Category: Corporate

India is preparing to host the Global IndiaAI Summit 2024 in New Delhi on July 3-4. This prestigious event, organized by the Ministry of Electronics and Information Technology, aims to bring together international experts in artificial intelligence to foster collaboration and knowledge exchange. The summit underscores India’s commitment to ethical and inclusive AI development. A Confluence of Experts The Ministry of Electronics and IT has announced that the summit will be a significant convergence for stakeholders from various sectors, including science, industry, civil society, governments, international organizations, and academia. These…

India is likely to see an outflow of at least 6,500 high-net-worth individuals in 2023, slightly lower than last year’s figure of 7,500, according to the Henley Private Wealth Migration Report, 2023, which tracks wealth and investment migration trends worldwide. ‘Millionaires’ or ‘high-net-worth individuals (HNWIs) refer to those with investable wealth of $1 million or more. This places India as the country with the second-highest outflow of HNWIs globally, next only to China (net loss of 13,500).  The report ranks the UK (3,200) and Russia (3,000 ­vs 8,500 in 2022 following…

Several foreign funds investing in the Gautam Adani-led Adani Group have come under the scanner.  These funds have refused to identify their beneficial owners on grounds of client confidentiality and foreign privacy laws.   SEBI has sought ownership information from these foreign funds vested in the Adani Group.  SEBI asked for six more months from the Supreme Court to complete its investigation into the Adani Group.   The Congress said it hopes SEBI will use all means at its disposal to get clarity about the ultimate beneficial ownership of foreign…

The GST collection in April touched an all-time monthly high of Rs 1.87 lakh crore, rising by 12 percent compared to in April 2022.  In April, the revenue from domestic transactions was 16 percent higher than the revenue from the same sources during the same month last year.  This buoyancy was also reflected in the April collections from states, which stood at Rs 1.51 lakh crore as against 1.30 lakh crore in April 2022.  PM Narendra Modi lauded the highest-ever monthly GST collection as “great news” for the Indian economy. …

India has become Europe’s largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude.  Russian crude oil arrivals to India are expected to surpass 2 million barrels a day in April, representing almost 44% of the nation’s overall oil imports.  Russia emerged as a major supplier to India for the first time in 2022-23 (FY23) after it started giving oil at discounted rates amid the Ukraine war.  Europe’s refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead…

A News agency reports that Vinod Adani, the elder brother of Gautam Adani whose role was also questioned by short-seller Hindenburg, may be far more important in shoring up Adani’s mining project in Australia, resigned from three key companies’ . These resignations happened just days before India’s Supreme Court ordered a committee to probe if regulators had failed to oversee Adani Group. It has been reported earlier that The Securities and Exchange Board of India is examining whether some transactions between the group and Vinod were properly disclosed. Vinod stepped…

The largest manufacturer of locomotives and rail equipment in Russia, has won a global bid to produce, supply and maintain 120 Vande Bharat express trains for the Indian Railways. The total value of the contract could be as much as $6.5 billion. The report said that everything will be built in India to boost the make-in-India campaign . The production of the trains will be localised at Marathwada Rail Coach Factory, Latur, Maharashtra. The delivery of the trains is expected to take place between 2026 to 2030. The train, equipped…

Vehicle leaders Maruti Suzuki India and Hyundai Motor saw their market share dip in FY23 as compared with FY22. Tata Motors, Mahindra & Mahindra and Kia India witnessed an increase in their market share based on the retail sales last fiscal. Maruti Suzuki faced a shortage of electronic components. Hyundai Motor India saw an increase in retail sales however, its market share dropped to 14.51 per cent. Mahindra & Mahindra recorded a market share of 8.94%, Toyota Kirloskar Motor and Skoda Auto Volkswagen Group also saw a rise in market…

The second meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) under the Indian G20 Presidency was held on 12-13 April 2023, on the margins of the 2023 Spring Meetings of the International Monetary Fund and the World Bank Group. Union Finance Minister Smt. Nirmala Sitharaman, and Governor, Reserve Bank of India (RBI), Shaktikanta Das jointly chaired the meeting. The meeting saw participation of around 350 delegates from G20 members, 13 invitee countries, and various international and regional organisations.   The meeting was organised in three sessions covering the…

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in a high-level Event on Sri Lankan debt issues on the sidelines of International Monetary Fund (IMF)- World Bank (WB) Spring Meetings in Washington D.C today.   Mr. Suzuki Shunichi, Finance Minister of Japan and Mr. Emmanuel Moulin, Director General of the Treasury, France, and Mr. Shehan Semasinghe, State Minister of Finance, Sri Lanka, were present in the meeting. Mr. Ranil Wickremesinghe, President and Minister of Finance of Sri Lanka, participated virtually. The purpose of the event was to demonstrate the…