Progressive Financial News

NEW DELHI : Demand for steel in India is expected to remain robust this financial year with consumption growing in double digits on the back of infrastructure development, rapid urbanization and supportive policy reforms, Tata Steel chairman Natarajan Chandrasekaran said at the company’s annual meeting of shareholders on Wednesday. “The Fiscal Year (FY) 22-23 witnessed some intense geo-political and economic volatility. This, in turn, has created constant disruptions in the global supply chains creating a bottleneck, with the global steel industry experiencing a ripple effect," Chandrasekaran said.

NEW DELHI : Dollar revenues from the travel industry have tripled over the last fiscal year to $26.17 billion in FY23, but is still short of 2019 levels. Data from Services Export Promotion Council, that operates under the commerce and industry ministry, showed that while inbound business travel was a laggard, down 60% from the pre-covid levels at $1.17 billion, personal travel, too, was 10% lower. Barring business-related travel, the remaining categories, such as healthcare and education, has had a negligible impact on dollar inflows, but outflows were marginally higher than inflows at $27.11 billion for FY23.

Mason Mount has revealed that Erik ten Hag's vision for Manchester United was the driving force behind his departure from his childhood club, Chelsea. The 24-year-old midfielder has become Ten Hag's first signing of the summer, completing a transfer deal worth an initial £55m, with the potential for an additional £5m in add-ons. Mount has committed to a five-year contract, with the option to extend for another year.

Reserve Bank of India. “INR has potential to become an international currency as India is one of the fastest growing countries and has shown remarkable resilience even in the face of headwinds,” the group led by Ratho wrote in the report.

MUMBAI : A Reserve Bank of India (RBI) appointed committee on Wednesday has recommended a roadmap to achieve internationalisation of rupee including efforts for inclusion in the International Monetary Fund’s Special Drawing Rights (SDR) basket. The inter-deparmental group headed by RBI executive director RS Ratho in its report said the rupee has the potential to become an international currency as India is one of the fastest growing economies and has shown resilience in the face of major headwinds.

₹1.5 trillion, a fiscal anxiety over GST revenue has begun to ease at last; this buoyancy could relieve state coffers of their need for cess top-ups. By acting a slice-off of value addition instead of sale prices, its design got informal units to sign up—drawn by input credits and pushed by business clients. Much of its switchover pain is now in the past, as technical glitches and administrative snarls get sorted out.

New Delhi: Demand for steel in India is expected to remain robust over the current fiscal year with consumption growing in double digits on the back of infrastructure development, rapid urbanisation and supportive policy reforms, Tata Steel's Chairman, Natarajan Chandrasekaran said at an Annual General Meeting of the company.   “The Fiscal Year (FY) 22-23 witnessed some intense geo-political and economic volatility. This in turn has created constant disruptions in the global supply chains creating a bottleneck, with the global steel industry experiencing a ripple effect.

Fiona Phillips, the renowned journalist, and broadcaster, has announced that she was diagnosed with Alzheimer's disease at the age of 62. Phillips discovered her condition a year ago after experiencing months of brain fog and anxiety, as reported by the Daily Mirror. The disease has had a devastating impact on her family, with her mother, father, and uncle also succumbing to dementia.

The Terra Luna Classic price has dropped by 3% in the past 24 hours, with the coin slipping to $0.00008443 and marking a 4.5% loss in the last seven days.

Football League Club- Men's side. The Forest League Club appointed Dingley to manage the club after her exit from Duncan Ferguson. The former striker left his post as head coach after failing to keep Forest Green in League One in the previous season. Dingley's first match in charge will be at Melksham Town on Wednesday. She had joined the club back in 2019. Dingley holds a Uefa Pro Licence. Dingley had been working for Burton Albion earlier. Forest Green's Chairman Dale Vince said Hannah Dingley was naturally chosen as the manager of the English Football Club. Although the move is temporary, Hannah Dingley's appointment as the manager of the Men's side of the club has made a landmark move in the history of English Football. " I am very excited for this next step of my career. Pre-season has just begun and the full season kicks off very soon. It's an exciting time in Football. I am grateful for this opportunity to step up and lead such a progressive and forward-thinking club", says Dingley. Forest Green will be playing their season in England's fourth tier in August at home in Salford.

capital account transactions, will give the local currency international acceptance, a working group of the Reserve Bank of India said. An international currency is one that is freely available to non-residents, essentially to settle cross-border transactions, and in the case of the rupee, this will be achieved by promoting the currency for import and export, without any limits.

agriculture sector. Andhra Pradesh, Telangana, Jharkhand Bihar and Odisha are major growers of Kharif rice, and Maharashtra and Karnataka are among the largest producers of sugarcane, cotton, oilseeds and pulses and maize, cotton, pulses and oilseeds. In June, the country had received 148.6 mm of monsoon rainfall, 10% less than the long period average (LPA) of 165.3 mm.

The narrative surrounding sustainable cities has expanded to encompass the multifaceted responsibilities of developers. In addition to focusing on sustainability, developers also play a crucial role in creating homes that promote wellbeing, incorporating cutting-edge technology, and prioritizing the needs of users. Developers today, through innovative approaches and technologies, shape urban landscapes to foster eco-friendly structures while considering the unique challenges faced by different cities.

On Tuesday, Yogi Adityanath, chief minister, Uttar Pradesh, expressed that the state has witnessed significant progress in the field of basic education over the last six years. He highlighted the successful revival of numerous schools that were previously on the brink of closure. In a ceremony held at the Yogiraj Baba Gambhirnath Auditorium, he inaugurated the ‘Sampark Smartshala-Smart Block’ programme. The collaborative effort between the basic education department and the Sampark Foundation aims to enhance educational facilities, according to an official statement.

Saving money is important for financial security and freedom, but the key thing is to know the purpose of your saving and how do you want to cater to your goals. It is not advisable to focus on just one thing or goal. You must look at your life span and break your investments to ensure you have sufficient funds for every phase of your life. Let us focus on short-term savings and understand how we can do it.

H-1B visas, has been welcomed by an Indian community in the country. "I am honoured and happy to see this announcement by the White House Joint Statement and Prime Minister (Narendra) Modi himself making an announcement.

Nifty have both had solid starts to the month of July thanks to strong buying across all sectors and encouraging global indications. The benchmark indices settled at their record closing highs for the fourth straight session on Tuesday, continuing the domestic market's milestone-setting frenzy. With a strong infusion of foreign money and an upbeat macroeconomic outlook, the Indian market has been on the rise.

FMCG) sector is expected to grow 7-9% this fiscal, slightly slower than the 8-9% clip of the past two fiscal years, said Crisil. Higher volume is expected to drive revenue growth, amid support from gradual recovery in rural demand. On the other hand, urban demand will see stable growth on a higher base. “After subdued volume growth in the past two fiscals at 1-3%, the sector is likely to record a 4-6% volume expansion this fiscal, supported by gradual recovery in rural demand, and steady urban demand. That said, any adverse impact of El Niño conditions on rainfall patterns this monsoon season will have a bearing on rural demand and remains monitorable,” said Anuj Sethi, Senior Director, CRISIL Ratings. Product realisations are foreseen range-bound — even moderating in a few categories — this fiscal because of price cuts in certain products where raw material prices have moderated. In contrast, revenue growth in the past two fiscals was driven by higher realisations. Lower raw material costs, primarily of edible oil, crude derivatives and chemicals, will help offset higher selling and marketing spend, leading to a 50-100 basis point improvement in operating margin to pre-pandemic levels of 20-21%, compared with consecutive years of erosion.

«All these flows have really supported and whenever you have these strong flows, you also need some very strong supply of paper and the block deals from whether it is promoters or the private equity investors give you that window,» says V Jayasankar, Kotak Investment.First up, we have, of course, seen the June number for block deals being at the highest level over the last three to four years, the question is how long do you see this supply and these block deals really continuing in the market?I would say the block deals have been quite prevalent for the last 18 months, so even if you look at calendar 22, we had about $14 billion of blocks, so the last transactions that happened in the previous year where Max Healthcare sell down by KKR and CPPIB have been selling down in Kotak. We are involved in both of these transactions and the first one is about $1.5 billion in two tranches.

brick-and-mortar schools and following a standard curriculum, the traditional approach to education has been widely adhering across society. However, in recent years, a new strategy for providing kids with futuristic education is being adopted gradually by the Indian educational system. There has been a growing understanding that not all students may benefit from the traditional approach.

IndiGo, India's largest airline, has made history ... moreIndiGo, India's largest airline, has made history with a record-breaking order of 500 planes, following Air India's recent deal for 470 aircraft.