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Tata Power and Asian Development Bank (ADB) have partnered to explore financing options for Tata Power's strategic projects in India. The potential investment of $4.25 billion will support projects focused on renewable energy, power infrastructure enhancement, and energy transition initiatives. This collaboration aims to advance India's clean energy capacity and modernize its power infrastructure.from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/GuOtATe
Goldman Sachs predicts India's economy will experience a cyclical slowdown, with GDP growth decelerating to 6.3 percent by 2025. Despite this, the country is expected to remain largely unaffected by potential US-China trade war disruptions. The Reserve Bank of India is anticipated to maintain a cautious monetary policy, with potential interest rate cuts totaling 50 basis points by mid-2025.
Gold prices in India soared by Rs 600 on Tuesday, reaching Rs 78,050 per 10 grams, fueled by strong global trends and wedding-season demand. Silver also saw a significant increase, rising by Rs 1,500 to Rs 93,500 per kg. Analysts attribute the surge to geopolitical tensions, a weaker dollar, and predictions of increased central bank gold purchases.
The Reserve Bank of India (RBI) has identified irregularities in gold loan disbursements. Lenders are now developing EMI options and term loan alternatives for gold-backed lending, moving away from the traditional bullet repayment method.
SBI Chairman CS Setty highlighted the shift in investment trends, attributing it to improved ease of business and digitalization. He acknowledged that banks haven't prioritized deposit mobilization adequately in recent years. Despite this, Setty expressed optimism about the future of bank deposits, anticipating their resurgence as income levels rise.
India's Finance Minister, Nirmala Sitharaman, emphasized the need for more affordable bank interest rates to stimulate economic growth. Her comments followed a surge in retail inflation driven by rising food prices, which impacted hopes for an interest rate cut by the Reserve Bank of India.
The Reserve Bank of India is launching a pilot program in 2025 to offer affordable data storage to financial institutions. This cloud platform, utilizing local IT firms, aims to provide a cost-effective alternative to foreign-dominated services and will be expanded in phases, focusing on smaller firms.
Finance Minister Nirmala Sitharaman announced the establishment of 500 new State Bank of India branches in 2025. She commended SBI's growth, highlighting its contribution to financial inclusion through initiatives like Jan Dhan Yojana and digital banking, serving a vast customer base exceeding the population of some countries.
The Reserve Bank of India suggests that municipal corporations can improve their financial health by charging appropriate user fees for services like water and waste management. This, along with transparent governance, can lead to better public services and improved urban infrastructure.
