DIPP formulating policy to encourage domestic manufacturing

The commerce and industry ministry is formulating a Policy to give preference to locally manufactured goods in government procurement, a senior official said as per the PTI report.

  Directorate General of Supplies and Disposal (DGS&D) Binoy Roy said: "Right now, the Department of Industrial Policy and Promotion (DIPP) is in the process of making that policy."

Make paperwork under GST simple, says advocates' body

A body of tax advocates today asked Finance Minister Arun Jaitley to make procedures and paperwork related to the upcoming Goods and Services Tax (GST) regime simple and less cumbersome.

"The draft GST rules have prescribed detailed paperwork for maintenance of records for GST purposes, which are highly complex and cumbersome. This will cause immense problem and hardships to asse

Display subsidies on food grain at PDS shops: Centre

 The Centre has directed states to display information on central and state subsidies for food grain under the Targeted Public Distribution System on boards outside Fair Price Shops for public information and awareness.

A letter issued by Food and Public Distribution Department of the Ministry of Consumer Affairs, Food and Public Distribution says information on the cost of wheat

Switch to low-risk strategy can yield higher savings: StanChart

Emerging affluent consumers in India can increase their savings by as much as 48 per cent if they move from basics savings approach to a low-risk wealth management strategy, says a study according to the PTI.

According to Standard Chartered's Emerging Affluent Report 'The Race to Save', Asia's emerging affluent are missing out on a potential 42 per cent uplift in savin

Government extends SIPP scheme for 3 years till March 2020

The government has extended the startups intellectual property protection (SIPP) scheme for a period of 3 years till March 2020 to help budding entrepreneurs protect their patents, trademark and designs. Running on a pilot basis initially, the scheme was in force till March 31 this year. It is now being "extended further for a period of three years", the Department of Industrial Polic

India aims to cut petroleum imports as it boosts alternative fuel use

SINGAPORE  - India is aiming to cut its oil products imports to zero as it turns to alternative fuels such as methanol in its transport sector, a government official said at an investor briefing on Monday.

"We are trying our level best that the day will come when we don't need to import any fuel from any country and that we will be self-sufficient,"

RBI sets rupee reference rate at 64.4757 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4757 against the US dollar and 69.9884 for the euro. The corresponding rates were 64.5701 and 69.1675 on Friday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.4580 and 58.56 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Government policy would succeed if generic drug quality improves

 The Centre's steps to make doctors prescribe drugs by their generic names and not by their brand names may not have material impact without steps for improving the quality standards for drugs, investment banking firm Jefferies has said.

In a report issued on Sunday, Jefferies said: "In our view, without steps for improving quality standards for drugs available in the ma

Make in India gets metro boost; local procurement made mandatory

With rapid expansion of metro rail projects in the country, Ministry of Urban Development has taken several far reaching decisions to promote Make in India campaign.

These include stipulating certain mandatory conditions to be incorporated in tender documents of metro companies for procurement of metro cars and related critical equipment and sub-systems, procurement of only Made in In

ECI to buy 16,15,000 VVPATs from two PSUs for Rs 3,173.47 cr

Election Commission of India (ECI) has issued a letter of intent for purchase of 16,15,000 Voter Verifiable Paper Audit Trails( VVPATs) at an estimated cost of Rs 3,173.47 crore during 2017-18 and 2018-19 from PSUs BEL and ECIL.

In its letter sent to CMDs of ECIL and BEL on Friday, the Commission has communicated its intent for purchase 8,07,500 VVPATs from each PSUs by September 2018

Prime Minister asks States to work as `Team India`, pushes for GST rollout

The Prime Minister, Narendra Modi, has called upon State Governments to work with the Union Government, as “Team India,” to build the India of the dreams of our freedom fighters by 2022. Delivering the closing remarks at the third meeting of the Governing Council of NITI Aayog, he urged States, local Governments and all Government and Non-Government organizations to decide goals for

World Bank, AIIB sign MoU to enhance cooperation

The World Bank and Asian Infrastructure Investment Bank (AIIB) has signed an agreement to strengthen cooperation and knowledge sharing between the two institutions. The Memorandum of Understanding signed by World Bank President Jim Yong Kim and Beijing-based AIIB President Jin Liqun provides an overall framework for cooperation between the two institutions in common areas of interest, including

Economy to grow over 3-fold to USD 7.25 trn by 2030: Niti Aayog

The Indian economy will see an over three-fold expansion at USD 7.25 trillion by 2030 and clock an average growth rate of 8 per cent over the next 15 years, Niti Aayog vice chairman Arvind Panagariya said. In a presentation made at its Governing Council meeting -- chaired by Prime Minister Narendra Modi and attended by 28 state chief ministers -- here today, the government think-tank projected

GST to boost growth by 4.2%, make products cheaper: Fed paper

The goods and services tax (GST) can boost India's GDP growth by up to 4.2 per cent — double the previous estimate -- as lower taxes on manufactured goods will bump up output and make products cheaper, a US Federal Reserve paper said. GST, it said, could reduce inefficiencies in the production process while eliminating the current compounding effect of different central and state levi

Finance Minister talks with PSBs to assess next 3-year growth, funding plans

The finance ministry has initiated detailed discussions with select public banks to assess their growth blueprint over the next three years and seek turnaround plans to check if they need more growth capital, reported PTI. The Department of Financial Services will be meeting representatives of 10 state-owned banks that received funds in March this year. "The ministry officials have sought

FPI net inflow at Rs 18,890 crore in April so far

Foreign investors have pumped in a staggering USD 3 billion in the Indian capital markets this month so far as regulator Sebi has raised investment limit for FPIs in government debt. Most of the funds were invested in the debt markets during the period under review. "Foreign Portfolio Investors (FPIs) investing more in debt is mainly due to two reasons.

Sebi raised FPI investment

Consider advancing budget to January, Modi urges states

Prime Minister Narendra Modi on Sunday asked the states to consider advancing the financial year to January-December and said that in a country where agricultural income is exceedingly important, budget should be prepared immediately after its receipt for the year.

Making the observation while delivering the closing remarks at the third meeting of the Governing Council of NITI Aayog h

Arun Jaitley raises H-1B visa issue with US authorities

The vexed issue of the Trump administration mulling curbs in H-1B visas has been taken up with by Finance Minister Arun Jaitley with the American authorities during his ongoing visit, an Indian official said on Sunday.

The issue was raised by Jaitley during his meeting with US Treasury Secretary Steven Mnuchin here on Saturday, an Indian Finance Ministry statement said.


GST consensus exemplar of cooperative federalism: Narendra Modi

Prime Minister Narendra Modi on Sunday applauded Chief Ministers of states for setting aside ideological and political differences for a consensus on the GST regime which he said will "go down in history as a great illustration of cooperative federalism".

In his opening remarks at the Niti Aayog Governing Council's third meeting here, Modi said the consensus on Goods and

India a major driver of emerging economies' growth: Arun Jaitley

Finance Minister Arun Jaitley said that emerging economies have become increasingly important, accounting for more than 75 per cent of global growth, and that India has been a major driver of global economic growth.

Jaitley said India's growth is expected to be 7.5 percent for 2017-18 as against 7.1 percent in 2016-17.

"India's growth remains resilient, with low

Parliamentary panel summons RBI Governor again

Reserve Bank of India (RBI) Governor Urjit Patel has been summoned by Parliamentary Standing Committee on Finance to appear before it on May 25 on the demonetisation issue.

According to one of the panel members, he will be asked how money has so far come back into the system after demonetisation. 

The Governor would also be asked when the banks' operations would bec

India, South Korea sign MoU on shipbuilding

India and South Korea on Friday signed an MoU for defence industry cooperation in shipbuilding, an official statement said.

The MoU, signed by India's Defence Production Secretary Ashok Kumar Gupta and South Korean Defence Acquisition and Programme Administration Minister Chang Myoung-Jin, focuses on developing and strengthening defence industry co-operation between the two countr

India`s Forex reserves surge by $889 mn

India's foreign exchange (Forex) reserves rose by $889.4 million as on April 14, 2017, official data showed on Friday.

According to the Reserve Bank of India's weekly statistical supplement, the overall Forex reserves increased to $369.88 billion from $368.99 billion reported for the week ended April 7.

India's Forex reserves comprise of foreign currency assets (

India can marry age dividend and skill for leadership in services exports: CII

India's demographics coupled with its strong push for skill development can impart it global leadership in services exports, said Rita Teaotia, Commerce Secretary, at the close of the Global Exhibition on Services (GES).

The GES was organised by the Department of Commerce in association with the Confederation of Indian Industry (CII) and the Services Export Promotion Council. Teao

RBI strengthens tools to intervene in ailing Indian banks

The Reserve Bank of India's (RBI) updated "prompt corrective action" (PCA) framework could suggest a greater willingness to take regulatory action to address problems at struggling banks, but its implementation is only likely to be effective if it is matched by credible plans to address banks' significant asset quality issues and capital shortages, says Fitch Ratings.