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Economy

April 7, 2024 2:19 PM

India’s food processing sector set to reach USD 535 billion by 2025-26

Anita Praveen, the Secretary of the Ministry of Food Processing, emphasised the importance of research and development (R&D) in propelling the Indian food processing sector to greater heights. Speaking at the FICCI Scientific Symposium on 'Proce...

April 5, 2024 4:53 PM

Kolkata Port profit jumps 65 % in FY’24, records all-time high cargo handling

The Syama Prasad Mookerjee Port in Kolkata has reported a profit of Rs 501.73 crore for FY'24, marking a 65 per cent jump compared to the previous fiscal year. With a total cargo handling of 66.4 Million Metric Tonnes (MMT), the port set an all-time...

April 5, 2024 12:46 PM

RBI keeps repo rates unchanged at 6.5 percent for seventh consecutive time

The Reserve Bank of India's Monetary Policy Committee (MPC) on Friday kept the key repo rate unchanged at 6.5 per cent for the seventh consecutive meeting, as it focused on reigning in retail inflation that has stayed above its 4 per cent target. Th...

April 3, 2024 6:56 PM

India’s gems and jewellery sector shines amidst gold price surge

India shines brightly despite facing a whirlwind of events in 2023. With record-high gold prices, fluctuating diamond rates, and global tensions, the industry navigated through choppy waters while maintaining its dominance in exports. The latest Ind...

April 3, 2024 12:42 PM

World Bank projects India’s growth to reach 7.5% in FY 23-24

The World Bank has said that the Indian economy will grow by 7.5 percent in 2024, driving the growth momentum of the South Asian region, which is projected to achieve a robust growth rate of 6 percent in the same year. According to the report "Jobs ...

April 2, 2024 3:14 PM

Ministry of Corporate Affairs reports record incorporations in fiscal year 2023-24

The Ministry of Corporate Affairs (MCA) has revealed that the fiscal year 2023-2024 witnessed the highest number of incorporations on record. In a post shared on X, the ministry stated, "MCA records the highest number of incorporations during 2023-2...

April 1, 2024 11:02 PM

Advent to buy Ryan Reynolds-backed fintech Nuvei in $6.3 bln deal

Private equity firm Advent International has agreed to buy Canada's Nuvei NVEI.TO in a deal that values the payments technology firm, which has received financial backing from actor Ryan Reynolds, at $6.3 billion. The deal, valued at $34 per share, ...

April 1, 2024 9:53 PM

OpenAI removes Sam Altman’s ownership of its Startup Fund

OpenAI has changed the governance structure of its venture capital fund that backs AI startups, so its high profile chief executive Sam Altman no longer owns or controls the fund, according to a filing with the US Securities and Exchange Commission (...

April 1, 2024 7:32 PM

GST revenue surpasses Rs 20 trillion in 2023-24, marking 11.7% growth

Financial year 2023–24 marked a milestone with total gross GST collection of Rs 20.18 lakh crore, exceeding Rs 20 lakh crore with a 11.7 per cent increase compared to the previous fiscal year. The average monthly collection for this fiscal year, w...

April 1, 2024 4:46 PM

RBI’s monetary policies stabilized G-Sec yields, boosted investor confidence: Finance Minister Sitharaman

Finance Minister Nirmala Sitharaman on Monday praised the Reserve Bank of India's (RBI) monetary tightening measures, saying that they have stabilized government securities (G-Sec) yields and boosted investor confidence in the Indian economy. Speaki...

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