FPI net equity outflows at Rs 3,000 cr in September first week

Continuing the selling spree, foreign investors have pulled out close to Rs 3,000 crore from equities in the first week of this month amid "lacklustre earnings season" as well as tensions between the US and North Korea over the latter's nuclear programme. The net outflow by Foreign Portfolio Investors (FPIs) follows a withdrawal of Rs 12,770 crore from the stock market in August.

Trade deficit likely to narrow $10.3 bn in August : Morgan Stanley

India's trade deficit is expected to improve in August to about $10.3 billion from $11.5 billion in July, largely on moderation in export as well as import growth, says a Morgan Stanley report. According to the global financial services major, the moderation, on a year-on-year basis, is likely owing to higher oil prices and unfavourable base effects.

"We estimate a moderation

IIP, inflation data, global trends to drive markets this week: Experts

Trading sentiment in the stock market this week will be guided by a host of macroeconomic data points like IIP and inflation, while global factors will also play a crucial role, say experts. "Markets are expected to remain volatile amid geopolitical tensions. It is expected that market participants will closely watch developments, if any, in North Korea after recent hydrogen bomb test. Fur

Sikkim Chief Minister honoured at international event for work in organic farming

 Sikkim Chief Minister Pawan Chamling was honoured for his pioneering work in the field of organic farming during a ceremony at Germany's Lagau on the occasion of the One World Festival.

Chamling was conferred the Grand Prix Award during the One World Award ceremony on September 8 at a mega event attended by nearly 700 guests who had arrived from different countries, said a s

Exporters woes under GST: Working capital stuck as refunds not available

Exporters are having a tough time since the roll-out of the new indirect tax regime as the online facility to claim refunds is not yet available, with many even postponing shipments as they grapple with low funds, stakeholders and experts have said.

The worries are greater for small and medium exporters who have a turnover of less than Rs 20 crore as their cost of working capital has

Cargo traffic up 3.26 per cent at domestic ports

India's major ports saw a growth of 3.26 per cent in cargo traffic during the April-August period this year as compared to the same period in 2016, the Shipping Ministry said on Saturday.

"The country's 12 major ports together handled 273.96 million tonnes of cargo between April and August 2017 as against 265.31 million tonnes handled during the corresponding period of pr

India, China to set up working groups to promote exports

 India and China have agreed to set up working groups to promote exports from India in view of its increasing trade deficit, Commerce Minister Suresh Prahu said on Saturday.

"Concerned about growing trade deficit with China, we agreed to set up industry specific working groups to promote more exports from India," Prabhu said in a tweet.

Prabhu had earlier said

GST Council forms panel to oversee technical glitches in filing returns

The GST Council on Saturday formed a five-member ministerial panel to oversee the technical glitches that the tax filing portal was increasingly encountering.

The return filing date deadline of GSTR-1 for July, that was to end on Sunday, has also been extended by a month till October 10.

In view of taxpayers increasingly complaining about the GST portal not functioning prope

India raises GST tax rates for larger cars; pushes back filing deadlines

MUMBAI  - Finance Minister Arun Jaitley said on Saturday the government would increase taxes for mid-sized, large, and sports utility vehicles under the recently unveiled Goods and Services Tax (GST), and also extended the deadline to file GST returns.

Jaitley said the so-called CESS rates for mid-sized cars would be raised by 2 percentage points. The rate would

Coal supply in power plants to improve

In view of current coal shortage in the power plants, the Union Railways and Coal minister Piyush Goyal on Saturday said the supply of the fossil fuel would improve over the next 15-20 days.

"Today, I have a review meeting with Coal India and Railways. There will be a sea change in situation in the next 15-20 days," he said about critical situation of coal stock of some ther

Direct tax payers doubled in 3 years: Amit Shah

Bharatiya Janata Party President Amit Shah on Saturday said the number of total direct tax payers has doubled in the last three years from 3.7 crore to 6.4 crore.

Shah in an industry interactive session at Ficci, said 30 crore new bank accounts were opened and seven crore people benefited from the Mudra bank (which benefits small entrepreneurs).

"We have worked very har

Left parties stage protest against GST meet

Leaders and activists of the Left parties on Saturday tried to march towards the venue of the Goods and Services Tax Council meeting here, to demand its rollback.

Communist Party of India (CPI) Central Secretariat member K. Narayana and other leaders and activists of the Telangana unit of the CPI and the Communist Party of India (Marxist) were detained by the police.

The pol

Crucial GST Council meet underway in Hyderabad

A crucial meeting of the Goods and Services Tax (GST) Council was underway here on Saturday to discuss key issues relating to implementation of the new tax regime.

Chaired by Finance Minister Arun Jaitley, the 21st meeting of the GST Council was being attended by finance ministers of states and GST Secretariat officials.

Over 150 delegates were attending the meet being held

Indias forex reserves rise to nearly $400 bn

Continuing a recent trend, Indian foreign exchange reserves shot up by a massive $3.572 billion to touch a high of $398.122 billion for the week ended September 1, Reserve Bank of India (RBI) data showed on Friday.

The country's foreign currency assets (FCAs), a major portion of the overall reserves, increased by $2.808 billion, to $373.641 billion for the week in consideration.

UIDAI head A.B. Pandey given additional charge as GSTN Chairman

Aadhaar authority UIDAI Chief Executive Ajay Bhushan Pandey was on Friday given additional charge as chairman of the Goods and Services Tax Network (GSTN), an official said here.

"Dr Ajay Bhushan Pande will hold charge of chairman GSTN in place of Navin Kumar who retired recently. He is DG UIDAI (Aadhar)", Revenue Secretary Hasmukh Adhia said in a tweet. Kumar retired as Cha

Electric car makers seek cut in batteries` GST from 28% to 12%

Ahead of the GST Council's next meeting on Saturday, the Society of Manufacturers of Electric Vehicles (SMEV) has called for reducing the GST of 28 per cent on batteries. It has pointed out the anomaly of the higher tax on these when sold separately as against 12 per cent when sold with the vehicles.

"Lithium batteries usually need to be sold separately from the electric two-

Nuclear, defence cooperation key to future India-Japan ties: Subrahmanyam Jaishankar

New Delhi,  Ahead of Japanese Prime Minister Shinzo Abe's visit to India later this month for the annual bilateral summit, Foreign Secretary S. Jaishankar said that the future of India-Japan ties lies in nuclear and defence cooperation.

"Cooperation in civil nuclear energy and in defence are two domains that portend the future direction of our ties,

RBI sets rupee reference rate at 63.8664 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 63.8664 against the US dollar and 77.0357 for the euro. The corresponding rates were 64.0276 and 76.3593, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.8757 and 59.28 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Focus on power, exports & infra to boost growth: Raghuram Rajan

Former RBI Governor Raghuram Rajan has said that India needs to focus on three areas -- infrastructure, power and exports -- to stimulate GDP growth, which has been hit by factors like demonetisation.

Commenting on the issue, former RBI Governor Raghuram Rajan told the media, "We should not be so pessimistic and say that good times are over but we should be worried...growth had s

Government sets up online service facility to resolve foreign trade issues

The government has set up an online service facility that can be used by importers and exporters to resolve all foreign trade-related issues, an official statement said today. The directorate general of foreign trade (DGFT), which comes under commerce ministry, has asked all exporters and importers to use the system - Contact@DGFT - for resolution of their matters.

Traders can raise a

India`s CAD to widen in 2nd Qtr of 2017: Nomura

A report has said that the country's current account deficit is likely to widen to 3 per cent in the second quarter of 2017 due to sharp deterioration in trade deficit. In the quarter ended March or first quarter of 2017, current account deficit widened to USD 3.4 billion, or 0.6 per cent of gross domestic product (GDP).

Commenting on the issue, a Nomura Official told the media, &

Government has to give more push to rural sector: ASSOCHAM

Pointing out that the demand for manufacturing industry goods are not picking up, the Industry chamber ASSOCHAM said that government will have to give more push to the rural sector and create demand. A top official of the chamber also noted that the sectors which will give a strong base for manufacturing, which are in difficult situation, should improve and generate jobs in order to increase de

India, Singapore trade ties to improve by 2019-20: FIEO

Exporters' body FIEO has said that there is a huge potential to increase bilateral trade between India and Singapore to USD 25 billion by 2019-20. Commenting on the issue, Federation of Indian Export Organisations (FIEO) President Ganesh Gupta told the media, “India's export to Singapore grew by 23 per cent last fiscal, though overall exports expanded by only 4 per cent.

Indian government urged to inject more funds into lenders

MUMBAI  - Viral Acharya, deputy governor of the Reserve Bank of India, called on the government to inject "substantial additional capital" into state-owned lenders, saying the country had to urgently address the weak balance sheets in its banking sector.

Acharya's comments come after data last week showed gross domestic product grew only 5.7 percent

Former RBI governor Raghuram Rajan pitches for state asset sales to bail out banks

NEW DELHI  - India could sell stakes in state-owned companies to fund a bank recapitalisation and revive growth without straying from the path of fiscal consolidation, the former head of the Reserve Bank of India (RBI) said on Thursday.

Stronger, better-managed banks should be given the capital they need to absorb losses as a matter of high priority, Raghuram Raj