Tuesday, March 10
India and New Zealand should set a target to double their bilateral trade over the next five years, according to think tank GTRI. The body has recommended cutting import duties, deepening cooperation in agriculture, and improving connectivity through more direct flights and simpler visa norms. The suggestions were made on Sunday as the two countries move closer to finalising a comprehensive free-trade agreement.
Elon Musk has secured a significant legal victory as the Delaware Supreme Court reversed a lower court's decision, reinstating his $55–56 billion Tesla pay package. The court found the original ruling went too far in cancelling the compensation, despite acknowledging concerns about Musk's influence over the company.
Corporation tax collections have surpassed personal income tax collections. This has led to a growth of 4.2% in gross direct tax collections until mid-December. The overall tax kitty has crossed Rs 20 lakh crore. This development signals strong corporate earnings. However, a fall in refunds has resulted in an 8% rise in net direct tax collections.
The Indian rupee experienced its strongest single-day gain since May, closing at 89.27 per dollar, up 97 paise. This rebound followed a period of record lows, driven by aggressive Reserve Bank of India intervention and corporate dollar inflows. The central bank's proactive measures appear to have countered speculative attacks, shifting the short-term outlook for the rupee.
Adani Group plans a massive Rs 1 lakh crore investment in aviation infrastructure over five years, aiming to bid for a dozen airports. This expansion, funded by debt and equity, includes new terminals and facility upgrades. The group, already a major player, is preparing its airport business for a potential 2030 listing, focusing solely on domestic growth for now.
Gautam Adani's conglomerate is making a significant foray into hospitality, planning over 60 hotels across its airports and real estate. This ambitious move aims to diversify revenue streams beyond aeronautical income, positioning Adani Group as a major competitor to established players like Taj and ITC Hotels. Navi Mumbai is set to be a key development hub for these new ventures.
The Reserve Bank of India's central board has approved a shift to a risk-based pricing system for deposit insurance, moving away from the current uniform premium. This reform will allow better-rated banks to pay lower premiums, while weaker institutions will face higher charges, reflecting their financial strength.
