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RBI Central Board reviews global, domestic economic situation-Telangana Today

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The Central Board of Directors of the Reserve Bank of India on Friday reviewed the global and domestic economic situation and associated challenges.

Published Date – 08:52 PM, Fri – 1 September 23


RBI Central Board reviews global, domestic economic situation



Mumbai: The Central Board of Directors of the Reserve Bank of India on Friday reviewed the global and domestic economic situation and associated challenges, including the impact of current global geopolitical developments.

The 603rd meeting of the Board, chaired by Governor Shaktikanta Das, was held in Indore.

The Board also discussed various areas of operations of the Reserve Bank of India including the functioning of Local Boards and activities of select central office departments, the RBI said in a statement.

Directors of the Central Board – S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Anand Gopal Mahindra, Pankaj Ramanbhai Patel and Ravindra H Dholakia attended the meeting.

Ajay Seth, Secretary, Department of Economic Affairs and Vivek Joshi, Secretary, Department of Financial Services also attended the meeting besides RBI deputy governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar and Swaminathan J.

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Commerce ministry to organise workshops on promoting exports through e-commerce-Telangana Today

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The Foreign Trade Policy 2023 has mandated to handhold and conduct outreach programmes to promote e-commerce exports

Published Date – 08:55 PM, Fri – 1 September 23


Commerce ministry to organise workshops on promoting exports through e-commerce

The Foreign Trade Policy 2023 has mandated to handhold and conduct outreach programmes to promote e-commerce exports

New Delhi: The commerce ministry on Friday said it has decided to organise monthly workshops to raise awareness about ways to promote exports through e-commerce mediums.

The Foreign Trade Policy 2023 has mandated to handhold and conduct outreach programmes to promote e-commerce exports.

In addition to increasing awareness about e-commerce-related rules and processes, actions for capacity building and skill development for the promotion of exports through online medium is also mandated.

“In this regard, monthly workshops on e-commerce exports are proposed by this directorate,” according to a trade notice of DGFT (Directorate General of Foreign Trade).

The workshops will cover aspects related to cross-border logistics, postal and customs compliances and cross-border payment mechanisms.

“The proposed workshops shall be held during the 1st week of each month through Video Conference. In-person workshops shall also be organised where feasible,” it said.

The DGFT has also invited experienced e-commerce exporters to share their experiences and advise new entrepreneurs.
Think-tank Global Trade Research Initiative (GTRI) in its report has stated that India should target USD 350 billion worth of goods exports through e-commerce by 2030 and for that the government needs to address pain points of the sector by taking steps like formulating a separate policy.

With Global business-to-consumer (B2C) e-commerce exports estimated to grow from USD 800 billion to USD 8 trillion by 2030, India’s strengths in high-demand customized products, expanding seller base, and higher profit margins per unit of export place it in a prime position to benefit from this trend.

GTRI has identified 21 action points for accelerating the country’s exports through online medium.

India’s current e-commerce export numbers remain far below their potential. Currently, e-commerce exports account for only USD 2 billion, less than 0.5 per cent of the country’s total goods export basket.

“The country must plan to export USD 350 billion, or about one-third of its total goods, through e-commerce by 2030. This will require focus on developing the ecosystem for e-commerce exports to fully realize its potential,” the report has said.

The GTRI suggestions include redefining the responsibilities of sellers; simplifying payment reconciliation and processes; developing business ecosystem; and setting up a National Trade Network for the medium.

Business

Inflation to start moderating from Sept onwards, says RBI Governor-Telangana Today

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Reserve Bank Governor Shaktikanta Das on Friday said the central bank expects inflation to moderate from September onwards

Published Date – 09:40 PM, Fri – 1 September 23


Inflation to start moderating from Sept onwards, says RBI Governor

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Indore: Reserve Bank Governor Shaktikanta Das on Friday said the central bank expects inflation to moderate from September onwards.

The RBI Governor said that while citing a fall in the prices of vegetables like tomatoes, restrictions imposed on the export of non-basmati rice and cut in the prices of domestic LPG cylinders.

Das was addressing a programme at Devi Ahilya University here.

“We expect overall inflation to start moderating from September onwards. August inflation will be again very high, but we expect from September onwards inflation to go down,” he said.

Das said that the prices of tomatoes have already fallen and retail prices of other vegetables are also expected to come down from this month.

The RBI Governor said the government has taken several steps to ensure the supply of tomatoes and other items of common need to the people at affordable prices.

“The restrictions have been imposed on the export of non-basmati rice. The prices of domestic LPG cylinders have been cut recently,” he said.

According to government data, retail inflation had gone up to 7.44 per cent in July, which was its highest level in the last 15 months.

Das said that the rate of (retail) inflation was at a very high level in July.

“Everyone was surprised by this. But mainly due to high prices of tomatoes and other vegetables, we were expecting that it would be substantially higher in July,” he said.

Business

Etihad Airways names Katrina Kaif as brand ambassador-Telangana Today

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Etihad Airways, the national airline of the United Arab Emirates, on Tuesday said it has signed Bollywood diva Katrina Kaif as its brand ambassador

Published Date – 02:05 PM, Tue – 12 September 23


Etihad Airways names Katrina Kaif as brand ambassador

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Mumbai: Etihad Airways, the national airline of the United Arab Emirates, on Tuesday said it has signed Bollywood diva Katrina Kaif as its brand ambassador.

This is the second time in more than a decade the Gulf-based airline has collaborated with the Bollywood star.

As the brand ambassador for Etihad, Katrina will be featured in a series of creative and engaging campaign videos, the airline said in a statement.

Her partnership with the airline bolsters its foothold in the Indian market further solidifying Etihad and aligns with the airline’s strategy for sustained growth in India, it said.

The United Aran Emirates’ national airline currently flies from eight Indian cities.

“We welcome Katrina Kaif to the Etihad Airways family as our brand ambassador. Our partnership with Katrina is far from ordinary,” said Amina Taher, Vice President of Brand, Marketing and Sponsorship at Etihad Airways.

“I am excited to be part of a team that aims to create thoughtful connections. I look forward to representing Etihad and being a part of their journey,” Kaif said.

The new partnership builds on Katrina’s collaboration with Etihad in 2010, when she was featured as a discerning traveler showcasing Etihad’s travel experience, Etihad said.

Returning to partner again, Katrina and Etihad are showcasing Etihad’s strengthening relationship with Indian communities both domestically and in significant global markets such as the UAE, the United States, the United Kingdom, and Canada, the airline said.

Business

Rupee recovers 8 paise to settle at 82.62 against US dollar on forex inflows-Telangana Today

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On the domestic equity market front, the BSE Sensex closed 555.75 points or 0.86 per cent higher at 65,387.16 points while the broader Nifty jumped by 181.50 points or 0.94 per cent to end at 19,435.30 points.

Published Date – 10:13 PM, Fri – 1 September 23


Rupee recovers 8 paise to settle at 82.62 against US dollar on forex inflows



Mumbai: The rupee recovered 8 paise to close at 82.62 against the US dollar on Friday due to forex inflows and strong macro data.

The domestic currency also found support from positive sentiment in equity markets while a stronger dollar and a spike in crude oil prices restricted gains.

According to a survey released on Friday, manufacturing activities in India gained momentum in August as new orders and output increased at the quickest rates in nearly three years.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 58.6 in August from 57.7 in July.

The latest government data released on Thursday showed India recorded GDP growth of 7.8 per cent during the April-June period of 2023-24, the highest in the past four quarters, retaining its position as the world’s fastest-growing major economy.

At the interbank foreign exchange, the domestic unit opened at 82.58 and touched the lowest level of 82.76 during intra-day trade.

The Indian currency finally settled higher by 8 paise at 82.62 against the greenback.

The American currency stayed firm tracking cues from positive GDP numbers in the US while forex traders awaited employment and manufacturing growth numbers.

Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said: “We expect rupee to trade with a slight negative bias on rising US dollar and surge in crude oil prices. However, rise in risk appetite in global markets may support rupee at lower levels. Traders may remain cautious ahead of US non-farm payroll report and ISM manufacturing PMI data. USDINR spot price is expected to trade in a range of Rs 82.30 to Rs 83.20.” Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rebounded 0.59 per cent to 104.23.

Brent crude futures, the global oil benchmark, climbed 1.08 per cent to USD 87.77 per barrel.

On the domestic equity market front, the BSE Sensex closed 555.75 points or 0.86 per cent higher at 65,387.16 points while the broader Nifty jumped by 181.50 points or 0.94 per cent to end at 19,435.30 points.

Foreign Institutional Investors (FIIs) turned net buyers in the capital market on Friday as they bought shares worth Rs 487.94 crore, according to exchange data.

Business

Govt cuts windfall tax on domestic crude, hikes levy on export of diesel, ATF-Telangana Today

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The government on Friday cut special additional excise duty on crude petroleum to Rs 6,700 per tonne with effect from September 2

Published Date – 06:40 AM, Sat – 2 September 23


Govt cuts windfall tax on domestic crude, hikes levy on export of diesel, ATF

The government on Friday cut special additional excise duty on crude petroleum to Rs 6,700 per tonne with effect from September 2

New Delhi: The government on Friday cut special additional excise duty (SAED) on crude petroleum to Rs 6,700 per tonne with effect from September 2.

In the last fortnightly review on August 14, windfall tax on domestically produced crude oil was set at Rs 7,100 per tonne.

Besides, SAED or duty on export of diesel will increase to Rs 6 per litre from Rs 5.50 per litre, currently. The duty on jet fuel or ATF will be doubled to Rs 4 per litre effective Saturday, from Rs 2 per litre currently, according to a finance ministry notification.

It said SAED on petrol will continue at nil. India first imposed windfall profit taxes on July 1, 2022.

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ED arrests Jet Airways founder Naresh Goyal in bank fraud case-Telangana Today

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Goyal, 74, is expected to be produced before a special PMLA court in Mumbai on Saturday where the ED will seek for his custodial remand

Published Date – 07:00 AM, Sat – 2 September 23


ED arrests Jet Airways founder Naresh Goyal in bank fraud case



Mumbai: The Enforcement Directorate late Friday night arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of Rs 538 crore at the Canara Bank, official sources said.

He was taken into custody under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency’s office here.

Goyal, 74, is expected to be produced before a special PMLA court in Mumbai on Saturday where the ED will seek for his custodial remand.

The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives in connection with an alleged Rs 538-crore fraud case at the Canara Bank.

The FIR was registered on the bank’s complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd (JIL) to the tune of Rs 848.86 crore of which Rs 538.62 crore is outstanding.

The CBI had said the account was declared “fraud” on July 29, 2021.

The bank alleged that the forensic audit of JIL showed that it paid “related companies” Rs 1,410.41 crore out of a total commission expenses, thus siphoning off funds from JIL.

“As per sample Agreement of Jet Airways (India) Ltd (JIL), it was noted that the expenses of General Selling Agents (GSA) was to be borne by GSA itself and nor by JIL. However, it was observed that JIL has paid various expenses amounting to Rs 403.27 crore which is not in tune with the GSA,” the complaint now part of the CBI FIR alleged.

It said personal expenses such as salaries of staff, phone bills and vehicle expenses among others of the Goyal family were paid paid by JIL.

Among other allegations, it surfaced during the forensic audit that funds were also siphoned off through Jet Lite (India) Ltd ( JLL) by way of making advance and investing and subsequently writing off of the same by making provision.
JIL diverted the funds for the subsidiary JLL in the form of loans and advances and investments extended.

Business

FPIs sold stocks for Rs 20,620 crore in August-Telangana Today

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In August, FPIs sold stocks for Rs 20,620 crores in the cash market, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Published Date – 02:10 PM, Sat – 2 September 23


FPIs sold stocks for Rs 20,620 crore in August



New Delhi: In the cash market, FPIs were sellers after three months of sustained buying. In August, FPIs sold stocks for Rs 20,620 crores in the cash market, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

FPIs invested Rs 12,262 crore in August. This figure includes bulk deals and investment through the primary market. Rising bond yields in the US and strong dollar index are negative for capital flows. This is the primary reason why FPIs have been sellers in the cash market, he said.

FPIs have been sellers in most emerging markets in August mainly due to this double whammy of rising dollar and rising bond yields. Profit booking in financials also contributed to FPI selling, he added. Regarding sector specific investments, FPIs have been consistently buying in capital goods. Recently, they have been buyers in health care, too.

The latest jobs report from the U.S. indicates that the US economy is slowing and, therefore, the Fed might not raise rates again. This can bring down the US bond yields and the dollar index. If this scenario unfolds, FPIs may again turn buyers in India, he added.

Business

Walmart acquires Flipkart shares for $3.5 billion from Binny Bansal, Tiger Global, and others-Telangana Today

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Furthermore, in the six-month period ending on July 31, the company secured $0.7 billion in fresh equity funding for its majority-owned subsidiary, PhonePe.

Updated On – 05:02 PM, Sat – 2 September 23


Walmart acquires Flipkart shares for $3.5 billion from Binny Bansal, Tiger Global, and others



New Delhi: Retail giant Walmart has paid around $3.5 billion to acquire shares in e-commerce major Flipkart from non-controlling stakeholders, including co-founder Binny Bansal and top investment firms Tiger Global and Accel, among others.

In a Securities and Exchange Commission (SEC) filing in the US, the company said that during the six months ended July 31, 2023, “the company paid $3.5 billion to acquire shares from certain Flipkart non-controlling interest holders and settle the liability to former non-controlling interest holders of PhonePe”.

Additionally, during the six months ended July 31, the company received $0.7 billion related to new rounds of equity funding for the company’s majority-owned PhonePe subsidiary.

Bansal reportedly received about $1-$1.5 billion from his shareholding in Flipkart.

Binny, along with Sachin Bansal, exited Flipkart after selling it to Walmart in 2018 for around $16 billion.

Last year, Binny Bansal sold his stake worth $264 million (more than Rs 2,000 crore) in the homegrown e-commerce platform to Chinese Internet giant Tencent.

In July, retail giant Walmart paid $1.4 billion to acquire VC form Tiger Global’s remaining shares in Flipkart. According to a report in Wall Street Journal, Walmart paid the money to boost Flipkart’s stake.

Walmart purchased Tiger Global’s remaining holding in Flipkart to further cement its control of the Indian e-commerce giant.

Tiger Global made an overall gain of $3.5 billion on an investment of $1.2 billion.

Flipkart was earlier valued at $37.6 billion in a 2021 funding round. Walmart had 72 per cent share in Flipkart as last reported.

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Commerce ministry recommends anti-dumping duty on imports of Chinese glass for 5 years-Telangana Today

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The commerce ministry has recommended anti-dumping duty of up to USD 243 per tonne of import of Chinese glass used in home appliances with a view to guard domestic players

Published Date – 02:40 PM, Sat – 2 September 23


Commerce ministry recommends anti-dumping duty on imports of Chinese glass for 5 years

The commerce ministry has recommended anti-dumping duty of up to USD 243 per tonne of import of Chinese glass used in home appliances with a view to guard domestic players

New Delhi: The commerce ministry has recommended anti-dumping duty of up to USD 243 per tonne of import of Chinese glass used in home appliances with a view to guard domestic players from cheap inbound shipments from the neighbouring country.

The finance ministry will take a final decision on imposing the duty.

Following a complaint by a domestic player, the commerce ministry’s investigation arm Directorate General of Trade Remedies (DGTR) has investigated alleged dumping of ‘toughened glass for home appliances having thickness between 1.8 MM to 8 MM and area of 0.4 SqM or less’ originating in or exported from China.

Federation of Safety Glass, an association of safety/speciality glass processors, had filed an application to initiate the anti-dumping investigation.
The applicant has alleged that dumping of the product is impacting domestic industries.

In its findings after concluding the probe, the DGTR said that the product was exported to India at a price which is below the normal level and that has resulted in dumping which has impacted domestic makers.

“Accordingly, the authority recommends imposition of definitive anti-dumping duty on the imports …for a period of five years,” according to the DGTR notification.

The recommended duty ranges between USD 41.8 per tonne and USD 243 per tonne.

Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports.

As a countermeasure, they impose these duties under the multilateral regime of the Geneva-based World Trade Organization (WTO). The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a-vis foreign producers and exporters.

India has already imposed anti-dumping duty on several products to tackle cheap imports from various countries, including China.