Business

Mukesh Ambani India’s richest with $84.5 billion


New Delhi: Reliance Industries Chairman Mukesh Ambani topped the Forbes list of India's 10 richest billionaires with a net worth of $84.5 billion, followed by Adani Group chief Gautam Adani. Amid the Covid-19 pandemic, Ambani accomplished a fund-raising feat, garnering $35 billion through a string of deals to achieve his target of reducing his flagship...

Indian economy to grow but COVID wave ‘concerning’: IMF


United Nations: India’s economy is projected to grow at the historically high level of 12.5 per cent this fiscal year, but the International Monetary Fund's (IMF) Chief Economist Gita Gopinath cautioned that the current wave of the pandemic "is quite concerning." The growth projection was raised on the basis of "evidence we were getting in...

India’s 2021 economic output may remain below 2019


New Delhi: Although India is witnessing a recovery in economic activities and businesses, its economic output is expected to remain below the 2019 level, said a report by US Economic and Social Commission for Asia and the Pacific (ESCAP).   For FY22 starting April 1, the USESCAP report has projected a growth rate of 7 per...

NRI investments on non-repatriation basis not indirect foreign investments

Post Date: April 1, 2021

New Delhi: Investments made by non-resident Indians (NRIs) on a non-repatriation basis will not be considered for calculation of indirect foreign investment. The Department for Promotion of Internal Policy and Trade (DPIIT) under the Ministry of Commerce and Industry has reviewed the policy on downstream investments made by non-resident Indians (NRIs). This means an addition to...

SC verdict validates ethics of Tata Group: Ratan Tata


New Delhi: Appreciating the Supreme Court judgment which set aside the NCLAT order that had restored Cyrus Mistry as the executive chairman of the Tata Sons, Ratan Tata, the Chairman Emeritus of Tata Sons said that the verdict is a validation of the values and ethics of the group. "It is not an issue of...

US proposes action against India’s equalization levy


New Delhi: The United States Trade Representative has announced initiation of investigation against the taxation on digital services adopted or under consideration by countries including the equalization levy applied by India. The other counties under investigation included Italy, Turkey, UK, Spain and Austria. A statement from the office of the USTR said that in January it...

Elon Musk and Amazon vie to bring satellite internet to you


New York: For rural homesteaders and suburbanites alike, no matter where they live on the globe, fast, reliable internet connectivity is on its way—from outer space. Take cybersecurity specialist Luke McOmie who lives entirely off-grid on the side of a mountain in Colorado, where there’s no cell service or landline broadband internet. Yet he recently gave...

US seeing worst macroeconomic policy in 40 years: Summers


New York: Former Treasury Secretary Lawrence Summers warned that the U.S. is suffering from the “least responsible” macroeconomic policy in four decades, pointing the finger at both Democrats and Republicans for creating “enormous” risks. In his latest attack on the recent rush of stimulus, Summers told David Westin on Bloomberg Television’s “Wall Street Week” that...

US becomes India’s 2nd biggest crude supplier


New Delhi: The US has become the biggest gainer of its decision to impose sanctions on oil producing countries Iran and Venezuela. America has steadily improved its exports post sanctions and has now become the second biggest oil supplier to India, the world's third largest oil consumer. As per trade data, the US supplied almost 2.2...