BUSINESS
India's electronics sector exports cross Rs 1,85,000 cr, mobiles alone surpass Rs 90K cr
The mobile phone exports made history by crossing the $10 billion threshold for the first time in any fiscal year, reaching an estimated $ 11.12 billion (over Rs 90,000 crore) in FY23. Mobile phone exports rose from Rs 45,000 crore in FY 21-22 to Rs 90,000 crore, surpassing the previous estimate of Rs 75,000 crore.
Government says steps will be taken to expedite domestic coal production
Addressing an interactive session with coal block allottees of captive and commercial coal blocks here, Coal Secretary Amritlal Meena said that timely availability of land and other clearances are of paramount importance in ensuring early production of coal from newly allocated blocks.
'Huge delta of opportunities in India': Piyush Goyal at India-France business summit
Goyal, who is currently on a tour of France, while addressing the India-France Business Summit and CEOs Roundtable in Paris on Tuesday, said: "We are one of the largest consumers of goods and services. Exports of goods and services are growing by over 50 per cent, and we hope to continue this growth trajectory. We hope to see our exports of goods and services triple from $765 billion to $2 trillion by 2030."
Keshub Mahindra: The man who saw evolution of Indian auto industry and grew M&M
But on Wednesday, the 99-year-old doyen Keshub Mahindra (Born on October 9, 1923), Chairman Emeritus of the $19 billion revenue M&M group attained the lotus feat of the God. In another six months, he would have become a centenarian. It was during his nearly 50-year reign, that the M&M group forayed into other business ventures like information technology, financial services, hospitality and others.
IMF slashes Pakistan's economic growth forecast amid increasing inflation
In a latest forecast, the IMF has reduced the economic growth estimates of Pakistan to 0.5 per cent, while the inflation spike projection estimates are far above 20 per cent for at least two years. The staggering estimates showcase Pakistan's deep rooted financial crisis, which are showing their damaging affects on the people, who are facing severe hardships, which for the moment, are not going to end soon.
Doyen of Mahindra Group, Keshub Mahindra passes away at 99 in Mumbai
He was 99 and breathed his last peacefully at his home. He is survived by nephew and industrialist Anand Mahindra and other relatives.
A well-known philanthropist, Mahindra had served as the non-executive Chairman of the Union Carbide India Ltd. when the massive Bhopal gas leak had occurred in December 1984.
Accounting firm EY calls off plan to break up auditing & consulting units
The firm, formally known as Ernst & Young, announced they were "stopping work on the project" because it's US arm decided to not to move forward, BBC reported.The Big Four -- Deloitte, EY, KPMG and PwC -- dominate the global accounting market share. The plan came as regulators called for major industry reforms over conflict of interest and poor working practices, BBC reported.
4QFY23 to be strong quarter for Indian FMCG companies
Our channel checks also confirm this trend. Rural growth has remained sluggish while urban consumption has also softened. We expect most companies in our staples coverage to report double-digit EBITDA growth helped by sales growth and margin improvement. While general consumption trends remained muted, we expect 4QFY23 to be a strong quarter for Indian FMCG companies, as the benefits of past price hikes should drive double-digit revenue growth, while the cool-off in raw material prices and lower than usual advertisement spends should help margins, BNP Paribas India said.
Raj Neervannan-cofounded AlphaSense raises $100 mn, bullish on India
Existing investors, including the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) and Viking Global Investors, also participated in the round. This investment, said the company, will fuel the continued deployment of AlphaSense's advanced AI capabilities, including generative AI that dramatically speeds up the research process for business and financial professionals.
Sitharaman meets IMF's Gita Gopinath, discusses downside risks to economy
The meeting took place on Tuesday on the sidelines of the IMF-World Bank Spring Meetings. According to the Finance Ministry, Sitharaman congratulated Gopinath for accelerating India's work on the Global Sovereign Debt Roundtable along with the World Bank and reiterated New Delhi's commitment to foster efforts to address growing debt vulnerabilities.
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