BUSINESS
10-12% capex growth likely for Indian corporates in FY24: Fitch Ratings | 5 Points
Fitch Ratings expects India's corporate capex to grow by 10-12% annually over FY23 to FY24, owing to the country's supply-side policy steps, domestic corporates focusing on localisation, and multinationals looking to reduce risk in global supply chains. Structural demand visibility, supply-side measures, and healthier corporate.
UK shop price inflation hits new high
According to the BRC, prices have yet to peak, reports Xinhua news agency. Shop price annual inflation accelerated to a record 8.9 per cent in March -- up from 8.4 per cent in February, the BRC said on Tuesday. Meanwhile, food price inflation soared to 15 per cent in March, up from 14.5 per cent in February.
Apple contribution to 'Make in India' smartphone reaches 25% in value terms
The contribution of exports in 'Make in India' smartphone shipments reached the highest ever in 2022 both in volume (20 per cent) and value terms (30 per cent), according to Counterpoint Research. Overall, 'Make in India' smartphone shipments declined 3 per cent YoY in 2022 (January-December) to reach 188 million units.
Licences of 18 pharma companies suspended over drug quality
A top official source on Tuesday said that the Drug Controller General of India had inspected 76 companies and the licence of 18 have been suspended, while 26 have been served show cause notice over poor quality of drugs. The Centre has also cancelled the product permission of three pharma companies.
Digital lending platform LoanTap acquires Unofin
With this acquisition, LoanTap aims to leverage Unofin's expertise in healthcare financing to expand its reach in the rapidly-growing healthcare sector in the country. Unofin has serviced over 12,000 customers with Rs 120 crore of gross loan disbursals so far. It has partnership with 1,600 healthcare service providers in seven cities, making it a key player in the healthcare financing industry.
Rs 158 crore direct tax collected in current fiscal through TDS on crypto assets
"Rrypto assets are currently unregulated in the country, however, transactions in cryptocurrencies are subjected to provisions of various laws like the Prevention of Money Laundering Act, 2002 and Income Tax Act, 1961," Minister of State for Finance Pankaj Chaudhary told the Rajya Sabha in a written reply.
Approximately 11,000 MT of wheat procured in current Rabi season: FCI chief
Food Corporation of India (FCI) chairman Ashok Meena told media persons on Tuesday that wheat has been procured from Madhya Pradesh in Ujjain, Dewas, Indore, Shajapur and Sehore among others. It is also worthwhile to note that the total procurement last year during the month of March itself was around 10,000 metric tonnes only, whereas this year this figure has already been crossed on March 27, 2023, he informed further.
China spent $240 bn on 20 countries in rescue lending
In total, more than 20 debtor countries have received $240 billion in Chinese rescue lending since 2000. The scale of China's global bailout lending programme is also growing fast. More than $185 billion was extended in the past five years alone (2016-2021), as per a report by researchers from the World Bank, Harvard Kennedy School, AidData, and the Kiel Institute for the World Economy.
Indian goods and services exports set to cross $760 bn in 2022-23: Piyush Goyal
Addressing the industry body Assocham's annual session, Goyal said that in 2021-22, the country's goods and services exports touched an all-time high of $422 billion and $254 billion respectively, taking the total shipments to $676 billion. "There's obviously much faster growth in services, but growth in both (merchandise and services exports) is good. Probably we will end the year with about $760 billion (in exports), if not more," Goyal said.
Realme bumps up India hiring, Madhav to still look after India strategy
Realme told IANS that Madhav's international background and global vision will definitely provide forward-looking strategic guidance for realme's development in the global market. "The Indian market is strategically important for realme and Madhav will still look after India. Madhav will live in India and travel abroad according to the work arrangements," said a company spokesperson.
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