India Financial News

FATF's mutual evaluation report, which upgraded India to «regular follow up category» has proven to the world the credibility, integrity and strength of the country's institutional framework, Vivek Aggarwal, additional secretary at department of revenue in the finance ministry has said. «We have been assessed very deeply, comprehensively and there is no fault that has been found, so far as our integrity and credibility of our institutional framework is concerned...This is a major plus and a demonstration to the world that the Indian system is in place and it works,» Agarwal, who heads the Financial Intelligence Unit, told ET. FIU was the nodal coordinating body for the assessment by the FATF.

Etihad Airways Group CEO Antonoaldo Neves has the precarious job of balancing growth with profitability and margins as the Abu Dhabi-based airline seeks to save $150 million in costs a year while doubling its size. In a conversation with ET’s Forum Gandhi and Anirban Chowdhury, Neves talks about Etihad’s plans for India, which is among its top three markets globally. Edited excerpts: You joined Etihad in 2022 as it narrowed losses and made management changes. With a half-year profit and shifting in its strategy, what were your main focus areas? What milestones did you achieve? We see Etihad’s journey in three phases. The first 15 years focused on creating a global brand and expanding. Then, for five years, the airline was restructured and downsized to 60 planes. Now, we are ramping up again… We have 92 aircraft in our fleet. In 2022, we broke even. Now, in phase three, we’re planning the airline’s future and restructuring the network to be more profitable, shifting from ultra-long haul to mid-haul and prioritising point-to-point operations from Abu Dhabi. We also aim to double our capacity in India, utilising the available seats in bilateral agreements, and we’re pleased with our performance here. You’re one of the few premium airline CEOs discussing costs. You have previously mentioned a target of $100-150 million in annual cost cuts. How do you balance growth with these cost reductions?

India on Thursday described as «inaccurate» a media report that said artillery shells sold by Indian arms manufacturers have been diverted by European customers to Ukraine and New Delhi has not intervened to stop it. «We have seen the Reuters report. It is speculative and misleading. It implies violations by India, where none exist and hence, is inaccurate and mischievous,» Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said. He said India has an «impeccable» track record of compliance with international obligations on the export of military and dual-use items. «India has been carrying out its defence exports taking into account its international obligations on non-proliferation and based on its own robust legal and regulatory framework, which includes a holistic assessment of relevant criteria, including end-user obligations and certifications,» Jaiswal said.

Union cabinet's approval for 'one nation, one poll' has set the ball rolling for what is, indeed, an ambitious venture. If the proposal is passed by Parliament, India will join an exclusive club. Only three countries — Belgium, Sweden and South Africa — have ONOP.

Jal Shakti minister C R Paatil said on Thursday that significant progress on a major river-linking initiative would take place within the next couple of months. At the valedictory session of India Water Week 2024, Paatil highlighted the government's efforts to address India's water crisis through river-linking projects and sustainable local water management. He announced that significant progress on a major river-linking initiative would take place within the next couple of months. Though he didn't divulge details. «In just 1-2 months, we will advance a major river-linking project, ensuring water is available where it's needed,» Paatil said, adding it will also prevent floods by redirecting water from where it's in excess.

Bharat Electronics Limited (BEL) on Thursday signed a teaming agreement with Reliasat Inc. Canada to collaborate in the area of space products, officials said. The agreement aims at leveraging BEL and Reliasat's capabilities in the domain of space, they said. «This is a significant step that will enable BEL to foray into the space segment in line with the Government of India's 'Atmanirbhar Bharat' and 'Make-in-India' initiatives and strengthen its existing portfolio,» BEL said in a statement.

US Federal Reserve's half-a-point interest rate cut on Wednesday — the first cut in four years — in their stride on expectations that 'Fedhead' Jerome Powell is front-loading the downcycle. This is the less scary scenario over the US tipping into a recession, and investors seem quite comfortable with it. But the rate action may not have played through yet.

joint operation launched by Army along with Manipur Police, that has a potential threat to life and property, was averted when a large quantity of Improvised Explosive Devices (IEDs) was recovered in the hill region of Manipur near Bongjang and Itham villages in Imphal East district. The operation resulted in recovery of seven IEDs, weighing approximately 28.5kg. An army spokesperson said, “Acting on specific information, columns of the Indian Army and Manipur Police acted swiftly and launched an extensive search operation incorporating Army Explosives Detection Dogs. The operation resulted in recovery of seven IEDs, weighing approximately 28.5kg. The IEDs were diffused by experts from Army Engineers. The recovery has prevented a major disaster and saved precious lives”. Manipur witnessed hi tech attacks by drone bombs and rocket propelled bombs. Following the attack by drone bombs and rocket propelled bombs, the security forces have deployed an anti-drone system to repel the rogue drones.

Alternative Investment Funds (AIFs) whereby securities — other than unlisted, non-traded, or thinly-traded securities — will now be valued in line with mutual fund rules. This came after the Securities and Exchange Board of India (Sebi) received feedback from the AIF industry on challenges with the valuation framework and has made changes based on public comments and internal discussions. Modifying the rules, the regulator said, «valuation of securities, other than unlisted securities and listed securities which are non-traded and thinly traded, for which valuation norms have been prescribed under Sebi (Mutual Funds) Regulations shall be carried out as per the norms prescribed under MF rules».

Modi slammed the Congress and the National Conference (NC) on Thursday for «allowing» India's waters to flow across the border for seven decades and showing no nerve to construct dams for the utilisation of the resource that would have benefitted Jammu and Kashmir's farmers. Addressing an election rally in support of the Bharatiya Janata Party (BJP) candidate in this newly-created Assembly segment of Mata Vaishno Devi, Modi said his government is continuously improving road connectivity in the region to tap the full tourism potential of the area. «The governments run by the NC and Congress allowed our waters to flow across the border. They never dared to construct a big dam here. The Shahpur Kandi dam project remained untouched for years and as a result, thousands of hectares of land in Jammu became lifeless,» he said. He said if a BJP government was not formed at the Centre, the distressed farmers of Kathua and Samba districts would not have got a new lease of life with the Shahpur Kandi dam.

Reserve Bank of India (RBI), has lifted the restrictions imposed on the gold loan business of IIFL Finance with immediate effect, the company informed in a short stock exchange notice. RBI had prohibited the company from sanctioning, disbursing, or selling any of its gold loans in March this year citing certain supervisory concerns. The central bank had cited deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default, breaches in loan-to-value ratio (LTV), significant disbursal and collection of loan amount in cash far in excess of the statutory limit among others, while announcing the ban. IIFL said that the lifting of the ban with immediate effect, allows the company to resume the its gold loans business in compliance with all relevant laws and regulations.

Subscribe to enjoy similar stories. The US Federal Reserve’s steeper-than-expected interest rate cut augurs well for India’s $254-billion information technology services sector, as lower borrowing costs could prompt companies to increase their spending on technology. The US is the biggest market for India’s IT services sector.

John Chambers, who heads the India US Strategic Partnership Forum and is Chairman Emeritus of CISCO is highly optimistic about the future of the Indian economy, the current share market situation and the growth of innovation in the country. In an interview with ET, Chambers discusses the upcoming US elections, PM Modi’s third term and prospects of Indian and US companies working together in the coming years.

ease of doing business, imports, GST rates and misconceptions about processed food items. During the meeting, food companies demanded reduction in GST rates of many food items. A high-level CEO roundtable, under the co-chairpersonship of Commerce & Industry Minister Piyush Goyal and Food Processing Industries Minister Chirag Paswan, was organized as part of World Food India 2024 event being held during September 19-22 in the national capital. It laid «focus on promoting investment and enhancing Ease of Doing Business and was attended by over 100 CXOs,» an official statement said.

Read more about other mixer juicer grindersin the kitchen and diningsection on the Top Trending Productspage. Read about the Best Usha Mixer Grinders in India below. 1. Usha Maximus Plus 800-Watt Copper Motor Mixer Grinder Usha Maximus Plus 800-Watt Copper Motor Mixer Grinder with 4 Jars and 5 Years Motor Warranty(Black & Stainless steel)34% Off₹4,829₹7,290Buy Now Featuring an 800-watt motor, the Usha Maximus Plus 800-Watt Copper Motor Mixer Grinder ensures superior performance for heavy-duty tasks. It features jars with stainless steel blades which are durable and effective for various grinding and blending needs. It features adjustable speed control that allows for customisable blending and grinding speeds. Its transparent PC jars with fruit filters ensure durability and ease of use. Also, its motor is self-lubricated ensuring longer motor life with reduced maintenance. Special Features:

A definitive platform to celebrate soonicorns—a name given to startups on the cusp of becoming unicorns—the summit has a long, illustrious list of industry leaders, policymakers, and industry inside leaders, who will let attendees have a peek into their playbooks for navigating the highs and the lows of the startup ecosystem in India. However, what’s a soonicorn summit without sessions designed exclusively for soonicorns? Bringing together over 15+ speakers across three curated topics, these closed-door conversations promise to take you on a knowledge-sharing tour, with some of the most disruptive players of the Indian startup ecosystem set to share their playbooks.

Securities and Exchange Board of India (Sebi) has barred Axis Capital Limited (ACL) from taking up debt merchant banking activities. The restriction comes as an interim measure after the regulator found that Axis Capital had provided a guarantee/indemnity towards redemption of NCDs in the guise of underwriting, which it is not permitted to do under the existing regulatory framework.

Indian Institute of Science (IISc) have developed a nanomaterial-based solution that can effectively reduce the presence of heavy metals like chromium in groundwater. Groundwater is an essential source of drinking water across the country. However, heavy metal contamination in groundwater presents a significant health hazard, IISc said in a media statement. The team includes researchers from the Centre for Sustainable Technologies (CST), Department of Civil Engineering (CiE), and Department of Instrumentation and Applied Physics (IAP). The study is published in the Journal of Water Process Engineering.

bill of lading in an electronic transfer mode between the customs of both sides, a move that will help promote ease of doing business, a senior official said on Thursday. A bill of lading is a legal document that serves as a receipt, contract, and proof of ownership for shipped goods. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said as and when the system becomes a norm for all the countries, there will be no requirement for physical submission of records. «India in collaboration with South Korea has now started this concept of sharing the bill of lading in an electronic transfer mode between the customs of both sides,» he said while addressing a session in the 'Deloitte Government Summit' here.

oil market has changed in a year and will influence the way India negotiates its annual crude purchase deals for next year as the country is witnessing fuel consumption growth while global demand is forecast to be weakening, a petroleum ministry official said. “When we sit down with them (suppliers) in December or January, for both sides the negotiating positions would be very different from what they were last year,” said the official, who didn't want to be named. “The market of December 2024 is not the market of December 2023.” “What has changed in the market is that whether it’s IEA or OPEC, they are bringing down their estimates for world demand,” he said, adding that India was in a different position as it is experiencing a demand increase.