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Monday,28-September-2020

Business

STPI-registered IT cos log Rs 4.21 lakh cr of exports in FY20

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Rupee

IT firms registered with the Software Technology Parks of India (STPI) have logged exports worth Rs 4.21 lakh crore during the financial year 2019-20.

According to Omkar Rai, Director General of STPI, the exports rose to Rs 4,21,103 crore in 2019-20 from Rs 52 crores in 1992-93.

“In the last three decades, the determined efforts of STPI in promoting IT industry and boosting software exports essentially reflect STPI’s commitment towards economic progress of the nation, and team STPI will unswervingly continue to fulfil the aspirations of the ‘New India’ in times to come,” said Rai.

In a recent event he also said that STPI has embarked on setting up over 21 domain-centric Centres of Excellence (CoEs) in collaborative manner across India.

STPI, an autonomous society under the Ministry of Electronics and Information Technology (MeitY), observed its 29th Foundation Day on Friday.

An STPI statement said that the $191 billion IT industry, comprising around over 18,000 firms that directly employ 43.6 lakh strong workforce, that contributes 8 per cent of GDP is a testimony to the STPI’s resolute performance in transforming Indian IT industry into a global outsourcing destination for software exports.

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Business

RBI MPC reschedules policy review meet

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Reserve Bank Of India

The Reserve Bank’s Monetary Policy Committee (MPC) meet for the penultimate policy review for 2020 has been rescheduled.

Earlier, the MPC was supposed to have met from Sep 29 to Oct 1.

“The meeting of the Monetary Policy Committee (MPC) during September 29, 30 and October 1, 2020… is being rescheduled,” the Reserve Bank said in a statement on Monday.

“The dates of the MPC’s meeting will be announced shortly.”

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Business

SBI waives processing fee on select retail loans

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State-Bank-of-India

To enlarge retail loans and online business, lending major SBI on Monday announced a 100 per cent waiver in the processing fee f or “Car, Gold, and Personal loans” availed through its integrated digital banking platform – YONO.

“The bank is offering the lowest interest rate starting from 7.5 per cent to customers opting for the car loan. They will also get 100 per cent o n-road finance on select models,” the lending major said in a statement.

“To enhance the availability and affordability of credit to individuals in the times of the current crisis, the bank is offering personal loans with lending rates as low as 9.6 per cent.”

According to the lending major, digital banking has increasingly gained momentum especially in the current scenario.

Besides, the bank gave a complete waiver on processing fees on home loans in approved projects.

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Business

Housing sales up 34% in July-September: JLL report

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Adarsh-Housing-society

India’s residential market got back to action as the lockdown restrictions eased in the third quarter of 2020. Housing sales, during the July-September quarter, jumped up 34 per cent compared to the April-June quarter, which was largely impacted by the nationwide lockdown, showed a report by JLL Research.

A total of 14,415 units were sold during the quarter ended September, as against 10,753 units sold during the previous quarter.

The report showed that Mumbai accounted for 29 per cent of the total sales during the period under review, while 22 per cent of sales was contributed by Delhi-NCR.

Growth in sales activity was also driven by stronger demand in Chennai, Hyderabad and Pune.

Ramesh Nair, CEO and Country Head, India, JLL, said: “We are feeling cautiously optimistic about the residential market, driven by sales volumes in Mumbai and Delhi. A combination of favourable factors such as low mortgage rates, attractive prices combined with developers’ lucrative payment plans together reinforce the longer-term potential of the sector. For end users, the next 12 months are ideal to buy a house.”

“In the subsequent quarters, the translation of demand into sales will primarily hinge on enhanced consumer confidence, which, in turn, depends upon the continued implementation of progressive government policies amidst the gradual revival of the Indian economy at large,” he added.

Residential market activity is also being supported by renewed interest from NRIs in Q3 2020, resulting in more pent up demand in the market and increased enquiries received by developers, the report said.

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