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Data | The risk of small States’ heavy reliance on the Union government

July 19, 2023 admin

Small States must prioritise raising their own revenue to reduce their dependency on the Union government The fiscal situation of India’s States has garnered significant attention in recent times. Despite ample data on State finances, most of the analysis is centred around larger States. There needs to be more discussion on the fiscal position of…

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Monsoon’s uneven march could fuel food inflation: Analysts

July 18, 2023 admin

With the Indian Meteorological Department signalling that parts of Uttar Pradesh, Bihar, Assam, Punjab, Karnataka and Tamil Nadu may see less than normal rainfall this month, sowing of paddy and pulses could be further affected. These effects were already exacerbating food inflation, reckoned analysts at brokerage Motilal Oswal. File | Photo Credit: Reuters Despite a wetter…

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NMDC raises iron ore prices

July 18, 2023 admin

Mining major NMDC has increased iron prices (per tonne) by ₹1,050 for lump ore and by ₹650 for the same quantity of fines. The price per tonne has been fixed at ₹4,950 for lump ore and ₹4,210 for fines with effect from July 18, the company said on Tuesday. The prices are inclusive of royalty, DMF,…

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Hindenburg report was an attempt to tarnish the group’s image: Gautam Adani

July 18, 2023 admin

Adani Group Chairman Gautam Adani addresses during the Annual General Meeting (AGM) of his group companies, on Tuesday, July 18, 2023. | Photo Credit: PTI Gautam Adani on Tuesday said that the U.S.-based short seller Hindenburg Research’s report on the group was a deliberate, malicious attempt at damaging the group’s reputation and generate profit by…

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As exports shrink amid global uncertainty, no clear target for 2023-24

July 18, 2023 admin

Photo used for illustration purpose only. | Photo Credit: K.R. Deepak With merchandise exports shrinking 15.1% in the first quarter of this year, after racking up a record $450 billion in 2022-23, the government is playing it safe on announcing a clear target for outbound shipments this year and is likely to opt for a…

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Vistara to add more capacity from Mumbai ahead of merger with Air India

July 18, 2023 admin

By the end of December 2023, Mumbai would have an equal number of domestic departures as Delhi which currently has 78 daily domestic departures. File Notwithstanding the uncertainty over the brand name continuing after its merger with Air India by April 2024, Vistara, the joint venture of Tata Sons & Singapore Airlines (SIA), continues to scale…

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Start-up funding slid 70% in FY23: Redseer

July 18, 2023 admin

India’s start-up ecosystem could attract only $15 billion in the financial year 2023 after a strong funding winter brought investments down by 70% compared with the $50 billion it received in the previous year, according to a report released by Redseer Consulting on Tuesday. Increasing cost of capital and interest rates, recession in developed markets,…

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India’s gems, jewellery exports may fall 10-15% in FY24: GJEPC

July 18, 2023 admin

India’s gems and jewellery exports are likely to decline by 10 to 15% in the current financial year on account of slowing demand in key markets like the U.S. and China, GJEPC Chairman Vipul Shah has said. The gems and jewellery exports grew 2.48% year-on-year to ₹3,00,462.52 crore (over $36 billion) in FY23, according to…

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40% Air India seats repaired since Tata take-over

July 18, 2023 admin

An Air India passenger aircraft taxis on the tarmac while another one lands at Chhatrapati Shivaji International Airport in Mumbai, India, May 3, 2023. REUTERS/Francis Mascarenhas | Photo Credit: FRANCIS MASCARENHAS Crumbling seats, broken armrests, and dysfunctional seat-back entertainment screens on Air India’s aircraft often make the airline a subject of passenger ire but a…

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Ashok Soota’s Happiest Minds raises ₹500 cr. through QIP

July 18, 2023 admin

Happiest Minds Technologies, an IT firm founded by Ashok Soota, has announced the successful completion of its capital raise of ₹500 crore ($61 million) through a qualified institutions placement (QIP) of equity shares. The fund-raising committee of the board of directors of the company approved the allotment of 54,11,255 equity shares of a face value of…

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