Finmin clears 2 FDI proposals worth Rs 24.56 cr

The finance ministry said it cleared two foreign direct investment (FDI) proposals of Rs 24.56 crore in October, reported PTI. The proposals included that of Sterling Commerce Solutions India which sought approval for issue of shares to the shareholders of three wholly-owned subsidiaries of IBM India Pvt Ltd upon their merger with the applicant, Finance Ministry said in a statement issued. The

Prime Minister Modi to inaugurate World Food India 2017 on Friday

Prime Minister Narendra Modi will on Friday inaugurate World Food India 2017, the biggest congregation of global investors and business leaders of major food companies, an official statement said.

Organised by the Food Processing Industries Ministry here, the three-day event aims to transform food economy and realise the vision of doubling of famers' income by establishing India a

As tomatoes hit Rs 100/kg, Chandigarh app offers it at Re 1

With people feeling the pinch after tomato prices soared to Rs 100 per kg, an "on-demand hyper-local transport and logistics app" Jugnoo has offered to make doorstep delivery of tomatoes at just Re 1 per kg.

With its "Tomato Loot" initiative, Jugnoo has offered to deliver tomatoes at only Re 1 per kg for one week (November 3 to 10).

Samar Singla, CEO and

SBI deploys Microsoft Office 365 across its network

 The State Bank of India (SBI) has deployed Microsoft Office 365 to improve communication and collaboration among its workforce.

This is one of the largest deployments of Office 365 in India, spanning SBI's countrywide network of 23,423 branches, enabling 263,000 employees and servicing more than 500 million customer accounts.

"We are excited about our partners

Government disposes 3 FDI proposals worth Rs 24.56 cr in October

In the month of October 2017, the Department of Economic Affairs has disposed of three FDI proposals aggregating to foreign investment of Rs 24.56 crore, according to a data released by the Ministry of Finance. According to the Finance Ministry, the Department of Economic Affairs approved two proposal, including Sterling Commerce Solutions India’s Rs 24.56 crore proposal for issue of shar

Government working on creating new job avenues: minister

Labour minister Santosh Gangwar has said that the Government is sincerely working towards creating new avenues for jobs and self-employment in the country. Commenting on the issue, Labour minister Santosh Gangwar told the media, "The central government is sincerely working to create new avenues of employment and self-employment."

He said that the Centre has recently "de

CBDT signs 7 more unilateral APAs with taxpayers

The Central Board of Direct Taxes (CBDT) has signed seven more advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The seven APAs signed over the last month pertain to sectors like FMCG, semi-conductor, information technology, travel and leisure, office furniture and engineering.

"The Central Board o

RBI sets rupee reference rate at 64.5930 against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.5930 against the US dollar and 75.2831 for the euro. The corresponding rates were 64.5256 and 75.0755, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.7860 and 56.72 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

CCI imposes penalty on KFEF and its two office bearers

The Competition Commission of India (CCI) has imposed a monetary penalty of Rs 4,78,545 on the All Kerala Chemist and Druggist Association (‘AKCDA’) for indulging in the anti-competitive practice. The commission found the All Kerala Chemist and Druggist Association (‘AKCDA’) and its District Units at Thrissur and Kasargod to be in contravention of the provisions of the C

SBI reduces lending rates on home and vehicle loans

 India's largest lender State Bank of India (SBI) on Thursday announced reduction of interest rates on home and automobile loans by five basis points (bps).

In a statement issued here the bank said, it has reduced home loan interest rates to 8.30 per cent.

Similarly, automobile loan is now offered at a starting interest rate of 8.70 per cent per annum compared to ea

Cabinet approves amendment in NCTE

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for introduction of a Bill in Parliament to amend the National Council for Teacher Education Act, 1993 to grant retrospective recognition to the Central/State/Universities who are found to be conducting teacher education courses without NCTE permission.

“The amendment seeks to grant retrospectiv

India`s current account deficit to be around $40 bn: Nomura

A Nomura report has said that India's current account deficit (CAD) for this financial year is expected to be around USD 40 billion, or 1.5 per cent of GDP. As per reports, India's current account deficit (CAD) rose sharply to USD 14.3 billion -- 2.4 per cent of GDP -- at the end of first quarter of 2017-18. According to the Japanese financial services major, July-September CAD is expec

Foreign banks closing branches in India: RBI survey

The presence of foreign banks in India declined in terms of number of branches and employees during 2016-17, while the number of overseas branches of Indian banks increased but there was marginal reduction in their employee strength, reveals a report released by the Reserve Bank of India. The Reserve Bank on Wednesday released the results of the 2016-17 round of the survey of international trad

Reforms to help surpass China in biz ranking in 2yrs: Report

A series of reforms will help India surpass China in World Bank's 'ease of doing business' ranking in the next two years, a research report by SBI said as per the PTI. India has jumped 30 places to rank 100th in the World Bank's latest report on ease of doing business. Among the BRICS countries, India is ranked 4th in ease of doing business index.

Compared to China, wh

Government to designate 'khichdi' as national dish

The government has decided to designate the humble "khichdi" as the national dish to popularise it in global markets for commercial promotion.

During the World Food India conference, well-known chef Sanjeev Kapoor will attempt to create a world record by preparing 'Brand India Khichdi' using 800 kg of grains in a giant kadhai (wok).

The conference will be h

Assam, Singapore sign MoU for skilling youths

 The Assam government on Wednesday signed MoUs with its Singapore counterpart for skilling over 78,000 rural youths in the state by 2019 and greening Guwahati.

The Memorandums of Understanding (MoUs) and Terms of Reference (ToR) for setting up the North East Skills Centre (NESC) and Greening Guwahati City was inked in the presence of Chief Minister Sarbananda Sonowal and Singapor

SBI donates Rs 1.2cr to disabled soldiers` training institute

The State Bank of India (SBI) on Wednesday announced a donation of Rs 1.2 crore to the Queen Mary's Technical Institute in Pune for upgrading its training infrastructure for disabled soldiers.

The SBI's local Head Office and the Indian Army signed an MoU on Tuesday in Mumbai to ensure end-use of the amount.

The QMTI - an associate of the Indian Army - will also use t

Around 17 lakh companies register till September end: Official data

As per the Official data, nearly 17 lakh companies had been registered in India as of last month, out of which a little over 5.32 lakh entities had closed down. The corporate affairs ministry data showed that there were 11.27 lakh active companies as of September while the count of active Limited Liability Partnerships (LLPs) stood at 1.03 lakh. The total number of companies registered in the c

More reforms to improve ease of doing business ranking: Finance Minister

Finance Minister Arun Jaitley has said that he will continue reforms that will help break India into top 50 nations of ease of doing business ranking. According to the World Bank, India's rank on 'ease of doing business' scale has risen from 130th to 100th this year, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.


Improved ease of doing business ranking to attract FDI: USIBC

A top US-India business advocacy group has said that India's improved position in the World Bank's ease of doing business ranking will help the country attract more FDI. Commenting on the issue, Nisha Desai Biswal, the new head of the US-India Business Council (USIBC) told the media, "This is a significant movement and a very important barometer of India moving the right direction

Singapore for broader India-Southeast Asia connectivity

 In robust support to New Delhi's Act East Policy that aims at greater engagement with Southeast Asia, Singapore has strongly pitched for greater aviation, maritime and digital connectivity between India and the 10-member ASEAN.

"India will have to engage more and not less with southeast Asia," Singapore Foreign Minister Vivian Balakrishnan said at this year's S

Negative impact of demonetisation on economy transitory: Rating agencies

The adverse impact of demonetisation on the Indian economy would be transitory, according to global and domestic credit rating agencies.

However, the current slowdown could partially be attributed to implementation of the Goods and Services Tax (GST) introduced in July, they say.

"While the aim of demonetisation to curb the use of black money was in line with the govern

Cabinet approves signing of customs agreement between India, Armenia

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved signing and ratifying of an agreement between India and Armenia on cooperation and mutual assistance in customs matters.

The agreement will be signed on behalf of the two countries after it is approved by the respective governments.

"This agreement shall enter into force on the first day of

Cos garner Rs 5.52 lakh cr via private bond placement in January-September

Indian firms raised Rs 5.52 lakh crore in January-September 2017 through private placement of corporate bonds to meet business needs, a surge of 19 per cent from year-ago period, according to a Prime Database report. These funds have been raised mainly for expansion of business plans, repayment of debt and to support working capital requirements. In debt private placements, firms issue securiti

GST will further boost India`s ease of doing business ranking say bankers

With the improvement in India's ranking in the World Bank's 'ease of doing business' report to 100th position, bankers and experts today expressed hope that implementation of the GST will strengthen the country's position in the future. "Going forward, GST's incorporation in next year's assessment will provide another significant leap in 'ease of doing busin