MUMBAI (Reuters) – India will set up a 10 billion rupee ($119 million) venture capital fund to expand its space sector, Finance Minister Nirmala Sitharaman said on Tuesday, as the country sets its sights on a larger share of the global space market. Earlier this year, Prime Minister Narendra Modi’s government allowed 100% foreign direct …
India unveils 10 billion rupee venture capital fund for space sector Read More »
MUMBAI (Reuters) – The Indian rupee dropped to a record low against the U.S. dollar on Tuesday, pressured by the drop in local equities after the government proposed raising the tax rate on capital gains. The rupee declined to 83.69 to the dollar, inching past the previous lifetime low of 83.6775, and compared with 83.6275 …
Indian rupee declines to record low after government raises tax on capital gains Read More »
By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee closed nearly flat on Monday after slipping to its weakest level on record earlier in the session amid a decline in the Chinese yuan, although dollar sales by state-run banks helped cap further losses in the domestic currency. The rupee ended at 83.6575 against the U.S. …
Rupee ends little changed after touching record low; budget in focus Read More »
NEW DELHI (Reuters) – India announced it will cut import duty on mobile phones and some key parts to 15% from 20%, a move that will directly benefit Apple, which still imports its high-end smartphones into the country despite increasing local production. Presenting the annual budget for 2024/25 in parliament on Tuesday, India’s finance minister …
India cuts import tax on smartphones in boost for Apple Read More »
MUMBAI (Reuters) – India on Tuesday cut income tax rates for some citizens in an effort to boost consumption as Asia’s third-largest economy struggles with uneven growth. The government has revised a system introduced in 2020 where annual income of up to 1.5 million rupees is taxed between 5%-20%, while income of over 1.5 million …
India gives income tax relief to some to stimulate spending Read More »
BENGALURU (Reuters) – India’s SpiceJet said on Tuesday it plans to raise 30 billion rupees (around $360 million) by selling securities, including shares, marking the troubled budget carrier’s latest attempt to shore up funds to restore full operations. The company will issue shares to institutional investors, it said in an exchange filing, without disclosing the …
Indian carrier SpiceJet to raise $360 million in latest move to restore normalcy Read More »
MUMBAI (Reuters) -The Indian government on Tuesday lowered its fiscal deficit target to 4.9% of GDP for the financial year ending March 2025, from 5.1% in the interim budget in February, aided by a hefty surplus transfer from the central bank and robust tax revenues. The fiscal target was part of India’s federal budget, announced …
India lowers fiscal deficit target to 4.9% of GDP for FY25 Read More »
By Dharamraj Dhutia MUMBAI (Reuters) -The Indian government has lowered its planned gross market borrowing by 120 billion rupees ($1.44 billion) for the financial year ending March 2025, Finance Minister Nirmala Sitharaman announced in the federal budget on Tuesday. The government aims to borrow a gross of 14.01 trillion rupees, down from 14.13 trillion rupees …
India government cuts gross market borrowings to 14.01 trillion rupees for 2024-25 Read More »
By Rahul Paswan (Reuters) – Gold prices fell to a more than one-week low on Monday as the dollar firmed, while traders awaited more U.S. economic data and comments from Federal Reserve officials this week for clarity on the timeline for interest rate cuts. Spot gold fell 0.4% to $2,391.21 per ounce, as of 1635 …
Gold slips to over 1-week low as dollar firms, investors await more Fed cues Read More »
BENGALURU (Reuters) – Federal Bank said on Monday that the Reserve Bank of India (RBI) has approved the appointment of KVS Manian as the Indian lender’s managing director and chief executive officer for a period of three years. KVS Manian was the joint managing director of Kotak Mahindra Bank till April, 2024 and was short-listed …
India cenbank approves appointment of ex-Kotak Mahindra exec as MD, CEO of Federal Bank Read More »
