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Foreign lender HSBC India on Monday announced that it will lend USD 250 million to startups in the country. The bank did not specify the timeframe for disbursal of the amount The lending will be done to high-growth, tech-led startups in the third largest startup ecosystem in the world, the lender said in a statement. The lending, which comes amid increased focus on startups' debt needs by financial intermediaries locally and a 'funding winter' impacting equity funding to the sector, will be managed by the lender's commercial banking vertical. The commercial banking vertical in India had witnessed a 42 per cent jump in its profit for 2021 at USD 265 million as against USD 187 million in the year ago period. Loans to small and medium enterprises tripled to USD 1 billion in 2021 as against USD 300 million in 2018, the bank said. "...we recognise the need for startups to access finance to support their growth ambitions and scale up their business. This segment is poised for significa
Prime Minister Narendra Modi on Saturday said that the country's economic growth rate is over 8 per cent.Speaking at the release of the 10th installment of financial benefit under PM-KISAN, the Prime Minister said that the foreign investments, forex reserves, and GST collections are also at record high levels."Today the growth rate of our economy is more than 8 per cent. Record foreign investment has come to India. Old records have also been broken in the GST collection. We have also set new paradigms in the matter of exports and especially agriculture," said PM Modi.PM Modi said that it is time to start a "new vibrant journey" of the country's resolves in the year India will complete 75 years of independence."Today, as we are entering the new year, taking inspiration from our efforts of the past year, we have to move towards new resolutions. This year we will complete 75 years of our independence. This is the time to start a new vibrant journey of the country's resolves, to move ...
India remains an attractive destination for foreign direct investments (FDI) on account of healthy prospects of economic growth and its skilled workforce, according to a survey by Deloitte. A large proportion of international business leaders remain confident in India's short- and long-term prospects and are readying plans to make additional and first-time investments in the country, it said on Tuesday. "The survey, which questioned 1,200 business leaders of multinational corporations in the US, UK, Japan and Singapore, found that India remains an attractive destination for investments, scoring highly for its skilled workforce and prospects for economic growth," the survey - India's FDI Opportunity - said. India can target attracting greater FDI into seven capital-intensive sectors - textile and apparel, food processing, electronics, pharmaceuticals, vehicles and parts, chemicals and capital goods - that have contributed USD 181 billion of merchandise exports in 2020-21, it ...