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The Chinese smartphone manufacturer Vivo’s Indian subsidiary remitted 62,476 crore, or about 50% of its revenue, to China primarily to avoid paying taxes, the nation’s financial crime combating agency reported on Thursday. The Enforcement Directorate (ED) stated in a statement that “These remittances were made to disclose significant losses in Indian incorporated companies to avoid […]
Reliance Retail announced a long-term partnership with Gap Inc. on Wednesday to bring the iconic American fashion brand Gap to India. With this agreement, Reliance Industries’ retail arm has become the official retailer for Gap in India across all channels. Reliance Retail will introduce Gap’s latest fashion offerings to Indian consumers through a mix of […]
The Indian Institute of Management Ahmedabad conducted the 61st round of business inflation expectations survey (BIES) in order to predict the amount of slack in the economy by asking a panel of business leaders about their inflation expectations in the short and medium-term. Released on July 5, the BIES says “there are early signs of […]
An Indian American computer entrepreneur, detained on suspicion of scamming over 10,000 investors out of over $45 million, made headlines. Suspect Neil Chandran, the 50-year old resident of Las Vegas, Nevada, was arrested in Los Angeles, California. Police detained him on June 29 following the June 14 unsealing of an indictment from a federal grand […]
The value of the Indian rupee decreased further in relation to the US dollar, falling to 79.38 on July 5 as worries about a growing current account deficit gained traction. According to official figures released on July 4, the nation’s merchandise trade imbalance increased to $25.6 billion in June 2022, up 62 percent from June […]
Prime Minister Narendra Modi is expected to formally launch the operations of JPMorgan Chase, Deutsche Bank, and Japan’s MUFG Bank at the International Financial Services Centre (IFSC) on July 15, giving Gujarat the biggest push in becoming the Indian hub for global finance. Finance Minister Nirmala Sitharaman is expected to attend the event. These organisations […]
The States’ Startup Ranking 2021 has named Gujarat and Karnataka as the “best performers” in Category A, while Meghalaya has been named the “best performer” in Category B. Two categories, Category A and Category B, were used to categorise the states and union territories (UTs). States and UTs with populations exceeding one million falls into […]
The Directorate General of Civil Aviation (DGCA), on July 3 took a strong stand and demanded an explanation from IndiGo for massive flight delays throughout the country. The latest statistics show that the departure of the company’s 900 flights was delayed on Saturday. According to sources, this delay was caused because of not having enough […]
According to data released on Friday by the European Union statistics office Eurostat, the rate of inflation in the euro area the 19 countries that use the currency reached a new high of 8.6% in June, driven by soaring energy prices that were in part caused by Russia’s conflict in Ukraine. Since records have been […]
The Indian Finance Ministry announced a hike in the basic import duty of gold from 7.5 percent to 12.5 percent. According to some analysts, the decision was announced keeping in mind the tumbling Rupee and the country’s growing trade deficit as it widened to a record high last month. In a year, India’s trade imbalance […]
June 30 marks 15 years since Apple released what’s arguably its flagship device: the iPhone. A decade and a half later, there are few products that have managed to reach a similar level of brand recognition. Announced to an eager audience in 2007, the iPhone has revolutionised how we communicate and even how we live […]
The Business Reform Action Plan (BRAP) 2020 report was presented in front of Piyush Goyal, the Hon’ble Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman. Gujarat was identified in this study as one of the “Top Achievers” among all the […]
In a bid to recalibrate business priorities, Byju’s has opted the downsizing route. The online education provider has allegedly laid off 2,000 employees across its group companies as the unicorn looks to mitigate the effects of slowing demand after two years of hypergrowth, according to Indian media reports. The Byju Raveendran-led edtech platform has laid […]
Notwithstanding all the boost, GIFT City and several mega-crore projects launched in Gujarat, a recent report indicates that the state is lagging behind in development. The “trouble-shooter report” also lists ways to remedy the ills and effect an upward shift in the next five years. The detailed study, prepared by 12 senior IAS officers and […]
The Hurun Research Institute on Tuesday identified 122 future Unicorns in India from 25 cities as a part of the ASK Private Wealth Harun India Future Unicorn Index 2022. According to the list, Bengaluru is still the unicorn capital of India, with 46 unicorns, followed by Delhi NCR and Mumbai, which have 25 and 16 […]
The Goods and Services Act (GST) regime was introduced on the midnight of June 30, 2017, as suddenly as demonetisation was announced in November the previous year, but exactly five years down the line its complicated structure continues to flummox businessmen across the spectrum. It isn’t without reason that Supreme Court judge JB Pardiwala […]
Isha Ambani has been named chairman of the Reliance conglomerate’s retail unit in another sign that her father, Mukesh Ambani, is pushing ahead with a plan for succession in one of Asia’s richest families. Isha Ambani’s promotion follows that of her twin brother, Akash Ambani, who was appointed on Tuesday as Chairman of Reliance Jio […]
According to a report, nearly 39 percent of millennials own cryptocurrencies, which is higher than the percentage of those who own mutual funds and roughly equal to the number of millennials who own individual stocks. In the study conducted by the investment firm Alto, millennials between the ages of 25 and 40 who own cryptocurrencies […]
The rupee fell to a new low against the US dollar on Wednesday, as domestic stock markets fell and foreign investors continued to sell Indian equities. The Rupee depreciated 18 paise to close at a record low of 79.03 against the US dollar, at 79.03/$1 on Wednesday. During the Session, the rupee touched an all-time […]
The Maharashtra government’s Energy Department signed an MOU with Adani Green Energy Group Ltd (AGEL) to generate 11000 MW of green power over the next five years. According to a government statement, it would require an investment of Rs 60,000 crore and would employ 30,000 people. According to the agreement, AGEL will establish Pumped Storage […]
