Govt Eyes Higher Reporting Limits Post PAC Nod
The government is planning to increase its reporting limits for new policy-related expenditure by ministries and departments after getting approval from the Parliament’s Public Accounts Committee (PAC). This is aimed at reducing the frequency of supplementary demands for grants and speeding up the execution of projects. Background of Reporting Limits The reporting limits for new […]
IREDA, PNB Join Hands to Co-Finance Green Projects
In a major boost to India’s renewable energy sector, the Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have signed a memorandum of understanding (MoU) to co-finance and syndicate loans for a diverse range of green energy projects across the nation. Co-lending and loan syndication for sustainability The MoU, signed at […]
India’s Oil & Gas Import Costs Decline as Prices Fall
India’s net oil and gas import in value terms for April-January of fiscal year 2023-24 (FY24) declined by nearly a fifth on a year-on-year (YoY) basis to $101.3 billion due to relatively lower prices of crude oil, natural gas, and petroleum products in the international market, as per latest data from India’s Ministry of Petroleum […]
India Permits Onion Exports to Specific Nations
India is the second-largest onion producer in the world, with an annual production of about 24 million metric tons on average (2015-16 to 2021-22). The Indian onions are famous for their pungency and are available round the year. The country consumes about 13 lakh tons of onions every month, making it one of the most […]
Pure EV Secures $8M in Recent Funding Round
Hyderabad-based electric two-wheeler manufacturer Pure EV has raised $8 million from a consortium of investors led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, and Ushodaya Enterprises Pvt Ltd. The company is also in the final stages of raising $25 million from foreign institutional investors and is in talks to raise another $15 […]
25.7% Rise in India’s Outward FDI to $2.1B, Jan 2024
India’s outward foreign direct investment (FDI) commitments increased by 25.7% year-on-year to $2.09 billion in January 2024, according to the latest data from the Reserve Bank of India (RBI). This was a decline from $2.5 billion in December 2023, but still higher than $1.66 billion in January 2023. Equity commitments lead the growth The growth […]
Pradeep K. Sinha: ICICI Bank’s New Non-Executive Chairman
ICICI Bank, one of the leading private sector banks in India, has announced the appointment of Pradeep K. Sinha as its new Non-Executive Part-time Chairman. Sinha will take over from G. C. Chaturvedi, who will retire on June 30, 2024. Who is Pradeep K. Sinha? Pradeep K. Sinha is a former Indian Administrative Service (IAS) […]
Air India & Tata Rs 2,300 Cr Investment in Karnataka
Two companies of the Tata Group – Air India and Tata Advanced Systems Limited (TASL) – have signed pacts with Karnataka government, totalling an investment of Rs 2,300 crore. The investment will also generate employment opportunities for 1,650 people. Air India to set up MRO facility in Bengaluru Air India has proposed to establish a […]
Kant: 9-10% Growth Needed for India’s $35Tn Goal
India is on its way to become the third largest economy in the world by 2027-end, according to India’s G20 Sherpa Amitabh Kant. He said that India should aim to be a $35 trillion economy by 2047 by sustaining the growth momentum of 9-10%. He was speaking at the fifth edition of Times of India’s […]
Sundaram Alternates Seeks Rs 1,000 Cr for Green Realty
Sundaram Alternates Assets (SAA), the private equity arm of Sundaram Finance Group, is looking to raise about Rs 1,000 crore from global investors to fund green real estate projects in India. The firm is currently in the process of raising money through its Series IV real estate credit fund, which will invest in projects that […]