Government approves cash credit to Punjab for food procurement

The Cabinet has approved settlement of legacy food cash credit accounts (up to crop season 2014-15) of Punjab government for food procurement operations. This proposal of Department of Expenditure was approved by Prime Minister under Rule 12 of (Transaction of Business) Rules, 1961 on January 2, 2017, an official statement said. It further said that early settlement of legacy issues will help t

Government okays MoU to support gender equality in panchayats

The Cabinet has given thumbs up for an MoU between India and UN-Women that will support governance institutions from the grassroot level to work towards gender equality. The MoU, signed between India and the United Nations Entity of Gender Equality and the Empowerment of Women (UN- Women), seeks to provide support to the Ministry of Panchayati Raj in strengthening capacities of governance insti

Exempt special economic zones from GST levies: EPCES

The Export Promotion Council for EOUs and SEZs (EPCES) has urged the government to exempt special economic zones from Goods and Services Tax (GST) levies, reported PTI. The issue was discussed at a workshop on GST impact on SEZs and export oriented united (EOUs).

"During the workshop, it was unanimously decided that EPCES must request the central and state governments to provide

India needs to invest in agri for doubling farm income: Martin Ney

India needs to make significant investments in modernisation of agriculture as well as food processing if the country wants to double farmers' income by 2022, German ambassador Martin Ney said according to the PTI. The German companies could help India immensely in transforming the agri-business in the country, he said.

"The doubling of farmers' income is possible if suff

India mulls local steel requirement for $59 billion infrastructure spend

By Neha Dasgupta

NEW DELHI  - India may soon mandate the use of local steel in government infrastructure projects worth billions of dollars, sources said, pitching it as a WTO-compliant protectionist measure aimed at further cutting cheap imports, mainly from China.

The government expects the move to boost sales of local companies such as JSW Steel and

India, Portugal to strengthen IT ties: Minister

IT Minister Ravi Shankar Prasad has said that India and Portugal stressed the need to further explore opportunities to strengthen ties in the field of information and communication technology. To fast-track the collaboration, the government is also looking to set up a working group to enhance the scope for furthering ties, which will be a follow-up of a bilateral agreement between between both

Government clears Customs Convention on international transport of goods: Reports

The Indian Government has said that it has given approval for India's accession to the Customs Convention on International Transport of Goods for faster movement of goods. Commenting on the issue, a Government Official told the media, “The Convention will help Indian traders to have access to fast, easy, reliable and hassle free international system for movement of goods by road or mu

Discussion with Govt on issues no violation on RBI autonomy: Usha Thorat

Former Reserve Bank Deputy Governor Usha Thorat has said that any consultation between the Government and RBI should not be construed as an infringement on the latter's autonomy. Commenting on the issue, Former Reserve Bank Deputy Governor Usha Thorat told the media, "It is categorically stated that the government fully respects the independence and autonomy of RBI.

Consultat

All Government schemes should be co-terminus: Finance Minister

The Finance Ministry has said that all government schemes should have a sunset clause and must be co-terminus with the tenure of Finance Commission, which is constituted every five years. Commenting on the issue, a Finance Ministry Official told the media, “The Five Year Plan era ends with the 12th Plan this month and hence all the schemes should also revisited to improve the quality of g

Supreme Court notice to Centre, RBI over cash deposit deadline

The Supreme Court on Monday issued notice to the central government and the RBI on a batch of PILs alleging that people are not being allowed to deposit old Rs 1,000 and Rs 500 notes till March 31, as promised by the government.

A bench of Chief Justice J.S. Khehar, Justice D.Y. Chandrachud and Justice S.K. Kaul sought response from the Union Finance Ministry and the Reserve Bank of I

WPI, IIP base year likely to be changed to 2011-12: Official

The base year for wholesale price index (WPI) and Index of Industrial Production (IIP) may soon be changed to 2011-12 from the current 2004-05, a top government official said on Monday.

The base year of WPI and IIP is likely to be revised to 2011-12, Central Statistical Organisation (CSO) Director General G.C. Manna said here at the inauguration of two-day national review workshop on

No logical justification in RBI's policy stance: Surjit Bhalla

Criticising the Reserve Bank of India's policy decisions, noted economist Surjit S. Bhalla on Monday said there is no logic behind what the country's apex bank has done in its last three meetings.

"There is no logical justification what the RBI has done in the last three meetings under Governor Urjit Patel and Monetary Policy Committee," Bhalla, Chairman of Oxus Inve

'Gender equality crucial in raising GDP'

Gender equality is crucial in raising the GDP of a country, a top Uttar Pradesh Police officer said here on Monday.

"The need for gender balance is critical in raising a country's GDP. Safety, security and dignity of women are paramount for gender balance and growth," Director General of the Uttar Pradesh Police Mahila Samman Prakoshth Sutapa Sanyal said. 

Note ban impact on GDP may be seen this quarter: RBI

Demonetisation impact on GDP may be seen in the current quarter in some segments, while the remonetisation excersise should be completed in 2-3 months, RBI Deputy Governor Viral V Acharya said according to the PTI report. Asked if spillover of notes ban could extend to January-March quarter, Acharya said the impact could be felt in some segments.

"Ultimately, the cash shortage is

Asia Index launches BSE Sensex Next 50 index

Asia Index, a joint venture between S&P Dow Jones Indices and BSE, today announced the launch of Sensex Next 50 index in a bid to measure market movements in a diversified manner. The index will measure the performance of the subsequent 50 largest index-eligible stocks outside the S&P BSE Sensex 50. "The S&P BSE Sensex Next 50 index is an extension of the S&P BSE Sensex 50

Netflix plays big on India, offers OTT via top d2h, mobile platforms

Aiming to bring more locally-produced series and films to its Indian viewers, global internet TV network Netflix on Monday announced strategic partnerships with Airtel, Videocon d2h and Vodafone. The move is to offer Netflix services over the top (OTT) through these companies' direct-to-home and mobile platforms.

"India is more movie-centric and among the top three markets in

Delhi economy booms, per capita income rises

 Delhi's economy grew at 8.34 per cent in 2015-16, with the per capita income rising to three times the national level, Lt Governor Anil Baijal said on Monday.

Addressing the Delhi assembly at the start of the budget session, Baijal said Delhi's per capita income in fiscal 2015-16 as per advance estimates of Gross State Domestic Product (GSDP) was Rs 280,142, compared to

Overseas investors excited about India, says Jayant Sinha

Foreign investors are excited about India as structural reforms and investments are giving overall growth a leg-up, Union Minister Jayant Sinha said. Emphasising that demonetisation has led to a "dramatic improvement" in the country's economic landscape, he said the move has helped in strengthening banks as well as improving the overall economy.

"Foreign investors a

RBI sets rupee reference rate at 66.7559 against dollar

The Reserve Bank of India has fixed the reference rate of the rupee at 66.8354 against the US dollar and 70.7346 for the euro. The corresponding rates were 66.8354 and 70.3509, on Friday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.9762 and 58.67 per 100 yens, respectively, based on reference rates for the dollar and cross-curr

Economy on a strong growth path post demonetisation: CII President

The recently released GDP figures, which indicate some moderation in growth during FY2017, also shows that our growth rate continues to remain strong at around 7 per cent, says CII. According to Naushad Forbes, President, CII, “The impact of demonetisation is showing to be transient and we are likely to reach higher growth levels in the coming quarters. Most large businesses have made eff

Dearness allowance likely to be hiked to 4% from Jan 1

The centre is likely to announce a hike of 2-4 per cent in dearness allowance for its about 50 lakh employees and 58 lakh pensioners later this month. Dearness allowance and dearness relief are provided to employees and pensioners to neutralise the impact of inflation on their earnings. The labour unions feel the proposed hike saying it would not be able to offset the real impact of price rise.

Top 4 cos add Rs 35,876 cr to valuation, RIL gains the most

The cumulative market valuation of four of the top-10 most valued Indian companies went up by Rs 35,876.31 crore last week, with RIL cornering bulk of the advance. While TCS, RIL, Infosys and HUL saw their market capitalisation (m-cap) climb for the week ended Friday, HDFC Bank, ITC, ONGC, HDFC, SBI and CIL suffered a combined loss of Rs 22,852.31 crore, less than the total gains made by the to

BSE raises annual fee for listed cos from FY18

Leading stock exchange BSE has hiked its annual fee for companies listed on its platform from the next financial year beginning April 1. BSE, which categorises the fees for the companies based on their respective listed capital, has also made changes to various slabs for such payments. "The exchange has revised its annual listing fees (for 2017-18) to be paid by the listed entities for lis

GST Council vets CGST, IGST laws; 5% tax on small hotels

The GST Council has fixed a 5 per cent tax rate on small hotels and restaurants and approved draft of key supporting legislations to enable rollout of the new indirect tax regime from July 1, reported PTI. The all-powerful Council approved the final draft of Central GST (C-GST) and Integrated GST (I-GST) and will take up for approval the State-GST and Union Territory-GST (UT-GST) laws at its ne

Indian partnership important for 'growing America': S. Jaishankar

Indian Foreign Secretary S. Jaishankar, presently on a US visit, said that they have conveyed to the new administration that Indian partnership is important for the growing American economy to stay competitive, reported PTI. When asked about discussion held with the Trump administration over the H1B visa issue, the Foreign Secretary said the issue was discussed in a number of meetings with admi