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The pace of credit demand at mainstream lenders slowed to 12% in FY25 from 16% a year ago, reflecting the impact of regulatory curbs in sectors such as retail borrowing and unsecured exposures, the latest data on sectoral deployment of bank credit showed.Lending slowed across sectors including agriculture, infrastructure, retail and services. Loans to industry, however, remained flat during the year, showed the data published by the Reserve Bank of India (RBI).An assessment of the state of the economy released in the RBI's latest monthly bulletin attributes the slowdown in credit to the base effect as well. Lending to certain sectors like retail and services slowed following a regulatory clampdown on account of higher capital risks. Significantly, loans against gold jewellery surged, reflecting the near 50% rise in the metal's price on a rolling 12-month basis. Loans more than doubled, compared with 15% in the previous year. Loans to the renewable energy sector rose, with a gro...

In another move following the April 22 terrorist attack in Pahalgam that left 26 people dead, India closed its airspace to aircraft registered in Pakistan and those operated by Pakistani airlines. A NOTAM (Notice to Airmen) issued on Wednesday confirmed that Indian airspace will remain shut for Pakistani aircrafts from May 1 to May 23.PTI reported citing an official that the ban will be enforced from 12 am on Thursday.ET had reported on Tuesday that India was considering the move after Pakistan closed its airspace to Indian carriers on April 24th in retaliation to New Delhi’s steps post-attack. The decision, seen as part of a broader response to the attack, will impact flight operations of Pakistan International Airlines (PIA), which uses Indian airspace to access Kuala Lumpur for three flights a week. However, the move is seen as largely symbolic as the concerned flights from PIA have been avoiding the route through the Indian airspace since April 24th, two days after the attack. Offi...

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NEW DELHI: Veteran off-spinner Sunil Narine snapped up three crucial wickets in the space of seven balls to help Kolkata Knight Riders beat Delhi Capitals by 14 runs and keep their playoff hopes alive in the IPL here on Tuesday.Sent in to bat, KKR, who came into the game with three losses in their last five matches, managed to post 204 for nine, riding on a blazing start by their top-order batters.Chasing the total, DC were 62 for 3 in seven overs, but Faf du Plessis (62) and Axar Patel (43) kept them in the hunt with a 76-run partnership for the fourth wicket.However, Narine (3/29) picked up three key wickets at a crucial juncture to derail DC's chase, as the hosts were restricted to 190 for nine in their 20 overs to succumb to their third loss in four home games at the Arun Jaitley Stadium.With this win, defending champions KKR reignited their playoff hopes, though they remained at the seventh spot with nine points. DC stayed in the top four with 12 points.KKR skipper Ajinkya Rah...

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The Indian Premier League (IPL) has witnessed some of the most explosive batting performances in cricket history, and the race for the fastest century remains one of its most celebrated achievements. As the 2025 season unfolds, new names have entered the record books alongside some of the game's biggest legends.Vaibhav Suryavanshi's entry into this elite list at just 14 years of age is particularly noteworthy and is being hailed as one of the biggest stories of IPL 2025. Leading the list is Chris Gayle, who blazed to an unbeaten 175 off just 66 balls for Royal Challengers Bangalore against Pune Warriors India in 2013. Gayle reached his century in just 30 deliveries, a record that still stands as the fastest century in IPL history.Also Read: Vaibhav Suryavanshi smashes IPL's second fastest 100, rewriting history books at just 14 years of age Joining the elite list this season is 14-year-old Vaibhav Suryavanshi, who smashed a 35-ball century for Rajasthan Royals against Gujar...

New Delhi: Micro and small enterprises with up to 20 employees, across the manufacturing and services sectors, created the bulk of more than 20 million formal jobs under the Employees' State Insurance Corporation (ESIC) in 2024-25 till February.The provisional payroll date of ESIC, seen by ET, showed 20.9 million new registrations in the April 2024-February 2025 period, against 22.1 million in the entire 2023-24. New registrations averaged 1.9 million per month in 2024-25 and could touch a new high of 22.8 million for the entire fiscal.The data, however, does not reflect the number of people who exited the formal job market or switched jobs.120706571A senior government official told ET that the surge in new registrations under the ESIC was primarily because of rapid expansion coverage to newer districts and improved services offered, prompting companies and workers to come under its fold.According to the official, most registrations were from small and medium enterprises with up to...

The Indian Premier League (IPL) has witnessed some of the most explosive batting performances in cricket history, and the race for the fastest century remains one of its most celebrated achievements. As the 2025 season unfolds, new names have entered the record books alongside some of the game's biggest legends.Vaibhav Suryavanshi's entry into this elite list at just 14 years of age is particularly noteworthy and is being hailed as one of the biggest stories of IPL 2025. Leading the list is Chris Gayle, who blazed to an unbeaten 175 off just 66 balls for Royal Challengers Bangalore against Pune Warriors India in 2013. Gayle reached his century in just 30 deliveries, a record that still stands as the fastest century in IPL history.Also Read: Vaibhav Suryavanshi smashes IPL's second fastest 100, rewriting history books at just 14 years of age Joining the elite list this season is 14-year-old Vaibhav Suryavanshi, who smashed a 35-ball century for Rajasthan Royals against Gujar...

US President Donald Trump suggested Sunday that his sweeping tariffs would help him reduce income taxes for people making less than $200,000 a year, as public anxiety rises over his economic agenda.Trump has previously argued that tariff revenue could replace income taxes, though economists have questioned those claims. "When Tariffs cut in, many people's Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year," Trump said Sunday on his Truth Social network.In a matter of weeks, Trump's tariffs have roiled the global economy, led to fears of higher prices for Americans and led to warnings that his policies will lead to a recession. A CBS News poll released Sunday said 69% of Americans believe the Trump administration wasn't focused enough on lowering prices. Approval of Trump's handling of the economy in the poll declined to 42% compared with 51% in early March. Trump wants to exten...

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Mumbai: The US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) are awaiting India's response to a request seeking assistance to serve notices on Gautam Adani and Sagar Adani in a securities fraud and bribery case, according to a status report of the case filed in a New York court.The SEC in February sought help from India's Ministry of Law & Justice to serve 'Notices of Lawsuit' (informing the parties about the filing of a lawsuit) and 'Requests for Waiver of Service of Summons' (requesting the defendants to voluntarily receive legal documents) on the Adani Group chairman and his nephew. The assistance was sought under the Hague Service Convention, which facilitates legal cooperation in cross-border cases.The ministry had "confirmed" receiving the request and directed "relevant judicial authorities in India to attempt to serve" them."In advance of this status report, the SEC sought additional updates from...

New Delhi: The Central Board of Indirect Taxes & Customs (CBIC) has notified comprehensive rules for the Goods and Services Tax (GST) Appellate Tribunal, with effect from April 24, outlining the procedures for filing, management and adjudication of appeals, and set out the powers, duties and functions of the tribunal. The rules say that all appeals must be filed online through the GSTAT portal, while the hearing can be in-person or online, as approved by the tribunal president. from Economic Times https://ift.tt/QaI40Vf

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US President Donald Trump on Friday told reporters his administration will be reasonable as it enacts tariffs, adding that he thinks financial markets are adjusting to his tariff policy. from Economic Times https://ift.tt/tLCrSfE

NEW DELHI: National Investigation Agency is probing six cases under the Unlawful Activities Prevention Act (UAPA) against the banned The Resistance Force (TRF), an offshoot of the banned Lashkar-e-Taiba. The outfit, according to the ministry of home affairs, came into existence in 2019 after the abrogation of Article 370 and was banned by MHA under UAPA in 2023.TRF's activities started in 2020-21 following which the first case regarding recovery of improvised explosive devices from a LeT terrorist in Bathindi in Jammu was registered on June 27, 2021. "Investigation revealed that Pakistan-based handlers of proscribed terror outfit LeT and their associates based in J&K had conspired to cause extensive terror activities. They had planned that responsibility for the terrorist acts so committed would be taken by the pseudo-acronym TRF to maintain plausible deniability and evade," explained a senior official.After NIA took over the case later that year, two TRF operatives -...

KOLKATA: The Reserve Bank of India may have found lapses in the operations of microfinance company Spandana Sphoorty Financial, which announced an abrupt top management rejig earlier this week, two people aware of developments alleged.The two events may be related, they said.During a nearly three-week-long inspection conducted sometime during October-November last year, RBI unearthed unreported frauds from the ground and was annoyed with the top management for this lapse, they alleged.The people cited said the regulator found mismatch in reported cash balances in several branches and is scrutinising the management role in it."I have resigned on personal accord to pursue opportunities outside. All cash has been accounted for," outgoing managing director Shalabh Saxena told ET. He tendered his resignation on Wednesday.The Spandana board on Wednesday appointed chief financial officer Ashish Kumar Damani as the interim chief executive of the company. Saxena will continue to assis...

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Mumbai: Uncertainty over US tariffs and global macroeconomic headwinds have slowed down the hiring momentum at pharmaceutical and healthcare global capability centres (GCCs) in India, which has been emerging as a global innovation hub for multinationals, playing a pivotal role in advancing clinical research and drug discovery. The flip-flops on tariffs by the Donald Trump administration, which has suspended the imposition of reciprocal tariffs across sectors by 90 days for now, may lead to a 6-7% hit on net talent addition in this financial year, according to experts, who attributed the decline to companies adopting a wait-and-see policy until more clarity emerges."We have observed a slowdown in talent demand since the middle of March due to tariff related uncertainty and macroeconomic reasons," said Kapil Joshi, CEO, Quess IT staffing. Companies are cautious about large transformational projects and discretionary spend and would prefer to wait till clarity on the macroeconom...

As part of a top-level bureaucratic reshuffle, the Appointments Committee of the Cabinet named three new secretaries to the Finance Ministry with IAS officer Arvind Shrivastava, additional secretary at Prime Minister's Office, as the new Revenue Secretary.Shrivastava, a 1994 batch Karnataka cadre Indian Administrative Service (IAS) officer, is currently working as Additional Secretary in the Prime Minister's Office. Civil Aviation Secretary Vumlunmang Vualnam has been named as Secretary, Department of Expenditure. He succeeds Manoj Govil, who has been appointed as Secretary (Coordination), Cabinet Secretariat.Additionally, the committee has appointed IAS officer Anuradha Thakur as Officer on Special Duty, Department of Economic. Vivek Aggarwal, a 1994 batch IAS officer of Madhya Pradesh cadre, has been appointed as Secretary, Ministry of Culture. Aggarwal is currently Additional Secretary in the Department of Revenue. He is also holding the charge of Director, Financial Intelli...

The inaugural Indian Premier League (IPL) season was held in 2008, a year after the first T20 World Cup, and has since grown into a global cricketing phenomenon. It has led to a kind of revolution in the shortest format of the game, also giving overseas players a chance to experience Indian conditions.Eight city-based franchises took part in the first edition, Mumbai Indians (MI), Chennai Super Kings (CSK), Kolkata Knight Riders (KKR), Rajasthan Royals (RR), Delhi Daredevils (now Delhi Capitals), Royal Challengers Bengaluru (RCB), Kings XI Punjab (now Punjab Kings), and Deccan Chargers (DCH). Deccan Chargers were replaced by Sunrisers Hyderabad (SRH) in 2013. Rajasthan Royals won the first IPL trophy. The tournament made an instant impact, blending competitive cricket with entertainment to capture the imagination of fans in India and beyond. The opening night set the tone when Brendon McCullum lit up the M. Chinnaswamy Stadium with an unbeaten 158 off 73 balls for KKR against RCB, hitt...

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New Delhi: India's drug regulator has ordered companies to stop manufacture and sale of 35 fixed dose combinations (FDCs), saying they compromise "patient safety" and "may lead to adverse reactions."The Drug Controller General of India (DCGI) has also asked state and union territory drug controllers to review their approval process for combination drugs and ensure strict compliance of legal provisions, health ministry insiders told ET.The move comes amid increasing worries over FDCs flooding the market without being tested for safety and effectiveness over the past two years, they said.FDCs-medicines that combine two or more drugs into a single dosage-are commonly used for pain relief, fever, hypertension, heart attack and stroke.120355911Some of the extensively prescribed FDCs in the banned list include dapagliflozin + glimepiride + metformin for diabetes, cilnidipine + metoprolol succinate for hypertension, and dextromethorphan hydrobromide + phenylephrine hyd...

The uncertainty kicked up by Donald Trump's stop-start tariff rollout will undoubtedly hit growth, the president of the World Bank said Wednesday, ahead of next week's semi-annual meeting of global financial leaders in Washington."Uncertainty and volatility are undoubtedly contributing to a more cautious economic and business environment," Ajay Banga told reporters, alluding to the market turbulence unleashed by the new US administration's tariff policy. This uncertainty would "certainly" cause slower growth than previously anticipated, he added during the virtual event. The World Bank and International Monetary Fund's (IMF) Spring Meetings kick off on Monday, with the Bank keen to promote its agenda to drive job creation in developing and emerging market economies. But the gathering of finance ministers and central bankers will take place against a challenging international backdrop, with US President Donald Trump's tariff policy threatening to ...

India's retail inflation declined to 3.3% year-on-year in March, lowest since August 2019, driven by a fall in food prices, official data released Tuesday showed. This marks a drop from 3.6% in February and the second straight month of inflation remaining below the Reserve Bank of India's (RBI) 4% target.The decline follows the RBI's monetary policy committee (MPC) decision to cut the policy rate by 25 basis points to 6%. Experts anticipate additional rate cuts this year, potentially bringing the repo rate down to 5.50%."The high base effect has helped to moderate the inflation numbers and this comfort will be there for the next 3-4 months," said Madan Sabnavis, chief economist at Bank of Baroda.120320355On a fiscal year basis, inflation declined to 4.6% in FY25 from 5.4% in FY24.Last week, the central bank revised its inflation forecast for FY26 to 4% from 4.2% earlier."Sustained seasonal correction in food prices led to the moderation in headline inflation ...

Global air traffic is nearing full recovery, with Hartsfield-Jackson Atlanta International Airport retaining its position as the world’s busiest in 2024, followed by Dubai International and Dallas Fort Worth. Delhi’s Indira Gandhi International Airport continues to hold a strong position, as per preliminary rankings released by Airports Council International (ACI) World.Passenger traffic worldwide is estimated at nearly 5 billion in 2024, marking a 9% rise over 2023 and surpassing pre-COVID levels of 2019 by 3.8%. The top 10 airports accounted for 855 million passengers, or about 9% of global traffic.The current data is based on reports from over 2,700 airports and gives an early glimpse into global air traffic patterns. Final rankings will be confirmed in July 2025, based on updated traffic data compiled by ACI World.Top 10 Busiest Airports in the World by Passengers (2024) (Total passengers enplaned and deplaned; transit passengers counted once) Rank 2024Airport (Code)CountryPassenge...

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Oil prices are unlikely to fall dramatically to the levels seen in 2015-16, which benefited India immensely, as uncertainties around US tariffs are likely to clear in two-three months, and producers may resort to supply cuts to arrest a free fall in prices, said the finance chief of Bharat Petroleum Corporation Limited (BPCL).These are "good times" for oil marketing companies, BPCL director-finance Vetsa Ramakrishna Gupta told ET in an interview, referring to the large cash generation and margin boost that lower crude prices bring. Despite US sanctions, Russian oil is "still more commercially viable" than others, and BPCL is facing no issue in sourcing it or paying for it, he said. Oil prices are likely to stay in the $60-65 per barrel range for the next two-three months and may inch to the $65-70 range after the tariff uncertainties fade, Gupta said. The baseline tariff issue between the US and major countries is likely to be resolved during this period, he said. R...

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New Delhi: Nuclear Power Corporation of India Ltd (NPCIL) has received interest from other central public sector undertakings (PSUs) for jointly developing nuclear power plants. Indian Oil Corporation, which already has a joint venture with the nuclear power producer Neyveli Lignite Corporation, and the Indian Railways have shown a willingness to join the bandwagon, said NPCIL chairman and managing director Bhuwan Chandra Pathak.Many states are also interested, particularly in having a minor stake in such a project.120261284"We are going to have tie-ups, maybe with other central PSUs also. They are interested. We already have a joint venture with Indian Oil Corporation. We need to operationalise that as there is growing interest now," Pathak told ET.States are interested in minor stakes and that would be the best model for NPCIL because to set up a nuclear power plant, a very strong support from the state government is needed, he said."In some way, if they (states) are c...

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A Russian missile struck a warehouse of an Indian pharmaceutical company in Ukraine on Saturday, the Ukrainian embassy in India said. In a social media post, the mission alleged that Moscow is deliberately targeting Indian businesses, destroying medicines meant for children and the elderly. "Today, a Russian missile struck the warehouse of Indian pharmaceutical company Kusum in Ukraine," the Ukrainian embassy said. "While claiming "special friendship" with India, Moscow deliberately targets Indian businesses - destroying medicines meant for children and the elderly," it posted on X. No further details are immediately available. from Economic Times https://ift.tt/FZOXSzn

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The ICC Men’s T20 World Cup 2024 provided a significant economic boost to host nations USA and the West Indies, generating a total economic impact of $1.66 billion, according to a report released by the International Cricket Council (ICC).Held from 1 to 29 June 2024, the World Cup featured 55 matches across nine venues. In the USA, games were staged in Nassau County (New York), Grand Prairie (Dallas), and Lauderhill (Florida), while in the West Indies, matches took place in Antigua and Barbuda, Barbados, Guyana, Saint Lucia, St Vincent and the Grenadines, and Trinidad and Tobago.The ICC Men’s T20 World Cup 2024 Economic Impact Assessment was conducted by Nielsen. The information was supplied by ICC and Cricket West Indies, gathered via online and in-person spectator surveys, and the multiplier is proprietary software by Nielsen Sports.The event proved to be a catalyst for growth, with investments in transport infrastructure, hotel facilities, and stadium enhancements delivering direct ...

Mumbai: The subsea cable industry has called on the government to decongest the landing station at Versova in Mumbai, where 15 out of 17 international cables are landed in a 6 km stretch, as India prepares to ready infrastructure to cater to the surging growth in demand for data.In its recommendations to the telecom department (DoT), the industry, through lobby body Broadband India Forum (BIF), has highlighted that the concentration at Versova creates heavy risk of cuts and failures.India has 17 subsea cables (3% of the global total of 559) and 14 cable landing stations (CLS) on the mainland (less than 1% of the 1,636 CLS locations worldwide). A CLS is a facility located on the coast where sea cables carrying international traffic connect with terrestrial telecom networks. India is expected to see a jump in the need for CLS. Subsea cables carry 99% of the world's internet traffic and are emerging as critical infrastructure to address the surging demand for data in India. from Eco...

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Prime Minister Narendra Modi is likely to pay a two-day visit to Saudi Arabia in April to explore ways to shore up cooperation in areas of trade, investment, energy and defence, people familiar with the matter said on Tuesday. The two sides are also expected to deliberate on the regional security scenario as well as the proposed India-Middle East-Europe Economic Corridor (IMEC), they said. The prime minister is likely to travel to Saudi Arabia in the third week of April in what would be his first visit to the influential Gulf nation after a gap of around four years. In November last, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud visited India that saw both sides discussing avenues to strengthen their strategic partnership, especially in the areas of trade, investment, energy, defence, security and culture. The overall ties between India and Saudi Arabia have been on an upswing in the last few years. The Gulf nation has a 2.6 million-strong Indian community and it is considere...

NEW DELHI: As the southern states spar with the Centre over the imposition of Hindi, Andhra Pradesh has decided to completely overhaul its school education system aligning it with the National Education Policy (NEP) with a major thrust on play-based learning for foundational classes, guaranteed age and grade appropriate foundational education in primary classes and tech-driven personalised assessment to fill learning gaps.With the Annual Status of Education Report (ASER) 2024 showing major learning gaps among students in Andhra Pradesh schools, the government has decided to introduce Learning Excellence in Andhra Pradesh. The most immediate step in the new academic session starting in June will be remedial classes for all students starting Grade 6 in Andhra's government schools. The first two months will be spent in teaching basic maths, science and languages to ensure all students are at the same age-appropriate level.The ASER 2024 report had found that about 81.1% of Grade 2 stud...

India is studying reports of a Chinese plan to build an airfield in Bangladesh's Lalmonirhat district which will emerge as a challenge for New Delhi's security interests along the eastern border, including the Chicken's Neck area.The proposed airfield might have figured during Bangladesh interim regime's chief adviser Md Yunus visit to China, though there is no reference to the project in official documents, ET has learnt.Lalmonirhat is strategically located in northwestern Bangladesh, closer to Jalpaiguri and Coachbehar districts of West Bengal. The Chicken's Neck is geographically closer to the area. It is a narrow stretch of land in West Bengal that connects the northeastern states to the rest of India and is bordered by Nepal, Bangladesh, Bhutan and China. The Indian military has a strong presence in the area.While no Chinese air force fighter jet has been stationed in India's eastern neighbourhood so far, any such proposal has serious security implications ...

The Waqf (Amendment) Bill, 2025, has officially become law after President Droupadi Murmu gave her approval on Saturday. This happened just days after both Houses of Parliament passed the Bill following long and heated debates.The Rajya Sabha passed the Bill early Friday morning with 128 votes in favour and 95 against, after almost 12 hours of discussion. The Lok Sabha had already passed it earlier in the week.Prime Minister Narendra Modi welcomed the new law, calling it a “watershed moment”. He said the waqf system had been lacking in transparency and accountability for a long time. “This legislation will boost transparency and safeguard people’s rights,” he posted on X.The new law aims to improve how waqf properties are managed. It also promises to bring more openness in dealings and ensure that various Muslim groups are represented on waqf boards. Other goals include protecting heritage sites, supporting welfare programmes, and helping marginalised communities, such as Muslim widows...

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