Modi to inaugurate world`s second biggest dam on September 17

Fifty-six years after the foundation stone for the Sardar Sarovar Dam was laid by then Prime Minister Jawaharlal Nehru in Narmada district's Kevadia, the dam, one of India's biggest, will be finally inaugurated by Prime Minister Narendra Modi on September 17, which is also his birthday, Gujarat Chief Minister Vijay Rupani said.

"The Prime Minister will dedicate the Sardar

Aadhaar can reduce digital transaction cost to almost nil: NITI Aayog

 The cost of digital transactions could be reduced to almost zero if payments were made through Aadhaar Card, NITI Aayog CEO Amitabh Kant said on Wednesday.

"Mobile telephony with Aadhaar, when it is linked with bank account... Aadhaar to Aadhaar transactions, like with BHIM app, the cost of transaction is zero," Kant said during a panel discussion at a conclave on fina

RBI awaiting government notification for coming out with P2P

The Reserve Bank is waiting for a gazette notification from the government on getting the peer-to-peer lenders under its regulatory ambit before coming out with guidelines on the sector, a senior official said today. "Following up on the consultation paper we did last year, we are shortly going to come up with guidelines on peer to peer lending," RBIs executive director Sudarshan Sen

Exporters under pressure due to GST refunds delay: FIEO

Federation of Indian Exporters Organisation (FIEO) has said that exporters are under very serious financial problems due to draining up of funds and liquidity crisis as GST refunds are not coming to them as fast as promised. Commenting on the issue, Federation of Indian Exporters Organisation (FIEO) Regional Chairman, A Shaktivel told the media, “Many exporters were on the verge of closur

Waive certain taxes for cos in insolvency proceeding: Assocham

Industry body Assocham today sought from the government slew of tax relief for companies against whom insolvency proceedings have been initiated. "Where any outstanding liability, inclusive of any accrued interest is waived in accordance with the approved Resolution Plan, such waiver/write-back should not be subject to tax under both normal and Minimum Alternate Tax (MAT) provisions of the

RBI not comfortable with non-fiat cryptocurrencies: Sudarshan Sen

The Reserve Bank is uncomfortable with "non-fiat" cryptocurrencies like Bitcoin, its executive director Sudarshan Sen said as per the PTI report. "As regards non-fiat cryptocurrencies, I think we are not comfortable," Sen said addressing the India Fintech Day conference. Elaborating on what is a non-fiat cryptocurrency, Sen said, "Bitcoins for example. That's a priv

30 cr families get Jan Dhan accounts in 3 yrs: Finance Minister

As many as 30 crore families have got bank accounts since the launch of India's biggest ever bank account opening drive, Jan Dhan Yojana, three years back, Finance Minister Arun Jaitley said as per the PTI report. About 42 per cent of households were unbanked before the Jan Dhan Yojana, which aims to give every household access to banking facilities by offering them zero-balance accounts ac

FY18 GDP growth likely at 7.1% as firms resort to restocking

India's GDP growth is expected to be around 7.1 per cent this fiscal following a likely pick up in industrial production as firms resort to 'restocking' post-Goods and Services Tax (GST) especially ahead of festive season, says a Nomura report. According to the Japanese financial services major, post-GST restocking is likely to drive a faster pace of industrial output growth in the

Cabinet approves MoU with Morocco in health sector

The Union Cabinet on Tuesday gave its approval for signing of a Memorandum of Understanding (MoU) between India and Morocco on cooperation in the field of health. “The MoU covers non-communicable diseases, including child cardiovascular diseases and cancer, drug regulation and pharmaceutical quality control as well as communicable diseases,” according to a Cabinet statement.

RBI sets rupee reference rate at 63.9818 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 63.9818 against the US dollar and 76.6630 for the euro. The corresponding rates were 63.9474 and 76.5514, as on Tuesday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.1534 and 58.11 per 100 yens, respectively, based on reference rates for the dollar and cros

I`m sure Aadhaar will pass test of constitutionality: Arun Jaitley

Finance Minister Arun Jaitley on Wednesday said he was sure Aadhaar will stand the test of constitutionality as the Supreme Court's decision on the legislation is still pending.

"The legislation has been passed and I'm sure it will stand the test of constitutionality. Even while upholding the idea of privacy as an important constitutional guarantee, the Supreme Court said

Cabinet okays bill to double gratuity ceiling to Rs 20 lakh

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for introduction of the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament, which will hike the maximum limit of gratuity of employees. “The Amendment will increase the maximum limit of gratuity of employees, in the private sector and in Public Sector Undertakings under Government who are not co

States must play larger role in facilitating startups: Minister

Taking forward the Startup India initiative to the next level, the Department of Industrial Policy and Promotion (DIPP), Government of India has organized the Second States’ Startup Conference on Tuesday at Pravasi Bhartiya Kendra, New Delhi. Speaking on the occasion, Minister of State, Commerce and Industry, C.R. Choudhary emphasized on the larger role States need to play in facilitating

Over 1 lakh directors of shell cos identified for disqualification: Government

Pursuant to the action of the Ministry of Corporate Affairs of cancellation of registration of around 2.10 lakh defaulting companies and subsequent direction of the Ministry of Finance to banks to restrict operations of bank accounts of such companies by the directors of such companies or their authorized representatives, the Ministry of Corporate Affairs has identified 1,06,578 Directors for d

Retail inflation at 5-mth high of 3.36% on costlier veggies

Retail inflation surged to a five-month high of 3.36 per cent in August due to costlier vegetables and fruits. The consumer price index (CPI) based inflation stood at 2.36 per cent in the previous month. The August inflation number is the highest since March 2017, when it was recorded at 3.89 per cent. Overall food inflation in August also moved up, reversing the deflationary trend, to 1.52 per

Government to issue Rs 100, Rs 5 coins soon: Reports

The Indian Government has said that it will issue Rs 100 and Rs 5 coins to commemorate the birth centenary of Bharat Ratna awardee and former Tamil Nadu Chief Minister late M G Ramachandran. As per reports, the coins will bear his portrait in the centre along with the inscription 'DR M G Ramachandran Birth Centenary' on the lower periphery.

The same will also be in Devnagari s

Manufacturing sector must grow significantly for 9-10% GDP growth: Study

If India has to maintain a sustained gross domestic product (GDP) growth of 9-10 per cent per annum, it is crucial that the manufacturing sector grows steadily at 14-15 per cent per annum over the next three decades, a joint study has said. The joint report by ASSOCHAM-EY stated that while the Goods and Services Tax (GST) has to a large extent addressed prevailing regulatory issues, states acro

RBI looking into cryptocurrencies, `not comfortable` with bitcoin

MUMBAI - The Reserve Bank of India (RBI) has a group looking into cryptocurrencies as legal tender, a senior official said on Wednesday, but emphasised the central bank's discomfort with bitcoin which has recently come under intense global regulatory scrutiny.

"Fiat will be when the Reserve Bank, for example, starts issuing digital currency which you can carr

Ficci calls for reforms at state level, cut in interest rates

With the manufacturing sector decelerated sharply to 0.1 per cent in July, industry body Ficci asked for cut in interest rates and more reforms at state level to revive investments, reported PTI. Ficci Secretary General Sanjaya Baru said that the slowdown in manufacturing sector reflects depressing investment outlook.

"As the slowdown is more pervasive this time in terms of numbe

Niti Aayog for 10-fold rise in advances and deposit caps

Niti Aayog chief executive Amitabh Kant said the Reserve Bank should go for a ten-fold increase in the deposit and advances caps on accounts opened through OTP-based eKYC, reported PTI. Such a liberalisation in the caps will help deepen the cashless or digital journey, he said. "To my mind the proposal to push OTP-based ekyc is high (priority). For deposit accounts, the present limit is Rs

Post-demonetisation, Nepal seeks mechanism for exchange of Indian currency

Following the demonetisation of high-value Indian cuurency notes in November last year, Nepal on Tuesday sought a mechanism whereby such notes that were in circulation could be exchanged.

Delivering a talk on "Nepal Today" organised by the Foreign Correspondents' Club here, Nepal's Ambassador to India Deep Kumar Upadhyay said that Nepal's central bank and the Res

Quest to offer digital manufacturing solutions with Siemens

Engineering firm Quest Global on Tuesday said it has tied up with German multinational Siemens AG to jointly offer digital manufacturing solutions to diverse verticals.

"With Siemens Digital twin offerings, we will provide a complete range of connected manufacturing solutions and set up two digital factory innovation hubs in Bengaluru and Belagavi," said Quest Chief Operatin

Cabinet apprises of MoU with Japan for research in silk ind

The Union Cabinet chaired by the Prime Minister Narendra Modi has been apprised of a Memorandum of Understanding (MoU) between Central Silk Board (CSB), India and National Institute of Agrobiological Sciences (NIAS), Japan for collaborative research in the field of silkworm and silk industries. The MoU was signed on 11.11.2016 between CSB and NIAS for initiating a Collaborative Research for dev

RSS-affiliated trade union to protest Modi government's policies

The RSS-affiliated Bharatiya Mazdoor Sangh (BMS) on Tuesday said it would hold protests from this month against "the anti-labour policies" of the Narendra Modi government and the agitation would culminate in a march to Parliament in November.

BMS General Secretary Virjesh Upadhyay told IANS that their demands include regularisation of contract labour, equal pay for equal wor

As India Inc struggles to cut down debt, the economy suffers

By Devidutta Tripathy and Suvashree Choudhury

MUMBAI  - India's cash crunch and confusion over the introduction of a national sales tax were initially blamed for pulling economic growth down to its weakest pace in more than three years. But that is masking a more debilitating factor affecting the economy - corporate debt.

Thomson Reuters data, based