File photo: Workers wait for customers at a souvenir store as foreign tourists walk by Wangfujing shopping street in Beijing China’s economy slowed more than expected last quarter to the weakest in more than three years, raising pressure on policymakers to speed up public spending to ensure their annual growth goal is met.Gross domestic product…
NEW DELHI: The Union cabinet on Wednesday approved two schemes, with govt support of Rs 1.9 lakh crore, aimed at taking India’s electronics manufacturing ambitions beyond assembly lines into semiconductor fabrication, advanced packaging, materials and homegrown mobile phone brands.The Cabinet cleared Semicon 2.0 with an outlay of Rs 1,27,500 crore and the Mobile Phone Manufacturing…
MUMBAI: Home Credit India Finance, a subsidiary of TVS Holdings, signed a share purchase agreement on Wednesday, to acquire Varthana Finance which specialises in lending for education, in an all-cash deal valued at Rs 967 crore.The transaction will result in Varthana becoming a wholly owned subsidiary of Home Credit India, and a step-down wholly owned…
NEW DELHI: India’s passenger vehicle market clocked its strongest-ever first quarter in April-June, with domestic sales rising 25.9% year-on-year to a record 12.7 lakh units, driven by strong demand for SUVs, lower financing costs and fresh model launches.The record quarter also reshaped pecking order among automakers, with Tata Motors reclaiming the country’s No. 2 position…
NEW DELHI: India’s refurbished smartphones and laptops market is set to significantly outperform the market for new devices this year as soaring memory costs push up prices and drive more consumers towards certified pre-owned alternatives. The trend is also prompting leading brands to strengthen their official refurbished programmes, signalling that the secondary market is becoming…
File photo: Ficci president Anant Goenka Ficci president Anant Goenka, who is the vice-chairman of the RPG Group, believes that the economic momentum is sustaining, especially after oil prices moderated. He tells TOI that the trade deals are positive and it is now for industry to take advantage of it. Excerpts:What is your assessment of…
NEW DELHI: British car majors, including JLR and McLaren, have announced steep reductions in prices as the India-UK Comprehensive Economic and Trade Agreement (CETA) kicked on Wednesday. But your bottle of Scotch and Gin, as well as blended India-made whisky, will take time to get cheaper, with the filing and clearances from state excise departments…
NEW DELHI: Unemployment rate (UR) in June remained the same at 5.5%, but women found it difficult to get work, the latest monthly PLFS data released by NSO Wednesday showed.Female UR in current weekly status (CWS) rose to 5.9% from 5.6% June, while jobless rate in men dipped 5.3% from 5.4%. Female labour force participation…
NEW DELHI: More than two-third people in India are now covered under at least one social security benefit – roughly translating into 100 crore people – International Labour Organisation (ILO) director general Gilbert F Houngbo said Wednesday.“According to ILO running estimates, India’s social protection system now reaches 100 crore people. This milestone offers lessons that…
NEW DELHI: The use of new technology is helping the Employees’ Provident Fund Organisation (EPFO) settle claims faster apart from clearing backlog and depositing interest income into subscriber accounts quickly.The latest version of Centralised IT Enabled Services (CITES), which went live July 3, as well as the revamped rules, have resulted in auto-processing of 83%…
India exports $140 million worth of goods to UK as FTA takes effect NEW DELHI: India exported goods worth over $140 million to the UK at zero import duty on the first day of the India-UK Comprehensive Economic and Trade Agreement (CETA) coming into force on Wednesday, Commerce Secretary Rajesh Agrawal said.More than 50 export…
US Stocks today: Markets open in green despite Iran tensions, oil price swings (Image/AP) US stock markets edged higher on Wednesday after strong quarterly earnings from major companies, while investors also reacted to fresh inflation data and rising tensions in the Middle East.The S&P 500 rose 0.2 per cent, putting it on track for its…
