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Economy / The Economic Times

Adani upbeat on its India ports biz, expects volumes to double in 5 years

The ports business has been seeing exponential growth in the past few years, and Adani expects the trajectory to continue. Currently, the split between our ports and logistics segment is 70:30, and we expect the same to continue because while our logistics segment is growing, so is our ports segment, and that too at a much faster pace, he said. Revenue from the ports segment grew to Rs 20,972 crore in FY24, from Rs 17,304 crore in the previous year. On the other hand, revenue from the logistics

16 Jul 2024 12:37 am
Eutelsat OneWeb, Jio seek provisional satellite spectrum to be future-ready

Eutelsat OneWeb and Reliance Jio, in a meeting with Scindia and space ecosystem stakeholders, sought provisional satellite spectrum for fast launches. Holding GMPCS licenses and IN-SPACe approvals, with pending DoT and landing rights authorisations, they aim to compete with Kuiper and Starlink. India's space economy could hit $44 billion by 2033 with appropriate policies.

16 Jul 2024 12:37 am
Varun Beverages Ltd to set up units for PepsiCo snacks in Zimbabwe, Zambia

Varun Beverages (VBL), PepsiCo's bottling franchise partner, plans to establish manufacturing units in Zimbabwe and Zambia with an investment of $7 million. The company plans to manufacture, distribute, and sell Simba Munchiez snacks in these territories.

16 Jul 2024 12:36 am
Preventing misleading claims: Ads for diabetes, oncology drugs may need approval

The government is looking to regulate advertisements for anti-diabetes, sex hormone, and oncology drugs by amending the Drugs and Cosmetics Rules, 1945. Proposed changes include requiring prior approval for advertising Schedule G drugs. Public feedback is being solicited for the next 45 days.

16 Jul 2024 12:33 am
States may allow home delivery of liquor through quick commerce platforms like Swiggy, BigBasket, and Zomato

Deliveries were allowed temporarily during the Covid-19 lockdowns in Maharashtra, Jharkhand, Chhattisgarh and Assam with restrictions. However, now legitimate deliveries of alcobev are not allowed in these states, even though a few local online platforms continue to deliver, especially in Maharashtra.

16 Jul 2024 12:24 am
Tata Steel UK to go ahead with electric arc furnace plans

Tata Steel, under the leadership of chairman Natarajan Chandrasekaran, confirmed its commitment to transition its UK operations to an electric arc furnace, emphasizing sustainability and profitability.

15 Jul 2024 11:57 pm
DoT yet to seek payment for 5G spectrum sold in June auction

The Department of Telecommunications (DoT) has not yet issued demand notes to telecom firms for payment of spectrum won in the latest auction, which concluded three weeks ago. Officials state that the delay is due to awaiting clearance from the finance ministry, possibly tied up with budget preparations for presentation on July 23.

15 Jul 2024 11:39 pm
Camlin founder Subhash Dandekar dies

Subhash Dandekar, founder of Camlin, passed away at 86. He was the chairman emeritus of Kokuyo Camlin after selling the brand to Japan's Kokuyo.

15 Jul 2024 10:48 pm
Working on investment to support workers who would lose jobs at UK unit: Tata's N Chandrasekaran

Tata Steel is collaborating with the UK government and unions to invest in skill development for workers affected by the modernisation of its Port Talbot plant. The company is transitioning to a low-emission electric arc furnace (EAF) process, resulting in job losses of around 2,500 people. The EAF project aims to reduce CO2 emissions by 5 million tonnes per annum, ensure continuity of steelmaking in Port Talbot, and preserve most jobs.

15 Jul 2024 10:43 pm
Uttarakhand CM seeks Centre's nod for 21 new hydro electricity power projects of 2123 MW

Uttarakhand CM Pushkar Dhami noted 40% hydroelectric capacity use, seeking 21 new hydel projects (2123 MW) approval from Union Minister Khattar, who reviewed Tehri Complex and urban projects. Projects on the Alaknanda, Bhagirathi rivers; experts recommended. Dhami met Khattar at residence; Jal Shakti ministries to discuss in Delhi, positive steps to follow.

15 Jul 2024 10:31 pm
India needs robust security measures to safeguard wind sector from cyber threats

India needs robust security measures to protect its national infrastructure from cybersecurity threats due to wind sector component imports, particularly from China, by wind turbine original equipment manufacturers. The report highlights the potential risks associated with cyberattacks on wind turbines, including the compromise of grid operations when managed remotely by owners stationed outside India.

15 Jul 2024 10:25 pm
Petronet, Shell, Adani-Total push back against PNGRB's attempt to regulate them

Liquefied natural gas (LNG) operators Petronet LNG, Shell, and Adani-Total are opposing the Petroleum and Natural Gas Regulatory Board (PNGRB)'s proposed regulations for establishing and operating LNG terminals. The draft regulations, which were unveiled last month, have been questioned by terminal operators, big gas consumers, and others due to concerns that they are not in line with the PNGRB Act.

15 Jul 2024 10:02 pm
As tomato prices soar over Rs 80/kg, ICAR's hybrids offer hope for market stability

IIHR's Arka Rakshak and Arka Abedh hybrid tomatoes, with a three-week shelf life, could stabilize prices at Rs 80/kg despite heavy rainfall disruptions. Developed in 2012, Arka Rakshak and Arka Abedh serve distant markets. Cultivated in 7,000 hectares and licensed to 11 companies, these hybrids address supply chain issues, per ICAR Director General Pathak on Technology Day.

15 Jul 2024 9:48 pm
Centre hikes windfall tax on crude oil to Rs 7,000 per tonne

The central government on Monday hiked windfall tax on domestically produced crude oil to Rs 7,000 per tonne from 6,000 per tonne.

15 Jul 2024 9:29 pm
A strong and undefeatable Trump in the eyes of the Republicans; shooting incident leads to consolidation of support

The shooting incident on Saturday is expected to lead to an increase in the level of support in favor of the former US President Donald Trump. He is now being seen as strong and invincible by his supporters who are confident of his victory in the upcoming US Presidential Election in November.

15 Jul 2024 9:00 pm
China's GDP growth dips: Where is its economy headed?

China's GDP growth in the second quarter was 4.7%, below the expected 5.1%. The slowdown raises concerns about economic stability and calls for measures to stimulate growth. IMF projects a gradual slowdown in growth due to various factors including ageing population and property sector crisis. Policy meeting aims to outline strategies for promoting advanced manufacturing and boosting domestic consumption. Structural reforms are suggested to enhance productivity and address economic imbalances.

15 Jul 2024 8:55 pm
Govt implements uniform 5% tax for all aircraft, aircraft engine parts

India has implemented a uniform 5% tax on all imports of aircraft components and engine parts starting immediately, replacing varying rates that previously ranged from 5% to 28%. The decision, recommended by India's GST Council in June, aims to streamline tax rates for items like aircraft parts, testing equipment, tools, and tool-kits.

15 Jul 2024 8:48 pm
India, Eurasian Economic Union bloc finalising broad contours, ToRs on proposed FTA: Official

India and the Eurasian Economic Union (EEU) are finalizing broad contours and terms of reference for a proposed free trade agreement. The five EEU members are Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Chief negotiators have met and broad contours are being finalized. The scope and terms of reference are under stakeholder consultation in India and Russia.

15 Jul 2024 8:40 pm
Rays Power Infra gets projects worth Rs 833 cr in June qtr

Rays Power Infra secured new projects worth Rs 833 crore in the first quarter of the current fiscal, adding over 680 MW to its existing portfolio. The company's commitment to delivering high-quality projects and maintaining growth momentum is evident, as stated by Whole-Time Director Pawan Sharma.

15 Jul 2024 8:32 pm
India's four-week platinum imports surpass 2023 total as gold shown as platinum

India's platinum imports surged in June as dealers exploited a loophole by registering gold alloys as platinum to avoid higher duties. This led to revenue loss for the government and distorted market prices. The situation highlights the need for a review of import rules to prevent such practices.

15 Jul 2024 8:18 pm
Why was Wiz Khalifa arrested in Romania during the performance at Beach Please! Festival?

Wiz Khalifa was arrested in Romania after smoking marijuana on stage during a festival performance. Wiz Khalifa has a history of publicized drug use. Last year, he admitted to being high on magic mushrooms while throwing a baseball pitch.

15 Jul 2024 7:57 pm
Railways supports 23 innovation projects by start ups

Indian Railways has awarded start ups with 23 innovation projects worth Rs. 43.87 crore to improve services. Solutions target various concerns like elastomeric pad design, light weight wagons, rail stress monitoring, and track inspection technologies.

15 Jul 2024 7:36 pm
Proposal to increase customs duty to 20% on agrochemicals will hurt interests of farmers: Report

CropLife India, representing 17 research-driven crop science companies, opposes a proposal to increase customs duty on agrochemical formulations to 20%. They argue that such a move, based on misinformation about high formulation imports, would adversely affect farmers by raising farming costs and limiting access to newer, safer products.

15 Jul 2024 7:13 pm
Air India Express launches platform with MakeMyTrip for booking flights, accommodation, transport

Tata Group's Air India Express introduced 'Xpress Holidays' with MakeMyTrip, enabling bookings for flights, accommodation, and transport. The service includes international destinations, airport transfers, cab pick-ups, guided tours, and exclusive deals, available on the airline's website and app. Chief Commercial Officer Ankur Garg and Saujanya Shrivastava emphasized the MakeMyTrip fulfillment promise.

15 Jul 2024 7:08 pm
Navigating ITR Penalties: What you need to know for FY 2023-24?

As the financial year concludes, taxpayers must prepare to file their income tax returns (ITR) for FY 2023-24 by July 31, 2024, to avoid penalties. Late filing can incur a fixed penalty of Rs 5,000, with additional interest on outstanding taxes if applicable. Tax deducted at source (TDS) violations, such as non-deposit or incorrect deductions on property transactions, attract penalties up to 1.5% per month. Timely filing is crucial to claim deductions and avoid penalties up to 300% for tax evasi

15 Jul 2024 7:07 pm
Nielsen Media, group co leases over 1.52 lakh sq ft in Mumbais Goregaon

Nielsen Media has secured an office space in Mumbai's Goregaon for over 10 years, with a total rental outgo of over Rs 465 crore. The lease agreement will commence in January 2025 and the fit-out period will start in June 2024. The total monthly rental of Rs 3.88 crore includes Rs 2.87 crore for Nielsen Media's office space and Rs 1.01 crore per month for What's On Media's office space. The agreement also provides exclusive access to 164 car parking slots in the tower.

15 Jul 2024 7:03 pm
How close was Donald Trump to death? This video says it all

A video shared on social media shows how close to death former US President Donald Trump was. It is a head tilt and a difference of a millisecond that saved him on Saturday. It is a policy that is close to his heart that saved him.

15 Jul 2024 6:56 pm
Anti-terrorism court indicts ex-Pakistan foreign minister Shah Mahmood Qureshi in May 9 violence case

Shah Mahmood Qureshi, a top PTI leader, has been charged in a case involving the burning of a police station. Despite denying the charges, he faces multiple legal battles related to the May 9 violence. The government has announced the ban of PTI for alleged anti-state activities.

15 Jul 2024 6:55 pm
Donald Trump forges ahead in White House bid after surviving shooting

Donald Trump solidifies grip on GOP at 2024 convention amid assassination attempt aftermath and legal challenges, set to unveil running mate choice among Rubio, Vance, and Burgum. As tensions simmer, Biden urges calm while Trump plans pivotal speech emphasizing unity or painting nation under siege.

15 Jul 2024 6:50 pm
IMD forecasts heavy rainfall in Odisha till July 19 due to low pressure over Bay of Bengal

Odisha is expected to experience prolonged rainfall in the next four days due to a low pressure area over the Bay of Bengal. Heavy to very heavy rainfall may occur in Koraput, Malkangiri, Nabarangpur, and Rayagada on July 15 due to a low-pressure zone northwest of the west-central Bay of Bengal. Areas like Nuapada, Kalahandi, Kandhamal, Ganjam, Gajapati, and Balangir may also experience heavy rainfall.

15 Jul 2024 6:46 pm
Consumers feel the pinch of high food inflation, 60% spending over half on vegetables weekly: Survey

A survey by LocalCircles reveals that six out of 10 Indians are spending 50% or more on vegetables every week compared to previous months. The shortage of vegetables and fruits in mandis has led to a spike in prices of fresh farm produce, including onion, potato, and tomatoes. Tomato prices have soared to Rs 80-100 per kg, with some state governments stepping in to prevent traders from hoarding supplies.

15 Jul 2024 6:31 pm
Spices prices ease by 2% to 10% amid high food inflation

Prices of key spices like cumin seeds, coriander seeds, chillies, and turmeric have decreased by 2% to 10% over the past two months, providing relief amidst firm inflation in staples like cereals and vegetables. Factors contributing to this decline include reduced domestic and export demand, ample stocks, and expectations of favorable upcoming sowing seasons.

15 Jul 2024 6:25 pm
RBI issues new circular, says lenders must hear loan defaulters before declaring accounts 'fraud'

The Reserve Bank of India has directed banks to provide defaulting borrowers with a minimum of 21 days to respond before classifying their accounts as fraud. This follows a Supreme Court ruling mandating that banks cannot declare an account as fraudulent without issuing a show-cause notice and allowing the borrower a chance to respond.

15 Jul 2024 6:20 pm
Premiumisation in India's consumption continues unabated in first half of 2024

In 2024, premium consumption sees growth despite slower car and smartphone sales. SUVs and Rs 10 lakh vehicle sales rose 13%, with Maruti Suzuki up 20%. SUVs formed 63% of sales (Society of Indian Automobile Manufacturers). Premium smartphones (Rs 30,000+) and large TVs (50-inch plus) grew, driven by Xiaomi, Motorola, and Google (Counterpoint Research). Amazon Indias 5G sales hit 81%, driven by no-cost EMIs. Premium FMCG categories, driven by younger consumers, also grew, with washing liquids se

15 Jul 2024 6:04 pm
Police complaint against Yuvraj Singh, 3 other ex-cricketers for 'mocking' people with disabilities

A police complaint has been filed against former cricketers Harbhajan Singh, Suresh Raina, Yuvraj Singh, and Gurkeerat Mann, along with Sandhya Devanathan of Meta India, for allegedly mocking people with disabilities in a video posted on Instagram. The complaint, lodged by Arman Ali of NCPEDP, accuses Instagram of violating the Information Technology Act by allowing such content.

15 Jul 2024 5:59 pm
Birla Estates acquires 5-acre land in Gurgaon, targets Rs 1,400 crore revenue

The company will develop around 10 lakh square feet and is expected to generate revenue of over Rs 1400 crore with residential project.

15 Jul 2024 5:50 pm
Thickening tangle of TDS/TCS requirements tests taxpayers' patience, but the taxman is loving it

The number of entries that require TDS or TCS is steadily rising. This is something that businesses and individuals find cumbersome. Finance ministers continually add to this list, posing compliance challenges and financial costs. Taxmen, however, love it and argue that TDS and TCS help them gather data crucial for tracking evasion.

15 Jul 2024 5:42 pm
Automobile retail sales up 9 pc in April-June: FADA

Automobile retail sales increased by 9% year-on-year in the June quarter of FY25, reaching 61,91,225 units, up from 56,59,060 units in the same quarter of FY24, according to the Federation of Automobile Dealers Associations (FADA). Passenger vehicle sales grew by 2.53% to 9,20,047 units. Despite strong bookings, high competition, excess supply, and discounting posed challenges. Extreme heat led to an 18% drop in showroom walk-ins in May. Two-wheeler sales rose by 12.56% to 45,54,255 units, while

15 Jul 2024 5:40 pm
Next round of talks for proposed trade, investments agreement between India, EU likely in September

India had started negotiations for a trade pact with the EU in 2007, but the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits and the movement of professionals.

15 Jul 2024 5:30 pm
Union Budget: What lies ahead for Modi's flagship PLI scheme?

As India prepares for Budget 2024, the spotlight is on Production-Linked Incentive (PLI) schemes, crucial for revitalizing manufacturing and strengthening supply chains. The government has raised the PLI allocation to 6,200 crore, signaling a 33% increase, underscoring its commitment to economic growth and job creation. Since 2021, PLI has attracted over 1.03 lakh crore in investments, generating 6.78 lakh jobs, with sectors like electronics and pharmaceuticals leading exports beyond 3.20 lakh c

15 Jul 2024 5:29 pm