Business

Biden’s summit: UK sets target to slash emissions by 78%


New Delhi/New York: Ahead of Britain Prime Minister Boris Johnson addressing the opening session of the US Leaders' Summit on Climate, hosted by US President Joe Biden on Earth Day, the UK government announced to set the world's most ambitious climate change target into law to reduce emissions by 78 per cent by 2035...

Second wave casts a cloud over fragile aviation sector


Mumbai: India’s second wave of covid-19 has cast a cloud over its airlines, which were barely recovering from the harsh lockdown of 2020. Domestic passenger traffic has been rising every month since airlines returned to the skies in June. However, in the week ended April 3, fewer Indians flew than the week before, the second...

India’s GDP likely to grow in double digits during 2021: Moody’s

Post Date: April 14, 2021

Mumbai: Impact on India's economic activity is expected to be less severe than that seen in 2020 due to the focus on "micro-containment zones" to deal with the current wave of Covid infections as opposed to a nationwide lockdown, said Moody's Investors Service. Besides, India's very low coronavirus death count and "relatively very young population"...

India not going for lockdowns in big way: Sitharaman


New Delhi: Amid surging coronavirus cases in India, Finance Minister Nirmala Sitharaman has made it clear that the government would not go for lockdowns in a big way and only resort to local containment. In a virtual meeting with World Bank Group president David Malpass, Sitharaman appreciated the initiatives of the World Bank to increase...

Huawei blames US for global chip shortage


Seoul: Huawei has blamed the US for a global chip shortage as it called for cooperation with South Korea, Japan and Europe to form a new semiconductor supply chain. The move came hours after US President Joe Biden urged more spending in the chipmaking sector to resolve the chip shortage and build up a stable...

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...