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The Economic Times
The Economic Times Centre proposes bill to ban unregulated lending
The government drafted a bill to combat illegal lending. The bill proposes a 10-year jail term and a ₹1 crore penalty for violators. An online database of approved lenders will be created. The database will help identify illegal lenders. The move follows action against several digital loan apps. The government aims to curb predatory lending practices.
The Economic Times India's lavish weddings under taxman’s scrutiny: IT department investigates Rs 7,500 crore of unaccounted cash
The Income Tax Department is investigating around 20 wedding planners in Jaipur for suspected tax evasion of approximately ₹7500 crore. The investigation focuses on cash transactions and the use of mule accounts and fake bills. Scrutiny may extend to foreign destination weddings and associated foreign exchange regulations.
The Economic Times Gautam Adani hikes stake in two group companies
Billionaire Gautam Adani-led promoter group has increased stake in two of the group's listed companies. This is the second time in less than a month that the promoters have raised stake in the flagship firm that incubates new businesses. The promoter group has also increased stake in Adani Ports and Special Economic Zone Ltd.
The Economic Times SECI defends transfer of 2,333 mw power project from Azure to Adani
SECI defended the transfer of a 2,333 MW solar power project from Azure to Adani Group before the CERC. They stated the transfer met Andhra Pradesh's power needs and maintained the original contract terms, staying within the approved bidding process and tariff. Azure's non-implementation prompted the transfer to ensure Andhra Pradesh received its intended 7,000 MW.
The Economic Times Laxmi India Finance files DRHP with Sebi for IPO
Laxmi India Finance, a Jaipur-based non-banking financial firm, has filed its DRHP with SEBI for an IPO. The IPO comprises a fresh issue and an OFS. The company primarily focuses on MSME and vehicle loans.
The Economic Times States' freebies crowd out critical resources needed for economic development: RBI report
It further said several states have announced sops pertaining to farm loan waiver, free electricity to agriculture and households, free transport, allowances to unemployed youth and monetary assistance to women in their Budget for 2024-25.
The Economic Times RBI advises states to be more prudent in managing finances
The Reserve Bank of India commends states for fiscal deficit reduction but urges adherence to the 'golden rule' of financing current expenditure with current revenue. The RBI also criticizes excessive subsidies and cash transfers, advocating for rationalization and outcome-based budgeting for better resource allocation and developmental impact.
The Economic Times KKR invests in Rebel Foods valuing the cloud kitchen brand at around $800 million
A significant portion of the latest financing round comprises secondary share sales, conducted at a lower valuation of around $750-800 million. In contrast, the primary funding infusion was executed at a flat valuation of $1.4 billion. While secondaries are typically done at a discount to the last primary valuation, this transaction reflects a steep discount of approximately 50 per cent.
The Economic Times Over 40 Indian startup leaders transitioned between founding and executive roles in 2024: report
Per data shared by executive search firm Longhouse Consulting, the year saw a trend in the startup ecosystem of some leaders choosing to move away from their cofounder roles to take on senior executive positions, bringing their entrepreneurial expertise to established firms.
The Economic Times $11.3 billion: Startup funding sees marginal rise in 2024
Indian startups saw a funding revival in 2024, reaching $11.3 billion, slightly up from $10.7 billion in 2023. While VC firms have ample capital, they are cautiously deploying funds, prioritizing profitability and strong governance. Zepto led funding with $1.4 billion, but overall deal closures were uneven throughout the year. Investors remain optimistic about India's growth potential.
The Economic Times High interest rates big deterrent for MSME exporters; working with finmin on this: DGFT
Director General of Foreign Trade Santosh Kumar Sarangi said that the department of commerce has been "struggling" to convince the finance ministry regarding the relevance of the Interest Equalisation Scheme (IES) and the extent to which it is maintaining manufacturing competitiveness.
The Economic Times Corporates claim employees are their greatest asset but don’t treat them fair, must pay bottom 60% staff better: Mohandas Pai
Mohandas Pai criticizes stagnant wages for entry-level IT workers, highlighting a mere 15% increase since 2011 despite significant CEO compensation growth. He emphasizes the need for fair wages, especially for the bottom 60% of earners, advocating for higher minimum wages and a reevaluation of compensation policies to address the widening pay gap.
The Economic Times MCA slashes penalty on iPhone maker Wistron
Appealing against the RoC's penalty, a representative of Wistron submitted to regional director M Jayakumar that the current management (Tata Electronics) has "decided to address the past violations (by Wistron) and, therefore, the suo-motu application for adjudication has been filed".
The Economic Times Break glass ceiling in global standards, shed passive attitude: Consumer Affairs Secy to India Inc
Speaking at a CII event, Khare expressed concern over India's absence from the top five nations in international standards meetings, which she said were dominated by European countries.
The Economic Times Nestle India sees no impact from Switzerland's MFN status withdrawal, says issue between the two countries
Switzerland’s suspension of the Most-Favoured-Nation (MFN) status, effective January 2025, follows an Indian Supreme Court ruling that reversed a judgment in favor of Nestlé, triggering a re-evaluation of tax treaty terms.
