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The Economic Times
The Economic Times India’s world-beating GDP growth can’t sustain over time unless FM Sitharaman fixes this in the Union Budget
Budget 2024 and Private Investment | Private consumption and investment are key concerns for Finance Minister Nirmala Sitharaman ahead of the Union Budget. Q1FY25 saw new private investment plans hit a 20-year low at Rs 44,300 crore. Despite recent nascent signs of recovery, sustainable long-term growth requires robust private investment and consumption, supported by continued government capex and policy certainty.
The Economic Times My aim is to make Mumbai global fintech capital, says PM Modi as he launches Rs 29,000 crore infrastructure projects
Prime Minister Narendra Modi has launched a Rs 29,000 crore investment drive in Mumbai, focusing on crucial infrastructure projects in roads, railways, and ports. This aims to elevate Maharashtra as a global financial powerhouse, with Mumbai set to lead in fintech. PM Modi highlighted the projects at Goregaon's NESCO Exhibition Centre, emphasizing their role in boosting economic growth and connectivity. Key projects include the Goregaon-Mulund Link Road to reduce travel time and enhance urban mobility, underscoring a commitment to sustainable development in Mumbai.
The Economic Times Claims arising from GenAI covered, says TCS CFO Samir Seksaria
. TCS is currently executing about 270 GenAI projects, and its AI and GenAI pipeline has doubled to $1.5 billion in the June quarter.
The Economic Times Retrospective GST on corporate guarantees may lead to cost escalations: Experts say
The CBIC's latest circular clarifies GST on corporate guarantees, providing retrospective guidance on taxability and valuation. Experts say it simplifies the valuation process.
The Economic Times WPI hits 16th month high at 3.36% in June riding on costlier vegetables
Driven by soaring food prices, India’s wholesale inflation sees a significant surge, mirroring the trend in retail inflation. The annual rate of inflation (y-o-y) based on WPI Food Index increased from 7.40% in May, 2024 to 8.68% in June, 2024.
The Economic Times SoftBank's Sumer Juneja to join Oyo board
Sumer Juneja will join Oravel Stays Ltd as non-executive director, pending EGM approval, representing SoftBank Vision Fund. OYO, backed by SoftBank, reported Rs 100 crore profit in FY 2023-24, per founder Ritesh Agarwal. The board includes Aditya Ghosh, Dr. Deepa Malik, Troy Alstead (ex-COO of Starbucks), and W Steve Albrecht. SoftBank aims to boost OYO globally.
The Economic Times Budget 2024: Double standard deduction to Rs 1 lakh and more on the table that need Nirmala Sitharaman's attention
Budget 2024: Consultancy firm KPMG anticipates changes in the upcoming Union Budget, including doubling standard deduction to Rs 1 lakh, increasing tax breaks on housing loan interest, and rationalizing capital gains tax regime. The focus is on enhancing disposable income and promoting home ownership through tax reforms.
The Economic Times Tata Group wants continuity in top management of Air India post merger with Vistara
Tata Group will retain all top Air India executives post-Vistara merger. Wilson, Aggarwal, Sharma stay. Kannan returns to Singapore Airlines, Rajawat joins merged entity. AI hires, consults Boston Group, uses Hogan Test. Air India Express, AirAsia India form no-frills airline. Tata targets ₹15,532 crore savings. AZB handles legal matters; AI's brand identity remains until 2025.
The Economic Times Expect retail inflation to remain close to 5%: SBI Research report
India's retail inflation is projected to stay under 5.0 per cent for the rest of 2024-25, aside from September, as per SBI Research. June saw an increase in inflation to 5.08 per cent, led by higher food costs. States like Odisha, Bihar, and Karnataka had inflation rates surpassing the national average. SBI Research anticipates the RBI to reassess its policy stance around September due to declining US inflation potentially prompting a rate cut.
The Economic Times Covid-year job surge led by agriculture, construction: RBI
On Saturday, PM Narendra Modi cited the report and said 80 million new jobs were created during the last three-four years and argued that this had silenced those spreading false narratives about jobs not being created.
The Economic Times Rate derivatives: Banks seek hike in foreign investor cap
Banks asked RBI to increase foreign OIS transaction limits post JP Morgan's index inclusion spiked demand. The ₹350 crore limit is near exhaustion at ₹11.3 crore by July 10, per Clearing Corporation. OIS transactions for hedging and rate bets settle in rupees, convert to US dollars. Foreign investors purchased $11 billion of Indian government bonds.
The Economic Times Risk factors that are often overlooked in IPO papers
Governance risks in red herring prospectuses include promoters in similar businesses, high related party transactions such as Cello World’s 53% FY23 revenue, regulatory investigations, and Emcure Pharma’s US antitrust cases. Allied Blenders reports statutory dues delays with interest payments, and missing corporate filings suggest documentation gaps. Investors should carefully review these aspects.
The Economic Times Kotak Mahindra Bank says it has to do more to leverage technology
Kotak Mahindra Bank's new chief emphasizes tech transformation despite RBI ban. Auditors highlight IT system complexities affecting financial reporting. Industry experts link RBI actions to the bank's 811 offering success. The bank shows growth in customer base and financial metrics.
The Economic Times Professional services companies add record partners as business booms
The professional services sector in India is experiencing significant growth, with top firms collectively amassing over 3,300 partners. EY stands out as the first firm to surpass 1,000 partners, driven by strong growth in advisory services post-Covid-19 disruptions. The Big Four firms reported combined revenue exceeding ₹39,000 crore, with a focus on expanding leadership to meet rising demand. Deloitte, PwC, and KPMG have been actively promoting and hiring partners, while Grant Thornton and BDO have also shown impressive partner growth.
The Economic Times Startups demand angel tax elimination, incentives on investments in upcoming budget
Startups in India have high expectations from this year's upcoming Union Budget. The early-age startups expect the removal of angel taxes, whereas the health tech startups expect increased funding for the sector.
