Economy
Govt aims to secure Russian crude oil term deal by next financial year
Falling crude prices, shrinking global demand growth, and Rosneft's focus on India, make the timing right
 "Govt aims to secure Russian crude oil term deal by next financial year")
French economist Thomas Piketty for emulation of 20th-century wealth tax
India abolished wealth tax in 2015, holding that it had become burdensome to the administration without substantial collections
 "French economist Thomas Piketty for emulation of 20th-century wealth tax")
Statsguru: India faces growing financial risks from cybersecurity breaches
The number of digital financial frauds rose more than four times in FY24 year-on-year to comprise 80 per cent of all financial frauds
 "Statsguru: India faces growing financial risks from cybersecurity breaches")
India's import of Russian oil drops in Nov to lowest level since June 2022
India became the second biggest buyer of Russian crude oil since Moscow invaded Ukraine in February 2022, with purchases rising from less than one per cent
 "India's import of Russian oil drops in Nov to lowest level since June 2022")
Switzerland suspends MFN: What is the clause and its meaning for India?
Explained: What is the most favoured nation clause and why did Switzerland suspended it for India after the Nestle's 2023 Supreme Court ruling
 "Switzerland suspends MFN: What is the clause and its meaning for India?")
Capex to be decided according to country's need, says MoS Finance
Chaudhary noted that there is a special focus from the Prime Minister, and all ministries have been directed to reach their capex targets by March
 "Capex to be decided according to country's need, says MoS Finance")
Nestle tax ruling fallout: Switzerland suspends MFN status to India
India signed DTCs with Lithuania and Colombia in 2011, under which it provided a withholding tax of 5 per cent to both countries
 "Nestle tax ruling fallout: Switzerland suspends MFN status to India")
Less inequality can push growth, poverty alleviation in India: Piketty
Piketty advocated a wealth tax on Indian billionaires to finance social infrastructure
Public sector bank loan frauds: A 10% problem, but a 98% financial crisis
The finance ministry's ongoing efforts aim to strengthen fraud detection, improve the speed of investigations, and ensure accountability across the banking sector
 "Public sector bank loan frauds: A 10% problem, but a 98% financial crisis")
Higher tax will drive capital away, says CEA V Anantha Nageswaran
Rejecting the idea of a "billionaire tax" suggested by noted economist Thomas Piketty, Nageswaran said, "Not all problems can be solved through fiat"
 "Higher tax will drive capital away, says CEA V Anantha Nageswaran")
India's foreign exchange reserves decline to 5-month low of $654.8 billion
The RBI is expected to have sold net dollars worth $61.1 billion to protect the domestic currency
 "India's foreign exchange reserves decline to 5-month low of $654.8 billion")
Economists expect 25-basis point rate cut by RBI MPC in February meeting
Nomura economists have suggested that they expect a 25 bps rate cut in February, marking a belated policy pivot, and 100 bps in total cuts in this easing cycle
 "Economists expect 25-basis point rate cut by RBI MPC in February meeting")
CARE Ratings pares down India's FY25 GDP growth forecast to 6.5%
Sachin Gupta, chief rating officer at CARE Ratings, said that the first half of FY25 paints a picture of cautious optimism within India's corporate sector
 "CARE Ratings pares down India's FY25 GDP growth forecast to 6.5%")
As economy grows, Indian banks will have to expand dramatically: Kamath
Indian banks have a healthy return on equity (ROE) rate of 15 to 20 per cent, which is sufficient for the sector to grow and meet the capital requirements to 'bulk up'
 "As economy grows, Indian banks will have to expand dramatically: Kamath")
Forex reserves drop by $3.23 bn to $654.85 bn for week ended on Dec 6
The forex reserves had increased to an all-time high of USD 704.885 billion in end-September
 "Forex reserves drop by $3.23 bn to $654.85 bn for week ended on Dec 6")
India crosses $1 trillion in FDI since 2000; Mauritius tops the list
India's cumulative FDI inflows have crossed $1 trillion since 2000, with Mauritius leading the pack, followed by Singapore, highlighting the country's growing appeal as a global investment hub
 "India crosses $1 trillion in FDI since 2000; Mauritius tops the list")
Indian billionaires: The rise of the few sparks concern about equality
The super-rich increasingly hold more of the national income; their wealth has grown by 263% to $905.6 bn in a decade
 "Indian billionaires: The rise of the few sparks concern about equality")
Parliamentary panel recommends increasing wages under MGNREGA
It suggested that the number of minimum guaranteed working days under the scheme be increased to 150 days and called for parity in wages that the states pay under MNREGA
 "Parliamentary panel recommends increasing wages under MGNREGA")
RBI has a tough balancing act to do: Ficci's Harsha Vardhan Agarwal
Agarwal expresses confidence of pick up in private capex and opportunities arising out of US president-elect Donald Trump's tariff war
 "RBI has a tough balancing act to do: Ficci's Harsha Vardhan Agarwal")
India lays stress on 'transition period' for European Union green norms
India-EU FTA was launched in June 2022. Nine rounds of negotiations have already taken place
 "India lays stress on 'transition period' for European Union green norms")
