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IndiaTV Business: Google News Feed: Digest for September 13, 2023

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As world leaders are gathering in India to attend G20 summit 2023, the crypto market is hopeful for a dialogue on the revival of the industry with a common regulation in place. Under the leadership of India's presidency, the G20 countries are reportedly poised to introduce what could be recognised as the first-of-their-kind regulations governing cryptocurrencies and crypto assets worldwide. India is one of the major players in the cryptocurrency market. According to statista.com, the Cryptocurrencies market in India is projected to grow by 9.83 per cent (2023-2027) resulting in a market volume of USD 324.00m in 2027.
The depreciation of rupee (INR) continued for the fourth straight day Rupee settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday amid a firm American currency and elevated crude oil prices.
The increased demand for ethanol for blending with petrol and diesel to meet government targets has pushed industry players to boost production. Ethanol is an organic compound that is produced from biomass. The reason why ethanol is blended with petrol is that it reduces vehicular emissions. To capitalize on the supply-demand deficit scenario, ethanol maker BCL Industries has said that it has plans to increase the total group distillery capacity to 850 kilo litre per day (KLPD) over the next two years from the current 600 KLPD.
The capital goods sector is one of the most critical segments for achieving the vision of Make in India. Soon after coming to power in 2014, the Modi government approved the National Capital Goods Policy to boost manufacturing activities. The policy, which was formulated with an aim to increase the production of capital goods, has given impetus to the industry, thus driving the economy. During the pandemic, several small and medium enterprises played a key role in meeting the demands of the medical industry.

Zepto appoints Ankit Agarwal as Chief Product Officer

Friday 08 September 2023 05:50 AM UTC+00
Zepto news: Quick-commerce and logistics company Zepto has elevated Ankit Agarwal, the Special Vice President (SVP) for Product, to the position of Chief Product Officer, the company said on Friday (September 8). Agarwal joined Zepto in August 2022, and has worked with companies like Adobe, Flipkart, Delhivery.
The World Bank stated that India's digital public infrastructure has had a profound impact that goes well beyond financial inclusion. In a document, the international financial institution praised India, noting that the progress it has made in just six years would have otherwise taken about five decades of time.
The United Kingdom's second-largest city Birmingham has effectively declared itself by shutting down all non-essential spending with equal pay claims rising as high as 760 million euros ($954 million). The city now expects to have a deficit of 87 million euros ($109 million) for the 2023-24 financial year, CNN reported.
The Reserve Bank of India (RBI) is likely to introduce the pilot of the Central Bank Digital Currency (CBDC) for transactions for the interbank borrowing or call money market by October, said central bank Executive Director Ajay Kumar Choudhary on Sunday.
As investors continued to remain optimistic about the domestic markets, equity benchmark indices extended their rally for the seventh day running on Monday. Buying in index majors Reliance Industries and Tata Consultancy Services also added to the winning momentum in equities. The 30-share BSE Sensex climbed 293.7 points to 66,892.61 in early trade. The Nifty advanced 95 points to 19,914.95.
Nifty closed at an all time high at record 20,000 mark for the first time while Sensex jumped 528 points to regain the 67,000 level while robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.
As world leaders are gathering in India to attend G20 summit 2023, the crypto market is hopeful for a dialogue on the revival of the industry with a common regulation in place. Under the leadership of India's presidency, the G20 countries are reportedly poised to introduce what could be recognised as the first-of-their-kind regulations governing cryptocurrencies and crypto assets worldwide. India is one of the major players in the cryptocurrency market. According to statista.com, the Cryptocurrencies market in India is projected to grow by 9.83 per cent (2023-2027) resulting in a market volume of USD 324.00m in 2027.
The depreciation of rupee (INR) continued for the fourth straight day Rupee settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday amid a firm American currency and elevated crude oil prices.
The increased demand for ethanol for blending with petrol and diesel to meet government targets has pushed industry players to boost production. Ethanol is an organic compound that is produced from biomass. The reason why ethanol is blended with petrol is that it reduces vehicular emissions. To capitalize on the supply-demand deficit scenario, ethanol maker BCL Industries has said that it has plans to increase the total group distillery capacity to 850 kilo litre per day (KLPD) over the next two years from the current 600 KLPD.
The capital goods sector is one of the most critical segments for achieving the vision of Make in India. Soon after coming to power in 2014, the Modi government approved the National Capital Goods Policy to boost manufacturing activities. The policy, which was formulated with an aim to increase the production of capital goods, has given impetus to the industry, thus driving the economy. During the pandemic, several small and medium enterprises played a key role in meeting the demands of the medical industry.

Zepto appoints Ankit Agarwal as Chief Product Officer

Friday 08 September 2023 05:50 AM UTC+00
Zepto news: Quick-commerce and logistics company Zepto has elevated Ankit Agarwal, the Special Vice President (SVP) for Product, to the position of Chief Product Officer, the company said on Friday (September 8). Agarwal joined Zepto in August 2022, and has worked with companies like Adobe, Flipkart, Delhivery.
The World Bank stated that India's digital public infrastructure has had a profound impact that goes well beyond financial inclusion. In a document, the international financial institution praised India, noting that the progress it has made in just six years would have otherwise taken about five decades of time.
The United Kingdom's second-largest city Birmingham has effectively declared itself by shutting down all non-essential spending with equal pay claims rising as high as 760 million euros ($954 million). The city now expects to have a deficit of 87 million euros ($109 million) for the 2023-24 financial year, CNN reported.
The Reserve Bank of India (RBI) is likely to introduce the pilot of the Central Bank Digital Currency (CBDC) for transactions for the interbank borrowing or call money market by October, said central bank Executive Director Ajay Kumar Choudhary on Sunday.
As investors continued to remain optimistic about the domestic markets, equity benchmark indices extended their rally for the seventh day running on Monday. Buying in index majors Reliance Industries and Tata Consultancy Services also added to the winning momentum in equities. The 30-share BSE Sensex climbed 293.7 points to 66,892.61 in early trade. The Nifty advanced 95 points to 19,914.95.
Nifty closed at an all time high at record 20,000 mark for the first time while Sensex jumped 528 points to regain the 67,000 level while robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.
The increased demand for ethanol for blending with petrol and diesel to meet government targets has pushed industry players to boost production. Ethanol is an organic compound that is produced from biomass. The reason why ethanol is blended with petrol is that it reduces vehicular emissions. To capitalize on the supply-demand deficit scenario, ethanol maker BCL Industries has said that it has plans to increase the total group distillery capacity to 850 kilo litre per day (KLPD) over the next two years from the current 600 KLPD.
The capital goods sector is one of the most critical segments for achieving the vision of Make in India. Soon after coming to power in 2014, the Modi government approved the National Capital Goods Policy to boost manufacturing activities. The policy, which was formulated with an aim to increase the production of capital goods, has given impetus to the industry, thus driving the economy. During the pandemic, several small and medium enterprises played a key role in meeting the demands of the medical industry.

Zepto appoints Ankit Agarwal as Chief Product Officer

Friday 08 September 2023 05:50 AM UTC+00
Zepto news: Quick-commerce and logistics company Zepto has elevated Ankit Agarwal, the Special Vice President (SVP) for Product, to the position of Chief Product Officer, the company said on Friday (September 8). Agarwal joined Zepto in August 2022, and has worked with companies like Adobe, Flipkart, Delhivery.
The World Bank stated that India's digital public infrastructure has had a profound impact that goes well beyond financial inclusion. In a document, the international financial institution praised India, noting that the progress it has made in just six years would have otherwise taken about five decades of time.
The United Kingdom's second-largest city Birmingham has effectively declared itself by shutting down all non-essential spending with equal pay claims rising as high as 760 million euros ($954 million). The city now expects to have a deficit of 87 million euros ($109 million) for the 2023-24 financial year, CNN reported.
The Reserve Bank of India (RBI) is likely to introduce the pilot of the Central Bank Digital Currency (CBDC) for transactions for the interbank borrowing or call money market by October, said central bank Executive Director Ajay Kumar Choudhary on Sunday.
As investors continued to remain optimistic about the domestic markets, equity benchmark indices extended their rally for the seventh day running on Monday. Buying in index majors Reliance Industries and Tata Consultancy Services also added to the winning momentum in equities. The 30-share BSE Sensex climbed 293.7 points to 66,892.61 in early trade. The Nifty advanced 95 points to 19,914.95.
Nifty closed at an all time high at record 20,000 mark for the first time while Sensex jumped 528 points to regain the 67,000 level while robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.
Climbing for the eighth day running, equity benchmark indices continued their winning momentum on Tuesday early trade, with the Nifty scaling its fresh all-time high level. The strong rise in equity in initial deals was also aided by a generally firm trend in global markets and recent foreign capital inflows.
Road Transport Minister Nitin Gadkari on Tuesday clariffied reports on additional tax on diesel engine vehicles and said that there is no such proposal currently under active consideration by the government. 
The capital goods sector is one of the most critical segments for achieving the vision of Make in India. Soon after coming to power in 2014, the Modi government approved the National Capital Goods Policy to boost manufacturing activities. The policy, which was formulated with an aim to increase the production of capital goods, has given impetus to the industry, thus driving the economy. During the pandemic, several small and medium enterprises played a key role in meeting the demands of the medical industry.

Zepto appoints Ankit Agarwal as Chief Product Officer

Friday 08 September 2023 05:50 AM UTC+00
Zepto news: Quick-commerce and logistics company Zepto has elevated Ankit Agarwal, the Special Vice President (SVP) for Product, to the position of Chief Product Officer, the company said on Friday (September 8). Agarwal joined Zepto in August 2022, and has worked with companies like Adobe, Flipkart, Delhivery.
The World Bank stated that India's digital public infrastructure has had a profound impact that goes well beyond financial inclusion. In a document, the international financial institution praised India, noting that the progress it has made in just six years would have otherwise taken about five decades of time.
The United Kingdom's second-largest city Birmingham has effectively declared itself by shutting down all non-essential spending with equal pay claims rising as high as 760 million euros ($954 million). The city now expects to have a deficit of 87 million euros ($109 million) for the 2023-24 financial year, CNN reported.
The Reserve Bank of India (RBI) is likely to introduce the pilot of the Central Bank Digital Currency (CBDC) for transactions for the interbank borrowing or call money market by October, said central bank Executive Director Ajay Kumar Choudhary on Sunday.
As investors continued to remain optimistic about the domestic markets, equity benchmark indices extended their rally for the seventh day running on Monday. Buying in index majors Reliance Industries and Tata Consultancy Services also added to the winning momentum in equities. The 30-share BSE Sensex climbed 293.7 points to 66,892.61 in early trade. The Nifty advanced 95 points to 19,914.95.
Nifty closed at an all time high at record 20,000 mark for the first time while Sensex jumped 528 points to regain the 67,000 level while robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.
Climbing for the eighth day running, equity benchmark indices continued their winning momentum on Tuesday early trade, with the Nifty scaling its fresh all-time high level. The strong rise in equity in initial deals was also aided by a generally firm trend in global markets and recent foreign capital inflows.
Road Transport Minister Nitin Gadkari on Tuesday clarified reports on additional tax on diesel engine vehicles and said that there is no such proposal currently under active consideration by the government. 
India has decided to reduce the additional 20% duty on US apples, but the existing 50% most favored nation (MFN) duty will remain in place. This means that US apples will still face a higher import duty than apples from other countries. The decision to remove the additional 20% duty was part of a trade deal between India and the US. In exchange for removing the duty on apples, the US agreed to restore market access for Indian steel and aluminum products.

Zepto appoints Ankit Agarwal as Chief Product Officer

Friday 08 September 2023 05:50 AM UTC+00
Zepto news: Quick-commerce and logistics company Zepto has elevated Ankit Agarwal, the Special Vice President (SVP) for Product, to the position of Chief Product Officer, the company said on Friday (September 8). Agarwal joined Zepto in August 2022, and has worked with companies like Adobe, Flipkart, Delhivery.
The World Bank stated that India's digital public infrastructure has had a profound impact that goes well beyond financial inclusion. In a document, the international financial institution praised India, noting that the progress it has made in just six years would have otherwise taken about five decades of time.
The United Kingdom's second-largest city Birmingham has effectively declared itself by shutting down all non-essential spending with equal pay claims rising as high as 760 million euros ($954 million). The city now expects to have a deficit of 87 million euros ($109 million) for the 2023-24 financial year, CNN reported.
The Reserve Bank of India (RBI) is likely to introduce the pilot of the Central Bank Digital Currency (CBDC) for transactions for the interbank borrowing or call money market by October, said central bank Executive Director Ajay Kumar Choudhary on Sunday.
As investors continued to remain optimistic about the domestic markets, equity benchmark indices extended their rally for the seventh day running on Monday. Buying in index majors Reliance Industries and Tata Consultancy Services also added to the winning momentum in equities. The 30-share BSE Sensex climbed 293.7 points to 66,892.61 in early trade. The Nifty advanced 95 points to 19,914.95.
Nifty closed at an all time high at record 20,000 mark for the first time while Sensex jumped 528 points to regain the 67,000 level while robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.
Climbing for the eighth day running, equity benchmark indices continued their winning momentum on Tuesday early trade, with the Nifty scaling its fresh all-time high level. The strong rise in equity in initial deals was also aided by a generally firm trend in global markets and recent foreign capital inflows.
Road Transport Minister Nitin Gadkari on Tuesday clarified reports on additional tax on diesel engine vehicles and said that there is no such proposal currently under active consideration by the government. 
India has decided to reduce the additional 20% duty on US apples, but the existing 50% most favored nation (MFN) duty will remain in place. This means that US apples will still face a higher import duty than apples from other countries. The decision to remove the additional 20% duty was part of a trade deal between India and the US. In exchange for removing the duty on apples, the US agreed to restore market access for Indian steel and aluminum products.
India's retail inflation declined to 6.83% in August 2023 from 7.44% in July 2023. This is the first time since February 2023 that the retail inflation has come down below 7%. The decline in inflation was mainly due to easing food prices. The inflation in food items fell to 7.05% in August from 7.75% in July. Prices of vegetables, pulses and spices declined significantly. Meanwhile, India's industrial production (IIP) rose by 5.7% in July 2023, compared to a growth of 4.0% in the same month a year ago. This is the highest IIP growth rate in the current financial year.

Zepto appoints Ankit Agarwal as Chief Product Officer

Friday 08 September 2023 05:50 AM UTC+00
Zepto news: Quick-commerce and logistics company Zepto has elevated Ankit Agarwal, the Special Vice President (SVP) for Product, to the position of Chief Product Officer, the company said on Friday (September 8). Agarwal joined Zepto in August 2022, and has worked with companies like Adobe, Flipkart, Delhivery.
The World Bank stated that India's digital public infrastructure has had a profound impact that goes well beyond financial inclusion. In a document, the international financial institution praised India, noting that the progress it has made in just six years would have otherwise taken about five decades of time.
The United Kingdom's second-largest city Birmingham has effectively declared itself by shutting down all non-essential spending with equal pay claims rising as high as 760 million euros ($954 million). The city now expects to have a deficit of 87 million euros ($109 million) for the 2023-24 financial year, CNN reported.
The Reserve Bank of India (RBI) is likely to introduce the pilot of the Central Bank Digital Currency (CBDC) for transactions for the interbank borrowing or call money market by October, said central bank Executive Director Ajay Kumar Choudhary on Sunday.
As investors continued to remain optimistic about the domestic markets, equity benchmark indices extended their rally for the seventh day running on Monday. Buying in index majors Reliance Industries and Tata Consultancy Services also added to the winning momentum in equities. The 30-share BSE Sensex climbed 293.7 points to 66,892.61 in early trade. The Nifty advanced 95 points to 19,914.95.
Nifty closed at an all time high at record 20,000 mark for the first time while Sensex jumped 528 points to regain the 67,000 level while robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.
Climbing for the eighth day running, equity benchmark indices continued their winning momentum on Tuesday early trade, with the Nifty scaling its fresh all-time high level. The strong rise in equity in initial deals was also aided by a generally firm trend in global markets and recent foreign capital inflows.
Road Transport Minister Nitin Gadkari on Tuesday clarified reports on additional tax on diesel engine vehicles and said that there is no such proposal currently under active consideration by the government. 
India has decided to reduce the additional 20% duty on US apples, but the existing 50% most favored nation (MFN) duty will remain in place. This means that US apples will still face a higher import duty than apples from other countries. The decision to remove the additional 20% duty was part of a trade deal between India and the US. In exchange for removing the duty on apples, the US agreed to restore market access for Indian steel and aluminum products.
India's retail inflation declined to 6.83% in August 2023 from 7.44% in July 2023. This is the first time since February 2023 that the retail inflation has come down below 7%. The decline in inflation was mainly due to easing food prices. The inflation in food items fell to 7.05% in August from 7.75% in July. Prices of vegetables, pulses and spices declined significantly. Meanwhile, India's industrial production (IIP) rose by 5.7% in July 2023, compared to a growth of 4.0% in the same month a year ago. This is the highest IIP growth rate in the current financial year.

Zepto appoints Ankit Agarwal as Chief Product Officer

Friday 08 September 2023 05:50 AM UTC+00
Zepto news: Quick-commerce and logistics company Zepto has elevated Ankit Agarwal, the Special Vice President (SVP) for Product, to the position of Chief Product Officer, the company said on Friday (September 8). Agarwal joined Zepto in August 2022, and has worked with companies like Adobe, Flipkart, Delhivery.
The World Bank stated that India's digital public infrastructure has had a profound impact that goes well beyond financial inclusion. In a document, the international financial institution praised India, noting that the progress it has made in just six years would have otherwise taken about five decades of time.
The United Kingdom's second-largest city Birmingham has effectively declared itself by shutting down all non-essential spending with equal pay claims rising as high as 760 million euros ($954 million). The city now expects to have a deficit of 87 million euros ($109 million) for the 2023-24 financial year, CNN reported.
The Reserve Bank of India (RBI) is likely to introduce the pilot of the Central Bank Digital Currency (CBDC) for transactions for the interbank borrowing or call money market by October, said central bank Executive Director Ajay Kumar Choudhary on Sunday.
As investors continued to remain optimistic about the domestic markets, equity benchmark indices extended their rally for the seventh day running on Monday. Buying in index majors Reliance Industries and Tata Consultancy Services also added to the winning momentum in equities. The 30-share BSE Sensex climbed 293.7 points to 66,892.61 in early trade. The Nifty advanced 95 points to 19,914.95.
Nifty closed at an all time high at record 20,000 mark for the first time while Sensex jumped 528 points to regain the 67,000 level while robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.
Climbing for the eighth day running, equity benchmark indices continued their winning momentum on Tuesday early trade, with the Nifty scaling its fresh all-time high level. The strong rise in equity in initial deals was also aided by a generally firm trend in global markets and recent foreign capital inflows.
Road Transport Minister Nitin Gadkari on Tuesday clarified reports on additional tax on diesel engine vehicles and said that there is no such proposal currently under active consideration by the government. 
India has decided to reduce the additional 20% duty on US apples, but the existing 50% most favored nation (MFN) duty will remain in place. This means that US apples will still face a higher import duty than apples from other countries. The decision to remove the additional 20% duty was part of a trade deal between India and the US. In exchange for removing the duty on apples, the US agreed to restore market access for Indian steel and aluminum products.
India's retail inflation declined to 6.83% in August 2023 from 7.44% in July 2023. This is the first time since February 2023 that the retail inflation has come down below 7%. The decline in inflation was mainly due to easing food prices. The inflation in food items fell to 7.05% in August from 7.75% in July. Prices of vegetables, pulses and spices declined significantly. Meanwhile, India's industrial production (IIP) rose by 5.7% in July 2023, compared to a growth of 4.0% in the same month a year ago. This is the highest IIP growth rate in the current financial year.
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