Indian Business

66% businesses surveyed paid a bribe in the last 12 months: Report

Around 66 per cent of business firms surveyed across 159 districts admitted that they paid bribes in the last 12 months, a report by online platform LocalCricles said on Sunday. The survey, which received 18,000 responses, found that 54 per cent were forced to pay bribes while 46 per cent paid voluntarily to expedite the process. "As many businesses would vouch anonymously, bribes remain a way of life when wanting to get government departments to speed up the permit or compliance process, even getting duplicate copy of the authority license or anything to do with property matters. 66 per cent of businesses surveyed paid a bribe in the last 12 months," the report said. Only 16 per cent of businesses surveyed claimed that they always managed to get work done without paying a bribe and 19 per cent said they "did not have a need" to do so. "Of businesses that paid bribes in the last 12 months, 54 per cent were forced to do so, while 46 per cent paid it for timely processing. This kind

How Social Entrepreneurship can Drive Businesses Towards Success

Deloitte eyes $5 billion revenue from Indian biz by 2030: South Asia CEO

Global accounting firm Deloitte is targeting a 4 times growth in its revenue from India business to USD 5 billion (about Rs 40,000 crore) by 2030 and become an "undisputed leader" in professional services, its South Asia CEO Romal Shetty said. Deloitte's India business revenue touched Rs 10,000 crore mark in 2023-24 fiscal (June 2023-May 2024), a growth of 30 per cent. "We are the fastest growing professional services firm of the country. We want Deloitte India revenues to be Rs 20,000 crore by 2027 and USD 5 billion by 2030," Shetty told PTI. He said Deloitte India contributed 10 per cent to the growth in global revenue, and 70 per cent to Asia Pacific's growth. Deloitte's aggregate global revenue grew 3.6 per cent to USD 67.2 billion for the fiscal year ended May 31, 2024. "We disrupted the marketplace in 2023-24 with Rs 10,000 crore revenue. Our aim is to become the undisputed leader in professional services, distinguished by our quality, brand, well-being, and scale. Success f

India business booming despite Western sanctions, says Russia's Sberbank

Sberbank's branch in India has offices in Delhi and Mumbai, as well as an IT centre in Bangalore

64% firms report ransomware attacks in India; 65% opt to pay ransom: Report

Cyber Security in India: A report by Sophos found that 65% of those hit by ransomware were inclined to pay the ransom to recover the data with the average cost for data being $1.35 million

Continuous transformation as business strategy

Transformation managers must go through the book to learn from these masters

Indian businesses saw 235,472 ransomware incidents from Jan-Dec 2023

In 2023, India witnessed ransomware attacks against different organisations - a major healthcare institution, government departments, Indian telecom company, as well as power and utility company

India's rising valuations prompt foreign companies to sell holdings

The companies are seeking to capitalise on India's equity valuations which are among the most expensive in the world after eight years of annual gains

About 30% of business applications have moved to cloud in India: Oracle

Kumar further added that today every customer across verticals like BFSI, telecom, retail, large or SMB etc., are discussing cloud and how fast they can do so

Ads take Blinkit past Zomato's food delivery business growth in Q3

According to Blinkit's top management, the platform is emerging as a preferred advertising platform for both large and emerging brands in the country

ONDC, Meta partner to empower small biz, upskill 500k MSMEs in next 2 yrs

The Meta Small Business Academy offers entrepreneurs and marketers a certification in digital marketing skills to grow on the Meta apps

ICC World Cup 2023: Local biz saw 400% hike in spending by foreign tourists

Quick-service restaurants in host cities saw an increase in spending by foreign tourists for three key matches - India vs Pakistan, India vs England, and the final clash between India and Australia

Connected lending: Influence of business houses likely to be curbed

According to industry experts, the term 'Regulated Entities' includes not only banks but is also expected to include other lending agencies like NBFCs and Co-operative banks

ToysRus expects Indian market to be among the top 5 in next 4-5 years

Prior to the BIS norms, India heavily relied on imports from China for these toys

Fear and cheer: The paradox of the Indian business scene

The point is that businessmen look to prosper; what they seek to minimise is uncertainty, which denotes risk. Beyond that they are politically agnostic, writes T N Ninan

72% Indian firms expect higher spending on travel, entertainment: survey

The survey commissioned by American Express found that a significant 72 per cent of Indian businesses foresee a notable upswing in B2B spending, surpassing the global average of 49 per cent

CRISIL Ratings places Vedanta under watch with negative implications

The agency mentioned that the ratings might be downgraded if Vedanta cannot reduce its end-of-year financial leverage to below 2.7 times through the asset monetisation route

Reliance Brands to acquire majority of Superdry's IP assets in India

In this JV, RBUK and Superdry will own 76 per cent and 24 per cent of the entity, respectively

Environmental risks outweigh operational risks for CXOs, finds study

The study is based on responses from 75 executives covering directors, managing directors, chief executive officers, chief technology officers and chief financial officers.

Indian embassies, consulates well-placed to help Indian businesses: Singh

Union Minister Rajkumar Ranjan Singh on Wednesday said that Indian embassies and consulates are well-placed to help the country's businesses explore new markets for exports. India's growth and prosperity are intrinsically linked to its ability to tap into global markets and focusing on the incredible products and services that it has to offer, Singh, the Union Minister of State for External Affairs said. Stating that India has representation in almost all the countries of the world, he said "Our embassies and consulates are equipped with commercial representatives." He said that they are "well-placed" to help Indian businesses explore new markets. "Trust, quality and assured supply are the key components for the long-term success of any export business," the minister said. Stating that India is looking to increase its exports to two trillion USD by 2030, Singh said "Our export target of 2030 will be equivalent to Brazil's or Canada's total GDP today." He expressed confidence that