BUSINESS
RBI Chief reveals why gold from UK was shifted to India
The RBI Governor further noted that the amount of gold held abroad had remained unchanged for a significant period.
Elon Musk congratulates PM Modi on winning third term, looks forward to 'exciting work' in India
Musk had originally planned a visit to India in April this year but had to postpone due to pressing Tesla-related commitments. He was scheduled to visit on April 21 and 22 to meet with Prime Minister Modi. Musk assured that he intends to reschedule his visit for later this year.
RBI Governor Urges Banks and NBFCs to Cease Imposing Additional Fees on Customers
"Some banks and NBFCs still levy undisclosed charges, as against the mandated guidelines," said the Governor. He also flagged the high interest rates which some of the micro-finance entities and NBFCs were charging on small-value loans, which he said could be exploitative.
Record-breaking Forex Reserves: India's Financial Fortitude and Projected CAD Decrease, as Per RBI
In this context, he brought out that software exports, other business services, and travel comprised the lion's share of these services exports and had shown significant growth. In this context, the Governor attributed this in part to the rise in GCCs, or global capability centres, in India, which have significantly increased India's exports of software and business services.
RBI's Monetary Policy Contingent on 4% Inflation Stability: Governor Das
During the customary post-rate decision interaction with reporters, Das highlighted the RBI's projections, indicating a consumer price inflation forecast of 3.8 percent for the December quarter, with a subsequent uptick touching 5 percent. He reiterated the necessity for inflation to not just reach but sustain at the 4 percent mark for any contemplation of additional monetary policy measures.
AC Sales Set to Reach 14 million Units Annually in 2024, Says CEAMA
Sales numbers in May were phenomenal, and for this industry also, the demand has been extremely good. In summer months itself, this will represent volume growth of 30 to 40 per cent," said Sunil Vachani, President, CEAMA. The steady increase in the temperature with the frequency of the heatwaves is definitely making air conditioning more of a "must-have" for urban Indian households, Vachani added.
Report Highlights India's Unemployment Drop to 3.1% in 2023
However, the national savings of India jumped to 33.4 per cent of the GDP in 2023 from a mere 29.9 per cent the previous year, which was very significant. This number signifies that there is a remarkable emphasis on being more prudent financially and also, on the other hand, making investments.
Surging Past Apple: Nvidia's $3 Trillion Market Cap Fueled by AI Boom
This is a stupendous feat achieved by Nvidia, crossing over a market cap of $3 trillion, largely sustained by exponential growth in the artificial intelligence domain.
Sensex Surges by 692 Points, Nifty Ends Above 22,800: Market Highlights
At the end of trading hours, the S&P BSE Sensex was up 692 points, or 0.93 percent, at 75,074. The Nifty 50 was up 201 points, or 0.89 percent, at 22,821 at the close.
Apple's iPhone Sales Surpass $1.95 Trillion: Report
During the first quarter (Q1) of 2024, Apple shipped 50.1 million of its ever-popular smartphones, five million less than during the same period last year. And so, iPhone sales revenue fell by almost 10 percent, amounting to $45.9 billion, according to information published on the website Stocklytics.com.
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