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The Economic Times
The Economic Times Digitalisation lowers costs and to boost volume of inward remittances
The Reserve Bank of India (RBI) reports that the global adoption of Unified Payments Interface (UPI) and Central Bank Digital Currencies (CBDCs) can reduce remittance costs, increase volumes, and boost inflows. In 2023, Fintechs offered the lowest average remittance cost at 4.2% for $200, compared to 5.4% through money transfer operators and 11.5% through banks.
The Economic Times Digital tech adoption has improved efficiency of banks, increased competition on sector: RBI RCF Report
Paying light to the banking sector, the Reserve Bank of India in its recent report has said that the adoption has improved the efficiency of banks in India, along with increasing competition. "The adoption of digital technologies has improved the efficiency of banks in India, along with increasing competition in the banking sector. Overall digitalisation in the financial sector enables banks to reduce various risks and improves integration across various financial markets, thus, boosting liquidity in these markets," said RBI in its RCF report.
The Economic Times Fake ITC claims detection by central GST officers up 51 pc at Rs 36,374 cr in FY24
Detection of fake input tax credit (ITC) claims by central GST officers rose 51% to Rs 36,374 crore in 2023-24, Parliament was informed. In 2023-24, 9,190 cases were booked, 182 arrests made, and Rs 3,413 crore voluntarily deposited. In 2022-23, Rs 24,140 crore in fake ITC was detected from 7,231 cases
The Economic Times New-age D2C brands flex muscle via own sites
Direct E-commerce, or brands selling directly to consumers through their digital platforms, has risen to ten to 15 per cent of India’s online retail market of USD 70 to 75 billion now, from two to three five years ago, according to data. Why are these brands focussing on their own channels for sales and cutting reliance on marketplaces?
The Economic Times 'Govt debt may ease to 5-year low of 56.8% of GDP in current fiscal'
In absolute terms, the debt, however, will rise to Rs 185.27 lakh crore (budget estimate) in FY25 from Rs 171.78 lakh crore last fiscal, Chaudhary said in a written reply in the Lok Sabha. The data include the Centre's external debt valued at the current exchange rate and other liabilities.
The Economic Times Private refiners RIL & Nayara Energy grow local market share as export margins dip
Reliance, which operates pumps in a joint venture with UK's BP, retailed 73% more diesel last quarter, while Nayara recorded a 13.5% increase, according to industry data. The robust performance expanded RIL-BP's market share to 4.24% from 2.48% a year ago. Nayara's share grew to 5.35% from 4.79%. The combined share of state-run refiners-Indian Oil, Hindustan Petroleum and Bharat Petroleum-eroded to 90.3% from 92.7% in the quarter as their sales fell 1%.
The Economic Times DPDP final draft to be ready for public review in two weeks
The final DPDP Act rules “will stay within the walls of the law as passed by the Parliament”, the official said. The person added that the government wants to ensure that the Act provides a robust mechanism for citizens to safeguard their privacy without becoming a place for "frivolous" complaints. "Good set of responsibilities will be imposed on how a person makes a complaint," the official said.
The Economic Times Big LTCG gains for startups staff holding Esop in secondary deals
While such deals are often conveniently termed as Esop buybacks — even though the shares are not repurchased by the company that issued them — these are typically secondary deals where an investor is buying the shares providing liquidity to employees.
The Economic Times Adani Energy set to raise up to $1 billion via QIP
This will be the first equity fundraising by an Adani Group company since Adani Enterprises called off its ₹20,000 crore follow-on public offer (FPO) in February last year after having raised the amount.
The Economic Times ICAI, NFRA must support non-Big 4 firms with technology and regulatory changes, says Amarjit Chopra
Former ICAI President highlights the disparity in remuneration between Big 4 and smaller audit firms, linking higher pay to better quality and to an extent mandated appointments as well and stressing the need for fair audit fees and greater awareness.
The Economic Times India Inc CFOs unified on talent management goals, differ on execution strategies
CFOs are aligning talent management with organisational goals. ETCFO explores how finance leaders are tailoring their approaches to meet unique needs and industry demands.
The Economic Times India needs to strive to be $30 tn economy with per capita income of $18,000: NITI document
India aims to become a USD 30 trillion economy with a per capita income of USD 18,000 by 2047, according to NITI Aayog’s "Vision for Viksit Bharat @ 2047: An Approach Paper." This ambitious goal requires India to avoid the Middle-Income Trap by significantly boosting its GDP and per capita income.
The Economic Times 45-day payment rule: New fund will work with banks to help MSME units, says FM Sitharaman
Finance Minister Nirmala Sitharaman revealed that the government is establishing a new fund to help MSMEs facing financial issues due to delayed payments. Traders must now clear MSME bills within 45 days according to Section 43B(h) of the Income Tax Act. The new rule, active from April 1, has made MSMEs apprehensive. The budget has also offered collateral-free loans for MSMEs and proposed a Rs 1000 crore venture capital fund for the space sector. Additionally, the Rs 1 lakh crore Anusandhan National Research Fund will support research and innovation, particularly in Bengaluru.
The Economic Times Time to integrate MSMEs with Global Value Chains: Commerce Secretary
As micro, small and medium enterprises (MSMEs) are an integral part of the BRICS countries, there is a need for cooperation and collective efforts for outcome-oriented support for the sector, which form the backbone of the overall industrial ecosystem and economic growth, said Commerce Secretary Sunil Barthwal.
The Economic Times Manoj Mittal takes charge as Chairman and Managing Director of SIDBI
He has over 33 years of extensive experience in the Finance sector, including his previous tenures as Managing Director and CEO at Industrial Finance Corporation of India (IFCI) and Deputy Managing Director at SIDBI.
