NEW DELHI: Reduction of GST (goods and services tax) from 12% to 5% across the renewable energy value chain is expected to bring down the power procurement costs of discoms (distribution utilities) across the country by roughly Rs 3,000 crore annually, the government said on Wednesday.The savings may not lead to reduction in consumer tariffs…
India’s fundamental growth story remains strong, but the stock market volatility has been particularly significant this year. (AI image) The US Federal Reserve Chairman Jerome Powell-led Federal Open Market Committee (FOMC) cut rates by 25 basis points on Wednesday. The rate cut was on expected lines, and came amidst rising pressure from US President Donald…
US Federal Reserve Chairman Jerome Powell (File photo) US Fed FOMC Meeting: Led by chairman Jerome Powell, the US Federal Reserve on Wednesday announced a 25 basis points rate cut after the FOMC meeting. “In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower…
Indian IT giants are preparing for a wave of contract renewals worth about $13 billion to December end, offering companies like Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro a chance to secure a share of the info tech market.The surge comes as clients push for cost savings and AI-driven efficiency, according to data from…
The bilateral relationship became strained after Trump levied 50 per cent duties on Indian products. Expressing confidence in the India-US trade deal, Commerce Minister Piyush Goyal on Wednesday said that relations between the two countries remain positive. He cited the friendship between Prime Minister Narendra Modi and US President Donald Trump, and expressed confidence that…
Canada’s central bank on Wednesday lowered its key lending rate to 2.5%, giving some relief to borrowers as the country’s economy feels the strain of US President Donald Trump’s trade war.The Bank of Canada had kept its rate steady at 2.75% since March, while assessing the impact of Trump’s shifting tariffs on Canadian businesses that…
Union commerce minister Piyush Goyal on Wednesday said that he expects India’s exports to rise by around 6% this year as compared with 2024.Speaking to reporters, Goyal highlighted India’s strong global trade performance despite challenges and said talks on free trade agreements (FTAs) were progressing with several countries.“India’s exports would grow by around 6% this…
South Korean car maker Hyundai Motor India agreed on a three-year wage package for its employees at the Chennai plant in Tamil Nadu. The deal, announced on Wednesday runs from 1 April 2024 to 31 March 2027 and includes a monthly salary hike of Rs 31,000, applied in a ratio of 55%, 25% and 20%,…
Yes Bank stake sale: State Bank of India (SBI) has offloaded around 13.18% of its holding in Yes Bank Limited (YBL) to Japan’s Sumitomo Mitsui Banking Corporation (SMBC), marking the completion of a major divestment.SMBC, part of the Sumitomo Mitsui Financial Group (SMFG), is counted among the top foreign banks in India. SMFG itself is…
Ben & Jerry’s co-founder Jerry Greenfield has stepped down from the ice cream brand, saying he can no longer “in good conscience” remain after 47 years, as the company’s long-running rift with its parent Unilever deepens over its position on Gaza.In an open letter to the Ben & Jerry’s community, shared on X by his…
