May 27, 2024

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IMC EVENTS

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28
May

Open House on Faceless Assessment organized by Jawaharlal Nehru Custom House (JNCH) Mumbai Customs Zone-II

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31
May

Implementation of Port EBS Initiative at Mumbai Port Authority

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Notifications

 
CUSTOMS

23
May

Notification No. 37/2024 (Delhi)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

23
May

Circular No. 05/2024 (Delhi)
Disposal of Unmanned Aircraft Systems (UAS)/Unmanned Aerial Vehicles Systems (UAV)/Remotely Piloted Aircraft Systems(RPAS)/ Drones

INCOME TAX

24
May

Notification No. 43/2024 (Delhi)
S.O. 2076(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961),

RBI

24
May

RBI/2024-25/38 (Delhi)
Exclusion of "Fincare Small Finance Bank Limited" from the Second Schedule to the Reserve Bank of India Act, 1934 and cessation as a banking company

23
May

RBI/2024-25/37 (Delhi)
Internal Review – Interim Recommendations – Withdrawal of Circulars

22
May

RBI/2024-25/36 (Delhi)
Issuance of partly paid units to persons resident outside India by investment vehicles under Foreign Exchange Management (Non-debt Instruments) Rules, 2019

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INDIAN ECONOMY

First things first: Boost labour efficiency to spur growth

Jobless growth is a curse, and would dent growth itself. So, improving labour efficiency – and ensuring remunerative wages – are key to boosting the fortunes of the Indian economy, and bolstering the aggregate demand. Reforms of the labour market are bound to be a top priority for the new government to ass...

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Govt eyes extra $50-billion foreign flows annually

With a sharp 62% decline in net foreign direct investment (FDI) to India in FY24 and a looming crisis in finding non-Budget funds to finance infrastructure projects, the Centre is preparing a multi-pronged action plan to attract long-term capital of an additional $50 billion per pear from abroad. Patient capi...

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India seen to emerge as an economic superpower in impending problem-ridden global financial landscape

While risk of global recession has receded but concerns of inflation is impending which re-ignites the risks of global financial stability. IMF, World Bank and prominent rating agencies have predicted further slow-down in global growth this year. Escalation of the recent conflict in the Middle East, financ...

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India in trade deficit with nine of top 10 trading partners in 2023-24

India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24, according to official data. The data also showed that the deficit with China, Russia, Korea, and Hong Kong increased in the last...

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Centre sanctions Rs 21,253 crore to tackle Kerala's economic crisis

Prime Minister Narendra Modi has come forward to assist Kerala in a bid to alleviate the state from the economic crisis as the Centre has sanctioned borrowings up to Rs 21,253 crores. Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar took to social media platform X to annou...

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India seeking FTA with Maldives: Minister

Maldives on Saturday said India has initiated efforts to create a Free Trade Agreement between the two countries and deliberations are ongoing for achieving it. They (India) want there to be a Free Trade Agreement with Maldives, in addition to SAFTA (South Asian Free Trade Agreement), Minister of Economic ...

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India's new govt will be spoilt for choice with $25 bn extra in kitty

India's incoming government will be greeted with a $25 billion cheque from the central bank, giving it the option to either boost spending or narrow the fiscal deficit quicker, both of which will be cheered by investors. On Wednesday, the Reserve Bank of India (RBI) announced a record Rs 2.11 trillion divide...

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Development path for India will not be the same as China's: CBC chairman

As India moves towards the mission of Viksit Bharat' and becoming a developed country by 2047, the development path for India will not be the same as that of China as they have a different environment and capabilities, Chairman of the Capacity Building Commission Adil Zainulbhai has said. Prime Minister Nare...

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India logs robust business activity growth in May

Propelled by a sharp acceleration in services activity, India’s business activity expanded at the third strongest rate in nearly 14 years. The HSBC Flash India Composite Output Index, or Flash PMI, rose to 61.7 in May from 61.5 in April, data released by S&P Global showed on Thursday. Services firms record...

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GDP growth likely slowed to 6.8% in Q4: FE poll

India’s gross domestic product (GDP) growth in the January-March quarter of FY24 likely slowed to a four-quarter low of 6.8% from 8.4% in October-December, on account of slowdown in manufacturing and services sectors growth, according to the median of a poll of 19 economists. In Q4FY23, GDP had grown 6.2%. ...

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Q4 surpassed market expectations, momentum intact in Q1: FinMin

The Indian economy closed FY24 strongly with its growth surpassing market expectations, despite strong external headwinds, finance ministry economists said, adding that early indications suggest a continuation of the economic momentum during the first quarter of FY25. The GDP number for the March quarter, ...

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MARKET & FINANCE

FPIs take out Rs 22,000 crore from equities in May amid poll jitters

Foreign investors have pulled out a massive Rs 22,000 crore from Indian equities so far this month, due to uncertainty surrounding the outcome of the Lok Sabha elections and outperformance of Chinese markets. This came following a net outflow of over Rs 8,700 crore in the entire April on concerns over a twea...

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Forex reserves rise $4.5 billion to record $648.7 billion

Forex reserves rose $4.5 billion to an all-time high of $648.7 billion in the week ended May 17, data from the Reserve Bank of India (RBI) showed. This is the third straight week of increase in the overall forex kitty. Forex reserves rose $2.6 billion to $644.1 billion in the week ended May 10. Previously,...

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Explainer | An overview of FDI vs FPI – which one is better?

Among the various available investment options for a business expanding its horizons abroad, Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) are the two most preferred options. While these terms may sound similar to a layman but both, FDI and FPI, have distinct approaches to internation...

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GLOBAL CORPORATE

Exclusive-Saudi Arabia Plans Aramco Share Sale as Soon as June, Sources Say

Saudi Arabia is planning a multi-billion-dollar share sale in energy giant Aramco as soon as June in what would be one of the region's biggest stock deals, two people familiar with the matter said. The offering could raise around $10 billion, one of the people said. The preparations are ongoing and the det...

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European Banks in Russia Face 'Awful Lot of Risk', Yellen Says

U.S. Treasury Secretary Janet Yellen told Reuters that European banks face growing risks operating in Russia and the U.S. is looking at strengthening its secondary sanctions on banks found to be aiding transactions for Russia's war effort. "We are looking at potentially a tougher stepping-up of our sanctio...

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Samsung Encouraged to Invest More in China, Premier Li Qiang Says

Chinese Premier Li Qiang told Samsung Chairman Jay Y. Lee on Sunday that China welcomed further investment by the Korean conglomerate, state news agency Xinhua reported, as foreign businesses in the Chinese market struggle to navigate geopolitical uncertainties. The meeting in Seoul between China's second ...

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Elon Musk plans xAI supercomputer: Report

U.S. businessman Elon Musk recently told investors that his artificial intelligence startup xAI is planning to build a supercomputer to power the next version of its AI chatbot Grok, The Information reported on Saturday citing a presentation to investors. Musk said he wants to get the proposed supercompute...

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Elon Musk's SpaceX in discussion to sell shares at $200 billion valuation

Elon Musk’s SpaceX has initiated discussions about selling existing shares at a price that could value the closely held company at roughly $200 billion, according to people familiar with the matter. SpaceX is discussing a tender offer — a transaction that enables employees and insiders like investors to s...

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INCOME TAX

99.9% would pay no inheritance tax if bar set at Rs 10 crore: Study

By imposing wealth and inheritance tax on the ultra-rich, India can boost its tax revenues while impacting less than one per cent of the population, a new study has suggested. Inheritance tax was at the centre of a raging debate recently when Sam Pitroda suggested a discussion around it while citing the US e...

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Cost inflation index for FY25 higher than last fiscal’s

The income tax department has notified the cost inflation index (CII) for FY25, relevant to assessment year 2025-26, at 363, which is higher than 348 for FY24, and 331 for FY23. The CII is a tool used to measure inflation for computing long-term capital gains on the sale of assets, including immovable propert...

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Banking

'Banks will continue infrastructure projects financing'

Engineering and construction conglomerate Larsen & Toubro (L&T) reported a 10 per cent rise in profit for the March quarter and a marginal drop in margins, which led to a 6 per cent decline in its share prices on Thursday. In a video interview, R Shankar Raman, president, whole-time director, and chief fin...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switzerland July 2019 Click
Charting the Global Economy: New policies considered to be trade-restrictive hit a record in 2023

Inflation is set to ease across Group of Seven economies, according to those countries’ central bankers, but the progress will be uneven. G-7 leaders meeting in Italy are weighing the durability of America’s growth momentum aga...

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Turkey's Erdogan Says Fiscal Policy Will Not Stoke Inflation

Turkish fiscal policy will not add to inflationary pressure as the country begins to experience some disinflationary relief in the second half of the year, President Tayyip Erdogan said on Saturday. Addressing the Foreign Econo...

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IMF, Pakistan make significant progress on new loan: IMF mission

An International Monetary Fund(IMF) mission and Pakistan have made significant advancement toward obtaining a staff-level agreement on an extended financial facility, the global lender announced on Friday. Following their arrival...

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G7 to explore ways of using frozen Russian assets to help Ukraine

The G7 will explore ways of using the future income from frozen Russian assets to help Ukraine, finance chiefs from the Group of Seven industrial democracies said on Saturday, according to a draft statement seen by Reuters. Th...

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Consensus growing on rate cut as inflation diminishes: ECB's Panetta

There is growing consensus within the European Central Bank over the need for a first rate cut as inflation is diminishing, creating the conditions to ease its monetary policy, ECB policymaker Fabio Panetta said on Saturday. "...

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INDIAN CORPORATE

Adani Enterprises, Adani Energy Solutions boards to approve $3.5-4 billion fundraise

The boards of two Adani group companies - flagship Adani Enterprises Ltd and its energy transmission and distribution business Adani Energy Solutions Ltd - will meet this week to approve a fundraising plan to the tune of $3.5-4 bi...

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JSW Energy looks at acquisitions in green energy

JSW Energy is evaluating over half a dozen deals in renewable energy space where financial investors are looking to sell their investments. “Fund lives are ending for some of these investors. Seven such sale processes are under wa...

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Boston Consulting Group to draw up BSNL’s revival plan

Boston Consulting Group (BCG) will prepare a three-year roadmap to transform state-owned Bharat Sanchar Nigam (BSNL) so that it can effectively compete with private telecom operators. BSNL will be paying BCG Rs 132 crore for th...

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PhonePe, BharatPe settle legal dispute over 'Pe'

Walmart-backed digital payments firm PhonePe and New Delhi-based fintech startup BharatPe have settled a five-year-long legal dispute over the usage of 'Pe' (pronounced as Pay) as a suffix. In a joint statement on Sunday, both ...

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Expect sales to grow faster than industry this fiscal: JLR India official

Tata Motors owned Jaguar Land Rover expects to grow faster than the luxury car segment this fiscal, as it bolsters localisation and expands product range, according to a top company executive. The company, which is set to commenc...

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Reliance seeks CCI approval for $ 8.5-bn Viacom18-Star India merger

Billionaire Mukesh Ambani-promoted Reliance Industries has sought approval from fair trade regulator Competition Commission of India (CCI) for the $8.5-billion merger of Viacom18 and Star India Pvt Ltd (SIPL). "The proposed trans...

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Ashok Leyland Q4 Results: Profit up by 16.7% to Rs 933.69 crore, revenue up 2.2% on expanding sales, service reach

Ashok Leyland, the Indian flagship of the Hinduja Group, reported a profit of Rs 933.69 crore during the quarter ended March 31, 2024, recording a growth of 16.7 per cent in comparison to Rs 799.87 crore during the same period las...

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Suzlon Energy Q4 Results: Profit drops by 20.6% to Rs 254.12 crore, revenue up 29% YoY

Suzlon Energy on Friday recorded a fiscal fourth quarter profit at Rs 254.12 crore, down 20.6 per cent in comparison to Rs 319.99 crore during the corresponding quarter of previous fiscal year. It posted revenue from operations at...

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Hindalco Industries Q4 Results: Profit growth of 31.6% to Rs 3174 cr driven by performance across biz verticals; dividend announced

Hindalco Industries, the Aditya Birla Group metals flagship, reported its fiscal fourth quarter earnings on Friday with profit at Rs 3174 crore, up 31.6 per cent in comparison to Rs 2411 crore during the corresponding quarter of F...

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Glenmark Pharma Q4 loss widens to Rs 1238.65 crore even as revenue grows by 2.1% YoY

Glenmark Pharmaceuticals widened its loss for the quarter ended March 31, 2024 to Rs 1238.65 crore in comparison to a loss of Rs 549.49 crore recorded during the same period last year. It posted revenue from operations at Rs 3062....

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State-run NTPC records its net profit 33% higher than Q3 FY23

National Thermal Power Corporation (NTPC) Limited in its Q4 for FY24 has reported a rise of 33 per cent in its net profits from the same quarter of corresponding year as the power demand spiked and electricity generation improved....

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Paytm withdraws application for insurance licence

One97 Communications on Saturday said an associate company, Paytm General Insurance Limited (PGIL), has withdrawn its general insurance licence application with the Insurance Regulatory and Development Authority of India (IRDAI). ...

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