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IndiaTV Business: Google News Feed: Digest for July 17, 2024

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Retail inflation in the country has surged to 5.08 per cent in June against 4.8 per cent in May, government data mentioned on Friday. Meanwhile, the Industrial production jumped to 5.9 per cent in May against 5.7 per cent expansion a year ago, the data said.

Automobile exports from India rise 15.5 per cent in Q1

Sunday 14 July 2024 06:04 AM UTC+00
Automobile exports from India increased 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data. Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal.
Budget 2024: Startups in India are eagerly anticipating significant measures from the upcoming Union Budget. Early-stage startups are advocating for the elimination of angel taxes, while health tech startups are hopeful for enhanced funding allocations specifically targeted at their sector.
ITR Filing 2024: As the deadline for filing income tax returns (ITR) approaches, taxpayers have either submitted or are gearing up to file their ITR. The filing deadline to file the return is July 31. It's important to understand that submitting the income tax return is not the final step in the process. After submitting your return, it's crucial to verify it within 30 days. Failure to do so promptly can result in penalties, as per the Income Tax Act, 1961.
Budget 2024: The government is expected to introduce a bill amending the Insurance Act, 1938, during the upcoming Budget session to achieve the goal of 'Insurance for All by 2047'. Sources indicated that the amendment bill could include provisions such as composite licenses, differential capital requirements, a reduction in solvency norms, issuance of captive licenses, changes in investment regulations, one-time registration for intermediaries, and permission for insurers to distribute other financial products.
In early trade on Monday, the Sensex surged by 290.46 points, reaching a robust 80,809.80. Simultaneously, the Nifty marked a significant milestone, rallying 95.85 points to achieve a new record high of 24,598. This bullish trend shows strong investor confidence and market optimism, driven by positive economic indicators and robust corporate earnings. Analysts attribute this upward trajectory to renewed investor interest in key sectors, buoyed by favourable domestic and global market conditions. 
SBI loan: Taking a loan from the State Bank of India (SBI), the country's largest public sector bank, has become more costly today. SBI has raised its marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (bps) for selected periods. The revised rates, effective from July 15, 2024, apply across various types of loans, including home loans and car loans. This marks the second consecutive increase in lending rates by SBI, with adjustments made in both June and July. As a result, borrowers will face higher borrowing costs and increased equated monthly installments (EMIs) for customers.
India's wholesale price index (WPI) inflation soared to 3.36% in June, the highest in 16 months, primarily due to increased prices of food articles and manufactured goods. This was a significant rise from 2.61% in May and a stark contrast to the -4.18% seen in June 2023. The last peak was 3.85% in February 2023.
The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. Along with the exports, the country's imports have soared by 5 per cent to reach $56.18 billion compared to $53.51 billion in June 2023.
The equity benchmark indices BSE Sensex and NSE Nifty continued their upward momentum on Monday, July 15. The Sensex climbed 146 points to settle at an all-time high of 80,665.86, while the Nifty rose 85 points to close at a record 24,586.70. Notably, the Nifty index crossed the 24,600 mark for the first time, reaching an intraday high of 24,635.
Budget 2024: The government is expected to introduce a bill amending the Insurance Act, 1938, during the upcoming Budget session to achieve the goal of 'Insurance for All by 2047'. Sources indicated that the amendment bill could include provisions such as composite licenses, differential capital requirements, a reduction in solvency norms, issuance of captive licenses, changes in investment regulations, one-time registration for intermediaries, and permission for insurers to distribute other financial products.
In early trade on Monday, the Sensex surged by 290.46 points, reaching a robust 80,809.80. Simultaneously, the Nifty marked a significant milestone, rallying 95.85 points to achieve a new record high of 24,598. This bullish trend shows strong investor confidence and market optimism, driven by positive economic indicators and robust corporate earnings. Analysts attribute this upward trajectory to renewed investor interest in key sectors, buoyed by favourable domestic and global market conditions. 
SBI loan: Taking a loan from the State Bank of India (SBI), the country's largest public sector bank, has become more costly today. SBI has raised its marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (bps) for selected periods. The revised rates, effective from July 15, 2024, apply across various types of loans, including home loans and car loans. This marks the second consecutive increase in lending rates by SBI, with adjustments made in both June and July. As a result, borrowers will face higher borrowing costs and increased equated monthly installments (EMIs) for customers.
India's wholesale price index (WPI) inflation soared to 3.36% in June, the highest in 16 months, primarily due to increased prices of food articles and manufactured goods. This was a significant rise from 2.61% in May and a stark contrast to the -4.18% seen in June 2023. The last peak was 3.85% in February 2023.
The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. Along with the exports, the country's imports have soared by 5 per cent to reach $56.18 billion compared to $53.51 billion in June 2023.
The equity benchmark indices BSE Sensex and NSE Nifty continued their upward momentum on Monday, July 15. The Sensex climbed 146 points to settle at an all-time high of 80,665.86, while the Nifty rose 85 points to close at a record 24,586.70. Notably, the Nifty index crossed the 24,600 mark for the first time, reaching an intraday high of 24,635.
New Delhi: The Central government has announced the implementation of a 5 per cent uniform Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts to boost the industry. This decision marks a significant milestone for the domestic Maintenance, Repair, and Overhaul (MRO) industry, aimed at making India a global aviation hub, an official release said.
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget next week, the private space sector has outlined several key expectations. Among the primary requests are the inclusion of space sector-related imports in the list of tax-exempt items, an exemption from the Goods and Services Tax (GST) for components used in launch vehicles, and the introduction of productivity-linked incentives (PLI). Additionally, the sector hopes for a more proactive role from the government, particularly by stepping in as an anchor customer to support the nascent private space industry. 
The Reserve Bank of India on Monday (July 15) revised its master directions on fraud risk management to incorporate the recommendations of a Supreme Court judgement which asks banks to hear a borrower before an account is classified as fraud. The RBI said the three revised master directions on fraud risk management are principle-based and strengthen the role of the board in overall governance and oversight of fraud risk management.
Stock markets update: In early trade on Tuesday, the Sensex surged by 185.55 points, reaching 80,850.41, reflecting strong investor sentiment and positive market dynamics. Meanwhile, the Nifty also saw substantial gains, rallying by 63.35 points to achieve a new all-time high of 24,650.05. This upward movement is indicative of robust investor confidence amid favourable economic indicators and corporate earnings reports. Market analysts attribute the rise to increased buying across sectors, including banking, IT, and FMCG, bolstering the overall market sentiment. 
In early trade on Monday, the Sensex surged by 290.46 points, reaching a robust 80,809.80. Simultaneously, the Nifty marked a significant milestone, rallying 95.85 points to achieve a new record high of 24,598. This bullish trend shows strong investor confidence and market optimism, driven by positive economic indicators and robust corporate earnings. Analysts attribute this upward trajectory to renewed investor interest in key sectors, buoyed by favourable domestic and global market conditions. 
SBI loan: Taking a loan from the State Bank of India (SBI), the country's largest public sector bank, has become more costly today. SBI has raised its marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (bps) for selected periods. The revised rates, effective from July 15, 2024, apply across various types of loans, including home loans and car loans. This marks the second consecutive increase in lending rates by SBI, with adjustments made in both June and July. As a result, borrowers will face higher borrowing costs and increased equated monthly installments (EMIs) for customers.
India's wholesale price index (WPI) inflation soared to 3.36% in June, the highest in 16 months, primarily due to increased prices of food articles and manufactured goods. This was a significant rise from 2.61% in May and a stark contrast to the -4.18% seen in June 2023. The last peak was 3.85% in February 2023.
The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. Along with the exports, the country's imports have soared by 5 per cent to reach $56.18 billion compared to $53.51 billion in June 2023.
The equity benchmark indices BSE Sensex and NSE Nifty continued their upward momentum on Monday, July 15. The Sensex climbed 146 points to settle at an all-time high of 80,665.86, while the Nifty rose 85 points to close at a record 24,586.70. Notably, the Nifty index crossed the 24,600 mark for the first time, reaching an intraday high of 24,635.
New Delhi: The Central government has announced the implementation of a 5 per cent uniform Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts to boost the industry. This decision marks a significant milestone for the domestic Maintenance, Repair, and Overhaul (MRO) industry, aimed at making India a global aviation hub, an official release said.
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget next week, the private space sector has outlined several key expectations. Among the primary requests are the inclusion of space sector-related imports in the list of tax-exempt items, an exemption from the Goods and Services Tax (GST) for components used in launch vehicles, and the introduction of productivity-linked incentives (PLI). Additionally, the sector hopes for a more proactive role from the government, particularly by stepping in as an anchor customer to support the nascent private space industry. 
The Reserve Bank of India on Monday (July 15) revised its master directions on fraud risk management to incorporate the recommendations of a Supreme Court judgement which asks banks to hear a borrower before an account is classified as fraud. The RBI said the three revised master directions on fraud risk management are principle-based and strengthen the role of the board in overall governance and oversight of fraud risk management.
Stock markets update: In early trade on Tuesday, the Sensex surged by 185.55 points, reaching 80,850.41, reflecting strong investor sentiment and positive market dynamics. Meanwhile, the Nifty also saw substantial gains, rallying by 63.35 points to achieve a new all-time high of 24,650.05. This upward movement is indicative of robust investor confidence amid favourable economic indicators and corporate earnings reports. Market analysts attribute the rise to increased buying across sectors, including banking, IT, and FMCG, bolstering the overall market sentiment. 
Budget 2024: There are high expectations regarding a potential reduction in the price of mobile phones in the upcoming budget. Smartphone buyers are eager to know if Finance Minister Nirmala Sitharaman will announce measures to make phones cheaper. Sitharaman is set to present her seventh budget in Parliament on July 23. Last year, the central government reduced import taxes on key components, such as camera lenses, to promote mobile phone manufacturing in India. According to the Financial Express report, the Finance Minister had also cut the tax rate on lithium-ion batteries, an essential component for phones and electric vehicles. This policy change aims to make it cheaper for companies to manufacture phones in India.
The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. Along with the exports, the country's imports have soared by 5 per cent to reach $56.18 billion compared to $53.51 billion in June 2023.
The equity benchmark indices BSE Sensex and NSE Nifty continued their upward momentum on Monday, July 15. The Sensex climbed 146 points to settle at an all-time high of 80,665.86, while the Nifty rose 85 points to close at a record 24,586.70. Notably, the Nifty index crossed the 24,600 mark for the first time, reaching an intraday high of 24,635.
New Delhi: The Central government has announced the implementation of a 5 per cent uniform Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts to boost the industry. This decision marks a significant milestone for the domestic Maintenance, Repair, and Overhaul (MRO) industry, aimed at making India a global aviation hub, an official release said.
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget next week, the private space sector has outlined several key expectations. Among the primary requests are the inclusion of space sector-related imports in the list of tax-exempt items, an exemption from the Goods and Services Tax (GST) for components used in launch vehicles, and the introduction of productivity-linked incentives (PLI). Additionally, the sector hopes for a more proactive role from the government, particularly by stepping in as an anchor customer to support the nascent private space industry. 
The Reserve Bank of India on Monday (July 15) revised its master directions on fraud risk management to incorporate the recommendations of a Supreme Court judgement which asks banks to hear a borrower before an account is classified as fraud. The RBI said the three revised master directions on fraud risk management are principle-based and strengthen the role of the board in overall governance and oversight of fraud risk management.
Stock markets update: In early trade on Tuesday, the Sensex surged by 185.55 points, reaching 80,850.41, reflecting strong investor sentiment and positive market dynamics. Meanwhile, the Nifty also saw substantial gains, rallying by 63.35 points to achieve a new all-time high of 24,650.05. This upward movement is indicative of robust investor confidence amid favourable economic indicators and corporate earnings reports. Market analysts attribute the rise to increased buying across sectors, including banking, IT, and FMCG, bolstering the overall market sentiment. 
Budget 2024: There are high expectations regarding a potential reduction in the price of mobile phones in the upcoming budget. Smartphone buyers are eager to know if Finance Minister Nirmala Sitharaman will announce measures to make phones cheaper. Sitharaman is set to present her seventh budget in Parliament on July 23. Last year, the central government reduced import taxes on key components, such as camera lenses, to promote mobile phone manufacturing in India. According to the Financial Express report, the Finance Minister had also cut the tax rate on lithium-ion batteries, an essential component for phones and electric vehicles. This policy change aims to make it cheaper for companies to manufacture phones in India.
Ashura, as part of Muharram, will be observed in India from the evening of July 16 (Tuesday) and will continue till July 17 (Wednesday). Muharram is the first month of the Islamic calendar and is the second holiest month in Islam after Ramadan. July 17 will also mark the start of the Islamic New Year. Since the day has been designated a gazetted holiday by the government of India, the banks will remain closed in many states.
Indian stock indices, Sensex and Nifty, continued their upward momentum, closing at new record highs on Tuesday. The Sensex ended the day at 80,716.55 points, up 0.1%, while the Nifty settled at 24,613.00 points, also up 0.1%. Despite the overall positive close, most sectoral indices ended in the red. Nifty Media saw the biggest decline at 1.03%, while Nifty Realty rose the most at 1.66%, according to NSE data.
The annual Halwa ceremony, signalling the finalisation of budget preparation for the full Budget of 2024–25, took place at North Block on Tuesday. Union Finance Minister Nirmala Sitharaman, accompanied by Minister of State Pankaj Chaudhary and senior secretaries, presided over the event. The ceremony involves the preparation of Halwa in a large 'kadhai' as a symbolic gesture before the budget documents are locked in.
New Delhi: The Central government has announced the implementation of a 5 per cent uniform Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts to boost the industry. This decision marks a significant milestone for the domestic Maintenance, Repair, and Overhaul (MRO) industry, aimed at making India a global aviation hub, an official release said.
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget next week, the private space sector has outlined several key expectations. Among the primary requests are the inclusion of space sector-related imports in the list of tax-exempt items, an exemption from the Goods and Services Tax (GST) for components used in launch vehicles, and the introduction of productivity-linked incentives (PLI). Additionally, the sector hopes for a more proactive role from the government, particularly by stepping in as an anchor customer to support the nascent private space industry. 
The Reserve Bank of India on Monday (July 15) revised its master directions on fraud risk management to incorporate the recommendations of a Supreme Court judgement which asks banks to hear a borrower before an account is classified as fraud. The RBI said the three revised master directions on fraud risk management are principle-based and strengthen the role of the board in overall governance and oversight of fraud risk management.
Stock markets update: In early trade on Tuesday, the Sensex surged by 185.55 points, reaching 80,850.41, reflecting strong investor sentiment and positive market dynamics. Meanwhile, the Nifty also saw substantial gains, rallying by 63.35 points to achieve a new all-time high of 24,650.05. This upward movement is indicative of robust investor confidence amid favourable economic indicators and corporate earnings reports. Market analysts attribute the rise to increased buying across sectors, including banking, IT, and FMCG, bolstering the overall market sentiment. 
Budget 2024: There are high expectations regarding a potential reduction in the price of mobile phones in the upcoming budget. Smartphone buyers are eager to know if Finance Minister Nirmala Sitharaman will announce measures to make phones cheaper. Sitharaman is set to present her seventh budget in Parliament on July 23. Last year, the central government reduced import taxes on key components, such as camera lenses, to promote mobile phone manufacturing in India. According to the Financial Express report, the Finance Minister had also cut the tax rate on lithium-ion batteries, an essential component for phones and electric vehicles. This policy change aims to make it cheaper for companies to manufacture phones in India.
Ashura, as part of Muharram, will be observed in India from the evening of July 16 (Tuesday) and will continue till July 17 (Wednesday). Muharram is the first month of the Islamic calendar and is the second holiest month in Islam after Ramadan. July 17 will also mark the start of the Islamic New Year. Since the day has been designated a gazetted holiday by the government of India, the banks will remain closed in many states.
Indian stock indices, Sensex and Nifty, continued their upward momentum, closing at new record highs on Tuesday. The Sensex ended the day at 80,716.55 points, up 0.1%, while the Nifty settled at 24,613.00 points, also up 0.1%. Despite the overall positive close, most sectoral indices ended in the red. Nifty Media saw the biggest decline at 1.03%, while Nifty Realty rose the most at 1.66%, according to NSE data.
The annual Halwa ceremony, signalling the finalisation of budget preparation for the full Budget of 2024–25, took place at North Block on Tuesday. Union Finance Minister Nirmala Sitharaman, accompanied by Minister of State Pankaj Chaudhary and senior secretaries, presided over the event. The ceremony involves the preparation of Halwa in a large 'kadhai' as a symbolic gesture before the budget documents are locked in.
The International Monetary Fund (IMF) has upheld its global growth forecast of 3.2% for 2024 in its latest World Economic Outlook update released on Tuesday. However, the IMF has adjusted projections downward for the United States and Japan due to slower-than-expected starts to the year and temporary supply chain disruptions.
The Bengaluru bench of the National Company Law Tribunal (NCLT) on Tuesday allowed bankruptcy proceedings against Edtech firm Byju's after it failed to pay Rs 158.9 crore to the cricket board BCCI. The NCLT has appointed Pankaj Srivastava as an interim resolution professional, suspended Byju's board of directors and frozen its assets.
New Delhi: The Central government has announced the implementation of a 5 per cent uniform Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts to boost the industry. This decision marks a significant milestone for the domestic Maintenance, Repair, and Overhaul (MRO) industry, aimed at making India a global aviation hub, an official release said.
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget next week, the private space sector has outlined several key expectations. Among the primary requests are the inclusion of space sector-related imports in the list of tax-exempt items, an exemption from the Goods and Services Tax (GST) for components used in launch vehicles, and the introduction of productivity-linked incentives (PLI). Additionally, the sector hopes for a more proactive role from the government, particularly by stepping in as an anchor customer to support the nascent private space industry. 
The Reserve Bank of India on Monday (July 15) revised its master directions on fraud risk management to incorporate the recommendations of a Supreme Court judgement which asks banks to hear a borrower before an account is classified as fraud. The RBI said the three revised master directions on fraud risk management are principle-based and strengthen the role of the board in overall governance and oversight of fraud risk management.
Stock markets update: In early trade on Tuesday, the Sensex surged by 185.55 points, reaching 80,850.41, reflecting strong investor sentiment and positive market dynamics. Meanwhile, the Nifty also saw substantial gains, rallying by 63.35 points to achieve a new all-time high of 24,650.05. This upward movement is indicative of robust investor confidence amid favourable economic indicators and corporate earnings reports. Market analysts attribute the rise to increased buying across sectors, including banking, IT, and FMCG, bolstering the overall market sentiment. 
Budget 2024: There are high expectations regarding a potential reduction in the price of mobile phones in the upcoming budget. Smartphone buyers are eager to know if Finance Minister Nirmala Sitharaman will announce measures to make phones cheaper. Sitharaman is set to present her seventh budget in Parliament on July 23. Last year, the central government reduced import taxes on key components, such as camera lenses, to promote mobile phone manufacturing in India. According to the Financial Express report, the Finance Minister had also cut the tax rate on lithium-ion batteries, an essential component for phones and electric vehicles. This policy change aims to make it cheaper for companies to manufacture phones in India.
Ashura, as part of Muharram, will be observed in India from the evening of July 16 (Tuesday) and will continue till July 17 (Wednesday). Muharram is the first month of the Islamic calendar and is the second holiest month in Islam after Ramadan. July 17 will also mark the start of the Islamic New Year. Since the day has been designated a gazetted holiday by the government of India, the banks will remain closed in many states.
Indian stock indices, Sensex and Nifty, continued their upward momentum, closing at new record highs on Tuesday. The Sensex ended the day at 80,716.55 points, up 0.1%, while the Nifty settled at 24,613.00 points, also up 0.1%. Despite the overall positive close, most sectoral indices ended in the red. Nifty Media saw the biggest decline at 1.03%, while Nifty Realty rose the most at 1.66%, according to NSE data.
The annual Halwa ceremony, signalling the finalisation of budget preparation for the full Budget of 2024–25, took place at North Block on Tuesday. Union Finance Minister Nirmala Sitharaman, accompanied by Minister of State Pankaj Chaudhary and senior secretaries, presided over the event. The ceremony involves the preparation of Halwa in a large 'kadhai' as a symbolic gesture before the budget documents are locked in.
The International Monetary Fund (IMF) has upheld its global growth forecast of 3.2% for 2024 in its latest World Economic Outlook update released on Tuesday. However, the IMF has adjusted projections downward for the United States and Japan due to slower-than-expected starts to the year and temporary supply chain disruptions.
The Bengaluru bench of the National Company Law Tribunal (NCLT) on Tuesday allowed bankruptcy proceedings against Edtech firm Byju's after it failed to pay Rs 158.9 crore to the cricket board BCCI. The NCLT has appointed Pankaj Srivastava as an interim resolution professional, suspended Byju's board of directors and frozen its assets.
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