Saudi Arabia overtakes Russia to be India’s no 2 oil supplier in August
NEW DELHI: Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed. India, the world’s third biggest oil importer and consumer, shipped in 863,950 barrels per day (bpd) of crude […]
Vedanta, Foxconn to invest Rs 1.54 lakh crore in Gujarat
AHMEDABAD: A joint venture of the Indian conglomerate Vedanta and Taiwanese electronics manufacturing giant Foxconn signed a Memorandum of Understanding with the Gujarat government on Tuesday to set up a semiconductor and display manufacturing unit in the state. Vedanta-Foxconn would invest Rs 1,54,000 crore to set up the facility in Gujarat, which would create one […]
Real estate will stem a favourable economic outlook making India a developed nation by 2047
NEW DELHI: Real estate will stem a favourable economic outlook, making India a developed nation by 2047”, said Kaushal Kishore, Minister of State for Ministry of Housing & Urban Affairs, Govt of India at Realty 2022 organised by CII today at New Delhi. He mentioned that the real estate sector is clearly demonstrating a growth […]
Retail sales in shopping malls to grow 29% annually to reach $39 billion by FY28
NEW DELHI: Retail sales in shopping malls across top eight cities are expected to grow 29 per cent annually to reach USD 39 billion by 2027-28 fiscal on consumption growth and opening of new malls, according to a property consultant. Knight Frank on Tuesday released a report ‘Think India, Think Retail 2022 – Reinventing Indian […]
Former RBI deputy governor BP Kanungo, Kaushik Dutta join BharatPe board
NEW DELHI: Fintech unicorn BharatPe has appointed former RBI deputy governor B P Kanungo and TARI founder Kaushik Dutta as independent directors as it looks to strengthen governance rigour and transparency in the preparation of a listing. “Business is about to turn profitable in a few months and we are strengthening governance at the company […]
Many countries interested in bilateral rupee trade: India
NEW DELHI: Finance Minister Nirmala Sitharaman on Tuesday said many countries have evinced interest for bilateral trade in the rupee after the RBI announced a mechanism recently. Speaking at Hero Mindmine Summit, she said this along with other steps taken by the government is towards full capital account convertibility. “It isn’t the ruble-rupee which was […]
Anti-cancer drugs, anti-infectives among 384 drugs included in NLEM 2022
NEW DELHI: Thirty-four drugs, including some anti-infectives such as Ivermectin, Mupirocin and Nicotine Replacement Therapy, have been added to the National List of Essential Medicines taking the total drugs under it to 384. Several antibiotics, vaccines and anti-cancer drugs will become more affordable by their addition to the list. However, 26 drugs such as Ranitidine, […]
Oil prices at 7-month low, but no change in petrol, diesel prices in India
NEW DELHI: International oil prices have hit a seven-month low but there is no change in retail selling price of petrol and diesel in India as state-owned fuel retailers recoup losses incurred for holding rates for a record five months despite rising cost. International benchmark Brent crude fell below USD 90 per barrel last week […]
Industry choosing US over China, Japan to manufacture chips: Joe Biden
WASHINGTON: Global chips manufacturing industry is opting for the United States (US) over countries like China and Japan to set up their plants, President Joe Biden said as he announced two major investments by these companies here. China, Japan, South Korea, the European Union — all these places are investing tens of billions of dollars […]
India not part of IPEF’s trade pillar; to decide in national interest
LOS ANGELES: India has not yet agreed to the commitments of the trade pillar of the 14-member Indo-Pacific Economic Framework (IPEF) and will wait for further clarity on the issue, a top official said on Friday. Commerce and industry minister Piyush Goyal attended the first in-person ministerial meeting of the two-day IPEF, which concluded here. […]
Reliance Industries acquires Shubhalakshmi Polyesters for Rs 1,592 crore
NEW DELHI: Reliance Petroleum Retail (under name change to ‘Reliance Polyester’), a wholly-owned subsidiary of Reliance Industries, on Saturday acquired the polyester business of Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex) for Rs 1,522 crore and Rs 70 crore, respectively, in cash. The acquisitions are subject to approval by the Competition Commission of India (CCI) […]
Finance ministry to kick-start budgetary exercise from October 10
NEW DELHI: The finance ministry will kick-start the exercise to prepare the annual budget for 2023-24 from October 10, in the backdrop of revival of the Indian economy and fears of recession in developed countries. The budget for the next year will have to address critical issues of high inflation, job creation, boosting demand, and […]
Cyrus Mistry: A reclusive scion who fought for honour after being fired
NEW DELHI: Till his appointment as the chairman to lead Tata Sons, not many knew of Cyrus Mistry, who was then associated only with his family business. A south Mumbai boy, the Mistry family scion was already heading companies in the Shapoorji Pallonji Group – the family business – when he was appointed to succeed […]