heavy goods vehicles in Delhi from October, traders' body CAIT on Sunday said the move will hurt business in the national capital by restricting the transportation of goods. In a bid to curb vehicular pollution, the Delhi government has decided to ban the entry of medium and heavy goods vehicles to the national capital from October to February. Vehicles carrying raw vegetables, fruit, grains, milk and such essential commodities will, however, be allowed, according to officials. Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal said this decision of the government is redundant and has been taken without taking the consequences into consideration. "This decision will result in a great crisis as with this draconian decision no goods will come to Delhi nor goods can be sent from Delhi for five months as all the goods in Delhi come in trucks from other states and trucks run on diesel. Due to the long distances no trucks can run on electric or CNG … [Read more...] about Delhi govt’s move to ban heavy vehicles in city to hurt business: CAIT
Trustworthiness, decisive leadership has led to India’s growth: Piyush Goyal
India's economy has grown due to its trustworthiness, decisive leadership and democratic structure favouring transparency at all levels, Union Commerce, Industry and Textile Minister Piyush Goyal has said. The country, which is now a $3 trillion economy, has announced a stable policy framework and respected every investment made across sectors, Goyal said during an exclusive interaction meeting with members of CII in association with the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India and Invest India organised here on Saturday evening. Members from the textile, light engineering and ICT sectors participated in the meeting. Stating that DPIIT reforms are empowering Indian industries to bring about global growth, Goyal said the importance of launching the ONDC network (Open Network for Digital Commerce) has the potential to break barriers by enabling and empowering customers to engage with sellers of their choice seamlessly. Goyal said … [Read more...] about Trustworthiness, decisive leadership has led to India’s growth: Piyush Goyal
Lenders extend timeline for Reliance Capital resolution by 2 months to November
Lenders of debt-ridden Reliance Capital Ltd ( RCL ) on Sunday decided to extend the resolution process timeline by another two months to November 2 as there has been a tepid response from bidders for its acquisition. The timeline was already extended once by 90 days -- from June 3 to September 2, 2022. This is the second extension granted by the Committee of Creditors (CoC) for the completion of RCL 's resolution process. As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to close the resolution of RCL within 180 days -- by June 3. In addition, the CoC also decided to extend the last date for submission of the resolution plan by the prospective bidders from June 20 to July 11. The deadline for the resolution plan submission has been extended as a few prospective bidders had written to the administrator seeking more time for the submission, sources said. Piramal Enterprise had asked the deadline to be extended to August 10, while IndusInd … [Read more...] about Lenders extend timeline for Reliance Capital resolution by 2 months to November
Indian economy may touch $30 trillion in the next 30 years, says Minister Piyush Goyal
Commerce and industry minister Piyush Goyal on Sunday said that India wants to capture the world market in all sectors and the country would “very soon” become a $30 trillion economy from the level of $3 trillion at present. Goyal said that if India grows at 8% every year on a Compounded Annual Growth basis, the economy will double in about 9 years’ time at $6.5 trillion and in 18 years from now, it could be $13 trillion. “In 27 years from now, the economy growth can be calculated as $26 trillion and hence after 30 years, it can be confidently put that India will be a $30 trillion economy,” he said at the Exporter’s Meet at Tiruppur . Goyal, who is also textiles minister, said the domestic textile industry has huge potential to generate jobs in coming years and the centre is working actively with various countries to finalise free trade agreement (FTA) which will give zero-duty access to India’s textile sector in the world market. A Sakthivel, President, … [Read more...] about Indian economy may touch $30 trillion in the next 30 years, says Minister Piyush Goyal
MPC would like to take rates to 6% before reassessing the future: Head of markets, ICICI Bank
The Monetary Policy Committee ( MPC ) would like to take policy rates to 6% given its own inflation projections before reassessing the future repo rate trajectory, B Prasanna , group executive and head of global markets, ICICI Bank , tells ET. Separately, the central bank never let the rupee appreciate in 2021, he said, giving Mint Road the elbow room now to use its firepower and reduce volatility. What do the minutes of the MPC released last week tell you about the direction of policy rates? I can sense some level of discomfort with the extent of rate increases currently priced in the markets. The MPC is likely to reach a reasonable level of repo rate before pausing and reassessing the growth-inflation dynamics. I think the markets are pricing in a little more than the RBI ’s comfort level, primarily due to a stress case of very high oil price or a very high terminal US Fed funds rate. The central bank possibly wants to be more nuanced. There's a lot of debate … [Read more...] about MPC would like to take rates to 6% before reassessing the future: Head of markets, ICICI Bank
IMF’s 17.7 billion SDR support masks extent of slowdown in reserves pile-up in FY’22
India added $47.5 billion to the foreign exchange reserves last fiscal, down nearly half the previous year. But a drill down of the data reveals that nearly $26 billion of those incremental reserves were due to the sanction of Special Drawing Rights by the IMF and revaluation of gold reserves. Net of valuation losses only $ 4 billion worth hard foreign currency assets were added to the forex kitty. A $17.7 billion addition to the reserves was provided by the IMF in terms of SDR allocation and close to $9 billion addition to the value of gold. Even excluding the SDR gains- which is a one-off ($17.4billion) and changes in gold $8.67billion, the gains in foreign currency assets stand at $20bn. After factoring valuation losses of $17.2 billion, foreign exchange reserves increased by $ 30.3 billion during 2021-22 as compared with $ 99.2 billion during 2020-21, according to the data on variation in Foreign Exchange Reserves released by the Reserve Bank of India . An … [Read more...] about IMF’s 17.7 billion SDR support masks extent of slowdown in reserves pile-up in FY’22