AIIB approves $160 mn loan for Indian power project

The Asian Infrastructure Investment Bank (AIIB) has approved a loan of $160 million to finance a power project in India, the bank said on Wednesday.

The project, co-financed with the World Bank, is part of the government's "24x7 Power for All programme" and will strengthen the power transmission and distribution system in Andhra Pradesh, Xinhua news agency reported.

CBI swoops down on Mumbai IT Commissioner, 6 others for graft

The CBI raided the residences of an Income Tax Commissioner and at least six other senior officials here on Wednesday morning, official sources said.

The Central Bureau of Investigation team recovered large amounts of cash, investment details and other incriminating documents from their homes in south Mumbai and other places, the sources added.

The accused shall be placed un

Prakash Javadekar launches Vidya Veerta Abhiyan

Union Minister of Human Resource Development Prakash Javadekar has launched the Vidya Veerta Abhiyan. He was accompanied by Minister of State for Defence Subhash Ramrao Bhamre, writer Tarun Vijay, senior officers from the Indian Army, the Air Force and Navy Lt. General Sarat Chandra, Air Marshal H.N. Bhagwat, Rear Admiral K.K. Pandey, Paramveer Chakra recipient Grenadier Sanjay Kumar and Subeda

India welcomes Turkish cos to invest in India, says President

India welcomes Turkish companies to invest in India - especially in the infrastructure sector where they have exceptional expertise, says Pranab Mukherjee, the President of India. Turkey president Recep Tayyip Erdogan and Emine Erdogan has come for the first state visit to India.

Welcoming the President of Turkey on his first state visit to India, the President said he was happy to no

Prime Minister reviews GST roll-out preparedness

Prime Minister Narendra Modi on Tuesday held a high-level meeting with key officials from the Finance Ministry to review the preparedness to roll out the Goods and Services Tax (GST).

According to highly placed sources, Prime Minister Modi met Finance Minister Arun Jaitley and senior officials from the Revenue Department including Revenue Secretary Hasmukh Adhia to review the progress

Madhya Pradesh switches to January-December fiscal pattern

With the Madhya Pradesh government on Tuesday deciding to part ways with the conventional April-March financial year pattern to adopt the January-December period as the new fiscal, it became the first state to break away from the age-old tradition.

At a high-level meeting, Chief Minister Shivraj Singh Chouhan announced that the next budget session would begin from January, according t

India to launch new IIP series with 2011-12 base year on May 9

India will unveil a new series of Index of Industrial Production with a base year 2011-12 on May 9 with an aim to map economic activities more accurately, reported PTI. The new series for Index of Industrial Production (IIP), which captures industrial activities on monthly basis, will be launched by Chief Statistician and MOSPI Secretary T C A Anant, an official said.

A high-level pan

Fitch affirms India's rating at 'BBB-', outlook stable

Global ratings agency Fitch on Tuesday affirmed India's long-term foreign and local currency ratings at 'BBB-', the lowest investment grade, but said the outlook is "stable".

Further, the rating agency said it expected India's real Gross Domestic Product to grow at 7.7 per cent during 2017-18. 

"India's positive GDP growth outlook stan

Gradual recovery, neutral near-term policy stance likely: Nomura

The Indian economy is expected to witness gradual recovery with growth likely to bounce back to an average of 7.5 per cent in the second half of this year and 7.7 per cent in 2018, says a Nomura report according to PTI. According to the Japanese financial services major, the country is going to see gradual recovery from demonetisation, led by exports and a remonetisation-led pick-up in urban co

RBI sets rupee reference rate at 64.2072 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.2072 against the US dollar and 70.0436 for the euro. The corresponding rates were 64.2170 and 69.8809 on Friday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.6925 and 57.27 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

India`s core industries output rises 5% in March

India’s core industries production grew by 5 per cent in March, rebounding sharply from the one-year low growth rate of 1 per cent in February, helped by robust growth in steel and coal output. According to data released by the Commerce and Industry Ministry on Monday, the eight core industries — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electri

India should take lead in making quality products: Nirmala Sitharaman

Commerce and Industry Minister Nirmala Sitharaman has said that India should take lead in making quality products available to world at an affordable price. Inaugurating the 4th National Standards Conclave organized by the Department of Commerce in association with CII, BIS, EIC, FSSAI, APEDA and NABCB, she emphasized while standards as signifying quality are important but they also need to be

India's growth rate to hit 7.5% in 2018, but US policies pose risk: ESCAP

A UN commission has said that India's growth rate is expected to reach 7.5 per cent in 2018, but warned that if the US policies take a very severe protectionist turn and the trend spreads, growth could be affected by as much as 1.2 per cent in the coming years.

The UN Economic and Social Council for Asia and Pacific (ESCAP) survey on Monday said India's economic growth is proj

LPG hiked by Rs 2, kerosene by 26 paise

State-run oil marketing firms (OMCs) on Monday hiked the prices of subsidised cooking gas (LPG) by about Rs 2 per cylinder and of kerosene by 26 paise per litre.

The subsidised LPG price in Delhi was raised by Rs 1.87 per 14.2 kg cylinder to Rs 442.77. Prices vary by location as per applicable local taxes.

Besides, the price of subsidised kerosene was hiked by Rs 0.26 per li

India's core infra industries' output grows by 5% in March

In an impressive closure to the fiscal, the output of India's eight infrastructure industries in March increased by 5 per cent, from a growth of 1 per cent reported in February, buoyed by higher coal and steel production, official data showed on Monday.

The Eight Core Industries (ECI) index had reported a rise of 5.7 per cent in January 2016. 
The cumulative growth for

Reveal names of top corporate wilful defaulters: Bank officials

The position of non-performing assets (NPAs) of public sector banks will worsen if the names of corporate wilful defaulters are not published immediately, leaders of bank officers' union said on Monday.

"The Reserve Bank of India (RBI) has been steadfastly refusing to divulge the names of top corporate wilful defaulters. In the days to come, the position of NPAs will worsen i

RBI can't escape responsibility for bad loans of banks

With its nominee Directors on boards of all the government-owned bank, the RBI cannot escape its responsibility for the huge non-performing assets of the banks, said a top union leader said here on MOnday.

All India Bank Employee's Association (AIBEA) General Secretary C.H. Venkatachalam also demanded a probe by a Parliamentary Committee or by the Central Bureau of Investigation (

SBI cuts term deposit rates by up to 50 bps

State Bank of India has cut its term deposit rates by up to 50 basis points (bps) for amounts below Rs one crore with maturity period ranging from two to 10 years.

For deposits of two to three years, the interest rate has been reduced by 50 bps from 6.75 per cent to 6.25 per cent. For senior citizens, the term deposit rate for the similar period has been reduced from 7.25 per cent to

Narendra Modi for deeper economic ties with Turkey

Prime Minister Narendra Modi on Monday called for aggressive efforts to deepen economic ties with Turkey.

Speaking at a business event here, Modi said India and Turkey were making efforts to build stronger political ties but it was time to take aggressive steps to strengthen the economic relations.

"Growth in bilateral trade over the years has been impressive," Mod

India, Turkey trade should be balanced: Tayyip Erdogan

Turkish President Recep Tayyip Erdogan on Monday said that joint trade between India and Turkey should be balanced and steps should be taken to achieve that.

Speaking at a business event here, Erdogan said the two countries should move to achieve actual business potential of their ties.

"This meeting marks a new era of business relations," he said. 

Petrol hiked by 1 paisa a litre, diesel by 44 paise

With the ongoing fluctuation in global crude oil rates, state-run Indian Oil Corp (IOC) has marginally hiked the price of transport fuels, of petrol by 1 paisa and of diesel by 44 paise both at Delhi with corresponding increases in other states, effective Monday.

Prices were last hiked on April 16 with a Rs 1.39 per litre increase in petrol and Rs 1.04 a litre raise in diesel rates.

Ruling party, opposition like two wheels of a chariot: Anand Sharma

Rajya Sabha's Deputy Leader of Opposition Anand Sharma on Saturday said ruling and opposition parties are like two wheels of a chariot, necessary to run democracy, a statement said.

Addressing the valedictory session of the annual session of business chamber Confederation of Indian Industry (CII) here, he also said that legislative scrutiny of the bills is necessary to ensure good

Odisha clears nine investment proposals

The Odisha government on Saturday approved nine projects with an investment of Rs 1,770.43 crore.

The State Level Single Window Clearance Authority (SLSWCA) meeting presided over by Chief Secretary A.P. Padhi approved the proposals in food processing, plastics, renewable energy and steel sectors.

At least 10 investment proposals from different companies were placed at SLSWCA

BSE launches disaster recovery centre in Hyderabad

The Bombay Stock Exchange (BSE) on Saturday launched its Disaster Recovery Centre (DRC) here, a statement said.

BSE DRC is a replication of the primary site and ensures that all data is available at disaster recovery site with near zero time lag.

Among others, the automation tool provides a real-time monitoring of the sync status between primary and disaster recovery sites a

Aim to collect Rs 19-20 lakh cr in taxes in 2017-18: Jaitley

Finance Minister Arun Jaitley on Saturday said that the government expects to collect Rs 19-20 lakh crore in direct and indirect taxes in 2017-18, which could further increase if greater compliance was ensured.

The government reported a total tax collection of Rs 17.10 lakh crore during 2016-17, highest in last six years.

"This year we plan to collect Rs 19-20 lakh cror