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Politics

RBI revises priority sector lending norms – Times of India

MUMBAI: RBI has revised its priority sector guidelines to encourage banks to provide small loans in economically disadvantaged districts with low average loan sizes. The new norms discourage lending in districts with high average loan sizes.Starting from FY25, more weight (125%) will be given to fresh priority sector loans in districts where the loan availability is low (less than Rs 9,000 per person).In districts with high loan availability (more than Rs 42,000 per person), the loans will have a weight of 90%. With the exception of outlier districts with low credit availability and those with high loan sizes, all other districts will continue to have the current importance level of 100%."RBI has decided to rank districts based on per capita credit flow to the priority sector, and to ...
Politics

Boost for Indian students: Donald Trump promises US green card for foreign graduates – Times of India

In a surprising shift from his usual hardline stance on immigration, former President Donald Trump expressed his desire to grant automatic green cards to foreign students who graduate from US colleges. During an interview on the "All-In" podcast, Trump said, "What I want to do and what I will do is, you graduate from a college, I think you should get a green card automatically as part of your diploma, a green card to be able to stay in this country." He extended this proposal to include graduates from two-year junior colleges and doctoral programs.Trump's changed stance is a boost for Indian students studying in US colleges. The number of Indian students opting for higher education in the United States reached an unprecedented level during the 2022-23 academic year, according to a repor...
Politics

CEOs bet on AI to drive biz growth: Survey – Times of India

NEW DELHI: Top Indian CEOs are betting big on AI. In the face of global economic uncertainty and geopolitical tensions, CEOs are doubling down on technology transformation, with a keen focus on artificial intelligence (AI) to drive productivity and business growth, according to the latest India-specific insights from the EY CEO Outlook Pulse Survey.A robust 80% of the CEOs surveyed express optimism regarding their companies' revenue prospects, while an even higher 88% are confident about profitability. This buoyant sentiment is mirrored in the mergers and acquisitions (M&A) landscape, with a staggering 96% of respondents actively eyeing transactions in the coming year, predominantly through initial public offerings (IPOs).Amit Khandelwal, managing partner, strategy and transaction...
Politics

Industry bodies seek tax sop for middle class – Times of India

NEW DELHI: Industry lobby groups CII and PHDCCI have demanded personal tax benefits for the middle class, with Ficci backing a simplification in the direct tax regime in the budget.During a meeting with revenue secretary Sanjay Malhotra, CII president Sanjiv Puri pitched for marginal relief in tax for taxable income up to Rs 20 lakh, while seeking lower excise on petrol and diesel, arguing that pump prices in Delhi have fallen Rs 1.8 a litre, although Brent was 40% down.Besides, he suggested an increase in the annual PM-KISAN payout to Rs 8,000 from the current Rs 6,000, while also proposing an increase in minimum wages under MGNREGA on the grounds that the two moves will increase the disposable income and spur consumption."The middle class is currently taxed at a rate of 30%, leaving t...
Politics

Stock market today: BSE Sensex above 77,150; Nifty50 crosses 23,500 for the first time – Times of India

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Tuesday. While BSE Sensex moved above 77,150 levels, Nifty50 crossed 23,500 for the first time. At 9:19 AM, BSE Sensex was trading at 77,150.55, up 158 points or 0.20%. Nifty50 was at 23,523.50, up 58 points or 0.25%.The Indian stock markets continued their upward trend on Friday last week, supported by positive global cues and sustained domestic buying interest. Siddhartha Khemka, Head - Retail Research at Motilal Oswal, has expressed optimism, stating, "We expect market uptrend to continue this week supported by positive macro trends, expectation of sustained government spending and policy continuity, healthy monsoon and strong earnings."Technical analysis by Nagaraj Shetti of HDFC Secu...
Politics

Expand base, avoid super rich tax: CII president – Times of India

ITC chairman and managing director Sanjiv Puri took over as the new CII president during elections. The industry chamber is recommending several measures, including creating more jobs, skilling and generating political consensus on crucial reforms related to land & labour laws and farm & power sector. In an interview with TOI, Puri emphasised the need to widen the tax base, while rejecting higher levies on the super rich and backed a three-slab GST structure.Excerpts:How is a coalition govt at the Centre going to impact policymaking?A number of policy instruments have been used in the past, while following a model of inclusive growth within the fiscal glide path and dealing with energy transition. The outcome is before us, the economy grew 8.2% last year. The economy is in robus...
Politics

Capacity crunch caps domestic air travel growth; IndiGo gains market share & SpiceJet shrinks – Times of India

NEW DELHI: Domestic air travel has again touched all time highs this summer but growth has been capped by high fares caused by a serious capacity crunch. DGCA data shows about 1.4 crore people flew within the country this May, almost the same as the peak seen last December. However, growth is capped at about 4% (1.3 crore domestic flyers last May). The grounding of almost 80 IndiGo planes due to Pratt & Whitney issues; SpiceJet shrinking rapidly due to a severe cash crunch and GoAir’s collapse last May meant airlines saw their domestic flights going over 87% full.IndiGo saw its domestic market share balloon to 61.6% this May. Tata Group accounted for 28% (Air India plus Vistara plus erstwhile AirAsia India). Cash-strapped SpiceJet saw its market share shrink to 4% - down from 5.6%...
Politics

Aadhaar free update: What is the new deadline for free updation of Aadhaar card details? – Times of India

Aadhaar Card latest news: The government has extended the deadline for updating Aadhaar card details for free to September 14, 2024, as per the Unique Identification Authority of India (UIDAI) website. Aadhaar is a 12-digit unique identity number issued to Indian residents based on biometric and demographic information. This number aims to prevent duplicate and fake identities, ensuring a transparent system.According to an ET report, if your Aadhaar card was issued over a decade ago and has never been updated, the UIDAI recommends submitting Proof of Identity and Proof of Address documents for revalidation.Updating your Aadhaar card details ensures better services and successful authentication.Aadhaar Details: How To Update OnlineTo update Aadhaar card details online, visit the UIDAI we...
Politics

Stock market today: BSE Sensex surges 400 points; Nifty50 above 23,400 – Times of India

Analysts are of the view that the market is likely to consolidate in the near term with positive bias. (AI image) Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in opening trade on Thursday. While BSE Sensex moved closer to the 77,000 mark, Nifty50 was above 23,400. At 9:18 AM, BSE Sensex was trading at 76,954.15, up 348 points or 0.45%. Nifty50 was at 23,433.10, up 110 points or 0.47%.The Nifty reached new lifetime highs on Wednesday but saw some profit-taking towards the end of the session at higher levels.On Thursday, the markets will respond to inflation data and the outcome of the US Federal Reserve policy meeting. India's retail inflation (CPI inflation) eased to a 12-month low of 4.75% on an annual basis in May, compared to an 11-month lo...
Politics

Retail inflation at 12-month low, IIP holds steady at 5% – Times of India

NEW DELHI: Retail inflation eased slightly to a 12-month low in May with prices of some food items moderating marginally, while the index of industrial production (IIP) growth held steady at 5% level in April.Data released by the National Statistical Office (NSO) on Wednesday showed retail inflation, as measured by the Consumer Price Index (CPI), rose an annual 4.8% in May, nearly at the same level as the previous month.Rural inflation was higher at 5.3%, while urban was at 4.2%. The food price index was at 8.7%, similar to the level in April.This is the ninth consecutive month when retail inflation has been below the 6% upper tolerance level of RBI. The data showed food and beverages inflation at 7.9%, while fuel and light contracted 3.8%. Vegetable prices continued to be a concern, ri...
Politics

Stock market today: BSE Sensex up over 150 points near 76,600 level; Nifty50 above 23,300 – Times of India

Analysts are of the view that the stock market seems to be in consolidation mode. (AI image) Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Wednesday. While BSE Sensex moved up above 76,600, Nifty50 was near 23,300. At 9:18 AM, BSE Sensex was trading at 76,609.51, up 153 points or 0.20%. Nifty50 was at 23,318.65, up 54 points or 0.23%.The domestic markets closed flat on Tuesday, lacking fresh triggers following a strong recovery post the election results.Market analysts are of the view that the stock market seems to be in consolidation mode due to the absence of any new catalysts.Siddhartha Khemka, Head - Retail Research, Motilal Oswal, says, "Globally, investors are cautiously awaiting US CPI data and US Fed policy outcome which will be...
Politics

State Bank of India Board approves raising up to $3 billion via debt – Times of India

SBI did not disclose the intended use of the proceeds from the fundraising. The State Bank of India (SBI), the nation's biggest lender, announced on Tuesday that its board has given the green light to raise up to $3 billion through debt instruments in the present fiscal year.The government-run bank will secure the funds in one or more installments via a public offering or a private placement of senior unsecured notes, which will be denominated in "U.S.dollars or another major foreign currency," according to the bank's statement.SBI did not disclose the intended use of the proceeds from the fundraising, a Reuters report said.Indian banks are strengthening their capital base to cater to the increasing demand for credit in the country.Multiple government-owned banks, such as Canara Bank, ...
Politics

Hyundai Motor puts IPO plans for Indian stock market listing in gear; details here – Times of India

Hyundai Motor's Indian unit is gearing up to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) within the next two weeks. This move marks the beginning of their journey toward an initial public offering (IPO), according to sources familiar with the development.Should this plan come to fruition, it would be the first IPO by an automaker in India in over 20 years since Maruti Suzuki went public in 2003.According to an ET report, following the DRHP submission, Hyundai Motor India's management is expected to kick off investor roadshows in both domestic and international markets from next month. This information was shared by an investment banker who wished to remain anonymous due to the confidential nature of the discussions.Sebi is anticipate...
Politics

Stock market today: BSE Sensex crosses 77,000 mark, hits life-time high; Nifty50 near 23,400 – Times of India

Nagaraj Shetti of HDFC Securities says that there is a possibility of a minor dip in the market from the highs in the short term. (AI image) Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in trade on Monday morning reaching life-time highs. While BSE Sensex crossed the 77,000 mark, Nifty50 was near 23,400. At 9:18 AM, BSE Sensex was trading at 77,014.69, up 321 points or 0.42%. Nifty50 was at 23,391.55, up 101 points or 0.44%.The domestic stock market ended the previous week near record highs, despite significant fluctuations caused by election-related uncertainty.Analysts anticipate that the upward trend will persist, with attention now turning to crucial economic indicators both domestically and globally.Nagaraj Shetti of HDFC Securities says ...
Politics

Tax incidence of non-compete fee is not retrospective, rules ITAT – Times of India

NEW DELHI: Non-compete fees received by a taxpayer will be a non-taxable capital receipts up to the financial year 2002-03. The amendment to treat non-compete fees as taxable revenue receipts came into effect only from April 1, 2003 – this was upheld by the Income-tax Appellate Tribunal (ITAT), Mumbai bench in its recent order.The amendment does not have a retrospective effect, held the ITAT bench and declined to set aside the order of the Commissioner (Appeals), who had treated the non-compete fees of Rs.10 crore received by Lyka Labs (a company engaged in manufacture and sale of bulk formulation of pharmaceutical products) as a capital receipt.Lyka Labs had as per an agreement dated March 12, 2002 entered into a non-compete agreement with its joint venture company Lyka Hetro Health ...
Politics

SpiceJet flight delayed for several hours in Delhi due to technical snag, passengers stranded – Times of India

NEW DELHI: Passengers on a SpiceJet flight from Delhi to Goa faced trouble at the Indira Gandhi International (IGI) airport in Delhi on Saturday after the flight was delayed for several hours.The airline said that the delay of flight SG-211 was caused by operational issues, as the originally scheduled aircraft had to be grounded due to a technical problem.According to the passenger, SpiceJet flight SG-211, initially set to take off at 9.35 am from Delhi, underwent multiple rescheduling changes, then the departure time was adjusted to 10.35 am, then to 11 am, but the flight still did not take off even at 11. Upon raising their concerns with the airline staff, passengers were informed that the flight would now depart at 4 pm.A passenger traveling with family members, including elderly ind...
Politics

Moonlighters shouldn’t take I-T return lightly – Times of India

MUMBAI: Moonlighters may have a mix of 'salary' income and income from gigs, which is shown as 'income from business and profession'.The income received from consultancy gigs is typically treated as business and professional income, rather than 'income from other sources' to enable the individual to claim various expenses, such as stationery, travel and data charges.These individuals need to be careful in choosing the right income-tax return and also in meeting the new compliance requirements, if they are opting for the old tax regime.Salaried employees and those taxpayers who are not obligated to get a tax audit done have to file their tax return for fiscal 2024 by July 31. Late filing means a penalty of Rs 5,000 (Rs 1,000 for those whose income does not exceed Rs 5 lakh), in addition ...
Politics

For some businesses, coalition government is an uncharted territory – Times of India

NEW DELHI: For several businesses, including startups and some overseas investors, coalition govt at the Centre is an uncharted territory. For a decade, they have only dealt with a govt at the Centre that enjoyed absolute majority, with decision-making streamlined.Tuesday's election verdict has not only made them sit up and take note of the changes that may come about when the new cabinet is sworn in, but even traditional businesses that thrived during the post-reforms coalition era, are now discussing adjustments.Most business leaders and the quote-happy industry chambers have gone silent, refusing to comment or even present their wish list for the new govt, as they watch political developments unfold in the Capital. There is discussion around how PM Narendra Modi in his record-equalli...
Politics

Bloodbath on D-Street on result day: A record 4,390-pt crash in sensex – Times of India

MUMBAI: Investors, globally, do not like surprises. They also prefer a status quo. Surprisingly, both these elements were missing during Tuesday’s trading on Dalal Street. The result: A never-seen-before 4,390-point crash in Sensex and a Rs 31-lakh-crore wealth destruction in just six-and-a-half hours.On Tuesday, contrary to exit poll predictions of a resounding election mandate for the ruling BJP, voters left the ruling party 31 short of the majority mark and made it dependent on allies such as TDP and JD(U).As a result, investors now expect that the new govt will not be able to take some of the bold policy decisions to push the economy along the strong economic growth path that it’s already on.As the initial poll results trickled in, sensex opened about 200 points down but then heavy ...