The Government of India urged airlines to devise a mechanism to ensure reasonable airfares amidst a surge in ticket prices. During an hour-long meeting of the airlines advisory group, Civil Aviation Minister Jyotiraditya Scindia on June 5 expressed concerns about the sharp rise in airfares on specific routes. The Civil Aviation Ministry said a mechanism should be devised by airlines to ensure reasonable pricing within the high RBDs (Reservation Booking Designator) to be monitored by the Directorate General of Civil Aviation. The Union Ministry also stressed that airlines need to keep a
A Goldman Sachs report has said that the Bombay Stock Exchange (BSE) group of stocks has delivered a 16 percent rupee return on a 5-year rolling period over the past 20 years, which amounted to about 269 stocks that were multibaggers. Speaking on the report, Sunil Koul, the Asia Pacific Strategist for Goldman Sachs, underlined that upwards of half the Nifty 500 has generated more than 10 times the returns in the period. He said in the last two decades, India’s economy has increased seven times and developed a high investor appetite in terms of putting money into the country for the long
India’s internet economy is set to grow six-fold in the next eight years to reach $1 trillion by 2030, says a recent report by Google, Temasek, and Bain & Company. The report, ‘The e-Conomy of a Billion Connected Indians’ says that a continuous shift in consumer and merchant behaviour, matched with strong investor confidence, has led India into its ‘Digital Decade’ and put its internet economy on the path to reach $1 trillion from approximately $175 billion currently. Digital services have become vital to India’s 700 million plus internet users, including the 350-million
The amount of newly added renewable energy capacity in the world is expected to grow by one-third this year, said a report by the International Energy Agency (IEA). The total added capacity is likely to increase by a record 107 gigawatts from 2022 to cross 440 gigawatts, thanks to a strong deployment of solar and wind power generation systems, the report added. Growth in renewables has been accelerating in Europe due to the energy crisis, with the Ukraine war worsening global inflation, raising the prices of crude oil and other commodities. New policy measures are also driving significant
The Union Cabinet has approved the third revival package for BSNL with a total outlay of Rs. 89,047 crore. It includes the allotment of 4G/5G spectrum through equity infusion. The Union Cabinet chaired by Prime Minister Narendra Modi on June 7 approved the package. It allotted four spectrum bands – 700 MHz worth Rs 46,338.60 crore, 3,300 MHz for Rs 26,184.20 crore, 26 GHz for Rs 6,564.93 crore, and 2,500 MHz worth Rs 9,428.20 crore. The authorised capital of BSNL will be increased from Rs. 1,50,000 crore to Rs. 2,10,000 crore. The public entity has been facing intense competition from
Carbon dioxide over-emitters owe India an annual compensation of $1,446 per capita till 2050, and a yearly compensation equivalent to 66 percent of its GDP in 2018, says a new study published in the science journal Nature Sustainability. Industrialised nations of the Global North, such as the US and Germany, are responsible for 90 percent of excessive levels of carbon dioxide emissions and could be liable to pay $170 trillion in compensation to low-emitters such as India to ensure climate change targets are met by 2050. The researchers obtained remaining global carbon budgets for 1.5 de
Benchmark indices ended on strong note on June 7 with Nifty closing above 18,700 due to buying across the sectors. The Nifty 50 Index hit the highest level in over six months during intraday trade, with shares of Britannia and Nestle India hitting record high. Both Sensex and Nifty advanced on June 7, led by consumer stocks, ahead of the Reserve Bank of India’s monetary policy decision and on hopes of an interest rate pause by other major central banks. All the 13 major sectoral indices logged gains, with high weightage financials and information technology rising 0.3 percent and 0.4 per
Tata Consultancy Services (TCS) has been awarded a 10-year mandate to administer and enhance customer experiences for the Teachers' Pension Scheme in England and Wales. The Teachers' Pension Scheme is the second-largest public sector pension scheme in the UK with over 2 million members. TCS has been chosen by the Department for Education (DfE) to administer and improve customer experiences for the scheme. It will manage the scheme administration services using its future-ready, digitally enabled, omnichannel platform powered by TCS BaNCS™. The TCS platform will facilitate accurate adm
Unified Payments Interface (UPI) transactions in India are expected to reach 1 billion per day by the financial year 2026-27, accounting for 90% of the retail digital payments, said a report by PwC India. Calling it the UPI a “game-changer” in India’s digital payments ecosystem, PwC says since its launch in 2016 has gained massive acceptance, thanks to features such as instant transactions and credit to beneficiaries in real time; seamless integration of multiple use cases; using application programming interfaces (APIs); convenience in making payments due to interoperability; secure
Saudi Arabia has said that it will cut down in July the amount of oil it sends to the global economy by one million barrels per day (bpd), as the OPEC+ alliance of major oil-producing countries tackle failing oil prices and a looming supply surplus. The kingdom said on June 4 that it would make these production cuts next month to support the sagging cost of crude after two earlier production cuts by OPEC+ members could not drive prices higher. OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, reached a deal on output policy after seven hours o