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The Economic Times India's GDP is USD 3.95 trillion, says Union Minister Hardeep Singh Puri

While speaking in Chandigarh on Sunday, Puri said, "As per the public data released by IMF, our GDP is USD 3.95 trillion, and we are in the fifth position. Japan is in the fourth position with a GDP of USD 4.1 trillion. If our growth rate is going on at 7-8 percent and Japan's is flat, it's a matter of a few months, if not a year, and our economy will reach fourth place."

The Economic Times India's Q4 FY24 GDP likely to have grown at 6.1-6.7 pc: Economists

India's GDP growth in the fourth quarter of FY 2023-24 is expected to be between 6.1-6.7%, lower than the previous three quarters. Economists project a growth rate of 7.6-7.8% for the fiscal year, with various projections and insights.

The Economic Times NCLT admits Srei's insolvency plea against Supreme Infrastructure BOT

The National Company Law Tribunal (NCLT) has accepted Srei Infrastructure Finance's request to commence a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT due to its failure to repay a loan. Srei Infrastructure Finance had provided a term loan of Rs 150 crore to Supreme Infrastructure BOT for a duration of five years, earmarked for infrastructure projects.

The Economic Times NFRA to engage with some big listed companies on audit compliance

The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to hold such huddles and may invite listed companies, where large public interest is involved, for such meetings, according to another person.

The Economic Times South African regulator fines SBI's branch

The bank informed the stock exchange that the financial penalty consists of an immediately payable portion of 5.50 million rand, which the SBI branch in South Africa has already paid. The remaining 4.50 million rand is suspended for 36 months, contingent on compliance within this period.

The Economic Times Greater transparency: No indemnity clause in NPA sale pact between banks and ARCs

High-street banks and stressed asset firms in Mumbai adopted a 'model agreement' for selling loans but couldn't agree on 'indemnity'. Lenders can declare an account 'fraud' post-sale to ARCs. The industry body approved the Model Assignment Agreement and Model Trust Deed for adoption by banks, financial institutions, finance companies, and ARCs.

The Economic Times Electronics companies seek Rs 35,000-crore incentive plan for components

"The incentive scheme is needed to support growing demand for electronics components to the tune of $75-$80 billion by 2026, and $300 billion by 2032 to support $300 billion worth of electronics products manufacturing by 2026 and $1.2 trillion by 2032," the India Cellular & Electronics Association (ICEA), which represents top smartphone brands and manufacturing companies, said.

The Economic Times Global pact on genetic resources, associated traditional knowledge big win for India: Govt

Members of the Geneva-based World Intellectual Property Organization (WIPO) have concluded an agreement that creates a mandatory disclosure requirement on the patent applicant, when a claimed invention is based on genetic resources.

The Economic Times Adda247 logs 88% jump in revenue to Rs 243 crore

Google-backed edtech startup Adda247 saw strong growth in FY24, with revenue nearly doubling to Rs 243.39 crore from Rs 129.65 crore in the previous year. They also made significant progress on profitability, slashing their net loss by two-thirds to Rs 101 crore, down from Rs 296 crore in FY23.

The Economic Times Ecommerce fails to click for firms in Q4 as sales dip across segments

Online consumption lagged in the March quarter across segments like electronics, wearables and beauty. Delhivery said ecommerce delivery volumes declined 13% sequentially in the March quarter to 176 million, while on a year-on-year basis they were down 2%. Cofounder and CEO Sahil Barua indicated this slowdown comes after a strong December quarter.

The Economic Times PSBs seek changes to rules for Infra loans, may approach govt

State-owned lenders plan to approach the government seeking changes to terms governing performance bank guarantees (PBGs), timely compensation from concessioning authorities, and greater immunity for board members sanctioning funds for infrastructure projects as they firm up their response to Reserve Bank of India (RBI) draft rules on project financing that call for higher provisioning.

The Economic Times Sebi cracks down on gaming apps involved in virtual trading

The Securities and Exchange Board of India (Sebi) has asked exchanges and depositories not to share real-time price data with third parties in a move aimed at quashing such activities.

The Economic Times Sauce VC launches third fund eyeing a corpus of Rs 250 crore

New Delhi-based investment firm Sauce VC, which has backed new-age luggage brand Mokobara, healthy foods startup The Whole Truth and petcare firm Supertails, aims to raise Rs 250 crore for its third fund. This comes as D2C firms see growing interest from risk capital investors. The firm looks to back 15-16 consumer brands in their early stages.

The Economic Times Big electoral bond buyer Megha Engineering to sell city gas business

Megha City Gas Distribution (MCGDPL), a wholly-owned subsidiary, has decided to consolidate operations and reached out to state-run Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Indraprastha Gas, among other players. It ventured into city gas distribution under the brand name Megha Gas in 2015 and continued to operate as MEIL till FY22.

The Economic Times Govt's cash balance surges, banks starve

The ongoing general elections have led to a surplus in government cash balances, impacting the banking sector due to reduced spending. The Centre's adoption of efficient fund management practices has resulted in over ₹3 lakh crore in cash balances, affecting borrowing costs and liquidity in the market.