As many as 86,713 startups have been recognised by the government as on December 31, 2022, Parliament was informed on Wednesday. These startups are eligible to avail fiscal incentives under the Startup India action plan of the government. "As a result of sustained government efforts, the number of recognized startups has increased from 445 in [...]
There is no proposal to increase the overseas investment limits for domestic mutual funds at the moment, Reserve Bank Governor Shaktikanta Das said on Wednesday. Speaking to reporters at the customary post-policy review press conference, Das acknowledged that there have been requests from mutual funds and other market players for relaxations of the limits. "We [...]
Five more banks will join the pilot on the central bank digital currency or e-rupee for retail customers and the project will be extended to nine additional cities, the Reserve Bank said on Wednesday. The Reserve Bank, which began piloting the central bank digital currency or e-rupee for retail customers in early December with eight [...]
The recently launched retail central bank digital currency (CBDC) pilot has 50,000 users and 5,000 merchants, the RBI said on Wednesday. "We want the process to happen, but we want the process to happen gradually and slowly. We are in no hurry to make something happen so quickly," Deputy Governor T Rabi Sankar said at [...]
The Reserve Bank on Wednesday projected retail inflation to ease to 5.3 per cent in next fiscal from 6.5 per cent this year on assumptions of lower imported inflation, even though core inflation remains sticky. The RBI's inflation outlook for current fiscal has improved from 6.8 per cent projected earlier, to 6.5 per cent, on [...]
Fintech firms LazyPay, IndiaBulls Home Loans and Kissht are among the list of blocked websites issued by the Ministry of Electronics and IT, according to sources. The government has blocked 232 apps operated by overseas entities, including Chinese, for being involved in betting, gambling and unauthorised loan service. As per the list, the Ministry of [...]
The Reserve Bank on Wednesday hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation. This is the sixth time interest rate has been hiked by the Reserve Bank of India (RBI) since May last year, taking the total quantum of hike to 250 basis points. Announcing the [...]
The RBI on Tuesday projected India's economic growth to slow down to 6.4 per cent in FY24 from 7 per cent in the current fiscal, citing risks from geo-political tension and tightening global financial condition. Announcing the bi-monthly monetary policy, Reserve Bank of India Governor Shaktikanta Das said the RBI's internal survey says manufacturing, services [...]
Lauding the private sector contribution in defence manufacturing, Chief of Defence Staff (CDS) General Anil Chauhan on Tuesday said India has the potential to emerge as a superpower in making military equipment and has displayed wherewithal to develop big and complex platforms. Referring to the inauguration of Hindustan Aeronautics Ltd's new helicopter factory -- India's [...]
Electric passenger vehicles retail sales declined by 10.51 per cent sequentially to 3,346 units in January 2023 over 3,739 vehicles sold in December last year, according to automobiles body FADA. Tata Motors's electric PV sales were down 17 per cent at 2,426 vehicles in January as against 2,926 units delivered in December 2022. MG Motor [...]
