Industry

Technical Glitch Causes Inflation in Gold, Silver Import Data

By BPN News Desk January 10, 2025

The government has clarified that a technical error in data transmission led to the recent inflation in reported gold and silver import figures. The anomaly, which drew significant attention in economic and trade circles, has now been identified and rectified to ensure accurate reporting. Correcting the Discrepancy In an official statement, the government explained that

Finance

Microfinance Institutions Urge RBI to Relax Regulatory Norms

By BPN News Desk January 10, 2025

Microfinance institutions (MFIs) in India are appealing to the Reserve Bank of India (RBI) to relax certain regulatory norms that they believe are hindering their operations and growth. This request comes amid challenges faced by the sector in extending credit to underserved populations. Key Concerns Raised by MFIs Stringent Capital Adequacy Requirements: MFIs argue that

Finance

CII President Anticipates RBI Interest Rate Cut; Urges Budget Focus on Job Creation

By Editor - News Desk January 9, 2025

Sanjiv Puri, President of the Confederation of Indian Industry (CII), has expressed expectations that the Reserve Bank of India (RBI) will reduce benchmark interest rates in the coming month to stimulate economic growth. He emphasized the necessity for the forthcoming Union Budget 2025-26 to concentrate on job creation, particularly through targeted interventions in

Business

L&T Chairman Advocates for 90-Hour Workweek, Sparking Debate on Work-Life Balance

By Editor - News Desk January 9, 2025

In a bold and controversial remark, S N Subrahmanyan, Chairman and Managing Director of Larsen & Toubro (L&T), proposed that employees should work 90 hours a week, including Sundays, to boost productivity. His statement has stirred a widespread debate on the practicality of such expectations and its implications for work-life balance. The Controversial Statement

Industry

Weak Demand Leaves Half of India’s Mobile Manufacturing Facilities Idle

By BPN News Desk January 9, 2025

India’s mobile phone manufacturing sector is experiencing significant underutilization, with nearly half of its production capacity lying idle. This development comes despite substantial investments made under the government’s Production-Linked Incentive (PLI) scheme, aimed at boosting domestic manufacturing. Current Manufacturing Capacity and Production Levels

Finance

Finance Ministry to Review Flagship Schemes with Public Sector Banks Ahead of Budget

By Editor - News Desk January 9, 2025

In preparation for the Union Budget for the financial year 2025-26, the Finance Ministry has scheduled a meeting on January 15 with the Managing Directors and Chief Executive Officers of public sector banks (PSBs). The session, to be chaired by M. Nagaraju, Secretary of the Department of Financial Services (DFS), aims to evaluate the progress […]

Industry

ITC Warns of ₹21,000 Crore Annual Tax Loss Due to Smuggled Misbranded Cigarettes

By BPN News Desk January 9, 2025

ITC Ltd, India’s leading cigarette manufacturer, has raised concerns over the rampant smuggling of misbranded Indian cigarettes into the country. In a letter to the Union Finance Ministry, the company highlighted that this illicit trade results in an estimated annual tax revenue loss of ₹21,000 crore and may be financing organized crime networks. Smuggling Routes

Finance

Rupee Hits Record Low Amid Strengthened Dollar

By BPN News Desk January 9, 2025

The Indian Rupee has hit an all-time low against the US Dollar, reflecting heightened global economic uncertainties and domestic market volatility. The currency’s sharp decline has raised concerns among policymakers and market participants, with broader implications for inflation and trade. Dollar Strength and Market Volatility The rupee’s depreciation is primarily

Industry

Revised November Gold Import Data Shows Notable Trends

By BPN News Desk January 8, 2025

The gold import data for November has been revised, shedding new light on India’s trade patterns and the underlying economic factors influencing them. The updated figures highlight key trends in gold demand, trade balances, and the impact of regulatory measures on the precious metal market. Gold Imports Witness Adjustments The revised data reveals a notable […]

Business

U.S. Congressman Questions Biden Administration’s Investigation into Gautam Adani

By BPN News Desk January 8, 2025

A U.S. Congressman has expressed concerns over the Biden administration’s recent decision to investigate Indian billionaire Gautam Adani, suggesting that such actions could have implications for diplomatic relations between the United States and India. Background The U.S. Department of Justice and the Securities and Exchange Commission have initiated investigations