India's wholesale price inflation in March falls to 5.70%

India's annual rate of inflation based on wholesale prices softened in March at 5.70 per cent after having risen to over a three-year high of 6.55 per cent in February on rising food and fuel prices, official data showed on Monday. Industry said its upward push on retail inflation could dampen the possibility of an RBI rate cut.

According to data released here by the Commerce Mini

Haryana Government formulating new policy on IT sector: Reports

The Haryana government has said that it is formulating a new policy on electronics, information and communication sector with an aim to develop reliable infrastructure and to create an investor-friendly environment. As per reports, the state government has aligned its vision with three focus areas of the Digital India programme--digital infrastructure as utility to every citizen, governance and

85% Indian firms optimistic on economic recovery, says survey

Corporate India is among the fourth most optimistic globally as 85 per cent of the businesses are hopeful of economic recovery, compared to 48 per cent in China, a survey has said. The Grant Thornton International Business Report says that in the first quarter of 2017, 85 per cent respondents were optimistic about economic recovery.

India is ranked fourth on the global optimism index

Corporate debt securities up 44%, hits record Rs 14.7 lakh cr in FY17

Trading in corporate debt securities at leading stock exchanges BSE and the National Stock Exchange (NSE) zoomed nearly 44 per cent to a record Rs 14.7 lakh crore in 2016-17, official data shows. Trading worth Rs 10.22 lakh crore in corporate bonds were reported on the two bourses during 2015-16, according to data compiled by capital market regulator Securities and Exchange Board of India (Sebi

Q4 results, geo-political tensions to guide equity markets this week

The ongoing fourth quarter (Q4) results' season, along with global geo-political tensions are expected to guide the movement of the Indian equities markets during the upcoming trade week. "Upcoming fourth quarter earnings results and development in global geo-political tensions are expected to determine the trend of the market," D K Aggarwal, Chairman and Managing Director, SMC In

At 5%, FY17 bank credit growth slowest in 60 years

Saddled with high bad debt and weak corporate demand, credit growth plunged to a whopping six-decade low of 5.08 per cent in the financial year 2016-17, as against 10.7 per cent a year ago, according to the Reserve Bank data. For the year to March, banks' outstanding credit stood at Rs 78.81 trillion compared to Rs 75.01 trillion as of April 1 2016, show the central bank data.


LIC to hire retired bankers to strengthen lending operations

Insurance major, LIC has said that it will soon obtain services of retired bankers to strengthen its lending operations and ensure that NPAs are kept at the minimum. As per reports, LIC has set up a cell for its lending, NPA resolution and one-time settlement (OTS), and the company will soon get experts particularly bankers to this portfolio. Commenting on the issue, a senior Official said, &ld

SBI targets Rs 1 lakh cr transactions to boost digital India

India's largest lender SBI has said that it aims to reach 5.2 lakh Acceptance Touch Points and collectively do Rs 1 lakh crore transaction in 2017-18 to take forward government's digital agenda. Commenting on the issue, a SBI Official told the media, “The State Bank of India has implemented various initiatives as part of Digital India and Digi Dhan Mela campaign launched by the go

Over 37 lakh tonne wheat arrives in Haryana mandis

So far more than 37.15 lakh tonne (LT) of wheat has arrived in the mandis of Haryana, as per the media reports. Out of the total arrival, five government procuring agencies have bought 37.12 lakh tonne and traders have purchased 3,000 tonnes of wheat at Minimum Support Price (MSP), said the PTI report.

Commenting on the development, Food, Civil Supplies and consumer Affairs Department

Follow FRBM recommendation to improve credit profile: Moody`s

Moody's Investors Service has said that India's credit profile would improve if it follows the fiscal discipline path and set up a fiscal council as recommended by the FRBM panel. As per reports, the Fiscal Responsibility and Budget Management (FRBM) Committee in its report has suggested that the fiscal deficit, which is the difference between expenditure and receipts, should be brought

Finance Ministry okays 8.65 pct interest on EPF

The Finance Ministry is believed to have permitted the Labour Ministry to go ahead with 8.65 per cent interest rate on employees' provident fund (EPF) for FY 2016-17, which will benefit over 4 crore EPFO members, as per the media reports.

However, the Finance Ministry in its communication to the Labour Ministry has put a rider that the interest rate should not result in a deficit

Service sector to attract tax rate of 18% under GST: Hasmukh Adhia

The Indian Government has said that services sector is likely to attract a higher tax rate of 18 per cent from the current 15 per cent under the Goods and Services Tax (GST) regime, thus making services slightly more expensive. Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, "Yes, for the services sector the standard rate may move to 18 per cent."


Digital transactions up 23 times post note ban: Niti Aayog

The Niti Aayog has said that digital transactions have increased by about 23 times in March to nearly 64 lakh, with total value of Rs 2,425 crore, from last November when demonetisation took effect. Commenting on the issue, a Niti Aayog Official told the media, "Volume of all digital transactions increased by about 23 times with 63,80,000 digital transactions for a value of Rs 2,425 crore

E-commerce term too wide in GST, may cover commodity exchanges

 Industry chamber Assocham on Sunday asked the government to clearly define the scope of e-commerce under the Goods and Services Tax (GST) regime, as the current definition is wide enough to even cover commodity derivatives exchanges.

"E-commerce definition, as given in the Goods and Services Tax (GST) dispensation, has been left so wide that it could go well beyond Ama

Contrary to Modi's claims, Indian economy stagnant: Congress

The Congress on Saturday said contrary to claims by Prime Minister Narendra Modi, the Indian economy was stagnant and investments were not coming.

Citing Reserve Bank of India data, party leader and former Union Minister Jairam Ramesh said that in 2016-17, bank credit grew by 5 per cent - the lowest in 60 years, while the plant load factor - a measure of capacity utilisation - stood a

Nirmala Sitharaman invites Japanese investors to India

Acknowledging the contribution being made by Japanese companies in India, Commerce Minister Nirmala Sitharaman on Friday urged them to avail of the opportunities on offer as India shapes to increae the share of manufacturing in its GDP to 25 per cent in the coming years.

"India wants to increase the contribution of manufacturing sector to GDP to 25 per cent," a Commerce Mini

Income Tax notice to 60,000 persons for large cash sales

 Over 60,000 individuals, including 1,300 high-risk persons, have been identified for investigation by the Indian Income Tax Department for excessively large cash transactions following the November 8 demonetisation measure, the government said on Friday.

"Under the Operation Clean Money (OCM), more than 60,000 persons, including 1,300 high risk persons, have been identified

Gender parity coming to fore in India: Arun Jaitley

Union Finance Minister Arun Jaitley on Friday said that India of today is defined by openness to change and gender parity is coming to the fore.

"India is more open to change than any other country and where the nature of the economy was defined by ideas, knowledge and the depth of innovation," he said after releasing 'Gender Parity index', a study report commissione

India`s Forex reserves deplete by $956 mn

India's foreign exchange (Forex) reserves depleted by $956.4 million as on April 7, 2017, official data showed on Friday.

According to the Reserve Bank of India's weekly statistical supplement, the overall Forex reserves decreased to $368.99 billion from $369.95 billion reported for the week ended March 31.

India's Forex reserves comprise of foreign currency asse

RBI issues new framework for bad loans

The Reserve Bank of India (RBI) has issued a new set of enabling provisions to resolve the problem of banks' mounting non-performing assets (NPAs), or bad loans.

Through the notification titled "Revised Prompt Corrective Action (PCA) framework for banks", the RBI has said the new set of provisions, effective from April 1, override the existing PCA framework, and are base

Indian banks` loans rose 5.1 percent in two weeks to March 31 - RBI

Indian banks' loans rose 5.1 percent in the two weeks to March 31 from a year earlier, while deposits rose 11.8 percent, the Reserve Bank of India's weekly statistical supplement showed on Friday.

Outstanding loans rose 3.16 trillion rupees ($49.08 billion) to 78.82 trillion rupees in the two weeks to March 31. Non-food credit rose 3.18 trillion rupees to 78.28 trillion rupees

Banned notes worth Rs 30 cr seized in Bengaluru

Demonetised currency notes worth Rs 30 crore were seized from a former corporator's house in the city's western suburb, police said on Friday.

"We found the illegal cash in the house of ex-corporator Nagaraj, 54, during a search conducted on a court warrant in a criminal case and seized the banned notes in Rs 500 and Rs 1,000 denomination," Hennur Police Station Insp

Modi dedicates Koradi Thermal Power Plant to nation

Prime Minister Narendra Modi dedicated to the nation the 3,300 MW Koradi Thermal Power Plant here on Friday.

The much-delayed power plant will help boost the state's power utilisation and help farmers draw power at flexible hours as per their requirements.

Modi also laid the foundation stones for the proposed Indian Institute of Technology (IIT), Indian Institute of Mana

Narendra Modi to launch biometric payment interface in Nagpur

One would now be able to make digital payments without having a mobile phone, Internet connection, debit or credit card as Prime Minister Narendra Modi would on Friday release BHIM-Adhar interface enabling digital payments using biometric data.

The new interface would be launched in Nagpur during the 126th birth anniversary celebrations of Bhim Rao Ambedkar. 

A statemen

Stock exchanges in IFSCs may permit trading in equity derivatives: SEBI

The Securities and Exchange Board of India (Sebi) on Thursday said stock exchanges operating in international financial services centres (IFSCs) may allow dealing in equity derivatives.

"Based on the recommendations of the Risk Management Review Committee of SEBI, it has been decided to specify derivatives on equity shares of a company incorporated in India as permissible securit