Cabinet nod for India-Belarus pact to boost ties in Science and Tech sector

The Union Cabinet on Thursday approved the agreement between the Indian National Science Academy (INSA) and the National Academy of Sciences of Belarus (NASB) on Scientific and Technological Cooperation for mutual benefit in the areas of science, technology, agriculture, etc. The agreement was exchanged on 12th September, 2017 at New Delhi during the visit of Belarus President H.E. Alexander Lu

Moody`s gives Modi a boost by raising India`s sovereign rating

MUMBAI/BENGALURU  - Moody's Investors Service upgraded India's sovereign credit rating for the first time in nearly 14 years on Friday, saying continued progress on economic and institutional reforms would boost the country's growth potential.

The agency said it was lifting India's rating to Baa2 from Baa3 and changed its rating outlook to stable

Stress on asset resolution, recapitalisation to improve banks` balance sheets

Reserve Bank of India (RBI) Deputy Governor Viral V. Acharya on Thursday said asset resolution and bank recapitalisation are expected to strengthen bank balance sheets and improve their "ability and willingness" to lend at rates in consonance with policy rates.

According to Acharya, the RBI has reduced its policy repo rate by 50 basis points since October 2016 and by a

Modi still popular among masses, says Pew survey

ver three years into office, Prime Minister Narendra Modis popularity is still at par with what it was in 2015, and 70 per cent Indians are "satisfied" with the way things are going in the country, a Pew survey of 2,464 respondents shows.

Union Law Minister Ravi Shankar Prasad on Thursday drew media's attention towards the "detailed" survey by the US-based

Exporters can now file GST refund claim manually: CBEC

Exporters can now manually file claims for GST refunds before tax officers owing to the specific modules not being available online, as per latest orders of the Central Board of Excise and Customs (CBEC).

Services exporters who have paid Integrated GST (IGST) and those making zero rated supplies to Special Economic Zone (SEZ) units, as well as merchant exporters seeking claim refunds

Odisha clears five investment proposals of Rs 381 cr

The Odisha government on Thursday approved investment proposals of Rs 381 crore from five firms, including state-run Indian Oil Corporation Ltd, which will create employment opportunities for 844 people.

The government's nod to the projects came during the 75th meeting of State Level Single Window Clearance Authority (SLSWCA) held under the chairmanship of Chief Secretary A.P

CCEA approves setting of NAA under GST

The Union Cabinet on Thursday gave its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on yesterday's sharp reduction in the GST rates of a large number of items of mass consumption. This paves the way for the immediate establishment of this apex body, which is mandated to ensure t

Cabinet approves continuation of sub-schemes under ICDS

The Union Cabinet has approved continuation of the Centrally Sponsored Scheme (CSS) for Development of Infrastructure Facilities for Judiciary beyond 12th Five Year Plan i.e. from April 01, 2017 to March 31, 2020 to be implemented in a Mission Mode through National Mission for Justice Delivery and Legal Reforms with an estimated outlay of Rs 3,320 crore.

The Cabinet also approved sett

India set to become extremely attractive to do business: Finance minister

Finance minister Arun Jaitley has said that with greater digitisation and formalisation of financial activities and businesses, India is set to become an extremely attractive country to do business. Commenting on the issue, Finance minister Arun Jaitley told the media, “The ongoing process of digitisation was a result of Aaadhar scheme coupled with financial inclusion, post demonetisation

100 Indian Cos invest $17.9 bn in US: CII Survey

One hundred companies with origins in India are responsible for creating more than 100,000 jobs and USD 17.9 billion in investments across the United States, according to a new survey report released today by the Confederation of Indian Industry (CII). The report, “Indian Roots, American Soil,” is a state-by-state breakdown of tangible investments made and jobs created by 100 survey

Jaitley in Singapore: Lists GST, note ban as major reforms

Finance Minister Arun Jaitley has urged Singaporean businesses to invest in India, highlighting the country as one of the largest FDI recipients with the government undertaking major structural reforms, including Aadhaar, GST and demonetisation.

"India has become the most favourable and attractive destination for Foreign Direct Investment (FDI)," Jaitley said while addr

Cabinet allows export of all varieties of pulses

The Union Cabinet on Thursday accorded approval to an increase in the carpet area of houses eligible for interest subsidy under the credit-linked subsidy scheme for the Middle Income Group (MIG) under the Pradhan Mantri Awas Yojana (Urban).

Now, the carpet area of an MIG-I will be increased from 90 square metres to up to 120 square metres and in MIG-II category it will be increas

RBI sets rupee reference rate at 65.2969 against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.2969 against the US dollar and 76.9981 for the euro. The corresponding rates were 65.3689 and 77.0634 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.0483 and 57.81 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Indian economy recovering from`Temporary Blip`: Arun Jaitley

India's economic slowdown has bottomed out and now it should start moving upwards after recovering from the "temporary blip" seen during the recent structural changes, Finance Minister Arun Jaitley said today. Addressing investors at the Morgan Stanley annual conference here on 'India: Structural Reforms and Growth Path Ahead', Jaitley talked about the "massive"

Aadhaar cards enrolment at Maha, Goa post offices from 2018

The residents of Maharashtra and Goa would be able to enrol for Aadhaar cards at over 1,200 post offices in the two states from next year, a senior official said today. "Those who have not got Aadhaar cards, can now get their unique identity numbers, besides getting (their already issued Aadhaar cards) corrected or updated at our 1,293 post offices, out of the total 2,216, from the beginni

Overseas investment dips 58% to $ 1.35 bn in Oct: RBI data

As per the RBI data, overseas investments by Indian firms dropped about 58 per cent in October to USD 1.35 billion on annual basis. As per reports, outward foreign direct investment by Indian companies had totalled USD 3.2 billion in October last year. These investments were lower on sequential basis as well, down from USD 2.65 billion in September this year.

Commenting on the issue,

Government gives effect to GST rate changes: Finance Minister

The Ministry of Finance on Wednesday said that the Goods and Services Tax (GST) Council’s latest decisions to remove 178 items out of 28 per cent tax bracket into the lower tax category of 18 per cent, came into effect from November 15. In the 23rd meeting held on the November 10, 2017, the GST Council had recommended major relief in GST rates on certain goods.

“These rate

Demand for quality goods, services rising in rural areas: SBI

The demand for quality goods and services is increasing in rural India reflecting improvement in living standards, a State Bank of India (SBI) report said on as per the PTI. "The good thing is that prices of discretionary consumption in rural areas has been on a declining trend since 2015-16," SBI said in its 'Ecowrap'. "One possible reason for such is that big manufactur

Urjit Patel appointed on BIS advisory board

RBI Governor Urjit Patel was appointed to the Financial Stability Institute Advisory Board or the Bank of International Settlement (BIS), a global financial organisation owned by major central banks from across the world, reported PTI. The Financial Stability Institute (FSI) of the BIS assists financial sector authorities worldwide in strengthening their financial systems.

Since the b

Centre asks states to ensure GST cuts passed on to consumers

With lower GST rates coming into force from today, Consumer Affairs Minister Ram Vilas Paswan directed state enforcement officers to ensure that benefits are passed on to consumers, reported PTI. As many as 178 items of daily use have been shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both air- conditioned and

Realty should be under GST including stamp duty: D. S. Rawat

According to an industry body, if the real estate sector is brought within the ambit of GST, it should be along with the stamp duty and moderate rate, and should not add to the cost of housing and construction. The Associated Chambers of Commerce and Industry of India (Assocham) said the Centre is certainly in favour of realty under the Goods and Services Tax (GST) but the states have to be bro

Lower GST rates on restaurants, 178 goods become effective

The most comprehensive overhaul of GST rates decided at a recent GST Council meeting, reducing tax on all restaurants to 5 per cent and slashing tax on 178 items, became effective from Wednesday as the government issued notifications to this effect.

Eating out is expected to become cheaper as all restaurants outside high-end hotels charging up to Rs 7,500 per room have uniformly come

RBI sets rupee reference rate at 65.3689 against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.3689 against the US dollar and 77.0634 for the euro. The corresponding rates were 65.5171 and 76.4781 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.9143 and 57.76 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

India set to be `extremely attractive` place for business: Report

With greater digitisation and formalisation of financial activities and businesses, India is set to become an "extremely attractive" country to do business, Finance Minister Arun Jaitley said here today. Speaking at the Singapore Fintech Festival, Jaitley said the ongoing process of digitisation was a result of Aaadhar scheme coupled with financial inclusion, post demonetisation follo

NCAER pegs India`s FY`18 GDP growth at 6.2%

Indian economy is projected to grow at 6.2 per cent in 2017-18, a report by economic think- tank NCAER said according to the PTI report. In its mid-year review of the economy, NCAER said it forecasts a growth of 6.2 per cent for 2017-18 for both GVA (gross value added) at basic prices and gross domestic product (GDP) at market prices. The economic think-tank also said real agriculture GVA is wo