BUSINESS
Deepak Parekh says life insurers should be allowed to evolve further
In his statement to the shareholders in HDFC Life's Annual Report, Parekh cited examples in Asia and more developed markets where life insurers have created subsidiaries and orchestrated ecosystems to make insurance a more holistic offering for the customer. "While we continue to invest to enhance our technological capabilities" he said.
'Fake news': Finance Ministry on reported resumption of DA/DR from July
Citing a picture of an "office memorandum" which has been doing the rounds on social media and confirmed the resumption of DA and DR from next month, the Finance Ministry tweeted: "A document is doing rounds on social media claiming resumption of DA to Central Government employees & Dearness Relief to Central Government pensioners from July 2021. This OM is #FAKE. No such OM has been issued by GOI."
Foreign e-commerce companies violated Indian laws: Piyush Goyal
"Unfortunately, many of these large e-commerce companies have come into India and very blatantly violated the laws of the land, in more ways than one," Goyal said at an event by the Stanford India Policy and Economics Club. Goyal charged the American e-commerce companies with arrogance and using capital to the detriment of small shopkeepers in India.
India's gold imports rose in May, while silver imports decline
Further, for the April-May period of FY22, import of the yellow metal stood at $6.91 billion, against $79.14 million worth of gold during the same period of last fiscal. Although the import of gold has recovered with improving demand, silver imports, on the other hand, have depleted. Silver worth $15.66 million was imported last month, 95.3 per cent lower on a year-on-year basis.
Gurgaon Metro Project: IL&FS gets Rs 1,925 cr from Haryana govt
The payment, duly received in escrow accounts, comes in compliance of the Supreme Court order of March 26, 2021 that ruled in favour of IL&FS in the Gurgaon Metro Project, developed through IL&FS subsidiaries and Special Purpose Vehicles (SPVs), Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL).
478 infra projects report cost overrun of Rs 4.4 lakh cr
The Flash Report for central sector projects for May released by the Ministry of Statistics and Programme Implementation showed that 525 projects are running behind schedule. "Total original cost of implementation of the 1,768 projects was Rs 22,86,955.18 crore and their anticipated completion cost is likely to be Rs 27,27,220.47 crore, which reflects overall cost overruns of Rs 4,40,265.29 crore (19.25 per cent of original cost)," it said.
CAIT asks PM Modi to ensure no dilution in draft e-commerce rules
The CAIT assured the Prime Minister that the business community stands in solidarity with the Government for releasing the said rules which spell out the modalities and parameters through which the laws and the rules will be complied and hopes that the draft rules after examining the suggestions and objections will be notified without any further delay.
Indian economy poised for recovery in FY22: SBI Chairman
The Chairman noted that the global economy contracted by 3.3 per cent in 2020 with the pandemic causing significant loss of lives and livelihood. The GDP in India contracted by 7.3 per cent in FY2021 and the country experienced a second wave of infections with cases rising rapidly since March 2021, he said while addressing the 66th Annual General Meeting of the bank.
Eye on consolidation: Govt may end cross-holding in oil PSUs
Official sources said that that all oil sector PSUs may be asked to exit from their investments made in equity shares of other state-owned entities. This could be done in phases, depending on the market conditions, so that the shares get maximum valuation. Experts said that a listed investment is as good as cash equivalent
Petrol up 35p/ltr for 2nd straight day in Delhi, nears Rs 100 in Chennai
With the rise, petrol price has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.
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