India's forex reserves to fall another $15 billion by end-2022: Report

India's fast-depleting foreign exchange reserves are likely to drop more than was predicted just a month ago by end-2022 as the Reserve Bank of India will continue to shield the rupee from the dollar's strength, a Reuters poll found. It touched a lifetime low of 83.29 per dollar on Oct. 20. India's forex reserves were forecast to fall to $510 billion from around $525 billion by the end of this year, the Oct. 28-Nov.

Fiscal deficit stands at 82.8% of full-year target in February: Govt data

India's fiscal deficit reached 82.8% of the full-year target by the end of February, according to data from the Controller General of Accounts. The deficit, which represents the gap between expenditure and revenue collection during the April-February period, amounted to INR14.53tn ($193bn). The government set a target of INR17.55tn or 6.4% of GDP for the full year 2022-23.

Over 226 crore Aadhaar authenticated this month: UIDAI

Over 226 crore (2.26 billion) Aadhaar authentication transactions have been carried out across a range of sectors in India, according to the Unique Identification Authority of India (UIDAI), which manages the country's biometric ID system. UIDAI said that more than 10.97 million numbers have been added to Aadhaar this month, indicating that residents are willing to keep their mobile numbers updated to access services. UIDAI has been requesting people link their Aadhaar number with their mobiles for communications purposes, and to access welfare services and voluntary services.

Why Richard Branson's Virgin Orbit is sacking 85% of its workforce

Virgin Orbit is to cut 675 jobs, or 85% of its workforce, as the space launch company struggles to secure funding three months after a failed launch. The company, founded by Richard Branson, expects to face $15.5m in charges related to the job cuts, with the majority taking place in Q1. In January, a mission by Virgin Orbit to launch the first satellites into orbit from Europe failed after a rocket's upper stage prematurely shut down.

Centre raises interest rates on small savings schemes. Check out rates

India's Ministry of Finance has increased interest rates on several small savings schemes, such as the National Savings Certificate, by 70 basis points from the next quarter of the financial year starting 1 April. The revision does not apply to the Public Provident Fund. Interest on Senior Citizens Savings Scheme will rise from 8% to 8.2%, for Kisan Vikas Patra it will increase from 7% to 7.2%, and the monthly income account scheme will rise from 7.1% to 7.4%. Interest rates for one through five-year time deposit, excluding four-year term, are also increasing.

Sensex rallies over 1,000 points to close at 59,000, Nifty in green at 17,360

The Sensex surged over 1,000 points to close at 59,000 while the Nifty ended in the green at 17,360. The rally was driven by gains in banking, financial, and realty stocks, with ICICI Bank, HDFC Bank, and Kotak Mahindra Bank among the top gainers. The positive sentiment was also boosted by strong global cues and a decline in COVID-19 cases in India.

From tomorrow, jewellery with only 6-digit HUID number to be sold. Details here

Starting April 1, India will only permit the sale of gold jewellery and artefacts with a 6-digit alphanumeric Hallmark Unique Identification (HUID) number, meaning that the existing system which allows for the sale of jewellery bearing four marks will no longer be used. HUID is a traceable code that is assigned to each item of jewellery at the time of hallmarking, and the new rule has been introduced to avoid confusion among customers. The sale of jewellery items both with and without HUID will continue to be permitted under the soon-to-expire norm, and the hallmarked jewellery already with customers will remain valid.

Asian economic recoveries losing steam, says World Bank

Recoveries in developing Asian economies have stalled due to low productivity, despite regaining ground lost during the pandemic, according to a World Bank report. The report stated that growth in the region, including China, will accelerate in 2023 after pandemic restrictions have been relaxed. However, the recoveries of other Asian economies, excluding China, will moderate due to rising inflationary pressures and growing household debt. The report stated that countries must boost innovation, productivity and set foundations for a greener recovery to spur sustainable growth.

China tech giant Huawei's profits plummet by 69% in 2022

Huawei's net profits for 2022 fell almost 69% to CNY35.6bn ($5.2bn), down from CNY113.7bn the previous year. The Chinese tech giant, which has been hit by US sanctions and global economic uncertainty, has moved to diversify revenue streams after sanctions hit its telecoms and smartphone businesses. Its 5G gear has been blocked in major markets including the US, the UK and Japan over security concerns. Huawei has denied allegations of sabotage and spying.

Sensex jumps over 1,000 points to 58,971, Nifty at 17,365

The Sensex surged over 1,000 points to 58,971 while the Nifty rose to 17,365.

These fired Google employees may get over ₹2 crore severance pay: Report

Google employees in Ireland who were laid off earlier this year as part of the company's cost-cutting measures could receive a severance package worth over $320,000. Of the 240 impacted employees in Ireland, 85 were in sales, 80 in tech and 75 in support services. Staff who have been with the company since it launched in 2003 are likely to receive the package. The company has cut 4.3% of its 5,500-strong workforce in Ireland.

Centre aims to internationalise rupee in foreign trade. Know the plan

India's new Foreign Trade Policy 2023 aims to push for the internationalisation of the rupee in foreign trades. The policy marks a departure from the tradition of setting five-year goals and focusing on the long-term. Instead, the policy will be updated as needed with no end date. The internationalisation of the rupee refers to the process of increasing cross-border transactions of Indian currency, particularly in import-export trades. It would allow for the international settlement of trade in Indian rupees in foreign trades, reducing India's dependency on the US dollar and increasing its bargaining power in international business.

Centre launches Foreign Trade Policy 2023, aims $2 trillion exports by 2030

India has launched a "dynamic and responsive" Foreign Trade Policy (FTP) that will be effective from April 1, without any sunset clause. The new FTP aims to achieve $2tn goods and services exports by 2030 while encouraging trade settlements in rupee and adhering to global principles that duties should not be exported. The policy will continue to adopt a consultative approach to resolve issues of trade and industry, with wider participation of states and districts in promoting exports from grassroots. The focus is on simplifying policies to facilitate exports of dual-use high-end goods and technology.

New tax slabs to LPG prices: List of changes from April 1

Several new financial rules come into effect for Indian taxpayers in April. The new income tax regime becomes the default for those who do not declare their choice, while non-government staff can now claim an encashment limit of INR25 lakh ($34,000) for leave travel allowance. Other changes include a removal of the 6% fee on National Stock Exchange equity trades, a replacement of the individual cap on commission payments for insurers with an overall cap on expenses and the increase of turnover limits for certain businesses from INR2 crore to INR3 crore.

Gold and silver prices on March 31: Rates of gold and silver rise. Check latest here

The price of gold increased on Friday, with 22-carat gold up by ₹30 to ₹5,500 per gram, and 24-carat gold up by ₹33 to ₹6,000 per gram, according to Goodreturns. The rates do not include additional levies, and buyers should contact local jewellers for the exact cost.

Opening bell: Sensex climbs to over 58,000, Nifty at 17,278

The Indian stock market opened on a positive note on September 13, with the Sensex climbing to over 58,500 and the Nifty reaching 17,246. This was driven by gains in IT, metal, and banking stocks.