India Relaxes Rules on FX Trade on Foreign Banks
(Bloomberg) Foreign banks can now resume profitable currency trade in India after the central bank loosened its grip on sovereign bonds. The Reserve Bank of India ruled that foreign sovereign…
India’s Service Sector Extends Contractions as Index Plunges to 41.2 in June
(IHS Markit) India’s service sector showed less signs of recovery from Covid-19, with the activity index falling further to 41.2 in June, from 46.4 in May. The decline in business…
India Could Welcome Largest IPO as Paytm Prepares Debut
India’s top digital payments Paytm hopes to raise 218 billion rupees or $3 billion in its planned year-end IPO, according to Bloomberg. If the offering succeeds, Paytm could be valued…
India’s Finance Ministry to Support Sectors Most Affected by COVID-19
India is making plans to introduce a stimulus package to support sectors hit by its worst coronavirus wave, according to Bloomberg. The package’s aim is to boost the economy as…
India Seeks Intervention in Taming Surging Price of COVID-19 Supplies from China
Indian envoys have urged China to help in stopping Covid-19 supplies price increases as India battles a surging second wave of the pandemic, according to SCMP. The increased prices coupled…
Facebook Enters into First Deal with CleanMax to Purchase Renewable Energy in India
Facebook has agreed to buy renewable energy in India from a local firm’s wind power project, according to Reuters. The 32 megawatt wind power project is part of a larger…
Goldman Downgrades India’s Growth by More than 2% as Covid-19 Bites
Goldman Sachs on Tuesday lowered India’s growth forecast for April-June quarter from 33.4% year-on-year to 31.3%, according to CNBC. The investment bank cited lower consumption and services activity due to…
Cryptocurrency Miners and Traders in India can Face Penalties
India will propose a law banning cryptocurrencies and penalizing anyone trading or holding the digital assets in the country, according to Reuters. The proposed law, one of the world’s strictest…