Asian currencies are expected to appreciate against the US dollar in the long term, driven by higher gross national savings in emerging Asian economies compared to developed G7 nations, according to a recent report by Jefferies.The report pointed out that the gross national savings in emerging Asian countries are significantly higher, providing these economies with…
The Chinese government’s subsidies aimed at boosting domestic consumption have led to a surge in the sales of digital products like smartphones, tablets, and smartwatches, generating about $20 billion in just four months, according to the Ministry of Commerce.As of Thursday, over 48 million consumers participated in the government’s digital product subsidy scheme, purchasing a…
India has officially surpassed Japan to become the fourth largest economy in the world, according to NITI Aayog CEO B V R Subrahmanyam. Speaking at a press briefing following the 10th Governing Council meeting of NITI Aayog on Saturday, Subrahmanyam highlighted the favourable geopolitical and economic conditions for India.“We are the fourth largest economy as…
The central government has approved an interest rate of 8.25 per cent on Employees’ Provident Fund (EPF) deposits for the fiscal year 2024–25, an official confirmed to PTI on Saturday.This rate was recommended earlier this year by the Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO). The decision is expected to benefit…
Government announced construction of a new ring road which will run outside Goa, connecting Maharashtra to Karnataka. The project was announced by the Union road transport and highways minister Nitin Gadkari on Friday, in response to Goa CM Promod Sawant and minister for power and renewable energy, Shripad Naik’s plea for an alternative to ease…
MUMBAI: The RBI has proposed changes to its master direction on ‘know your customer’ norms-rules aimed at preventing money laundering-that will ease compliance for millions of bank customers, particularly low-risk individuals and beneficiaries of govt schemes. The draft circular outlines relaxed procedures for periodic KYC updates, responding to concerns over delays and customer complaints.The proposed…
In 2024, more than 1.65 lakh Schengen visa applications from India were denied, resulting in a financial loss of nearly Rs 136 crore in non-refundable fees. With each application costing an average of €85 (Rs 8,270), India ranked third globally in terms of money lost to visa rejections, after Algeria and Turkey, according to data…
The Indian rupee broke a three-day losing streak on Friday, appreciating by 50 paise to settle at Rs 85.45 against the US dollar, buoyed by a sharp decline in the dollar index and strong performance in domestic equities.A rise in global risk appetite also supported the local currency, despite lingering pressure from crude oil prices…
Wipro Executive Chairman Rishad Premji’s remuneration more than doubled to $1.6 million (about Rs 13.7 crore) but was still less than company CEO Srinivas Pallia’s earnings of $6.2 million (about Rs 53.64 crore) in the fiscal year ended March 31, 2025, according to the company’s latest annual report.Premji, in the fiscal year 2023-24, did not…
Equity benchmark indices Sensex and Nifty rebounded sharply by nearly 1 per cent on Friday, driven by buying in heavyweight stocks such as Reliance Industries, HDFC Bank, and ITC.Investor sentiment was further supported by expectations of a record dividend from the Reserve Bank of India (RBI) and easing US treasury yields, traders said.After a flat…