Electronic Financial News

RBI report on state finances, the eight NE states have registered a compounded annual GST hike of 27.5 per cent, the finance minister said. Her comments came at the Investiture Ceremony for conferring the Presidential Award for ‘Specially Distinguished Record of Service’ to officers and staff of the Central Board of Indirect Taxes and Customs (CBIC). The finance minister said, “The GST's principal largely is on the basis of tax & consumption not just tax on the basis of where it is produced.

Investing.com-- Gold prices rose on Friday and were headed for a positive week amid increasing bets that the Federal Reserve was close to ending its rate hike cycle, while copper prices rose as major importer China unveiled more stimulus measures. 

Chandrayaan-3' — India's moon mission is paving its way through the space towards Moon, neighbouring country Pakistan is still struggling with a dwindling economy, the huge pile of debt and religious extremism-fuelled politics. Qaisar Rashid in his piece in the Daily Times said that while India ticked one after the other boxes right from ISRO, focusing on IT to opting for a modern education system, Pakistan kept on struggling with its internal conflicts and orthodox education system.

online safety and set down objective parameters and rules spelling out what constitutes cyber fraud, providing a contemporary legal framework to tackle 21st century crime hitherto handled by amended provisions of 19th century British-era laws. The proposed legislation, which could either act as a supplement or be part of the larger Digital India Bill, will also likely detail the penal provisions in cases of cyber breaches while specifying who is a cybercriminal under provisions of the new law, multiple sources aware of the development told ET.

The U.S. has imposed sanctions on roughly 120 firms and people in an effort to choke off Moscow’s access to products, money and financial channels that support its continued invasion of Ukraine

New Delhi: New formal sector workers added under the Employees’ Provident Fund Organisation (EPFO) fell to about 1.63 million in May, down from 1.72 million recorded during the previous months, according to the latest payroll data released by the government.  About 1.68 million new workers were added to the formal sector during May 2022.  "The data indicates that around 8.83 lakh new members enrolled during May, 2023 are highest during the last six months. Among the newly joined members, the age-group of 18-25 years constitutes 56.42% of total new members added during the month," said a statement from the Ministry of Labour and Employment. "Around 11.41 lakh members exited but rejoined EPFO who may have switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus extending their social security protection," it added.

The Telecom Regulatory Authority of India (Trai) on Thursday released a set of recommendations advocating the urgent adoption of a regulatory framework to govern the responsible development of artificial intelligence (AI) across sectors. Trai’s 10-page report said it was important to regulate specific AI use cases that may have a direct impact on humans within a risk-based framework.

Delhi ahead of their return to their homes from relief camps, an official statement issued on Wednesday said. The decision to provide financial aid to families was taken after Chief Minister Arvind Kejriwal met victims to assess the situation. He expressed his concern for the flood victims, said a government statement.

Plans by the IRS to test a new electronic free-file tax return system next year have got supporters and critics of the idea mobilizing over whether the government should set up a permanent program to help people file their taxes without needing to pay ...

Vedanta Group's application for semiconductor manufacturing has become invalid after exit of Taiwanese electronics manufacturing major Foxconn and the company is yet to submit a fresh application, an official source said. According to the source, Vedanta has not shared any information about a new technology partner that it needs to rope in for semiconductor manufacturing.

Employees’ Provident Fund Organisation in May fell marginally to 1.63 million compared to 1.68 million added in May last year, though the number of new employees added to EPFO were highest in the last six months at 0.88 million. The social security organisation also witnessed a month-on-month decline of 5.2% in May when compared to 1.72 million net new subscriber addition registered in April, shows the provisional payroll data released by the labour ministry on Thursday.

₹18,100-crore programme to boost local battery cell production. The Ministry of Heavy Industries (MHI) will facilitate a stakeholder consultation with industry representatives on 24 July for inputs and suggestions before the start of the re-bidding process.

Maruti Suzuki's popular sub-4 meter compact SUV, the Brezza, has undergone significant changes in its lineup. As per ToI report, the automaker has silently removed the 'Smart Hybrid' technology from the manual variants of the popular SUV, leaving the mild-hybrid system exclusive to the automatic versions. As per the report, this decision has resulted into a slight drop in fuel efficiency for the manual version.

Maruti Suzuki has discreetly introduced an update to the Brezza model, bringing noteworthy changes to its feature list and technology arrangement among specific variants. According to the recently released brochure on the company's website, the refreshed Brezza now includes seatbelt reminders as a standard feature for all five passengers. Previously, this safety feature was restricted to the front seats alone.

Over 200 Hong Kong stores now accept digital yuan payments, banks have claimed, as China looks to take its CBDC into the cross-border space.

«This is a big step from the entire group of Reliance Industries, having been successful on the retail and the telecom piece, they have really got on the retail side of the country's demand significantly,» says Sunil Shah, Veteran Fund Manager.Have you looked at the scheme of arrangement at Reliance Industries just for the sake of understanding the business model, their foray in Jio Financial and the way the stock has been? Jio Financial, of course, value will be decided but will you look at it later?This is a big step from the entire group of Reliance Industries, having been successful on the retail and the telecom piece, they have really got on the retail side of the country's demand significantly. And as a country, as we progress from about $2800 per capita to about $5000 over the next six-year journey, I think finance itself is going to be a big part of Indian consumer spend.Leverage and borrowing is no longer a bad word.

NEW DELHI : India will soon announce a 40 nanometre (nm) semiconductor fabrication unit and multiple compound fab proposals under the modified semiconductor investment scheme, minister of state for electronics and IT Rajeev Chandrasekhar said. “We will certainly have, very soon, an announcement of a 40nm silicon fab. We will also have multiple compound fab proposals," Chandrasekhar said in an interview.

Retaining its earlier forecast, the Asian Development Bank (ADB) on Wednesday said India’s GDP is expected to grow by 6.4% in the ongoing financial year and 6.7% in FY25, driven by recovery in consumption demand and easing global commodity prices. The projections released by ADB were close to the Reserve Bank’s estimates of 6.5% real GDP growth for 2023-24. The ADB projections assume “normal rainfall and other weather factors, and no further geopolitical shocks".

ADB) Wednesday retained India's economic growth forecast at 6.4% for FY24, on the back of recovery in consumption demand in both rural and urban areas, but said suppressed exports due to global slowdown will be a drag. The Indian economy grew 7.2% in 2022-23. In an update to its Asian Development Outlook (ADO), ADB lowered its inflation projection for current fiscal year (FY24) at 4.9%, from 5% pegged in April, on softening crude oil prices, even though it estimated core inflation to remain «stubbornly high».

Climate change is front and centre of the development debate going on around the world. We are finally seeing our economic system account for the cost and impact of air pollution on the environment by putting a value on every metric tonne of greenhouse gas (GHG) emissions. And our transition to a low-carbon economy is being spurred by consumers and governments as well as regulators.

Former Intel India head Nivruti Rai has joined as the Managing Director and CEO of Invest India, the Ministry of Commerce and Industry informed on Wednesday. She took over the charge from Manmeet K Nanda, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), who had assumed this additional charge in March 2023. Nanda had taken over Invest India from Deepak Bagla who resigned from his post citing "personal reasons".