February 22, 2024

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IMC EVENTS

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1
Mar

6th Global Film Tourism Conclave (GFTC)

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12
Mar

Natural Products Expo West (NPEW) Show 2024- 12th to 16th, March, 2024.

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Notifications

 
CUSTOMS

22
Feb

Notification No. 14/2024 (Delhi)
In exercise of the powers conferred by sub-section (1) of section 4, read with section 3 and sub sections (1) and (1A) of section 5 of the Customs Act, 1962 (52 of 1962)

17
Feb

Notification No. 12/2024 (Delhi)
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962

17
Feb

Notification No. 13/2024 (Delhi)
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962)

INCOME TAX

22
Feb

Notification No. 20/2024 (Delhi)
In the exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961),

22
Feb

Notification No. 21/2024 (Delhi)
Whereas, an agreement between the Government of Republic of India and Government of Samoa for exchange of information with respect to taxes, was signed at Apia, Samoa on 12 th day of March, 2020

RBI

21
Feb

RBI/2023-24/123 (Delhi)
The Government of Assam has notified formation of a new district, viz., Hojai in the state of Assam vide Gazette Notification ECF.No.367433/28 dated September 07, 2023.

17
Feb

RBI/2023-24/122 (Delhi)
Exclusion of “Rupee Co-operative Bank Limited” from the Second Schedule to the Reserve Bank of India Act, 1934

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LIVE MARKET

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INDIAN ECONOMY

India must focus on exports to achieve 10 per cent economic growth: Arvind Panagariya

India must focus on exports to achieve 10 per cent economic growth, Arvind Panagariya, Chairman of the 16th Finance Commission, has said. Panagariya also said that the temptation of import-substituting industrial policy is not unique to India....

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Economic momentum set to continue in FY25, GDP growth projected at 7% in next fiscal, says RBI Guv Shaktikanta Das

The momentum of economic activity witnessed during 2023-24 is expected to continue in the next year (2024-25), said Reserve Bank of India Governor Shaktikanta Das in a statement published in RBI’s February bulletin. “Domestic economic activity remains strong. The first advance estimates (FAE) placed the real ...

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Expect a reasonably low headline inflation: FinMin

With the stable downward movement in core inflation and moderation in food prices, economists in the Finance Ministry said that the outlook for a reasonably low headline inflation rate is good. The outlook for the Indian economy appears ‘bright’ with GDP likely to grow by 7% next financial year beginning A...

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India's GDP growth to moderate to 6.5% in FY25, projects Morgan Stanley

Morgan Stanley Research said on Wednesday that it expects India’s GDP growth for FY25 to moderate to 6.5 per cent from 6.9 per cent projected for FY24. ICRA, meanwhile, has projected the year-on-year (Y-o-Y) GDP growth to moderate sequentially to 6 per cent in Q3 FY24 from 7.6 per cent, led by agriculture an...

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Gasification projects to help in economic development of coal regions: Govt

The government on Wednesday said that coal gasification projects will help in socio-economic development of coal bearing regions as well as in boosting the country's energy security. Addressing a road show here to promote coal/lignite gasification projects, additional secretary in the coal ministry M Nagaraj...

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India needs to grow at rapid rates to become $35 trn economy by 2047: Kant

India will be the third largest economy by 2027 and it needs to grow at rapid rates to become a $35 trillion economy by 2047, the country's G20 Sherpa Amitabh Kant said on Wednesday. Addressing an event organised by the All India Management Association, Kant further said that India needs to grow at 9-10 per ...

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Digital public infra contributes 0.9% to GDP, to triple by 2030: Nasscom

Digital public infrastructures like Aadhaar, UPI and FASTag generated a value of USD 31.8 billion in 2022, contributing 0.9 per cent to India's GDP, and the contribution is projected to increase 2.9-4.2 per cent by 2030, industry body Nasscom said in a report. The Nasscom-Arthur D. Little report titled 'Digi...

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ICAI to suggest ways to improve country's tax to GDP ratio, says Agarwal

Chartered accountants' apex body ICAI will provide suggestions to the government on increasing the tax to GDP ratio as well as on green finance. At a briefing in the national capital on Wednesday, ICAI President Ranjeet Kumar Agarwal said the tax to GDP ratio should improve for the country to become a develo...

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India’s macros were inverse of China for decades, Modi’s reforms changed that: Jefferies’ Chris Wood

Chris Wood says Indian macros has become good as any other country which is stark contrast to earlier situation where Indian micros only appealed to investors ...

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Target to increase UP's credit-deposit ratio to 65% next fiscal: Yogi Adityanath to bankers

The Chief Minister has set an ambitious goal to elevate the CD ratio to 65 per cent in the next financial year and committed to offering all necessary support and security to facilitate this growth for banks. ...

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India’s February Manufacturing PMI rises to five month high of 56.7, services PMI at 62

India’s manufacturing Purchasing Managers’ Index (PMI) for the month of February came in at 56.7 as compared to 56.5 in the previous month, up from December’s 18-month low of 54.9. According to the HSBC final India Manufacturing Purchasing Managers’ Index, compiled by S&P Global, India’s Services PMI rose to ...

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MARKET & FINANCE

India leading the new era for Asian equities, says Morgan Stanley's Jonathan Garner

Asian and emerging market equities are in a new era led by India and followed by Japan, as they are in a strong secular bull market on the back of strong earnings growth and nominal GDP growth, Jonathan Garner, Morgan Stanley's chief Asia and emerging market equity strategist said in an interaction with CNBC-...

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Outward remittances surge 28% to $2.4 bn in December

Indians spent US$ 267.56 million on education abroad in the reporting month, compared to $207.55 million in November. Outward remittances under the Reserve Bank of India’s (RBI) Liberalised Remittance Scheme (LRS) registered a month-on-month growth of 28 per cent to $2.4 billion in December, mainly due to hi...

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World Bank, others issue offshore rupee bonds worth $1.4 bn as demand soars

The World Bank's lending arm and other global institutions have issued $1.4 billion worth of offshore rupee-denominated bonds so far this year to meet strong demand spurred by India's inclusion in JP Morgan's widely tracked emerging market debt index, two banking sources said. The bond issuance since Janua...

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GLOBAL CORPORATE

Cognizant’s CY2024 revenue guidance highlights weak discretionary spending environment, bookings slip 6%

Cognizant Technology Solutions delivered a revenue decline of 2.4 per cent year-on-year in the December 2023 quarter, within the guided band of (-)1.2 to 4 per cent. The company’s revenue growth guidance of (-)2 to 2 per cent for CY2024 highlights a weak discretionary spending environment, resulting in barely...

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US targets China's top chipmaking plant after Huawei Mate 60 Pro, sources say

The Biden administration is turning up the heat on China’s top sanctioned chipmaker by cutting off its most advanced factory from more American imports after it produced a sophisticated chip for Huawei’s Mate 60 Pro phone, three people familiar with the matter said. Late last year, the Commerce Department ...

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Canada secures surrender of all offshore Pacific coast oil and gas permits

Canada has secured the surrender of the last remaining permits for oil and gas development off its Pacific Coast, the federal natural resources minister said on Wednesday, after Chevron Canada voluntarily relinquished 23 permits this month. Energy and Natural Resources minister Jonathan Wilkinson said the re...

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China buys Russia's Sokol crude as Indians turn away amid concerns

Refiners in China, the world’s largest oil importer, are taking greater volumes of a crude grade from Russia’s Far East that’s largely being shunned by their counterparts in India amid sanctions concerns. ...

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EU's latest sanctions against Russia include Indian, Chinese companies

The European Union (EU) on Wednesday agreed on a new package of sanctions against Russia and individuals and businesses suspected of assisting Moscow in its war against Ukraine. According to a report by the Financial Times (FT), this includes Indian and Chinese entities for the first time. In a post on socia...

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Banking

Govt planning to standardise 'know your customer' norms for banking checks

India's financial stability panel plans to roll out a uniform approach to verifying customers across the financial sector and prevent illegal lending based on online applications, it said on Wednesday. It is unclear when the plans will be enforced. Their announcement follows a meeting of the Financial Stabil...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switzerland July 2019 Click
German cabinet approves report slashing 2024 growth forecast: Sources

The German cabinet approved an economic report on Wednesday slashing its 2024 growth forecast to 0.2%, government sources said, as weak global demand, geopolitical uncertainty and persistently high inflation dent hopes for a swift...

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Africa’s largest economy is battling a currency crisis and soaring inflation

With annual inflation nearing 30% and a currency in freefall, Nigeria is facing one of its worst economic crises in years, provoking nationwide outrage and protests. The Nigerian naira hit a new all-time low against the U.S. do...

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This Southeast Asian country is set to see the sharpest spike in wealth growth over the next decade

Vietnam is set to see the sharpest spike in wealth growth over the next decade as it cements its status as a global manufacturing hub, according to a report by global wealth intelligence firm New World Wealth and investment migrat...

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Higher sales tax drives Sri Lanka inflation to 6.5% in January, shows data

Sri Lanka's consumer price inflation rate accelerated to 6.5% in January year-on-year from 4.2% in December, official data showed on Wednesday, driven by a higher sales tax needed to meet targets set under a $2.9 billion IMF progr...

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Canada's rate of inflation slows, boosts bets on early interest rate cut

Canada's annual inflation rate slowed significantly more than expected to 2.9% in January and core price measures also eased, data showed on Tuesday, bringing forward bets for an early interest rate cut. It was the first time in ...

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US Inflation Data for January Made Fed's Job 'Harder,' Barkin Says

Inflation data in January, with consumer and wholesale prices rising faster than anticipated, complicate upcoming U.S. central bank interest rate decisions, Richmond Federal Reserve President Thomas Barkin said on Wednesday. Th...

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UK Sees Record Monthly Budget Surplus, but Tough Picture Ahead of Budget

Britain chalked up its highest ever monthly budget surplus in January due to record seasonal tax inflows, official figures showed on Wednesday, although the broader picture remains tough as finance minister Jeremy Hunt prepares hi...

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Japan Downgrades View of Economy on Sluggish Consumer Spending

Japan's government downgraded its view on the economy in February for the first time in three months on sluggish consumer spending, suggesting a bumpy path out of a recession in the face of slow wage recovery and lackluster indust...

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World Bank warns emerging economies need to grow 'much faster' to repay debt

The World Bank warned that high borrowing costs have "changed dramatically" the need for developing nations to boost sluggish economic growth. The multilateral lender's latest warning comes as international bond sales from emer...

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German economy in 'troubled waters', govt cuts its growth forecast

The German government said Europe's largest economy was in troubled waters and slashed its growth forecast for this year as it struggles with a lack of skilled labour, excessive bureaucracy, high interest rates and lagging investm...

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Pressure grows on China for big policy moves to fix economy

As the annual meeting of China's parliament approaches next month, its leaders are facing the greatest pressure in almost a decade to take bold policy decisions that safeguard the economy's long-term growth potential. The start...

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INDIAN CORPORATE

LTIMindtree and Eurolife FFH sign MoU to set up Gen Al and digital hubs in Europe and India

LTIMindtree on Wednesday signed a Memorandum of Understanding (MoU) with Eurolife FFH, an insurance company in Athens, Greece powered by Fairfax Digital Services, to establish first-of-its-kind Gen Al and Digital Hub in Athens and...

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Coal India may exceed capex target of Rs 16,500 cr for FY24: Govt

The government on Wednesday said the state-owned Coal India Ltd (CIL) is likely to exceed its capex target of Rs 16,500 crore for the current financial year. Coal India accounts for over 80 per cent of domestic coal output....

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Adani Group-owned Ambuja Cements proposes setting up a 4 MTPA cement grinding unit in Jharkhand

Adani Group-owned Ambuja Cements has proposed to establish a state-of-the-art cement grinding unit with an investment of Rs 1000 crore in Motia Village of Godda district in Jharkhand, post requisite approvals with a capacity of 4....

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HFCL to expand presence in Europe with setting up of optical fiber cable plant in Poland

HFCL Limited (HFCL), a technology enterprise and integrated next-gen communications product including optical fiber cable (OFC) and solutions provider, on Wednesday announced its strategic expansion into Europe with the setting up...

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HSBC posts 25% rise in profit from India operations to $1.5 bn in 2023

HSBC Group on Wednesday posted a 25 per cent increase in profit from India operations to $1.5 billion for the financial year ended December 2023. The bank, which follows the calendar year as its fiscal, had earned a profit of...

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US-based Glas Trust Company registers insolvency case against Byju's at NCLT

This is the fourth insolvency plea filed against the ed tech company in less than six months. Though the plea was filed on January 22 it was registered on the file of NCLT on February 21. US-based non-bank loan agency Glas Trust ...

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Air India signs component program with SIA Engineering for A320 aircrafts

Air India on Wednesday announced signing of an Inventory Technical Management (“ITM”) Programme with SIA Engineering Company Limited (“SIAEC”). Under this 12-year agreement, Air India Group’s current fleet of Airbus A320 family a...

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COMMERCIAL LAW

Betting on FDI: Reforms needed on land and labour markets and better business environment in states

The government has reportedly begun talks with a host of capital-rich nations like Saudi Arabia, UAE, Japan, South Korea, the US, Australia, among others, to deploy their abundant pools of patient capital to support its infrastruc...

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India amends policy, allows 100% FDI in manufacture of satellite components

India on Wednesday further liberalised its space sector by amending its foreign direct investment (FDI) policy, which may pave the way for more foreign capital inflow in the fields of satellite development and launch, and creating...

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GST

GST-AAR rules that AIIMS, Telangana is not eligible for exemption on services received by it

In a recent ruling, the Telangana State Authority for Advance Ruling (AAR) has held that the All India Institute of Medical Sciences (AIIMS) located in Bibinagar, Telangana, is not eligible to claim Goods and Services Tax (GST) exemption on pure services received by it from vendors. AIIMS-Telangana, a presti...

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GST laws: What the row over ‘profiteering’ is all about

The Supreme Court recently issued a notice to the Centre on the “anti-profiteering provisions” in the Central Goods and Services (CGST) Act, as well as the rules issued, on an appeal against a Delhi High Court ruling. Priyansh Verma explains what the mechanism is meant for, and the controversy around it l ...

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