NEW DELHI: The rise in UPI payments has helped reduce use of cash in India, a new paper by a team from IMF has said, while using proxies, such as cash withdrawal from ATMs and currency in circulation as a proportion of GDP.“Since its launch in 2016, UPI has grown quickly, while some proxies for…
Tesla will open its first showroom in India on Tuesday and begin deliveries as early as next month, people familiar with the matter said, as the Elon Musk-led electric vehicle maker looks to tap potential demand in the third-largest automobile market to counter slowing sales elsewhere.The opening of the Mumbai showroom will mark the formal…
Switzerland has completed the ratification process for the India-EFTA Trade and Economic Partnership Agreement (TEPA), paving the way for the landmark deal to come into force in October. The pact, signed in March after nearly 16 years of negotiations, aims to significantly reduce trade barriers and enhance investment flows between India and the four EFTA…
India’s net direct tax collections declined 1.34% year-on-year to Rs 5.63 lakh crore as of July 10, dragged down by a sharp surge in refunds, according to government data released on Friday. Gross tax collections — before adjusting for refunds — rose 3.17% to Rs 6.65 lakh crore during the period, reflecting an underlying improvement…
India Ratings and Research (Ind-Ra) has upgraded Reliance Infrastructure’s credit rating by three notches — from ‘IND D’ to ‘IND B / Stable / IND A4’ — on its non-fund based working capital limits, citing the company’s successful deleveraging to net zero debt and improved debt servicing record.The upgrade marks a significant improvement in the…
Silver prices in India surged to an all-time high on Friday, crossing Rs 1.11 lakh per kilogram in the spot market as investors turned to safe-haven assets amid deepening global trade frictions and expectations of a softer stance from the US Federal Reserve.On the Multi Commodity Exchange (MCX), silver futures moved past Rs 1.10 lakh/kg…
In a bid to improve toll plaza efficiency and prepare for upcoming digital tolling upgrades, the National Highways Authority of India (NHAI) has announced a stricter policy for blacklisting users of ‘loose FASTags’—those not affixed to vehicle windscreens.The NHAI said the move is crucial to ensure the authenticity of FASTags and the integrity of the…
Tesla will finally start selling its cars in India, with the Maharashtra RTO clearing the way for Elon Musk’s electric vehicle giant to open its first showroom in Mumbai and begin road trials and sales. The Elon Musk-led company is scheduled to inaugurate its first showroom at Bandra Kurla Complex (BKC) in Mumbai on July…
Defence sector stocks came under pressure on Thursday as investors booked profits following a sharp three-month rally. The Nifty India Defence Index dropped 2%, lagging the broader Nifty which ended 0.5% lower.Out of the 18 stocks on the defence index, 16 closed in the red. Bharat Dynamics was the biggest loser, falling 4.8% to Rs…
India’s foreign exchange reserves declined by $3.049 billion to $699.736 billion for the week ended July 4, according to data released by the Reserve Bank of India (RBI) on Friday.This comes after a sharp rise of $4.849 billion in the previous week, which had taken the reserves to $702.784 billion. The all-time high of $704.885…