Country Financial News

food inflation in India as analysts track food inflation with thali prices. Persistent food inflation has made the RBI's Monetary Policy Committee (MPC) hard in large measure due to prices of vegetables which are perishable in nature and also subject to vagaries of weather which have been made worse by climate change. Another item on the thali which keeps its price high is pulses, especially tur (also called arhar) dal which India imports in large measure. In June, prices of pulses surged 21.64% year-on-year, more than double the 9.21% increase seen a year ago, according to government data. India imported all major pulses, including tur, urad, masoor, chana and yellow peas, in 2023-24 due to low domestic production on account of erratic rainfall, spending around $3.74 billion during the financial year.

India is moving towards a new fiscal policy framework. Finance minister Nirmala Sitharaman said in the Union budget announced earlier this month that after 2025-26, the government will try to keep the fiscal deficit at a level “such that the central government debt will be on a declining path as a percentage of GDP." What does this mean? India currently has a fiscal law that expects the Union government to keep its annual fiscal deficit below 3% of gross domestic product (GDP).

Friendship Day is an occasion to celebrate the bonds we share with our friends. The date for this celebration varies worldwide, with it being observed on July 30 as recognized by the United Nations and on the first Sunday of August in countries like India. Proposed by Joyce Hall, founder of Hallmark Cards, as a day to appreciate friendships, the day has evolved with different dates and customs across the globe. The UN’s recognition promotes peace and solidarity through friendship, while the sentiment behind the day remains globally universal—honoring friends who offer unwavering support and love.

monsoons in northwest Pakistan triggered flash flooding, killing at least 14 people, 11 from the same family, officials said Tuesday.

Crypto exchange CoinDCX has elevated Mridul Gupta as its founding partner, the company said on Tuesday. In his new role, Gupta will be responsible for meeting the company's growth goals, focusing on international expansion, building teams and driving profitability. In addition, he will continue to be responsible for the India market, strengthening the firm's product portfolio, marketing, partnerships and operations to accelerate its growth in the country.

Sunil Singhania, Founder,Abakkus Asset, and Bharat Shah, Executive Director, ASK Group, in conversation with Nikunj Dalmia of ET Now on the occasion of Prabhudas Lilladher 80th Anniversary. Singhania says the wealth and asset management business is still minuscule and this is a business where at least 25% growth is visible for the next 10-20 years. And 25% growth over 10 years is 10x and if it lasts for 20 years it is 100x. It is a good business as one does not need capital and only needs intellectual capital. There is 100% cash conversion. He says asset management and wealth management companies are going to be some of the biggest wealth creators. What is the next big theme, idea or trend you are betting on? I respect your compliance, we will not talk stocks. But give us where you think there is scope for earnings upgrade, PE upgrade, and where the macros are going to be favourable?

Navneet Munot, MD & CEO, HDFC AMC, and Bharat Shah, Executive Director, ASK Group, in conversation with Nikunj Dalmia of ET Now on the occasion of Prabhudas Lilladher 80th Anniversary . Naveneet Munot says he feels more positive for the next 10-20 years from foreign portfolio investors' perspective. What the retail presence is doing is bringing down the volatility of the market on a structural basis. Now, our SIP per month is Rs 21,000 crore. In 12 months, it is equal to $30 billion. Then there is NPS, EPFO, insurance, and all of that. This money every day is so large. It will provide more stability to the market. On FIIs and FPIs Navneet Munot: Despite whatever was happening in the world, most of the great market people like Amisha bhen (Amisha Vora, Prabhudas Lilladher co-owner & Joint MD), have served like foreign portfolio investors for the last 30-32 years when they started investing. Out of the last 30-32 years, for almost 24 or 25 years, they have been net buyers of Indian equities, except for six or seven calendar or financial years, where they have been a net seller of Indian equities.

Mukesh Ambani, Asia's richest person, is an avid reader. During an interaction, Ambani himself revealed his reading habits.

Torrential rains have left at least seven people dead and three others missing in southeastern China, state media said Tuesday, raising the death toll from a tropical storm to 22.

Viksit Bharat: A Post Union Budget 2024-25 Conference at New Delhi’s Vigyan Bhawan on Tuesday at 12pm.

Can India achieve the government's target of achieving $10 trillion GDP by 2030? Given that we are yet to hit $4 trillion, only $8 trillion is plausible by 2030, says Nilesh Shah, MD, Kotak AMC, in a post-Budget interaction with Mint. He believes finance minister Nirmala Sitharaman achieved the trinity of impossible of fiscal consolidation, investment and job creation. It should lead to the country's credit upgrade, he says. Shah adds that hiking the security transaction tax (STT) on futures and options (F&Os) is a step in the right direction. Edited excerpts:

Russian navy started planned exercises involving most of its fleet as well as 20,000 personnel and 300 ships, Russian news agencies reported on Tuesday, citing the defence ministry.

budget will help keep its growth outlook healthy, said World Bank chief economist Indermit Gill, flagging the reduction in public debt as a key focus area for the government, along with putting education in mission mode. He noted that India has done a good job of making sure the fiscal deficit is reduced from last year.

Benefit payments for Canadian seniors are going up slightly in a scheduled increase as retirement is “becoming unaffordable” for many in the country.

Argentine President Javier Milei has told his country's struggling farmers that he was committed to scraping export taxes and rescuing the key agricultural industry

The three-year deal will increase pay an average of 10%, offer other benefits.

Rapido has raised $120 million (about Rs 1,000 crore) in primary capital from its existing investor WestBridge Capital at a post-money valuation of $1 billion, becoming the newest unicorn startup in the country.

Chinese President Xi Jinping called for further cooperation with Italy on Monday at a meeting with Italian Prime Minister Giorgia Meloni, saying the two countries were the ends of the historical Silk Road trade route

government plans to operationalise 12 more airports across 8 states and Union Territories, including one at Shibpur in Car Nicobar, under the regional air connectivity scheme this year. Currently, 579 routes connecting 85 airports — including 13 heliports and 2 water aerodromes — have been operationalised under the UDAN (Ude Desh ka Aam Naagrik) scheme that was introduced in 2016.