City New Delhi Financial News

NEW DELHI : While the Indian film industry is showing signs of recovery, high ticket prices in multiplexes, particularly for big-budget releases such as Jawan, are a point of concern given the possible impact on the movies’ earnings, especially in small towns of north India. Unlike south India, where ticket prices are capped, no such restriction exists in the Hindi-speaking belt.

Canada's allegations has been «firm and direct», outgoing Sri Lankan high commissioner to India Milinda Moragoda said, adding that Colombo supports New Delhi on the matter. Addressing a meeting at Foreign Correspondents' Club on Monday night, he said the people of Sri Lanka have suffered due to terrorism, for which his country has zero tolerance. «I think India's response has been equitable and also firm and direct,» Moragoda said. «And, I think, as far as we are concerned, we support India on that.

NEW DELHI : Maruti Suzuki India Ltd has surged ahead in the rapidly expanding SUV (sport utility vehicle) segment, marking a turnaround after several quarters of market share loss due to declining small car sales and lack of new SUV launches, following its exit from the diesel-engine market in 2020. Maruti has made significant progress in realizing its 2023-24 target of 25% share in India’s SUV market, consistently increasing its share for three straight months, spanning July through September. In July and August, the company’s SUV market share exceeded 24.5%, and it expects a similar performance in September.

New Delhi: Citing the “limitless uncertainty in the area of arbitration" at present, the Supreme Court on Tuesday preferred a seven-judge bench to review its ruling in April that held an arbitration clause is not enforceable in law if the agreement is unstamped or insufficiently stamped. The April judgment was expected to create further delays in appointment of arbitrators by adding one more layer of scrutiny, besides being contrary to India’s pro-arbitration stance.

NEW DELHI : The goals that India has set for itself as it aspires to become a “great power" will make it “different" from the powers that preceded it, external affairs minister S Jaishankar told the United Nations in an address on Tuesday. “The days when a few nations set the agenda and expected others to fall in line are over as the United Nations itself symbolizes," declared Jaishankar, while delivering India’s national statement at the UN General Assembly. During his remarks, Jaishankar positioned India as a power determined to act in the interest of globally under-represented nations.

NEW DELHI : Petroleum products are unlikely to be brought under the Goods and Services Tax (GST) anytime soon, as doing so can cause states’ fiscal deficit to balloon, while also widening revenue losses for the Centre, two senior government officials told Mint. The total taxation on petrol and diesel, including state-levied value-added tax (VAT) and the centre’s excise duty, comes to about 35%-50% (45%-50% for petrol and 35%-40% on diesel), one of the officials said. Different states levy different amounts of VAT on petroleum products.

NEW DELHI : The government has extended the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme till 30 June 2024, an official statement said on Tuesday, benefitting exporters amid global headwinds. “The RoDTEP support which was notified till 30th September 2023 is now being extended till 30th June 2024 at the same rates to the existing export items," the commerce ministry said in a statement.

NEW DELHI : The Centre will borrow ₹6.55 trillion for the second half of the ongoing financial year— or 42.45% of its gross market borrowing of ₹15.43 trillion for the full year—the government said, leaving its borrowing plans unchanged. The borrowing for FY24 will be done through dated securities, including ₹ 20,000 crore through issuance of sovereign green bonds, the finance ministry said in a statement Tuesday. While the government will stick to its borrowing plan for the year, it will issue 50-year securities for the first time, in response to a market demand for longer duration securities, the ministry added.

NEW DELHI : India will have a wide network of fenced-off highways and expressways in the next 10-15 years that will allow commuters to get on to them by travelling no more than 100 km from wherever they begin their journey, a top road ministry official said. According to road transport and highways secretary Anuraj Jain, the ministry is finalizing a new Vision 2047 programme, with a focus on building an extensive network of greenfield “access-controlled" expressways. The network of roads will provide smoother and faster connectivity, especially along the economic corridors, border regions and far-flung areas, and help reduce the logistics cost in the country.

Jaishankar on Tuesday said that the days when a few nations set the agenda and expected others to fall in line are over. India fully support UNGA's theme of rebuilding trust and reigniting global solidarity and this is an occasion to take stock of our achievements and challenges even while sharing our aspirations and goals and there is much that India has to share, EAM said.

It's a historic moment for the renewable energy sector as WattPower introduces its cutting-edge factory in the heart of Chennai, India, offering advanced Smart PV solutions that will reshape the renewable energy landscape in the subcontinent. New Delhi, 03 June 2023: The future's looking brighter than ever as WattPower, Solar Photovoltaic solutions provider based with its roots in Germany, proudly announces the grand opening of its state-of-the-art facility in Chennai, Tamil Nadu, India. This exciting move comes in response to India's soaring appetite for green energy solutions.

China is putting together the «largest» conventional military buildup since the Second World War, without clarifying the strategic purpose behind the exercise. Australia has sought to stabilise its relationship with China after a «difficult period», he said. «China is engaging in the largest conventional military buildup that the world has seen since the Second World War.

Banks in October are closed on the occasion of Gandhi Jayanti, Mahalaya, Kati Bihu, Durga Puja, Dusshera, Lakshmi Puja, Sardar Vallabhbhai Patel’s Birthday.

MGNREGA benefits in West Bengal to Prime Minister Narendra Modi ahead of the party's much-touted protests in New Delhi next month against the alleged withholding of funds by the Centre. The party has accused the BJP-led NDA government of withholding Rs 15,000 crore of dues to Bengal under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and Gramin Awas Yojana. The party will also send letters to Union Panchayati Raj Minister Giriraj Singh.

Army chiefs and senior officers from 30 countries including the United States met in India Tuesday to discuss threats facing the Asia-Pacific region, in the face of concern at an increasingly assertive China. US Army chief Randy George said the region was «critically important», speaking to reporters alongside his Indian counterpart Manoj Pande, and vowed to boost cooperation to «maintain a free and open Indo-Pacific». Generals from Japan and Australia, which make up the «Quad» defence cooperation forum alongside Washington and New Delhi, also took part, as did Britain and France. As the generals met, China's Foreign Minister Wang Yi said that Beijing would oppose the «wanton expansion of military alliances», the latest in a string of warnings as Washington deepens security ties in the Asia-Pacific. Beijing has long said that any effort to establish a NATO-like military alliance in the Asia-Pacific would provoke conflict. Nations present at the two-day conference in New Delhi included Vietnam and the Philippines, both of which have longstanding pending territorial disputes with China. The conference, which launched in 1999, brings together army chiefs and top officers from 30 countries. India's Pande said the region faced challenges on both land and at sea. «These range from territorial disputes over land masses, or in some cases, even over artificially expanded islands to acquire real estate and establish military bases,» Pande added, in an indirect reference to China. India has also had to balance its traditional alliance with Russia — the provider of most of its arms imports, and now a source of cut-price oil — with growing ties to Washington. «The partnership between India and the US armies is vital for

New Delhi: India's export of cut and polished diamonds is projected to decline by 22 per cent to USD 17.2 billion in the current fiscal due to weakened demand from the key consuming nations, according to rating agency Icra. In the first five months of the current fiscal, cut and polished diamond exports witnessed a sharp year-on-year decline of 31 per cent following lower export volumes and higher polished diamond prices, it said.

ALSO READ: Bengaluru Bandh news LIVE Meanwhile, the 12-hour strike in the Karnataka capital saw some action when Members of Cauvery Urimai Meetpu Kulu staged a 'rail roko' protest in Thanjavur by blocking the Cholan Express train. They even condemned the Karnataka government for releasing Tamil Nadu's share of water in the the Cauvery River. The protestors were later arrested by the police.

Click here! A Red Corner Notice is a request to the law enforcement authorities of Interpol's member countries to find and temporarily detain a person until extradition, surrender, or a similar legal process can take place. Earlier, Interpol issued a Red Notice to all member countries against gangster Himanshu alias Bhau, who is believed to be living abroad.

Goods and Services Tax (GST) Council will meet on October 7 to discuss the reconstitution of the group of ministers on rate rationalisation, and to discuss the pending reform agenda by the council. The agenda for the meeting is still being worked upon and will be finalised by the end of this week, officials said. «The 52nd meeting of the GST Council will be held on 7th October, 2023 at Vigyan Bhawan, New Delhi,» the central Board of Indirect Taxes and Customs said in a post on X. On August 2, the council approved amendments to the Goods and Services Tax (GST) laws to provide clarity on the taxation of casinos, horse racing and online gaming. Ahead of that the council met on July 11, to decide on the 28% GST on online gaming companies, casinos and horse racing.

Apple's two stories in India - Apple BKC and Apple Saket were filled with crowds on the launch of the iPhone 15 series in India. The wait time for higher-end iPhone 15 Pro and iPhone 15 Pro Max models are stretching up to late October, a recent Reuters report had noted. Moreover, Counterpoint data quoted by Reuters noted that iPhone 15 Pro models will account for 25% of the overall iPhone 15 shipments in India in the fourth quarter, an increase of 4% from the top-tier iPhones from last year.

China appears to woo the `Global South’ following the success of India’s G20 Summit where New Delhi gave leadership to the ‘Global South’. The Indian government is today at the forefront of providing leadership to the Global South and New Delhi’s leadership has been acknowledged globally. China has become hyper-active about the Global South and related developments.