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manufacturing sector to achieve sustained growth of 7-7.5 per cent until 2030, Chief Economic Advisor V Anantha Nageswaran said. In an S&P Global report titled 'Look Forward: India's Moment', Nageswaran said that manufacturing should be a key growth area given the country's comparative advantage in terms of skilled labour, improved physical infrastructure, well-established industrial ecosystem and large domestic market.

OAMDR Act), 2002 aimed to establish a fair and transparent mechanism to allocate the operating rights for those engaged in offshore mineral extraction. With this, the bill has been approved by Parliament and will be sent for the President's assent. This amendment is aimed at removing the impasse in the sector.

Rajya Sabha on Thursday amid a walkout by opposition members over the situation in violence-hit Manipur. When the Upper House reassembled for the post-lunch session, Coal and Mines Minister Pralhad Joshi moved the Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023 for consideration, even as the opposition parties insisted on a discussion on Manipur.

BSE Sensex fell 0.82% to 65,240.68. Among the Nifty sectoral indices, only Nifty Media (up 0.93%), Nifty Pharma (up 0.98%), and Nifty Healthcare (up 0.60%) ended in green, while the others closed in red. Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Eicher Motors Ltd, Divi's Laboratories Ltd, and Infosys Ltd were among the top gainers of Nifty.

New Delhi: The Rajya Sabha on Thursday passed the Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023, paving the way for enhanced transparency in the allocation of minerals seated in country’s offshore basins, with a provision for granting production lease only through auction and keeping a reservation for government entities and public sector units (PSUs). In a first, the Bill opens up country’s vast mineral-bearing offshore areas.

Also Read: Morgan Stanley upgrades India to Overweight citing ‘less extreme’ valuations; downgrades China to Equal-weight "The resilience of the service sector underscores its vital role in fuelling India's economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter," noted Pollyanna De Lima, economics associate director at S&P Global Market Intelligence. Meanwhile, the manufacturing sector PMI dipped to 57.7 in July, data released on Monday showed.

India's dominant services sector continued its robust performance as total sales rose at the quickest pace since June 2010, PMI data released on Thursday showed. S&P Global's India services purchasing managers' index rose to 62.3 in July from June's 58.5. Analysts at Reuters had pegged a dip to 58.0.

Fitch's downgrade of the United States' credit rating, Indian equity markets opened in the red for the second straight session on Thursday, dragged by banking, financial and IT stocks. The BSE Sensex was trading 285 points or 0.43% lower at 65,497. Nifty50 was trading at 19,442, down 84 points or 0.43% at around 9.17 am.

₹15 lakh. The board is yet to take a call if it is going to be an e-auction or a closed one and whether there will be a single auction for composite rights or digital and television to be sold separately.

Nasdaq Composite down for a second straight day as investors took profits on five months of gains a day after rating agency Fitch cut the U.S. government's credit rating. Fitch downgraded the United States to AA+ from AAA late on Tuesday, citing expected fiscal deterioration over the next three years as well as growing government debt.

Siemens Healthineers fell 5.6% after its quarterly profit dropped. German fashion brand Hugo Boss slid 1.9% despite it raised its full-year outlook. In Asia, stock markets closed down on Wednesday.

New Delhi: The Rajya Sabha on Wednesday passed the Jan Vishwas (Amendment of Provisions) Bill, Mines and Minerals (Development and Regulation) Amendment Bill, and the Forest (Conservation) Amendment Bill, days after they were passed in the Lok Sabha, thus completing the legislative process and paving the way for the bills to become laws. The Jan Vishwas (Amendment of Provisions) Bill, 2023, proposes to decriminalise 183 provisions in 42 Central Acts administered by 19 ministries and departments, giving further boost to ease of living and ease of doing business.

(Reuters) — Wall Street's main indexes opened lower on Wednesday after rating agency Fitch's surprise move to downgrade the U.S. government's credit rating hit appetite for risky assets.

The Dow Jones Industrial Average fell 78.76 points, or 0.22%, at the open to 35,551.92. The S&P 500 opened lower by 25.80 points, or 0.56%, at 4,550.93, while the Nasdaq Composite dropped 151.19 points, or 1.06%, to 14,132.73 at the opening bell.

New Delhi: The Rajya Sabha on Wednesday passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2023 that encourages the private sector in the exploration of mineral, including lithium. The Bill was passed by the Lok Sabha on 28 July. With the clearance by the upper house, the legislative exercise in Parliament is complete and the Bill will become a law after the President’s consent.

Fed to cut rates sooner than it currently states. A rate cut combined with higher-than-average inflation will result in a structural up move in gold prices, said Chirag Mehta and Ghazal Jain of Quantum Mutual Fund. Gold started July on a subdued note, trading near $1900 per ounce levels with the backdrop of the Fed’s hawkish hold in June. Prices gradually moved up during the month as investors stuck to bets of one final interest rate hike in July. The probability that the Fed will raise its benchmark rate by 25 basis points to a range of 5.25%-5.50% in July was above 90% for most of the month, according to Interest Rate Futures. International gold prices ended the month around 2.7% higher. Domestic prices moved up by around 2.9%. However, there was some volatility along the way. The minutes from the Fed’s June 13-14 meeting revealed that a majority of Federal Reserve officials saw the need for further interest rate hikes in 2023, given the above-target inflation and labour market resilience. Next, the US Bureau of Labor Statistics published the private sector jobs data, which showed 209,000 jobs were added in June, below the market expectation of 225,000. May's increase of 339,000 also got revised lower to 306,000. The weaker-than-expected rise in private sector jobs was positive, but the unemployment rate edged lower to 3.6% from 3.7% and the annual wage inflation stood unchanged at 4.4%, compared to analysts' estimates of 4.2%, pointing to still tight labor market conditions. These events sharply pushed 10-year Treasury yields above the 4% threshold and weighed on gold prices, which traded in the early-$1900s.

Companies will not have to deduct GST under reverse charge mechanism (RCM) on services such as renting of immovable property provided by directors in his personal capacity, the finance ministry said on Tuesday.In a clarification issued after the GST Council meeting on July 11, the ministry said that only those services which are provided by directors in his official capacity to the company would attract GST under RCM.Under the RCM, entity receiving the services are required to deduct GST while making payments to the supplier.

Companies will not have to deduct GST under reverse charge mechanism (RCM) on services such as renting of immovable property provided by directors in his personal capacity, the finance ministry said on Tuesday. In a clarification issued after the GST Council meeting on July 11, the ministry said that only those services which are provided by directors in his official capacity to the company would attract GST under RCM.

Central Board of Film Certification (CBFC) and the advisory panels. The Parliamentary Standing Committee on Communications and Information Technology, in its report on the Review of the Functioning of CBFC, also suggested having members of the general public to make the Board more inclusive.

“Bullish measures are getting really bullish.”

offshore mineral resources. This amendment bill to the Offshore Areas Mineral (Development and Regulation) Act, 2002 aims to establish a fair and transparent mechanism to allocate the operating rights for those engaged in offshore mineral extraction. While introducing the Bill, Mines minister Prahlad Joshi had said it will “remove the impasse in the sector”.