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From satellites to navigation, India's plan to go deep into space
India on Sunday celebrated National Technology Day to mark the successful nuclear tests conducted in Pokhran on May 11 and May 13, 1998. Space is a crucial part of India's technology ambitions. The country aims to grow its space economy from $8.4 billion in 2022 to $44 billion by 2033, according to a report by Ficci and EY. It seeks to capture 8 per cent of the global market.
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India Gazette
2 days ago
- India Gazette
Gujarat's GIFT City increasingly gaining traction for setting up treasury, commodity trading centres: EY
New Delhi [India], June 8 (ANI): GIFT City in Gujarat is increasingly gaining traction for setting up Global or Regional Treasury and Commodity Trading Centres (GRCTCs), due to their lower costs and expanding incentives, as per a report by global accounting firm EY. The Indian economy is poised at a strategic inflection point, where the intent of the government and the regulators is aligned to create a strategic force in the development of the financial market ecosystem. 'GIFT City and International Financial Services Centres Authority (IFSCA) are pivotal in positioning India as a front-runner and the destination of choice for setting up Global or Regional Treasury and Commodity Trading Centres (GRCTCs),' said Hemal Shah, Partner, Financial Services Risk Management, EY India. Amid growing global volatility, multinational corporations are re-evaluating how they manage liquidity, financial risk and commodity trading. Global / Regional Corporate Treasury Centres (GRCTCs) are emerging as a strategic solution to these challenges, EY said in the report. 'Acting as internal hubs for financing and commodity-related activities, GRCTCs enable companies to streamline operations, enhance transparency, and optimize financial and trading decisions across jurisdictions,' the executive summary of the report read. Global benchmarks such as Singapore, Hong Kong, Dubai and European hubs have long offered attractive environments for GRCTC setups. 'However, emerging locations like Shanghai, Kuala Lumpur, Bangkok--and notably, India's Gujarat International Finance TecCity (GIFT City)--are increasingly gaining traction due to their lower costs and expanding incentives,' the EY report read. 'GIFT City has the potential to be ranked among the world's leading financial hubs for organizations looking to establish GRCTCs. Its infrastructure promotes a business-friendly environment that accelerates organization's growth, international finance and foreign investment, signaling a promising future.' With supportive regulations, growing infrastructure, and increasing industry interest, India's GIFT City is poised to join the ranks of established GRCTC hubs--offering multinational corporations an attractive new base for global treasury and commodity trading operations, it added. According to EY, GRCTC can be defined as an internal banking and commodity trading hub for multinational companies with operations across geographies. Its primary goal is to centralize fund management, facilitate commodity trades, manage trading costs, and enhance financial resource utilization across the group. (ANI)
Time of India
4 days ago
- Time of India
RBI's 'bold' 50 bps cut to reduce interest rates, improve credit access: India Inc
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The RBI's decision to slash the benchmark rate by a "bold" 50 basis points will lead to lower interest rates and improved credit access for borrowers, India Inc said on Friday, asserting that the move will support economic growth amid global they opined that by reverting its stance to neutral from accommodative, the central bank has signalled that it may now pause to assess the full transmission of these cuts, before considering further easing of interest Reserve Bank of India (RBI) on Friday cut interest rates by 50 basis points (bps), the third consecutive reduction, to 5.5 per central bank has also unexpectedly reduced the cash reserve ratio (CRR) for banks by a steep 100 basis points, which will unlock Rs 2.5 lakh crore liquidity to the banking system for lending to productive sectors of the Vardhan Agarwal, President at FICCI, said, "FICCI welcomes RBI's bold and proactive move to slash the repo rate."This front-loaded rate cut sends a strong signal of the RBI's commitment to supporting growth, especially at a time when the Indian economy is navigating multiple headwinds -- from trade uncertainties and geopolitical tensions to financial market volatility," Agarwal Alexander Muthoot, MD of Muthoot Finance , said, "For NBFCs, this is an encouraging move as it creates a favourable environment by lowering borrowing costs and extending affordable credit to under-served communities." "The move, coupled with a lowered inflation outlook, is likely to support domestic consumption and stimulate credit demand in the coming quarters. Overall, we view this as a timely and positive intervention that can support a stronger credit cycle in FY26," Muthoot Banerjee, Partner and Leader - Economic Advisory at PwC India, said the policy rate easing, combined with the liquidity increase for banks when system liquidity is already comfortable, is likely to add a second engine to the consumption growth flight that is anticipated to be already in flight from the income tax cuts taking effect in FY26."With inflation under control, supporting growth is the main objective, especially considering the uncertainty in global trade. The RBI continues to peg FY26 growth at 6.5 per cent, but clearly sees a need to stimulate private demand and capital formation. This (liquidity) gives banks more headroom to transmit lower rates and improve credit flow - both to consumers and businesses," Vijay Kuppa, CEO of InCred Money, Goswami, CIO & MD - India Fixed Income at Franklin Templeton, said the RBI's bold move has surprised markets and underscores a clear pivot towards supporting growth amid subdued economic momentum and easing inflation."Upasna Bhardwaj, Chief Economist at Kotak Mahindra Bank , said, "The higher-than-expected repo rate cut comes along with a shift in the stance back to neutral. This clearly points towards future decisions being more data-dependent, given the significant global uncertainties."Gaura Sengupta - Chief Economist at IDFC FIRST Bank , said, "The front-loading of the rate cut action plus CRR cut indicates focus is on enhancing the transmission of monetary policy. The neutral stance indicates that the bar for further rate cut is higher but isn't completely off the table. In the next few policies, we expect the RBI to remain on pause".The RBI MPC decision will support India's growth amidst continued global volatilities, Hemant Jain, President at PHDCCI, the latest reduction, the RBI has cut interest rates by 100 basis points in 2025, starting with a quarter-point reduction in February - the first cut since May 2020 - and another similar-sized cut in rate cut comes as the Indian economy slowed to a four-year low of 6.5 per cent in the fiscal year that ended March. RBI projected the economy to grow by the same measure in the current financial year that started on April 1, as rising trade tensions following US President Donald Trump's tariff policies provide central bank lowered its inflation projection to 3.7 per cent for 2025-26 from 4 per cent earlier.
Fibre2Fashion
5 days ago
- Fibre2Fashion
Many tax measures may disproportionately burden Bangladesh bizs: FICCI
While praising the Bangladesh government for its intentions regarding reforms and fiscal consolidation in the proposed budget for fiscal 2025-26 (FY26), the Foreign Investors' Chamber of Commerce and Industry (FICCI) recently expressed concern over the implementation of several tax measures, fearing these may disproportionately burden individuals and businesses. The revised tax slabs could increase tax burden by 50-60 per cent on salaried individuals having monthly incomes between Tk 70,000 and Tk 100,000 and 20-30 per cent for incomes between Tk 120,000 and Tk 175,000, FICCI president Zaved Akhtar told a post-budget press briefing. It said the rise in minimum tax from 0.6 per cent to 1 per cent for companies and from 0.25 per cent to 1 per cent for individuals would be a threat to small and medium enterprises (SMEs) and loss-making firms, as well as to inflation-hit citizens. The Foreign Investors' Chamber of Commerce and Industry in Bangladesh fears several tax measures proposed in the budget may disproportionately burden individuals and businesses. It said the rise in minimum tax from 0.6 per cent to 1 per cent for companies would be a threat to SMEs and loss-making firms. The VAT hike on online sales from 5 per cent to 15 per cent would hamper the e-commerce sector. The imposition of a 27.5-per cent corporate tax on listed companies with less than 10-per cent public shareholding and the withdrawal of reduced tax rates for cashless companies are 'counterproductive' to capital market development, the trade chamber was cited as saying by domestic media reports. The sharp hike in value-added tax (VAT) on online sales from 5 per cent to 15 per cent would hamper the e-commerce sector, FICCI pointed out. Fibre2Fashion News Desk (DS)
