PRIVATE CITY
ET Explains: LRS for foreign currency accounts in GIFT city
That approval for expanding the scope of services potentially multiplies the business opportunity for banks in the GIFT city more than five times. ET explains what LRS is and the different permissible and non-permissible transactions under this program, and how banks and individuals stand to benefit from the new rules.
Nitish Kumar asks private company official to expedite road project, offers to touch his feet
Bihar Chief Minister Nitish Kumar, at a function for the dedication of the "JP Ganga Path" expressway in Patna, expressed frustration over delays in a road project, offering to touch a private company representative's feet to hasten progress. The official, taken aback, rejected the gesture, leading to a social media buzz and criticism from the opposition, with Tejashwi Yadav calling Kumar "lachaar" (powerless) for his actions.
Residents can open foreign currency a/cs at GIFT City under LRS
Resident Indians can now open foreign currency accounts (FCAs) at Gift City under the liberalized remittances scheme (LRS) for a wider range of purposes. This includes sending gifts to friends abroad, buying property overseas, purchasing insurance, making fixed deposits, paying for education loans, and funding international travel. The Reserve Bank of India (RBI) has expanded the LRS rules at International Financial Services Centres (IFSCs) like Gift City, aligning them with global financial centers.
Trifecta Projects launches a new housing project in Bengaluru
An eco-luxury living project, Trifecta Vanto, is located in the prime area of Sarjapur Road in East Bengaluru. Read on to discover the array of sustainable luxury offerings with environmentally friendly features.
India's job crisis: Labour Ministry hits back at Citigroup; says report fails to consider data from official sources
The Labour ministry has refuted Citigroup's report that New Delhi will struggle to create sufficient employment opportunities despite a 7% growth rate. The ministry cited that the report does not analyze all official data sources available in the public domain, and that India has generated over 8 crore employment opportunities from 2017-18 to 2021-22, despite the COVID-19 pandemic.
Sectors linked to electrical, green energy, and railways may see a disproportionate increase in business: Vinayak Chatterjee
“There is a consensus, officially, that India's aspirational target is 8% GCFI, gross capital formation, and infrastructure, as a percentage of GDP, so that is my starting point. If in this budget year, you are going to try and reach that aspirational target of 8% GCFI, you need to spend Rs 13.5 lakh crore,” says Vinayak Chatterjee
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Hamas says it's waiting for Israeli response on ceasefire proposal
The three-phase plan for the Palestinian enclave was put forward at the end of May by U.S. President Joe Biden and is being mediated by Qatar and Egypt. It aims to end the war and free around 120 Israeli hostages being held by Hamas. Another Palestinian official, with knowledge of the ceasefire deliberations, said Israel was in talks with the Qataris.
India will fail to plug jobs gap even with 7% growth, says Citi
The quality of jobs being created in India is another challenge, the economists said. An analysis of the official data showed about 46% of the workforce is still employed in agriculture, even though the sector contributes less than 20% to gross domestic product.
Loosen the chokehold on our city roads
Delhi's vehicle population has risen by about 30% a year, while public parking sites remain relatively stagnant at 420. Progressive parking charges can help - higher rates for locations with high traffic inflow and parking demand, differential parking rates reflecting peak and off-peak hours, and efficient and smart parking solutions to optimise existing spaces.
Green bonds - Municipal bodies think change, climate change
Brihanmumbai's ₹10,224 crore FY25 climate budget signifies Indian municipal bodies' shift to sustainability. With Solapur, Vadodara, Bhopal, Indore, and Pimpri-Chinchwad leading green initiatives, CEO Masood Mallick highlights Swachh Bharat Mission, regulatory evolution, and public-private partnerships. NGT's environmental compensation emphasizes compliance, increasing the need for green financing.
Rise & rise of secondary deals; advantage desi data centres
Happy Friday! Total funding raised by Indian startups fell in the first half of 2024, but late-stage activity showed signs of revival, as per data. Decoding this and more in today’s ETtech Morning Dispatch.
Telangana in talks with CDAC to set up 20 petaflops compute capacity in Hyderabad
Telangana has requested the IT ministry to establish compute capacity in the proposed AI city in Hyderabad under the National Supercomuting Mission, saying that the Centre for Development of Advanced Computing (CDAC) has shown interest for the same. If the government agrees, some land will be given to them to set this up, Telangana IT secretary Jayesh Ranjan told ET.
Mid-sized cities to emerge as big demand centre for EVs: Report
Lucknow, Thiruvananthapuram, and Gurugram shine in electric car sales growth. Tier 2 cities emerge as pivotal for electric two-wheeler market. Financial support crucial for tier 3 cities' EV growth. Bengaluru and Jaipur lead in EV adoption. Wealthier cities drive electric vehicle growth, while private uptake fuels tier 2 cities' demand.
PSBs on the margins in credit cards, but NPAs ahead by a wide margin
Public sector banks in India are navigating the credit card market, facing challenges with high NPAs. The focus on tier-II and tier-III cities is driving credit card sales, with State Bank of India and Bank of Baroda leading in card spending through subsidiaries. Specialized skills and appealing features are crucial for success, particularly in attracting younger consumers with modern products and reward points.
Purplle closes Rs 1,000 crore funding deal led by Abu Dhabi Investment Authority
Purplle has also announced a Employee Stock Ownership Plan (Esop) liquidity programme and will offer liquidity of Rs 50 crore to its employees. Company cofounder and CEO said they will constantly innovate their technology to provide the best for their customer. Purplle is one of the fastest-growing retailers in the beauty and personal care (BPC) segment, having grown its GMV by four times over the last three years.
Will build film city in Mysuru, says Karnataka CM Siddaramaiah
Karnataka Chief Minister Siddaramaiah announced plans to build a film city in Mysuru, offering 100 acres of land for the project and emphasising a public-private partnership approach. He also pledged steps towards establishing a Kannada OTT platform, fulfilling a long-held dream of Kannada film legend Dr. Rajkumar. Siddaramaiah criticised the previous BJP government for inaction on the film city initiative and vowed to address the OTT platform issue.
CBI arrests principal, vice principal of school in Hazaribagh in NEET-UG paper leak case
The CBI arrested individuals and questioned candidates linked to the NEET-UG paper leak case, following a referral from the Union Education Ministry after demands from protesting students. Investigations by the agency span multiple states, including Bihar, Gujarat, and Rajasthan, in connection with the alleged irregularities during the exam conducted by NTA.
London PE Finnest takes majority stake in cloud kitchen firm Kitchens@ with $160 million investment
London-based PE firm finnest has acquired a majority stake in cloud kitchen startup Kitchens@ with an investment of Rs 1,335 crore, making it the largest shareholder. This round values Kitchens@ at $305 million, post-money, sources told ET. Kitchens@ provides services like ready-made kitchen setups, as well as supply chain and hiring support to cloud kitchens.
Expect one more rally in PSU, railways, defence stocks before Budget: Ajay Bagga
But few of the sectoral leaders can be looked at as well as what is happening right now is that smaller players are being bid up in anticipation that the biggies will be gobbling up the smaller players to meet their capacity expansion buildouts that they have announced.
What should investors do with telecom stocks? Sandip Sabharwal answers
So, the best play is Bharti only because that is a pure play which has profits, which has a decent balance sheet, and which has market share and still gaining market share. Vodafone Idea is more about hope. Now the hope is that at some stage they will make profits. I am very doubtful that one, with their current balance sheet, etc, if shareholders will ever get one rupee EPS also from this company.
Why is Singapore the world’s most expensive city?
A report by a Swiss bank has noted that Singapore is the world’s most expensive city. Hong Kong, London, Shanghai and Monaco are some of the other cities in the ranking.
Stock Radar: 20% rally in 3 months! City Union Bank hits fresh 52-week high in June; time to buy or book profits?
City Union Bank (CUB) has surged over 20% in 3 months, supported by technical indicators like RSI and MACD. Analyst Shilpa Rout sees a short-covering rally potential above 170 levels with 150 as a key support.
Harsh Gupta Madhusudan on key indicators to monitor ahead of Budget
I think that there should be some more not exactly freebies or welfare, but something more attuned towards consumption and we were already seeing that even in the financial markets. I gave you the number of top line, the most obvious data point to check directly FMCG sales.
18-year-old NEET aspirant jumps to death in Kota day after medical entrance results declared
An 18-year-old NEET aspirant in Kota, Bagisha Tiwari, tragically died by suicide, jumping from the ninth floor of a building after receiving her exam results. Her death sheds light on the mental health struggles faced by students, particularly in coaching hubs like Kota. This marks the tenth suspected suicide by a coaching student in Kota this year, with concerns rising over the pressures of exam preparation. Authorities are investigating the incident, urging sensitivity in media coverage to avoid sensationalizing the tragedy.
Mall developers see opportunity in tier 2 cities
Brands include H&M, Marks & Spencer, GAP and Tasva set up shop in cities like Indore, Mangalore, Patna, Ranchi, Mysore, and Coimbatore, according to data from real estate consultancy CBRE.
Delhi hospital fire: How unchecked private nursing homes thrive amid high costs & poor infra
The high costs of medical care at private corporate hospitals in Delhi, combined with inadequate infrastructure at government facilities, have led to a significant increase in the demand for private nursing homes. Unfortunately, these facilities often disregard regulations, with little effort from the administration to ensure compliance and accountability.
Akola hottest city in Maharashtra at over 45 deg C; district collector imposes Sec 144
Akola, the hottest city in Maharashtra, recorded temperatures exceeding 45 degrees Celsius over the last two days, according to IMD data. Collector Ajit Kumbhar imposed Section 144 of the CrPC to combat heatwave conditions in Akola.
Vinod Khosla loses bid to end California beach access suit
Venture capitalist Vinod Khosla faces setback in blocking public access to Martins Beach after California state judge denies his request. The lawsuit from a state agency regarding closing the popular surfing spot continues.
Citi spinoff mints $4.4 billion fortune for Europe buyout barons
CVC Capital Partners founders Mackenzie, Koltes, van Rappard are top beneficiaries of the recent IPO, valuing the firm at $4.4 billion. Van Rappard continues as chairman, while CEO Lucas and managing partner de Jaime Guijarro hold significant stakes. Beyond allowing the founding partners to cash out part of their wealth in the closely held business, CVC's listing is also fueling hopes of a rebound in Europe's IPO market, even though a full-blown recovery in listings isn't fully expected until next year.
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