead petitioner, T.S.…

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G20 business meet begins in Gandhinagar

The Business 20 inception meeting being organised in Gandhinagar from January 22, 2023 as part of India’s G20 presidency. | Photo Credit: PTI As part of the G20 presidency, a Business 20 (B20) inception meeting began in Gujarat’s capital Gandhinagar on Sunday with over 600 delegates participating in the event, to deliberate on issues ranging from climate change, innovation, global digital…

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Exim data revised, trade deficit narrows by $10 billion

September 2022 now marks the worst monthly trade deficit of $29.23 billion for India. File | Photo Credit: AFP India’s foreign trade data for the first eight months of 2022-23 has been significantly revised, with the import bill being scaled up or down by at least $2 billion in each of those months, in comparison to the preliminary estimates issued by the Ministry of Commerce.    Total…

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Loco production to cost nearly one-third of current prices

NEW DELHI: The Indian Railways has managed to slash the cost of new electric locomotives for freight movement by over two-third to Rs 11 crore per loco compared the current cost of over Rs 30 crore.The railways made this best price discovery while bidding out the project to manufacture 1,200 high-powered locomotives for freight trains by not setting the benchmark price or bid price, thereby…

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Puri pins fuel price cut hope on stable oil

VARANASI: Oil minister Hardeep Singh Puri on Sunday “requested” state-run oil companies to consider reducing fuel prices if international crude prices stabilise in the coming days and their losses were gone.“I would request the oil companies (state-run fuel retailers) that in the coming days, if international oil prices remain under control and their under-recoveries were gone they could look at…

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G20's 3-Day Business20 Inception Meeting Begins In Gujarat

The three day B20 inception meeting has begun in Gandhinagar, Gujarat. Gandhinagar: Several policymakers, including Commerce and Industry Minister Piyush Goyal besides business leaders and senior executives representing businesses of the G20 countries are participating in the three-day B20 India inception meeting, which commenced here on Sunday. As India holds the presidency of G20 in 2023, it…

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