Finance Secretary Rajiv Kumar said the government is in the process of approving Rs 20,000-crore of lifeline to the fund-starved NBFCs under the partial credit guarantee scheme announced in the budget. Continue Reading
Junior finance minister Anurag Thakur asked banks to ensure smooth flow of credit to MSMEs which are in genuine need of funds. It can be noted that despite many measures announced by successive governments, small businesses continue to face funding issues, as banks don’t chase them as they do with large companies for a variety of reasons. Continue Reading
State-run Coal India reported a 14 per cent rise in consolidated net profit at Rs 3,522.7 crore for the quarter ended September. The company’s net profit stood at Rs 3,084.54 crore in the year-ago period, it said in a regulatory filing. Continue Reading
Indian Oil has commenced deliveries of IMO-2020 compliant Low Sulphur Furnace Oil (LSFO) with 0.5 per cent Sulphur as marine fuel at Indian ports. The first such supply was made on 26 October to the LPG tanker Berlian Ekuator at Kandla port. Continue Reading
IT spending in India is forecast to cross $94 billion in 2020, up 6.6 per cent from $88.5 billion in 2019, research firm Gartner said on Monday. “2020 will be a rebound year for India’s IT spending as consumers return to purchasing mobile phones after sitting on the sidelines in 2019,” Gartner research vice president John-David Lovelock said. Continue Reading
Japanese photography and imaging major Fujifilm said it expects its camera business in India to grow in “triple digits” this fiscal and is working on expanding its network of offline retail stores to 60 outlets. The company, which competes with the likes of Nikon, Canon and Sony in the “mirrorless” camera segment, said it has expanding its product portfolio aggressively in the country, targeting both amateurs and professionals. Continue Reading
The country’s services sector has huge potential to generate job opportunities and push economic growth, Commerce and Industry Minister Piyush Goyal said. He suggested that the ministry, state and industry body CII can work on some kind of policies and enablers to push the growth of 12 champion sectors being identified by the government. Continue Reading
In the wake of the crisis at Punjab & Maharashtra Cooperative (PMC) Bank, finance minister Nirmala Sitharaman reiterated the government commitment to rein in cooperative banks by bringing in necessary legislative changes. She said the finance ministry and RBI officials had three meetings since the PMC Bank crisis and the effort is to bring back the confidence of the depositors in the nation’s banking system. Continue Reading
US Treasury Secretary Steven Mnuchin sought further relaxation in India’s FDI rules to facilitate American companies to increase investment in the country for boosting economic growth and be a partner in achieving $5 trillion economy. Continue Reading
Private equity investment in the real estate sector rose 19 per cent to Rs 39,182 crore during the first nine months of this calendar year as foreign investors continued to acquire commercial complexes, property consultant Cushman & Wakefield said. Continue Reading