Centre's Fiscal Deficit Touches 39% Of Full-Year Target In FY24's 1st Half

The central government's fiscal deficit touched 39.3 per cent of the full-year target in the first half of the current financial year, slightly higher than 37.3 per cent recorded in the year-ago period.

In actual terms, the fiscal deficit, or the gap between expenditure and revenue, worked out at Rs 7.02 lakh crore at the end of September, as per data released by the Controller General of Accounts (CGA).

In the Union Budget, the government projected to bring down the fiscal deficit to 5.9 per cent of the Gross Domestic Product (GDP) in the 2023-24 financial year.

The fiscal deficit was 6.4 per cent of the GDP in 2022-23, against the earlier estimate of 6.71 per cent.

The tax revenue was at Rs 11.60 lakh crore or 49.8 per cent of the annual target. During April-September 2022-23, the net tax collection was 52.3 per cent of that year's annual Budget Estimate (BE).

The Centre's total expenditure was Rs 21.19 lakh crore, or 47.1 per cent of BE for 2023-24, marginally higher than 46.2 per cent of BE for 2022-23.

The Government of India has transferred Rs 4,55,444 crore to state governments as devolution of share of taxes till September, which is Rs 79,338 crore higher than the previous year.

Of the total revenue expenditure, Rs 4.84 lakh crore was on account of interest payments and Rs 2.06 lakh crore towards major subsidies.

Commenting on the CGA data, ICRA Chief Economist Aditi Nayar said higher than budgeted dividend surplus transfer of Rs 8,742 crore from the RBI is likely to provide some cushion to meet any undershooting in other revenue streams, including disinvestment or potential overshooting in expenses, relative to respective BE, such as MGNREGA and LPG subsidy.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Centre's Fiscal Deficit Touches 39% Of Full-Year Target In FY24's 1st Half

The central government's fiscal deficit touched 39.3 per cent of the full-year target in the first half of the current financial year, slightly higher than 37.3 per cent recorded in the year-ago period.

In actual terms, the fiscal deficit, or the gap between expenditure and revenue, worked out at Rs 7.02 lakh crore at the end of September, as per data released by the Controller General of Accounts (CGA).

In the Union Budget, the government projected to bring down the fiscal deficit to 5.9 per cent of the Gross Domestic Product (GDP) in the 2023-24 financial year.

The fiscal deficit was 6.4 per cent of the GDP in 2022-23, against the earlier estimate of 6.71 per cent.

The tax revenue was at Rs 11.60 lakh crore or 49.8 per cent of the annual target. During April-September 2022-23, the net tax collection was 52.3 per cent of that year's annual Budget Estimate (BE).

The Centre's total expenditure was Rs 21.19 lakh crore, or 47.1 per cent of BE for 2023-24, marginally higher than 46.2 per cent of BE for 2022-23.

The Government of India has transferred Rs 4,55,444 crore to state governments as devolution of share of taxes till September, which is Rs 79,338 crore higher than the previous year.

Of the total revenue expenditure, Rs 4.84 lakh crore was on account of interest payments and Rs 2.06 lakh crore towards major subsidies.

Commenting on the CGA data, ICRA Chief Economist Aditi Nayar said higher than budgeted dividend surplus transfer of Rs 8,742 crore from the RBI is likely to provide some cushion to meet any undershooting in other revenue streams, including disinvestment or potential overshooting in expenses, relative to respective BE, such as MGNREGA and LPG subsidy.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Air India, Akasa CEOs Exchange Barbs Over Poaching Of Pilots: Report

The chief executives of Air India and Akasa Air have privately exchanged barbs over the poaching of pilots, with the latter accusing its bigger rival of rule violations, provoking a reply that collusion to curb job switching can breach competition law.

The exchange, detailed in a Sept. 21 letter seen by Reuters, spotlights growing competition in India's aviation market, as a strong rebound in air travel after the pandemic, coupled with a flurry of orders for new aircraft, led to a shortage of pilots.

The rare verbal and written confrontations between the airlines' chief executives were detailed in the letter, sent by Campbell Wilson of Air India, which is owned by the Tata Group conglomerate, to Vinay Dube of low-cost airline Akasa.

It followed a telephone call between them and a missive Dube had sent expressing his concerns to the Tata Group.

The Sept 21 letter shows Air India pushed back after Akasa accused it of contravening government policies that mandate a notice period of six to 12 months for pilots, rules that Indian pilots' groups are challenging in court.

Wilson told his counterpart the government rules were "not currently enforceable", adding that Akasa itself had "previously engaged in the same actions" by poaching pilots from Tata Group's budget carrier, Air India Express, and other airlines.

"It was a little surprising to us that Akasa now found the practice objectionable," Wilson wrote in the letter, which Reuters is reporting for the first time.

Akasa did not comment on its communication with Air India, but said the issue of pilot exits was "now behind us ... we are squarely back in growth mode".

Air India declined to comment and the two chief executives did not respond to requests for comment.

The dispute comes at the time of a hiring spree by Air India, with its arm, Air India Express, seeking to more than triple its fleet to 170 over five years.

In recent weeks, Akasa has lost about a tenth of its 450 pilots, who left without serving out notice periods, some to join Air India Express.

In September, Akasa said it feared a shutdown and sued some pilots, as well as the aviation watchdog, for not coming to its aid, in lawsuits still pending in the courts.

In his letter, Wilson added that he had "cautioned" Dube during their telephone call that asking a competitor to collude in curbing employees' rights to switch employers "could be construed as potentially a contravention of competition law".

"I regret that you interpreted my courtesy of taking your call and listening to your request as assent," he added.

The Federation of Indian Pilots has described the alleged mass resignations from Akasa as an "indication" of employee discontent, while India's aviation watchdog has said it cannot interfere in matters related to employment contracts.

India's newest airline, Akasa started flying in 2022, garnering a market share of 4%. It competes with IndiGo, which commands a share of 60% and Tata Group's airlines that together have a share of 25.7%.

In the Sept 21 letter, Air India's Wilson expressed the hope that Akasa would make investments to "attract, retain and develop" its own staff, adding that his airline looked forward to "continuing healthy competition".

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Air India, Akasa CEOs Exchange Barbs Over Poaching Of Pilots: Report

The chief executives of Air India and Akasa Air have privately exchanged barbs over the poaching of pilots, with the latter accusing its bigger rival of rule violations, provoking a reply that collusion to curb job switching can breach competition law.

The exchange, detailed in a Sept. 21 letter seen by Reuters, spotlights growing competition in India's aviation market, as a strong rebound in air travel after the pandemic, coupled with a flurry of orders for new aircraft, led to a shortage of pilots.

The rare verbal and written confrontations between the airlines' chief executives were detailed in the letter, sent by Campbell Wilson of Air India, which is owned by the Tata Group conglomerate, to Vinay Dube of low-cost airline Akasa.

It followed a telephone call between them and a missive Dube had sent expressing his concerns to the Tata Group.

The Sept 21 letter shows Air India pushed back after Akasa accused it of contravening government policies that mandate a notice period of six to 12 months for pilots, rules that Indian pilots' groups are challenging in court.

Wilson told his counterpart the government rules were "not currently enforceable", adding that Akasa itself had "previously engaged in the same actions" by poaching pilots from Tata Group's budget carrier, Air India Express, and other airlines.

"It was a little surprising to us that Akasa now found the practice objectionable," Wilson wrote in the letter, which Reuters is reporting for the first time.

Akasa did not comment on its communication with Air India, but said the issue of pilot exits was "now behind us ... we are squarely back in growth mode".

Air India declined to comment and the two chief executives did not respond to requests for comment.

The dispute comes at the time of a hiring spree by Air India, with its arm, Air India Express, seeking to more than triple its fleet to 170 over five years.

In recent weeks, Akasa has lost about a tenth of its 450 pilots, who left without serving out notice periods, some to join Air India Express.

In September, Akasa said it feared a shutdown and sued some pilots, as well as the aviation watchdog, for not coming to its aid, in lawsuits still pending in the courts.

In his letter, Wilson added that he had "cautioned" Dube during their telephone call that asking a competitor to collude in curbing employees' rights to switch employers "could be construed as potentially a contravention of competition law".

"I regret that you interpreted my courtesy of taking your call and listening to your request as assent," he added.

The Federation of Indian Pilots has described the alleged mass resignations from Akasa as an "indication" of employee discontent, while India's aviation watchdog has said it cannot interfere in matters related to employment contracts.

India's newest airline, Akasa started flying in 2022, garnering a market share of 4%. It competes with IndiGo, which commands a share of 60% and Tata Group's airlines that together have a share of 25.7%.

In the Sept 21 letter, Air India's Wilson expressed the hope that Akasa would make investments to "attract, retain and develop" its own staff, adding that his airline looked forward to "continuing healthy competition".

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Sensex, Nifty Fall In Early Trade Amid Continuous Foreign Fund Outflows

Equity benchmark indices declined in early trade on Monday after a day's breather amid continuous foreign fund outflows and sluggish trends in the global market.

The 30-share BSE Sensex declined 179.06 points to 63,603.74 despite a positive beginning. The Nifty dipped 49.25 points to 18,998.

Among the Sensex firms, Tata Motors, Mahindra & Mahindra, Maruti, Power Grid, Bajaj Finance, Larsen & Toubro, Titan and Axis Bank were the major laggards.

Reliance Industries, Tech Mahindra, UltraTech Cement and Tata Consultancy Services were the gainers.

In Asian markets, Tokyo and Hong Kong traded in the negative territory while Seoul and Shanghai were quoted in the green.

The US markets ended mostly lower on Friday.

Global oil benchmark Brent crude declined 1.23 per cent to USD 89.37 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,500.13 crore on Friday, according to exchange data.

Foreign Portfolio Investors (FPIs) have pulled out over Rs 20,300 crore from Indian equities this month so far, primarily due to a sharp surge in the US treasury yield, and the uncertain environment resulting from the Israel-Hamas conflict.

The BSE benchmark jumped 634.65 points or 1.01 per cent to settle at 63,782.80 on Friday. The wider gauge Nifty surged 190 points or 1.01 per cent to 19,047.25. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Sensex, Nifty Fall In Early Trade Amid Continuous Foreign Fund Outflows

Equity benchmark indices declined in early trade on Monday after a day's breather amid continuous foreign fund outflows and sluggish trends in the global market.

The 30-share BSE Sensex declined 179.06 points to 63,603.74 despite a positive beginning. The Nifty dipped 49.25 points to 18,998.

Among the Sensex firms, Tata Motors, Mahindra & Mahindra, Maruti, Power Grid, Bajaj Finance, Larsen & Toubro, Titan and Axis Bank were the major laggards.

Reliance Industries, Tech Mahindra, UltraTech Cement and Tata Consultancy Services were the gainers.

In Asian markets, Tokyo and Hong Kong traded in the negative territory while Seoul and Shanghai were quoted in the green.

The US markets ended mostly lower on Friday.

Global oil benchmark Brent crude declined 1.23 per cent to USD 89.37 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,500.13 crore on Friday, according to exchange data.

Foreign Portfolio Investors (FPIs) have pulled out over Rs 20,300 crore from Indian equities this month so far, primarily due to a sharp surge in the US treasury yield, and the uncertain environment resulting from the Israel-Hamas conflict.

The BSE benchmark jumped 634.65 points or 1.01 per cent to settle at 63,782.80 on Friday. The wider gauge Nifty surged 190 points or 1.01 per cent to 19,047.25. 

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India Imposes $800 Per Tonne Minimum Export Price On Onion

The government on Saturday imposed a minimum export price (MEP) of USD 800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices.

The decision will come into effect from October 29.

Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.

The MEP is there for all varieties of onion except Bangalore Rose and Krishnapuram onions; and for cut, sliced, or broken in powder forms.

"Exports of onions is free. MEP of USD 800 FOB (free on board) per tonne is imposed till December 31, 2023," the Directorate General of Foreign Trade said in a notification.

An official statement said that the step will help in maintaining sufficient availability of onion to domestic consumers at affordable prices as the quantity of stored Rabi 2023 onion is declining.

The USD 800 per tonne MEP translates into about Rs 67 per kg.

Onion from the buffer has been disposed continuously since the second week of August in major consumption centres all over the country, and also supplied to retail consumers at Rs 25 per kg through mobile vans operated by NCCF and NAFED.

"Till date about 1.70 lakh metric tonne of onion has been disposed from the buffer. The continuous procurement and disposal of onion from the buffer are undertaken to moderate the prices for consumers while ensuring remunerative prices to the onion farmers," the statement said.

The DGFT notification added that certain onion consignments will be allowed to be exported without MEP and that included consignments that have been handed over to the Customs before this notification and is registered in their system.

Onion consignment that has entered the Customs station for exportation before this notification and is registered in the electronic systems of the concerned custodian of the Customs station with verifiable evidence of date and time stamping of these commodities having entered the customs station prior to the issuance of this notification is also permitted to be exported.

It added that export duty will not be refunded, if paid.

Onion prices have further risen to Rs 65-80 per kg in the retail market of the national capital on lower supply.

Mother Dairy, which has around 400 Safal retail stores in Delhi-NCR, is selling loose onions at Rs 67 per kg. E-commerce portal Bigbasket is selling at Rs 67 per kg, while Otipy at Rs 70 per kg.

Local vendors are selling onions at Rs 80 per kg.

Mother Dairy was selling onions at Rs 54-56 per kg on Wednesday and now the rates have touched Rs 67 per kg.

With the rise in retail prices, the Centre on Friday decided to step up the sale of buffer onion at a subsidised rate of Rs 25 per kg in retail markets in order to provide relief to consumers.

According to the Department of Consumer Affairs data, on Saturday the all-India average retail price of onion is Rs 45 per kg, but the maximum price is Rs 80 per kg. In Delhi, the average price is ruling at Rs 75 per kg.

According to the ministry, onion is being offloaded from the buffer stock in both wholesale and retail markets in those states where there is a sharp rise in prices.

Since mid-August, about 1.7 lakh tonnes of buffer onion has been offloaded in 22 states at different locations.

In retail markets, buffer onion is being offloaded through two cooperative bodies NCCF and NAFED outlets and vehicles at a subsidised rate of Rs 25 per kg.

In Delhi too, buffer onion is being sold at this subsidised rate.

A senior government official said the delay in kharif onion sowing due to weather reasons has resulted in less coverage and late arrival of the crop.

The fresh kharif onion should have started arriving by now but it has not.

With stored rabi onion getting exhausted and due to delay in the arrival of the kharif onion, there is a tight supply situation, resulting in price increases in both wholesale and retail markets, the official added.

He also mentioned that the government has doubled the buffer onion stock for the current year and this should improve domestic availability and check prices in the coming days.

For the 2023-24 fiscal year, the consumer affairs ministry through NCCF and NAFED has maintained a buffer onion stock of 5 lakh tonnes and plans to procure an additional 2 lakh tonnes of onion in the coming days.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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India Imposes $800 Per Tonne Minimum Export Price On Onion

The government on Saturday imposed a minimum export price (MEP) of USD 800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices.

The decision will come into effect from October 29.

Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.

The MEP is there for all varieties of onion except Bangalore Rose and Krishnapuram onions; and for cut, sliced, or broken in powder forms.

"Exports of onions is free. MEP of USD 800 FOB (free on board) per tonne is imposed till December 31, 2023," the Directorate General of Foreign Trade said in a notification.

An official statement said that the step will help in maintaining sufficient availability of onion to domestic consumers at affordable prices as the quantity of stored Rabi 2023 onion is declining.

The USD 800 per tonne MEP translates into about Rs 67 per kg.

Onion from the buffer has been disposed continuously since the second week of August in major consumption centres all over the country, and also supplied to retail consumers at Rs 25 per kg through mobile vans operated by NCCF and NAFED.

"Till date about 1.70 lakh metric tonne of onion has been disposed from the buffer. The continuous procurement and disposal of onion from the buffer are undertaken to moderate the prices for consumers while ensuring remunerative prices to the onion farmers," the statement said.

The DGFT notification added that certain onion consignments will be allowed to be exported without MEP and that included consignments that have been handed over to the Customs before this notification and is registered in their system.

Onion consignment that has entered the Customs station for exportation before this notification and is registered in the electronic systems of the concerned custodian of the Customs station with verifiable evidence of date and time stamping of these commodities having entered the customs station prior to the issuance of this notification is also permitted to be exported.

It added that export duty will not be refunded, if paid.

Onion prices have further risen to Rs 65-80 per kg in the retail market of the national capital on lower supply.

Mother Dairy, which has around 400 Safal retail stores in Delhi-NCR, is selling loose onions at Rs 67 per kg. E-commerce portal Bigbasket is selling at Rs 67 per kg, while Otipy at Rs 70 per kg.

Local vendors are selling onions at Rs 80 per kg.

Mother Dairy was selling onions at Rs 54-56 per kg on Wednesday and now the rates have touched Rs 67 per kg.

With the rise in retail prices, the Centre on Friday decided to step up the sale of buffer onion at a subsidised rate of Rs 25 per kg in retail markets in order to provide relief to consumers.

According to the Department of Consumer Affairs data, on Saturday the all-India average retail price of onion is Rs 45 per kg, but the maximum price is Rs 80 per kg. In Delhi, the average price is ruling at Rs 75 per kg.

According to the ministry, onion is being offloaded from the buffer stock in both wholesale and retail markets in those states where there is a sharp rise in prices.

Since mid-August, about 1.7 lakh tonnes of buffer onion has been offloaded in 22 states at different locations.

In retail markets, buffer onion is being offloaded through two cooperative bodies NCCF and NAFED outlets and vehicles at a subsidised rate of Rs 25 per kg.

In Delhi too, buffer onion is being sold at this subsidised rate.

A senior government official said the delay in kharif onion sowing due to weather reasons has resulted in less coverage and late arrival of the crop.

The fresh kharif onion should have started arriving by now but it has not.

With stored rabi onion getting exhausted and due to delay in the arrival of the kharif onion, there is a tight supply situation, resulting in price increases in both wholesale and retail markets, the official added.

He also mentioned that the government has doubled the buffer onion stock for the current year and this should improve domestic availability and check prices in the coming days.

For the 2023-24 fiscal year, the consumer affairs ministry through NCCF and NAFED has maintained a buffer onion stock of 5 lakh tonnes and plans to procure an additional 2 lakh tonnes of onion in the coming days.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Air India Appoints Klaus Goersch As Chief Operations Officer

Air India on Friday announced the appointment of Klaus Goersch as the Executive Vice President and Chief Operations Officer, as well as various other senior level appointments.

In the newly-created position at the airline, Mr Goersch will oversee flight operations, engineering, ground operations, Integrated Operations Control and cabin crew functions.

Air India said incumbent chief of operations RS Sandhu will transition to an advisory role.

In a release, Air India said Mr Goersch's role includes focus on the harmonisation of the four Tata airlines' operating procedures, the Airbus A350 entry-into-service programme and assisting the team establishing the carrier's new training academy.

A licensed B777/787 pilot, he had served in similar positions in both British Airways and Air Canada.

Air India has also announced the appointment of Manish Uppal, who transitioned from AirAsia India a few months ago, as Senior Vice President for flight operations.

Besides, Henry Donohoe's corporate safety, security and quality role will be expanded to include emergency response. He title will be changed to Senior Vice President for safety, security and quality.

According to the release, the inflight product and service design functions being headed by Sandeep Verma will move to Rajesh Dogra's Customer Experience portfolio so that the latter has oversight of all customer interfaces.

Pankaj Handa will lead ground operations, Choorah Singh will be Divisional Vice President Integrated Operations Control Centre and JuLi Ng will be Divisional Vice President for cabin crew. Goersch, Dogra and Donohoe will report directly to Air India Managing Director and CEO Campbell Wilson. The existing management committee members Nipun Aggarwal, Satya Ramaswamy, Suresh Dutt Tripathi and Vinod Hejmadi, whose roles remain unchanged, will report to Wilson, it said.

Mr Handa, Mr Singh and Mr Ng will report to Mr Goersch, as will Uppal and Sisira Kanta Dash, senior vice president engineering.

"These changes have been made with a view to managing succession, streamlining the organisation, optimising talent from within the Tata airline group and positioning it strongly for future growth and success," Wilson said.

About Mr Goersch, Air India Chief said he brings a wealth of knowledge and experience that is valuable to the ongoing transformation at the airline.

"At Air India, we remain committed to building top leadership as we continue to invest in all the resources that are required to take the airline to the upper echelons of global aviation," Wilson said.

Tata Group, which took control of loss-making Air India in January last year, is in the process of consolidating its airline business.

As part of the consolidation, AirAsia India (now AIX Connect) is in the process of getting merged with Air India Express, while Vistara will be merged with Air India.

Vistara is a joint venture between Tatas and Singapore Airlines.

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Air India Appoints Klaus Goersch As Chief Operations Officer

Air India on Friday announced the appointment of Klaus Goersch as the Executive Vice President and Chief Operations Officer, as well as various other senior level appointments.

In the newly-created position at the airline, Mr Goersch will oversee flight operations, engineering, ground operations, Integrated Operations Control and cabin crew functions.

Air India said incumbent chief of operations RS Sandhu will transition to an advisory role.

In a release, Air India said Mr Goersch's role includes focus on the harmonisation of the four Tata airlines' operating procedures, the Airbus A350 entry-into-service programme and assisting the team establishing the carrier's new training academy.

A licensed B777/787 pilot, he had served in similar positions in both British Airways and Air Canada.

Air India has also announced the appointment of Manish Uppal, who transitioned from AirAsia India a few months ago, as Senior Vice President for flight operations.

Besides, Henry Donohoe's corporate safety, security and quality role will be expanded to include emergency response. He title will be changed to Senior Vice President for safety, security and quality.

According to the release, the inflight product and service design functions being headed by Sandeep Verma will move to Rajesh Dogra's Customer Experience portfolio so that the latter has oversight of all customer interfaces.

Pankaj Handa will lead ground operations, Choorah Singh will be Divisional Vice President Integrated Operations Control Centre and JuLi Ng will be Divisional Vice President for cabin crew. Goersch, Dogra and Donohoe will report directly to Air India Managing Director and CEO Campbell Wilson. The existing management committee members Nipun Aggarwal, Satya Ramaswamy, Suresh Dutt Tripathi and Vinod Hejmadi, whose roles remain unchanged, will report to Wilson, it said.

Mr Handa, Mr Singh and Mr Ng will report to Mr Goersch, as will Uppal and Sisira Kanta Dash, senior vice president engineering.

"These changes have been made with a view to managing succession, streamlining the organisation, optimising talent from within the Tata airline group and positioning it strongly for future growth and success," Wilson said.

About Mr Goersch, Air India Chief said he brings a wealth of knowledge and experience that is valuable to the ongoing transformation at the airline.

"At Air India, we remain committed to building top leadership as we continue to invest in all the resources that are required to take the airline to the upper echelons of global aviation," Wilson said.

Tata Group, which took control of loss-making Air India in January last year, is in the process of consolidating its airline business.

As part of the consolidation, AirAsia India (now AIX Connect) is in the process of getting merged with Air India Express, while Vistara will be merged with Air India.

Vistara is a joint venture between Tatas and Singapore Airlines.

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Sensex Tumbles 900 Points, Plummets 6th Consecutive Day; Now Below 64,000

Sliding for the sixth straight session, equity benchmark Sensex today plunged about 900 points to crash below the 64,000 level due to an across-the-board selloff amid heightened tension in the Middle East.

Besides sluggish trends in global markets, deep losses in auto, financial and energy stocks as well as fresh selling by foreign investors added to the gloom, analysts said.

The 30-share BSE Sensex slumped 900.91 points or 1.41 per cent to settle below the 64,000 mark at 63,148.15. During the day, it plummeted 956.08 points or 1.49 per cent to 63,092.98.

The Nifty dived 264.90 points or 1.39 per cent to 18,857.25.

Since October 17, the BSE benchmark has tumbled 3,279.94 points or 4.93 per cent, while the Nifty fell 954.25 points or 4.81 per cent.

Mahindra & Mahindra was the biggest loser in the Sensex pack, falling 4.06 per cent, followed by Bajaj Finserv, Asian Paints, Nestle, Bajaj Finserv, JSW Steel, Titan, HDFC Bank, Tech Mahindra, Tata Motors and Larsen & Toubro.

In contrast, Axis Bank, ITC, HCL Technologies, NTPC and IndusInd Bank were the gainers.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower, while Shanghai ended in the green.

European markets were trading with significant losses. The US markets ended in negative territory on Wednesday.

Global oil benchmark Brent crude declined 0.65 per cent to USD 89.54 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,236.60 crore on Wednesday, according to exchange data.

The BSE benchmark tanked 522.82 points or 0.81 per cent to settle at 64,049.06 on Wednesday. The Nifty fell 159.60 points or 0.83 per cent to 19,122.15.
 

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Sensex Tumbles 900 Points, Plummets 6th Consecutive Day; Now Below 64,000

Sliding for the sixth straight session, equity benchmark Sensex today plunged about 900 points to crash below the 64,000 level due to an across-the-board selloff amid heightened tension in the Middle East.

Besides sluggish trends in global markets, deep losses in auto, financial and energy stocks as well as fresh selling by foreign investors added to the gloom, analysts said.

The 30-share BSE Sensex slumped 900.91 points or 1.41 per cent to settle below the 64,000 mark at 63,148.15. During the day, it plummeted 956.08 points or 1.49 per cent to 63,092.98.

The Nifty dived 264.90 points or 1.39 per cent to 18,857.25.

Since October 17, the BSE benchmark has tumbled 3,279.94 points or 4.93 per cent, while the Nifty fell 954.25 points or 4.81 per cent.

Mahindra & Mahindra was the biggest loser in the Sensex pack, falling 4.06 per cent, followed by Bajaj Finserv, Asian Paints, Nestle, Bajaj Finserv, JSW Steel, Titan, HDFC Bank, Tech Mahindra, Tata Motors and Larsen & Toubro.

In contrast, Axis Bank, ITC, HCL Technologies, NTPC and IndusInd Bank were the gainers.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower, while Shanghai ended in the green.

European markets were trading with significant losses. The US markets ended in negative territory on Wednesday.

Global oil benchmark Brent crude declined 0.65 per cent to USD 89.54 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,236.60 crore on Wednesday, according to exchange data.

The BSE benchmark tanked 522.82 points or 0.81 per cent to settle at 64,049.06 on Wednesday. The Nifty fell 159.60 points or 0.83 per cent to 19,122.15.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Sensex, Nifty Continue To Plunge For 6th Consecutive Day

Equity benchmark indices declined in early trade on Thursday, continuing their weak momentum, amid negative trend in global markets and fresh foreign fund outflows.

The 30-share BSE Sensex plunged 502.5 points to 63,546.56. The Nifty fell 159.55 points to 18,962.60.

Among the Sensex firms, Tech Mahindra traded nearly 3 per cent lower after the company posted 61 per cent decline in consolidated net profit to Rs 505.3 crore for July-September period mainly on account of reduced spending by clients.

Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, JSW Steel, Tata Motors, Nestle and Titan were the other major laggards.

Axis Bank emerged as the only gainer after the firm reported a 10 per cent increase in September 2023 quarter net profit to Rs 5,864 crore on higher interest income.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were quoting lower.

The US markets ended in the negative territory on Wednesday.

"There is risk-off in global equity markets triggered by a combination of economics and geopolitics. The Israel-Hamas conflict continues to be a major headwind for markets. If the conflict lingers for long it has the potential to impact global growth,too, when the global economy is already in the midst of a slowdown.

"In the near-term, however, the strongest headwind for the market is the stubbornly high US bond yields. With the 10-year bond yield at near 5 per cent FPIs are likely to be in the sell mode," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Global oil benchmark Brent crude declined 0.29 per cent to USD 89.87 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,236.60 crore on Wednesday, according to exchange data.

The BSE benchmark tanked 522.82 points or 0.81 per cent to settle at 64,049.06 on Wednesday. The Nifty fell 159.60 points or 0.83 per cent to 19,122.15.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Sensex, Nifty Continue To Plunge For 6th Consecutive Day

Equity benchmark indices declined in early trade on Thursday, continuing their weak momentum, amid negative trend in global markets and fresh foreign fund outflows.

The 30-share BSE Sensex plunged 502.5 points to 63,546.56. The Nifty fell 159.55 points to 18,962.60.

Among the Sensex firms, Tech Mahindra traded nearly 3 per cent lower after the company posted 61 per cent decline in consolidated net profit to Rs 505.3 crore for July-September period mainly on account of reduced spending by clients.

Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, JSW Steel, Tata Motors, Nestle and Titan were the other major laggards.

Axis Bank emerged as the only gainer after the firm reported a 10 per cent increase in September 2023 quarter net profit to Rs 5,864 crore on higher interest income.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were quoting lower.

The US markets ended in the negative territory on Wednesday.

"There is risk-off in global equity markets triggered by a combination of economics and geopolitics. The Israel-Hamas conflict continues to be a major headwind for markets. If the conflict lingers for long it has the potential to impact global growth,too, when the global economy is already in the midst of a slowdown.

"In the near-term, however, the strongest headwind for the market is the stubbornly high US bond yields. With the 10-year bond yield at near 5 per cent FPIs are likely to be in the sell mode," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Global oil benchmark Brent crude declined 0.29 per cent to USD 89.87 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,236.60 crore on Wednesday, according to exchange data.

The BSE benchmark tanked 522.82 points or 0.81 per cent to settle at 64,049.06 on Wednesday. The Nifty fell 159.60 points or 0.83 per cent to 19,122.15.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Rs 2 Lakh Crore Investors' Wealth Wiped Out In A Day Amid Global Tensions

Over Rs 2 lakh crore of investors' wealth has been wiped out on a single day of trading today. They also became poorer by over Rs 14 lakh crore in just five days as markets fell amid global tensions sparked by the Israel-Gaza war and its effects in the Middle East.

Falling for the fifth day running, the 30-share BSE Sensex tanked 522.82 points, or 0.81 per cent, to settle at 64,049.06.

The Nifty fell 159.60 points or 0.83 per cent to 19,122.15.

Overseas investors turned net sellers of Indian equities today as they sold Rs 4,236.60 crore, and domestic Investors bought Rs 3,569.36 crore.

Foreign institutions have been net buyers of Rs 1,10,584 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd, updated till the previous trading day.

Among the Sensex firms, Infosys, Bharti Airtel, NTPC, IndusInd Bank, ICICI Bank, Tata Motors, Larsen & Toubro, Bajaj Finance, Tech Mahindra, Titan, and Axis Bank were among those whose shares fell.

Tata Steel, State Bank of India, Maruti, Mahindra & Mahindra, Nestle, and JSW Steel gained.

"Investor sentiment is on the edge as tensions in West Asia continue to drag the market. Despite a drop in oil prices and an optimistic view of the progressing Q2 results season, investors took a cautious approach due to the expectation that a higher interest rate scenario would continue slowing future growth," Vinod Nair, Head of Research at Geojit Financial Services, told news agency PTI.

Global oil benchmark Brent crude climbed 0.30 per cent to $88.32 per barrel.

In Asian markets, Tokyo, Shanghai and Hong Kong settled in green, while Seoul ended lower. European markets were trading in the negative territory. The US markets ended in the green on Tuesday.

There was no equity trading yesterday due to Dussehra.

The S&P BSE Sensex closed down 523 points, or 0.81 per cent, at 64,049.06, while the NSE Nifty 50 was 160 points or 0.83 per cent lower at 19,122.15.

With inputs from PTI

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Rs 2 Lakh Crore Investors' Wealth Wiped Out In A Day Amid Global Tensions

Over Rs 2 lakh crore of investors' wealth has been wiped out on a single day of trading today. They also became poorer by over Rs 14 lakh crore in just five days as markets fell amid global tensions sparked by the Israel-Gaza war and its effects in the Middle East.

Falling for the fifth day running, the 30-share BSE Sensex tanked 522.82 points, or 0.81 per cent, to settle at 64,049.06.

The Nifty fell 159.60 points or 0.83 per cent to 19,122.15.

Overseas investors turned net sellers of Indian equities today as they sold Rs 4,236.60 crore, and domestic Investors bought Rs 3,569.36 crore.

Foreign institutions have been net buyers of Rs 1,10,584 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd, updated till the previous trading day.

Among the Sensex firms, Infosys, Bharti Airtel, NTPC, IndusInd Bank, ICICI Bank, Tata Motors, Larsen & Toubro, Bajaj Finance, Tech Mahindra, Titan, and Axis Bank were among those whose shares fell.

Tata Steel, State Bank of India, Maruti, Mahindra & Mahindra, Nestle, and JSW Steel gained.

"Investor sentiment is on the edge as tensions in West Asia continue to drag the market. Despite a drop in oil prices and an optimistic view of the progressing Q2 results season, investors took a cautious approach due to the expectation that a higher interest rate scenario would continue slowing future growth," Vinod Nair, Head of Research at Geojit Financial Services, told news agency PTI.

Global oil benchmark Brent crude climbed 0.30 per cent to $88.32 per barrel.

In Asian markets, Tokyo, Shanghai and Hong Kong settled in green, while Seoul ended lower. European markets were trading in the negative territory. The US markets ended in the green on Tuesday.

There was no equity trading yesterday due to Dussehra.

The S&P BSE Sensex closed down 523 points, or 0.81 per cent, at 64,049.06, while the NSE Nifty 50 was 160 points or 0.83 per cent lower at 19,122.15.

With inputs from PTI

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Sensex, Nifty Tumble Nearly 1%, Continues Plunge For 5th Consecutive Day

Benchmark equity indices Sensex and Nifty plunged nearly 1 per cent today, in continuation with the pessimistic trend amid the ongoing tensions in the Middle East.

Falling for the fifth day running, the 30-share BSE Sensex tanked 522.82 points or 0.81 per cent to settle at 64,049.06. During the day, it dropped 659.72 points or 1.02 per cent to 63,912.16.

The Nifty fell 159.60 points or 0.83 per cent to 19,122.15.

Among the Sensex firms, Infosys, Bharti Airtel, NTPC, Tata Motors, IndusInd Bank, Bajaj Finance, ICICI Bank, Tech Mahindra, Titan and Axis Bank were among the major laggards.

Tata Steel, State Bank of India, Mahindra & Mahindra, Maruti and Nestle were the gainers.

In Asian markets, Tokyo, Shanghai and Hong Kong settled in the positive territory while Seoul ended lower.

European markets were trading in the negative territory. The US markets ended in the green on Tuesday.

"Investor sentiment is on edge as tensions in West Asia continue to drag the market. Despite a drop in oil prices and an optimistic view of the progressing Q2 results season, investors took a cautious approach due to the expectation that a higher interest rate scenario would continue slowing future growth," said Vinod Nair, Head of Research at Geojit Financial Services.

Mr Nair further said that a positive strategy is evident on large-cap stocks, amid growing geopolitical worries and valuation concerns in mid and small-cap stocks, as overall earnings growth is being sustained.

Global oil benchmark Brent crude climbed 0.30 per cent to USD 88.32 a barrel.

"The market was waiting for an opportunity for profit-booking - the recent hike in bond yields to 5 per cent, increased geopolitical tensions risking a flare-up in the Middle East as well and early in-line corporate results have all just provided the platform for much-awaited correction," said Pawan Bharaddia, Co-founder, Equitree.

Foreign Institutional Investors (FIIs) bought equities worth Rs 252.25 crore on Monday, according to exchange data.

Equity markets were closed on Tuesday on account of Dussehra festival.

The BSE benchmark plunged 825.74 points or 1.26 per cent to settle at 64,571.88 on Monday. The Nifty fell 260.90 points or 1.34 per cent to 19,281.75.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Sensex, Nifty Tumble Nearly 1%, Continues Plunge For 5th Consecutive Day

Benchmark equity indices Sensex and Nifty plunged nearly 1 per cent today, in continuation with the pessimistic trend amid the ongoing tensions in the Middle East.

Falling for the fifth day running, the 30-share BSE Sensex tanked 522.82 points or 0.81 per cent to settle at 64,049.06. During the day, it dropped 659.72 points or 1.02 per cent to 63,912.16.

The Nifty fell 159.60 points or 0.83 per cent to 19,122.15.

Among the Sensex firms, Infosys, Bharti Airtel, NTPC, Tata Motors, IndusInd Bank, Bajaj Finance, ICICI Bank, Tech Mahindra, Titan and Axis Bank were among the major laggards.

Tata Steel, State Bank of India, Mahindra & Mahindra, Maruti and Nestle were the gainers.

In Asian markets, Tokyo, Shanghai and Hong Kong settled in the positive territory while Seoul ended lower.

European markets were trading in the negative territory. The US markets ended in the green on Tuesday.

"Investor sentiment is on edge as tensions in West Asia continue to drag the market. Despite a drop in oil prices and an optimistic view of the progressing Q2 results season, investors took a cautious approach due to the expectation that a higher interest rate scenario would continue slowing future growth," said Vinod Nair, Head of Research at Geojit Financial Services.

Mr Nair further said that a positive strategy is evident on large-cap stocks, amid growing geopolitical worries and valuation concerns in mid and small-cap stocks, as overall earnings growth is being sustained.

Global oil benchmark Brent crude climbed 0.30 per cent to USD 88.32 a barrel.

"The market was waiting for an opportunity for profit-booking - the recent hike in bond yields to 5 per cent, increased geopolitical tensions risking a flare-up in the Middle East as well and early in-line corporate results have all just provided the platform for much-awaited correction," said Pawan Bharaddia, Co-founder, Equitree.

Foreign Institutional Investors (FIIs) bought equities worth Rs 252.25 crore on Monday, according to exchange data.

Equity markets were closed on Tuesday on account of Dussehra festival.

The BSE benchmark plunged 825.74 points or 1.26 per cent to settle at 64,571.88 on Monday. The Nifty fell 260.90 points or 1.34 per cent to 19,281.75.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Indian Airlines To Operate 8% More Weekly Flights This Winter

Indian airlines will operate a total of 23,732 flights every week during the winter schedule, which is 8 per cent higher than the year-ago period, amid rising air traffic demand.

The winter schedule 2023 -- effective from October 29 to March 30 next year -- for the scheduled carriers has been approved by aviation regulator Directorate General of Civil Aviation (DGCA).

Go First, which stopped flying from May 3 and is undergoing an insolvency resolution process, will not be having any operations during the winter schedule.

The DGCA on Monday said there will be "23,732 departures per week which have been finalised to/from 118 airports" as the winter schedule 2023.

In the winter schedule 2022, there were 21,941 weekly flights from 106 airports, reflecting an 8.16 per cent increase in the number of flights.

According to the DGCA, out of the 118 airports, Bhatinda, Jaisalmer, Ludhiana, Nanded, Shivamogga, Salem, Utkela, Hindon and Ziro are the new airports proposed for operations by the scheduled airlines.

In the summer schedule 2023, there were 22,907 departures per week from 110 airports.

Compared to these numbers, there will be an increase of 3.60 per cent in the count of weekly flights in the winter schedule 2023.

IndiGo will be operating the maximum number of 13,119 weekly domestic flights in the winter schedule this year, marking a 30.08 per cent jump compared to the year-ago period.

Air India will have 18.94 per cent more weekly flights at 2,367 in the latest winter schedule compared to the same period a year ago.

Air India Express and AirAsia India (now called AIX Connect) will together operate 1,940 weekly flights in this year's winter schedule.

Both airlines are in the process of being merged.

Vistara will be operating 1,902 flights every week.

Air India Group comprising Air India, Air India Express, AirAsia India and Vistara, together will operate 6,209 weekly flights in the winter schedule.

Vistara and SpiceJet will be reducing its flights in the winter schedule compared to the same period a year ago.

Vistara, which is to be merged with Air India, will operate 1,902 flights, a reduction of 2.01 per cent compared to the winter schedule 2022. In the year-ago period, the airline had operated 1,941 flights.

Grappling with financial and operational woes, SpiceJet will see 33.23 per cent decline in the number of weekly flights at 2,132 in the winter schedule. The carrier had operated 3,193 flights in the same period a year ago.

Alliance Air will operate 914 weekly flights, a decline of 11.61 per cent compared to the year-ago period.

Among the scheduled carriers, the little over one-year old Akasa Air will operate 790 weekly flights in the upcoming winter schedule, an increase of 64.93 per cent compared to 479 flights in the 2022 winter schedule.

While Star Air will be operating 247 weekly flights, an increase of 61.44 per cent compared to the year-ago period, Fly Big will reduce the number of flights by 10.7 per cent to 191.

IndiaOne and Pawan Hans will be operating 112 and 18 weekly flights, respectively, in the 2023 winter schedule.

The latest winter schedule has been finalised by the DGCA after the slot conference meeting held in September. Also, the final clearance of slots have been received from respective airport operators on eGCA portal.

India is one of the world's fastest growing civil aviation markets and air traffic is on the rise.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Indian Airlines To Operate 8% More Weekly Flights This Winter

Indian airlines will operate a total of 23,732 flights every week during the winter schedule, which is 8 per cent higher than the year-ago period, amid rising air traffic demand.

The winter schedule 2023 -- effective from October 29 to March 30 next year -- for the scheduled carriers has been approved by aviation regulator Directorate General of Civil Aviation (DGCA).

Go First, which stopped flying from May 3 and is undergoing an insolvency resolution process, will not be having any operations during the winter schedule.

The DGCA on Monday said there will be "23,732 departures per week which have been finalised to/from 118 airports" as the winter schedule 2023.

In the winter schedule 2022, there were 21,941 weekly flights from 106 airports, reflecting an 8.16 per cent increase in the number of flights.

According to the DGCA, out of the 118 airports, Bhatinda, Jaisalmer, Ludhiana, Nanded, Shivamogga, Salem, Utkela, Hindon and Ziro are the new airports proposed for operations by the scheduled airlines.

In the summer schedule 2023, there were 22,907 departures per week from 110 airports.

Compared to these numbers, there will be an increase of 3.60 per cent in the count of weekly flights in the winter schedule 2023.

IndiGo will be operating the maximum number of 13,119 weekly domestic flights in the winter schedule this year, marking a 30.08 per cent jump compared to the year-ago period.

Air India will have 18.94 per cent more weekly flights at 2,367 in the latest winter schedule compared to the same period a year ago.

Air India Express and AirAsia India (now called AIX Connect) will together operate 1,940 weekly flights in this year's winter schedule.

Both airlines are in the process of being merged.

Vistara will be operating 1,902 flights every week.

Air India Group comprising Air India, Air India Express, AirAsia India and Vistara, together will operate 6,209 weekly flights in the winter schedule.

Vistara and SpiceJet will be reducing its flights in the winter schedule compared to the same period a year ago.

Vistara, which is to be merged with Air India, will operate 1,902 flights, a reduction of 2.01 per cent compared to the winter schedule 2022. In the year-ago period, the airline had operated 1,941 flights.

Grappling with financial and operational woes, SpiceJet will see 33.23 per cent decline in the number of weekly flights at 2,132 in the winter schedule. The carrier had operated 3,193 flights in the same period a year ago.

Alliance Air will operate 914 weekly flights, a decline of 11.61 per cent compared to the year-ago period.

Among the scheduled carriers, the little over one-year old Akasa Air will operate 790 weekly flights in the upcoming winter schedule, an increase of 64.93 per cent compared to 479 flights in the 2022 winter schedule.

While Star Air will be operating 247 weekly flights, an increase of 61.44 per cent compared to the year-ago period, Fly Big will reduce the number of flights by 10.7 per cent to 191.

IndiaOne and Pawan Hans will be operating 112 and 18 weekly flights, respectively, in the 2023 winter schedule.

The latest winter schedule has been finalised by the DGCA after the slot conference meeting held in September. Also, the final clearance of slots have been received from respective airport operators on eGCA portal.

India is one of the world's fastest growing civil aviation markets and air traffic is on the rise.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Bitcoin Nears $31,000 Mark. Here Are The Reasons For Its Recent Boom

Cryptocurrency Bitcoin is witnessing a boom and the coin managed to gain 2.19 per cent and traded at $30,543.48 on Monday. The value of the largest cryptocurrency by circulation went up by over 9.5 per cent in the past seven days and is nearing the $31,000 mark now.

Bitcoin price witnessed sluggish growth and lost significant value in the crypto crashes in recent years. Bitcoin managed to attain an all-time high of $68,789.63 on November 10, 2021, before it started dropping in value. The tables have turned now owing to the recent surge rally in the crypto domain.

At the time of writing, Bitcoin held a market capitalization of $596.19 billion, up by 2.2 per cent, according to CoinMarketCap statistics. In addition, the 24-hour trade volume saw a substantial hike of 22.5 per cent and was recorded at $16.14 billion. In the past month, the cryptocurrency behemoth gained 14.91 per cent in value.

October has proven to be a lucky month for Bitcoin, aka BTC, and the entire crypto market. In October, Bitcoin price shot up by about 12.7 per cent.

The recent Bitcoin surge can be attributed to several key factors. At first, the market for crypto rallied on October 21 and led to the liquidation of about $64 million in short positions in the span of 24 hours. This liquidation, including a staggering figure of $2.53 million on the crypto trading app Binance forced short-sellers to cover their positions, thereby adding to the Bitcoin demand.

In addition, US Federal Reserve Chair Jerome Powell's hints of possible suspension of interest rate hikes may have also had an immediate effect on Bitcoin price.

According to a report by Coinpedia, on October 19, Bitcoin surged by about 3.7 per cent after Powell's remarks.

Apart from the above mentioned factors, the crypto market sentiment was further boosted by a drop in charges against Ripple executives in the XRP vs SEC lawsuit. The XRP price rose over 8 per cent on Thursday and likely affected Bitcoin's price as well, considering that cryptocurrency is an integrated market.

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Bitcoin Nears $31,000 Mark. Here Are The Reasons For Its Recent Boom

Cryptocurrency Bitcoin is witnessing a boom and the coin managed to gain 2.19 per cent and traded at $30,543.48 on Monday. The value of the largest cryptocurrency by circulation went up by over 9.5 per cent in the past seven days and is nearing the $31,000 mark now.

Bitcoin price witnessed sluggish growth and lost significant value in the crypto crashes in recent years. Bitcoin managed to attain an all-time high of $68,789.63 on November 10, 2021, before it started dropping in value. The tables have turned now owing to the recent surge rally in the crypto domain.

At the time of writing, Bitcoin held a market capitalization of $596.19 billion, up by 2.2 per cent, according to CoinMarketCap statistics. In addition, the 24-hour trade volume saw a substantial hike of 22.5 per cent and was recorded at $16.14 billion. In the past month, the cryptocurrency behemoth gained 14.91 per cent in value.

October has proven to be a lucky month for Bitcoin, aka BTC, and the entire crypto market. In October, Bitcoin price shot up by about 12.7 per cent.

The recent Bitcoin surge can be attributed to several key factors. At first, the market for crypto rallied on October 21 and led to the liquidation of about $64 million in short positions in the span of 24 hours. This liquidation, including a staggering figure of $2.53 million on the crypto trading app Binance forced short-sellers to cover their positions, thereby adding to the Bitcoin demand.

In addition, US Federal Reserve Chair Jerome Powell's hints of possible suspension of interest rate hikes may have also had an immediate effect on Bitcoin price.

According to a report by Coinpedia, on October 19, Bitcoin surged by about 3.7 per cent after Powell's remarks.

Apart from the above mentioned factors, the crypto market sentiment was further boosted by a drop in charges against Ripple executives in the XRP vs SEC lawsuit. The XRP price rose over 8 per cent on Thursday and likely affected Bitcoin's price as well, considering that cryptocurrency is an integrated market.

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Rs 2,000 Notes Worth Rs 10,000 Crore Left In System: RBI Governor

Reserve Bank Governor Shaktikanta Das today said Rs 2,000 denomination notes are coming back and only Rs 10,000 crore worth of such notes are still with people.

He exuded confidence that these notes will also be returned or deposited back.

"Rs 2,000 notes are coming back and only Rs 10,000 crore is left in the system. The expectation is that the amount will also come back," he said on the sidelines of the event.

Earlier this month, Das had said 87 per cent of the Rs 2,000 denomination notes being withdrawn have returned as deposits into banks while the rest has been exchanged across counters.

On May 19, the Reserve Bank of India (RBI) took the financial world by surprise when it declared its plan to phase out the Rs 2,000 note, which had been introduced in 2016 as part of a rapid remonetisation effort.

This had followed Prime Minister Narendra Modi's announcement to withdraw more than 88 per cent of the currency in circulation by invalidating the Rs 500 and Rs 1,000 notes.

Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30. The last date was later extended to October 7.

On October 7, both deposit and exchange services at bank branches were discontinued.

Starting October 8, individuals were provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at 19 Reserve Bank of India locations.

Individuals or entities can exchange Rs 2,000 bank notes at the 19 RBI offices up to a limit of Rs 20,000 at a time. However, there is no limit on the total amount for getting Rs 2,000 notes credited into bank accounts.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Rs 2,000 Notes Worth Rs 10,000 Crore Left In System: RBI Governor

Reserve Bank Governor Shaktikanta Das today said Rs 2,000 denomination notes are coming back and only Rs 10,000 crore worth of such notes are still with people.

He exuded confidence that these notes will also be returned or deposited back.

"Rs 2,000 notes are coming back and only Rs 10,000 crore is left in the system. The expectation is that the amount will also come back," he said on the sidelines of the event.

Earlier this month, Das had said 87 per cent of the Rs 2,000 denomination notes being withdrawn have returned as deposits into banks while the rest has been exchanged across counters.

On May 19, the Reserve Bank of India (RBI) took the financial world by surprise when it declared its plan to phase out the Rs 2,000 note, which had been introduced in 2016 as part of a rapid remonetisation effort.

This had followed Prime Minister Narendra Modi's announcement to withdraw more than 88 per cent of the currency in circulation by invalidating the Rs 500 and Rs 1,000 notes.

Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30. The last date was later extended to October 7.

On October 7, both deposit and exchange services at bank branches were discontinued.

Starting October 8, individuals were provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at 19 Reserve Bank of India locations.

Individuals or entities can exchange Rs 2,000 bank notes at the 19 RBI offices up to a limit of Rs 20,000 at a time. However, there is no limit on the total amount for getting Rs 2,000 notes credited into bank accounts.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Nestle India Announces Stock Split: Here's All You Need To Know

Nestle India Ltd shares hit their all-time highs on Friday as the company announced a stock split after its board meeting on Thursday.

A stock split is a corporate action in order to create more shares by dividing the existing shares into multiple new shares. It does not dilute the ownership interests of existing shareholders.

If you are an investor in Nestle India shares, here's all the details you need to know about the stock split announced by the company on Thursday.

-- Nestle India's board of directors, in their meeting held on October 19, approved a share split in the ratio of 1:10.

-- This means that each equity share that an investor holds of face value of Rs 10 each will now be subdivided into 10 equity shares of face value of Re 1 each.

-- The stock split would bring down Nestle India's share price to one-tenth of the current prices. This will make the stock more affordable for retail investors and, thereby, enhance liquidity in the counter.

-- The record date for the stock split of existing equity shares has not been announced yet. The company said that shareholders would be intimated later about the same.

-- Record date for a stock split is the date on which the company checks its records to identify the shareholders who are eligible for the division of their existing shares.

-- This is the first-ever stock split for FMCG major Nestle India.

-- On Friday, after the stock split announcement, Nestle India shares rose as much as 2.5 percent to hit a record high of Rs 24,735.50 on BSE.

-- Heavy trading volumes were seen in the stock, with the number of shares changing hands on BSE jumping by 5 times the daily average by the start of the noon session on Friday.

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Nestle India Announces Stock Split: Here's All You Need To Know

Nestle India Ltd shares hit their all-time highs on Friday as the company announced a stock split after its board meeting on Thursday.

A stock split is a corporate action in order to create more shares by dividing the existing shares into multiple new shares. It does not dilute the ownership interests of existing shareholders.

If you are an investor in Nestle India shares, here's all the details you need to know about the stock split announced by the company on Thursday.

-- Nestle India's board of directors, in their meeting held on October 19, approved a share split in the ratio of 1:10.

-- This means that each equity share that an investor holds of face value of Rs 10 each will now be subdivided into 10 equity shares of face value of Re 1 each.

-- The stock split would bring down Nestle India's share price to one-tenth of the current prices. This will make the stock more affordable for retail investors and, thereby, enhance liquidity in the counter.

-- The record date for the stock split of existing equity shares has not been announced yet. The company said that shareholders would be intimated later about the same.

-- Record date for a stock split is the date on which the company checks its records to identify the shareholders who are eligible for the division of their existing shares.

-- This is the first-ever stock split for FMCG major Nestle India.

-- On Friday, after the stock split announcement, Nestle India shares rose as much as 2.5 percent to hit a record high of Rs 24,735.50 on BSE.

-- Heavy trading volumes were seen in the stock, with the number of shares changing hands on BSE jumping by 5 times the daily average by the start of the noon session on Friday.

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Centre Tweaks Licensing Norms For Laptop, Computer Imports. Details Here

The government today tweaked curbs on imports of laptops and computers as it allowed importers to bring in shipments of IT hardware from overseas on a mere 'authorisation' upon detailing quantity and value.

The new 'import management system' is aimed at monitoring shipments of laptops, tablets and computers into the country without hurting market supply or creating a cumbersome licensing regime.

The announcement is likely to provide relief to companies in the IT hardware segment in India as they had flagged concerns over the imposition of a strict licensing regime for importers. Leading electronic brands that are sold in the market include HCL, Samsung, Dell, LG Electronics, Acer, Apple, Lenovo and HP.

Director General of Foreign Trade (DGFT) Santosh Kumar Saranagi told reporters here that the new licensing or import authorisation/management system, which will come into operation with immediate effect, is primarily aimed at monitoring imports of these products to ensure that they are coming from "trusted" sources.

While seeking the authorisation, an importer will have to provide an import item summary and details of past import, export, and turnover. Subject to certain conditions, the government will not reject any import requests and will use the data for monitoring the inbound shipments of these goods.

After taking into account the concerns of stakeholders of the sector, some "tweaking" in the policy has been made, and an end-to-end online system was launched for importers, Saranagi said.

Secretary of the Ministry of Electronics and Information Technology (MeiTY) S Krishnan said this system will "provide us with the kind of data and information (that) we need to make sure that we have a completely trusted digital system in this country".

On August 3, the government announced import curbs and then suddenly deferred the decision on August 4, stating that the licensing regime will kick in from November 1 following concerns raised by the industry.

An official said that the new online system is simple as compared to a cumbersome license regime.

The importers are allowed to apply for multiple authorisations and those authorisations would be valid up to September 30, 2024. The authorisations will be issued for any number of consignments for imports till September next year.

About post-September 2024 scenario, Krishnan said the government will study the data, interact with the industry, and then decide on ways to move forward.

"The intent is not to cause any kind of inconvenience or difficulty, impose any needless restriction on any of the players involved," the MeiTY secretary said, adding the goal is to promote manufacturing of more and more electronic hardware in the country.

Electronics will become the largest manufacturing sector not just in India but the whole world and India needs to have a significant presence in the sector and these measures will help in achieving that overall goal, he added.

"The idea is to give certainty for next year or so. We are just launching the system, studying it over a fairly extended period based on whatever data that we are able to get (and) based on the kind of interaction we have with stakeholders, further measures will be taken," the secretary said.

Sarangi said that with this import management system, the government will have clear data about specific products coming from different sources and then they can monitor it in consultation with the stakeholders.

The system, DGFT said, will ensure that it will be faceless and contactless, and there will be no hassles for importers to fill in their details.

The new license regime is applicable to laptops, personal computers (including tablet computers), microcomputers, large or mainframe computers, and certain data processing machines to ensure India's trusted supply chain.

He added that companies in the "denied entity list" will not get the authorisations.

Such a list includes firms which have not fulfilled or defaulted export obligations by availing benefits of schemes like advance authorisation and Export Promotion Capital Goods (EPCG) or having DRI (Directorate of Revenue Intelligence) cases against them.

Sarangi said that though an online system has been put in place, these IT hardware products are still "under the restricted" category and "there is no change in that".

When asked if the new system would lead to an increase in prices of these goods, Krishnan said that they do not expect supply to be constrained in any manner to push the prices up.

"Supply will continue both from domestic and imported sources and we believe, as domestic production (will increase), overall supply will increase and prices will either stay where they are or they will come down," he said.

The secretary also said that many applications have come under PLI and they are currently under appraisal and within one-two months, the process will be completed.

When asked whether the government will withdraw the August notification, the DGFT said it will not be withdrawn, and a clarification has been issued to give effect to the new online authorisation system for these imports.

The DGFT has provided several exemptions to different entities.

In a notification, it said these IT hardware products manufactured in Special Economic Zones (SEZs) can be imported into domestic tariff areas (outside SEZs) without any import authorisation on payment of applicable duties, if any.

Private companies importing these goods for supply to central and state government agencies or undertakings or for defence purposes are also exempted from seeking this permission for imports.

Besides, SEZ units, export-oriented units, Electronics Hardware Technology Park (EHTP), Software Technology Park, and Bio-Technology Park are not required to obtain a "restricted import authorisation" for the import of these IT hardware.

The restrictions are also not applicable to imports under baggage rules, and import of one laptop, tablet, personal computer or ultra-small form factor computer, including those purchased from e-commerce portals through post or courier, is also exempted.

After the issuance of an import authorisation, the quantity as mentioned on a valid authorisation may also be amended at any point, subject to the overall value of the import remaining unchanged.

In August, the government imposed import restrictions on laptops, computers (including tablet computers), microcomputers, large or mainframe computers, and certain data processing machines.

These five categories of goods will be covered under the import management system and the authorisation will be required for the purpose of custom clearance and will be issued in end to end online format.

India imported these goods worth USD 8.7 billion in 2022-23 against USD 10.3 billion in 2021-22 and USD 7.1 billion in 2020-21.

The country imported personal computers, including laptops, worth USD 5.33 billion in 2022-23 compared to USD 7.37 billion in 2021-22.

The main countries from where these goods were imported in the last fiscal include China (USD 5.11 billion), Singapore (USD 1.4 billion), Hong Kong (USD 807 million), the US (USD 344.7 million), Malaysia (USD 324.8 million), Taiwan (USD 272.5 million), the Netherlands (USD 132.8 million) and Vietnam (USD 126 million).

In May, the government approved the Production Linked Incentive (PLI) Scheme 2.0 for IT Hardware with a budgetary outlay of Rs 17,000 crore.

In February 2021, the scheme was approved for IT hardware, covering the production of laptops, tablets, All-in-One PCs and servers with an outlay of Rs 7,350 crore.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Centre Tweaks Licensing Norms For Laptop, Computer Imports. Details Here

The government today tweaked curbs on imports of laptops and computers as it allowed importers to bring in shipments of IT hardware from overseas on a mere 'authorisation' upon detailing quantity and value.

The new 'import management system' is aimed at monitoring shipments of laptops, tablets and computers into the country without hurting market supply or creating a cumbersome licensing regime.

The announcement is likely to provide relief to companies in the IT hardware segment in India as they had flagged concerns over the imposition of a strict licensing regime for importers. Leading electronic brands that are sold in the market include HCL, Samsung, Dell, LG Electronics, Acer, Apple, Lenovo and HP.

Director General of Foreign Trade (DGFT) Santosh Kumar Saranagi told reporters here that the new licensing or import authorisation/management system, which will come into operation with immediate effect, is primarily aimed at monitoring imports of these products to ensure that they are coming from "trusted" sources.

While seeking the authorisation, an importer will have to provide an import item summary and details of past import, export, and turnover. Subject to certain conditions, the government will not reject any import requests and will use the data for monitoring the inbound shipments of these goods.

After taking into account the concerns of stakeholders of the sector, some "tweaking" in the policy has been made, and an end-to-end online system was launched for importers, Saranagi said.

Secretary of the Ministry of Electronics and Information Technology (MeiTY) S Krishnan said this system will "provide us with the kind of data and information (that) we need to make sure that we have a completely trusted digital system in this country".

On August 3, the government announced import curbs and then suddenly deferred the decision on August 4, stating that the licensing regime will kick in from November 1 following concerns raised by the industry.

An official said that the new online system is simple as compared to a cumbersome license regime.

The importers are allowed to apply for multiple authorisations and those authorisations would be valid up to September 30, 2024. The authorisations will be issued for any number of consignments for imports till September next year.

About post-September 2024 scenario, Krishnan said the government will study the data, interact with the industry, and then decide on ways to move forward.

"The intent is not to cause any kind of inconvenience or difficulty, impose any needless restriction on any of the players involved," the MeiTY secretary said, adding the goal is to promote manufacturing of more and more electronic hardware in the country.

Electronics will become the largest manufacturing sector not just in India but the whole world and India needs to have a significant presence in the sector and these measures will help in achieving that overall goal, he added.

"The idea is to give certainty for next year or so. We are just launching the system, studying it over a fairly extended period based on whatever data that we are able to get (and) based on the kind of interaction we have with stakeholders, further measures will be taken," the secretary said.

Sarangi said that with this import management system, the government will have clear data about specific products coming from different sources and then they can monitor it in consultation with the stakeholders.

The system, DGFT said, will ensure that it will be faceless and contactless, and there will be no hassles for importers to fill in their details.

The new license regime is applicable to laptops, personal computers (including tablet computers), microcomputers, large or mainframe computers, and certain data processing machines to ensure India's trusted supply chain.

He added that companies in the "denied entity list" will not get the authorisations.

Such a list includes firms which have not fulfilled or defaulted export obligations by availing benefits of schemes like advance authorisation and Export Promotion Capital Goods (EPCG) or having DRI (Directorate of Revenue Intelligence) cases against them.

Sarangi said that though an online system has been put in place, these IT hardware products are still "under the restricted" category and "there is no change in that".

When asked if the new system would lead to an increase in prices of these goods, Krishnan said that they do not expect supply to be constrained in any manner to push the prices up.

"Supply will continue both from domestic and imported sources and we believe, as domestic production (will increase), overall supply will increase and prices will either stay where they are or they will come down," he said.

The secretary also said that many applications have come under PLI and they are currently under appraisal and within one-two months, the process will be completed.

When asked whether the government will withdraw the August notification, the DGFT said it will not be withdrawn, and a clarification has been issued to give effect to the new online authorisation system for these imports.

The DGFT has provided several exemptions to different entities.

In a notification, it said these IT hardware products manufactured in Special Economic Zones (SEZs) can be imported into domestic tariff areas (outside SEZs) without any import authorisation on payment of applicable duties, if any.

Private companies importing these goods for supply to central and state government agencies or undertakings or for defence purposes are also exempted from seeking this permission for imports.

Besides, SEZ units, export-oriented units, Electronics Hardware Technology Park (EHTP), Software Technology Park, and Bio-Technology Park are not required to obtain a "restricted import authorisation" for the import of these IT hardware.

The restrictions are also not applicable to imports under baggage rules, and import of one laptop, tablet, personal computer or ultra-small form factor computer, including those purchased from e-commerce portals through post or courier, is also exempted.

After the issuance of an import authorisation, the quantity as mentioned on a valid authorisation may also be amended at any point, subject to the overall value of the import remaining unchanged.

In August, the government imposed import restrictions on laptops, computers (including tablet computers), microcomputers, large or mainframe computers, and certain data processing machines.

These five categories of goods will be covered under the import management system and the authorisation will be required for the purpose of custom clearance and will be issued in end to end online format.

India imported these goods worth USD 8.7 billion in 2022-23 against USD 10.3 billion in 2021-22 and USD 7.1 billion in 2020-21.

The country imported personal computers, including laptops, worth USD 5.33 billion in 2022-23 compared to USD 7.37 billion in 2021-22.

The main countries from where these goods were imported in the last fiscal include China (USD 5.11 billion), Singapore (USD 1.4 billion), Hong Kong (USD 807 million), the US (USD 344.7 million), Malaysia (USD 324.8 million), Taiwan (USD 272.5 million), the Netherlands (USD 132.8 million) and Vietnam (USD 126 million).

In May, the government approved the Production Linked Incentive (PLI) Scheme 2.0 for IT Hardware with a budgetary outlay of Rs 17,000 crore.

In February 2021, the scheme was approved for IT hardware, covering the production of laptops, tablets, All-in-One PCs and servers with an outlay of Rs 7,350 crore.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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4 Per Cent Dearness Allowance For Government Employees Cleared By Cabinet

The Union cabinet has approved a proposal to give 4 per cent dearness allowance to central government employees, sources have said. A formal announcement is expected later today. 

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4 Per Cent Dearness Allowance For Government Employees Cleared By Cabinet

The Union cabinet has approved a proposal to give 4 per cent dearness allowance to central government employees, sources have said. A formal announcement is expected later today. 

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RBI Fines ICICI Bank, Kotak Mahindra Bank For Failing To Report Fraud

The Reserve Bank of India (RBI) on Tuesday said that it has imposed a penalty of Rs 12 crore 19 lakh on ICICI Bank for violating rules related to the code of conduct for the bank's directors and for fraud reporting.

The RBI's inspection reports showed ICICI Bank had sanctioned or committed loans to companies in which two of its directors were also directors, the RBI said in a release.

The bank had also marketed and engaged in the sale of non-financial product and failed to report frauds to the central bank within the prescribed timeline of within three weeks from detection.

The violations were detected during inspections for the financial years ending March 2020 and March 2021, the RBI said.

The central bank separately penalised fellow private lender Kotak Mahindra Bank with a sum of Rs 3.95 crore.

The bank was found to have levied interest on some loans contrary to terms of sanction, failed to carry out an annual review of a service provider and ensure that its customers are not contacted between 7 pm and 7 am as directed by the RBI, inspections showed.

These violations were caught during an inspection for the financial year ending March 2022.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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RBI Fines ICICI Bank, Kotak Mahindra Bank For Failing To Report Fraud

The Reserve Bank of India (RBI) on Tuesday said that it has imposed a penalty of Rs 12 crore 19 lakh on ICICI Bank for violating rules related to the code of conduct for the bank's directors and for fraud reporting.

The RBI's inspection reports showed ICICI Bank had sanctioned or committed loans to companies in which two of its directors were also directors, the RBI said in a release.

The bank had also marketed and engaged in the sale of non-financial product and failed to report frauds to the central bank within the prescribed timeline of within three weeks from detection.

The violations were detected during inspections for the financial years ending March 2020 and March 2021, the RBI said.

The central bank separately penalised fellow private lender Kotak Mahindra Bank with a sum of Rs 3.95 crore.

The bank was found to have levied interest on some loans contrary to terms of sanction, failed to carry out an annual review of a service provider and ensure that its customers are not contacted between 7 pm and 7 am as directed by the RBI, inspections showed.

These violations were caught during an inspection for the financial year ending March 2022.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Wholesale Inflation Stays In Negative For 6th Month At -0.26% In September

Wholesale inflation remained in the negative territory for the sixth straight month in September at (-) 0.26 per cent on easing prices of food items, especially vegetables.

The wholesale price index (WPI)-based inflation rate has been in the negative since April and was (-)0.52 per cent in August. In September last year, it was 10.55 per cent.

Experts said the continued deflation in WPI in year-on-year terms was mostly due to faster decline in food prices.

Inflation in food articles eased to 3.35 per cent in September, after remaining in double digits in the previous two months. It was 10.60 per cent in August.

In vegetables, inflation was (-)15 per cent, as against 48.39 per cent in August. In potato, it was (-)25.24 per cent in September, as against (-)24.02 per cent in the previous month.

However, some hardening in inflation was seen in food items like pulses, onion, milk and fruits during September.

Inflation in pulses was 17.69 per cent, while in onion it was at a high of 55.05 per cent during the month.

Fuel and power basket inflation was at (-)3.35 per cent in September, against (-)6.03 per cent in August.

In manufactured products, inflation rate was (-)1.34 per cent, as against (-)2.37 per cent in August.

"Deflation in September 2023 is primarily due to fall in prices of chemical & chemical products, mineral oils, textiles, basic metals and food products as compared to the corresponding month of the previous year," the commerce and industry ministry said on Monday.

Barclays MD & Head of EM Asia Economics Rahul Bajoria said the easing momentum in core inflation and decline in vegetable prices are driving the moderation in retail inflation. But the sequential rise in the WPI for manufactured products bears watching, if producers pass on higher costs into retail prices.

"As of now, firm surveys indicate the pace of increase in selling prices is lower than that in input prices (as seen in PMIs for manufacturing and services, and RBI's industrial outlook survey). We expect RBI to remain on a prolonged pause, as it monitors uncertainty on the commodity front, both in domestic non-perishable food prices and international energy prices," Bajoria said.

Data released last week showed that the annual retail or consumer price inflation was at 5.02 per cent in September, a 3-month low level.

Earlier this month, RBI projected the CPI inflation to be at 5.4 per cent for 2023-24. The central bank kept key policy interest rate on hold in the fourth consecutive meeting for deciding monetary policy as it targets to keep inflation within the target band of 2-6 per cent.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Wholesale Inflation Stays In Negative For 6th Month At -0.26% In September

Wholesale inflation remained in the negative territory for the sixth straight month in September at (-) 0.26 per cent on easing prices of food items, especially vegetables.

The wholesale price index (WPI)-based inflation rate has been in the negative since April and was (-)0.52 per cent in August. In September last year, it was 10.55 per cent.

Experts said the continued deflation in WPI in year-on-year terms was mostly due to faster decline in food prices.

Inflation in food articles eased to 3.35 per cent in September, after remaining in double digits in the previous two months. It was 10.60 per cent in August.

In vegetables, inflation was (-)15 per cent, as against 48.39 per cent in August. In potato, it was (-)25.24 per cent in September, as against (-)24.02 per cent in the previous month.

However, some hardening in inflation was seen in food items like pulses, onion, milk and fruits during September.

Inflation in pulses was 17.69 per cent, while in onion it was at a high of 55.05 per cent during the month.

Fuel and power basket inflation was at (-)3.35 per cent in September, against (-)6.03 per cent in August.

In manufactured products, inflation rate was (-)1.34 per cent, as against (-)2.37 per cent in August.

"Deflation in September 2023 is primarily due to fall in prices of chemical & chemical products, mineral oils, textiles, basic metals and food products as compared to the corresponding month of the previous year," the commerce and industry ministry said on Monday.

Barclays MD & Head of EM Asia Economics Rahul Bajoria said the easing momentum in core inflation and decline in vegetable prices are driving the moderation in retail inflation. But the sequential rise in the WPI for manufactured products bears watching, if producers pass on higher costs into retail prices.

"As of now, firm surveys indicate the pace of increase in selling prices is lower than that in input prices (as seen in PMIs for manufacturing and services, and RBI's industrial outlook survey). We expect RBI to remain on a prolonged pause, as it monitors uncertainty on the commodity front, both in domestic non-perishable food prices and international energy prices," Bajoria said.

Data released last week showed that the annual retail or consumer price inflation was at 5.02 per cent in September, a 3-month low level.

Earlier this month, RBI projected the CPI inflation to be at 5.4 per cent for 2023-24. The central bank kept key policy interest rate on hold in the fourth consecutive meeting for deciding monetary policy as it targets to keep inflation within the target band of 2-6 per cent.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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No Curbs On Laptop Imports, We're Only Monitoring: Commerce Secretary

India will not impose the licensing requirement on imports of laptops and computers but will only monitor their inbound shipments, a top government official said.

The remarks assume significance as the government in August announced that these products, including laptops, tablets and computers, would be put under licensing regime from November 1.

"On laptops, we are of the view that there are no restrictions as such. We are only saying that somebody who is importing these laptops, have to be under close watch, so that we can look at these imports.

"It is basically monitoring, which we are doing. It has nothing to do with restrictions as such," Commerce Secretary Sunil Barthwal told reporters here.

Explaining further, Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said there will be an import management system, which will come into place from November 1.

The work is in progress and hopefully it will be in place before October 30, he said.

The government in August imposed import restrictions on laptops, computers (including tablet computers), micro computers, large or mainframe computers, and certain data processing machines with a view to boost domestic manufacturing and cut imports from countries like China.

While the IT hardware product industry comes under MeitY, the DGFT notifies decisions with regard to import/export of a product.

Following this notification, IT hardware industry had flagged concerns.

India already has an import monitoring system for certain products like steel, coal and paper.

The licensing conditions on imports were put on the grounds of security and to spur domestic manufacturing of these products.

According to a report by think-tank Global Trade Research Initiative (GTRI), India is critically dependent on China for day-to-day use and industrial products like mobile phones, laptops, components, solar cell modules, and integrated circuits.

The government has taken several steps to boost domestic manufacturing of electronic items such as rolling out of the production-linked incentive scheme and increasing customs duties on the number of electronic components.

India imports about USD 7-8 billion worth of these goods every year.

The country has imported personal computers, including laptops, worth USD 5.33 billion in 2022-23 as against USD 7.37 billion in 2021-22.

Imports of certain data processing machines stood at USD 553 million in the last fiscal as against USD 583.8 million in 2021-22.

Similarly, imports of micro computers/processors stood at USD 1.2 million in the last fiscal against USD 2.08 million in 2021-22.

In May, the government approved the Production-Linked Incentive Scheme 2.0 for IT Hardware with a budgetary outlay of Rs 17,000 crore.

The government, in February 2021, approved the scheme for IT hardware, covering the production of laptops, tablets, All-in-One PCs and servers with an outlay of Rs 7,350 crore.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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No Curbs On Laptop Imports, We're Only Monitoring: Commerce Secretary

India will not impose the licensing requirement on imports of laptops and computers but will only monitor their inbound shipments, a top government official said.

The remarks assume significance as the government in August announced that these products, including laptops, tablets and computers, would be put under licensing regime from November 1.

"On laptops, we are of the view that there are no restrictions as such. We are only saying that somebody who is importing these laptops, have to be under close watch, so that we can look at these imports.

"It is basically monitoring, which we are doing. It has nothing to do with restrictions as such," Commerce Secretary Sunil Barthwal told reporters here.

Explaining further, Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said there will be an import management system, which will come into place from November 1.

The work is in progress and hopefully it will be in place before October 30, he said.

The government in August imposed import restrictions on laptops, computers (including tablet computers), micro computers, large or mainframe computers, and certain data processing machines with a view to boost domestic manufacturing and cut imports from countries like China.

While the IT hardware product industry comes under MeitY, the DGFT notifies decisions with regard to import/export of a product.

Following this notification, IT hardware industry had flagged concerns.

India already has an import monitoring system for certain products like steel, coal and paper.

The licensing conditions on imports were put on the grounds of security and to spur domestic manufacturing of these products.

According to a report by think-tank Global Trade Research Initiative (GTRI), India is critically dependent on China for day-to-day use and industrial products like mobile phones, laptops, components, solar cell modules, and integrated circuits.

The government has taken several steps to boost domestic manufacturing of electronic items such as rolling out of the production-linked incentive scheme and increasing customs duties on the number of electronic components.

India imports about USD 7-8 billion worth of these goods every year.

The country has imported personal computers, including laptops, worth USD 5.33 billion in 2022-23 as against USD 7.37 billion in 2021-22.

Imports of certain data processing machines stood at USD 553 million in the last fiscal as against USD 583.8 million in 2021-22.

Similarly, imports of micro computers/processors stood at USD 1.2 million in the last fiscal against USD 2.08 million in 2021-22.

In May, the government approved the Production-Linked Incentive Scheme 2.0 for IT Hardware with a budgetary outlay of Rs 17,000 crore.

The government, in February 2021, approved the scheme for IT hardware, covering the production of laptops, tablets, All-in-One PCs and servers with an outlay of Rs 7,350 crore.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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