Standard Chartered India CEO P D Singh highlights the potential of rupee invoicing in the India-Middle East trade corridor, drawing parallels with the Chinese yuan’s adoption in solar equipment trade. The bank is also expanding its forex clearing capabilities, launching US dollar clearing from GIFT City.
Rupee invoicing picking up in Middle East: StanChart’s Singh Read More »
Finance Minister Nirmala Sitharaman urged banks with strong balance sheets to increase lending for public infrastructure, industry, and MSMEs, emphasizing their crucial role amid global uncertainty. She highlighted India’s resilience due to strong economic fundamentals and urged public sector banks to maintain professional management and customer-centric approaches. The government is emphasizing increased capital for MSMEs
Step up lending for public infra, MSMEs: FM Sitharaman to banks Read More »
A recent study indicates India’s logistics cost stands at 8% of GDP, disproportionately affecting smaller firms, where it can reach 16% of output. Larger companies, however, experience a lower cost of 7.6%. The transport equipment sector faces the highest logistics burden at 21.4% of total output, while coastal shipping offers the lowest per-tonne-km cost.
‘Logistics cost at 8% of GDP, more burden on small cos’ Read More »
Accenture CEO Julie Sweet downplayed H-1B visa concerns, stating only 5% of their US workforce relies on them. The company’s headcount decreased by 11,419 in Q4, part of a business optimization program involving talent rotation and divestitures. Despite this, FY25 revenue rose 7%, with growth across all verticals and geographies, and the operating margin expanded
Just 5% of US staff on H-1B visas: Accenture Read More »
US Energy Secretary Chris Wright has urged India to reconsider its Russian oil imports, emphasizing the availability of alternative sources and alleging that these purchases fund the war in Ukraine. He highlighted the potential for stronger US-India energy and trade cooperation, stating America’s willingness to sell oil and end the conflict.
Nirmala Sitharaman launched the Goods and Services Tax Appellate Tribunal. It aims to resolve tax disputes and build trust. Hearings will start in December. The tribunal will also handle advance rulings. The goal is to create a fair and efficient system. Appointments to the tribunal have been finalized. This initiative promises ease of living for
The UAE-India Business Council (UIBC) has forged strategic agreements to bolster industry collaboration and expand trade between India and the UAE. These pacts aim to enhance institutional cooperation under the CEPA, boost services exports, and leverage regional strengths. These initiatives are expected to unlock new opportunities and strengthen the economic future of both nations.
RBI’s bulletin highlights that the GST reform is expected to positively impact the Indian economy by improving ease of doing business and boosting consumption. The economy shows resilience with strong domestic demand and moderated current account deficit. Despite global uncertainties, high-frequency indicators suggest optimism for growth in the second half of the year.
India signals potential increase in US oil imports amid pressure to diversify from Russian crude, aiming to strengthen energy security and reduce the trade deficit. Discussions between Indian and US officials are ongoing to finalize a trade deal, addressing concerns like secondary sanctions and reciprocal tariffs. The US expresses strong interest in expanding energy cooperation
India may buy more oil from US, says Piyush Goyal Read More »
