Arun Jaitley, Finance Minister officials present GST blueprint to ministers

Finance Minister Arun Jaitley and his ministry officials presented to the Council of Ministers a blueprint for launch of the path-breaking GST from July 1 to transform the Indian economy, reported PTI. Revenue Secretary Hasmukh Adhia made a detailed presentation to the Council -- the supreme executive organ headed by Prime Minister Narendra Modi -- on how the Goods and Services Tax (GST) will b

India`s factory output contracts 1.2% in February

India’s industrial output slipped to four-month low of 1.2 per cent in February from a year earlier, weighed down by contraction in capital and consumer goods production, government data showed on Wednesday. “The Index of Industrial Production (IIP) with base 2004-05 for the month of February 2017 stands at 182.3, which is 1.2 per cent lower as compared to the level in the month of

India’s CPI inflation hits 5-month high of 3.81% in March

Indian consumer Price Index (CPI) inflation or retail inflation rose to five-month high of 3.81 per cent in the month of March 2017, reflecting a sign of the economic revival post demonetization, government data showed on Wednesday. “The CPI inflation stood at 3.65 per cent in the month of February, 2017, raising for the first time in seven months from 3.17 per cent in January,” acc

NPA generation show signs of moderation: ICRA

The outlook on the asset quality of the banking sector seems to be weak even as the fresh non-performing asset (NPA) generation rate continues to show signs of moderation, rating agency ICRA said in a report. Fresh NPA generation declining to 4.1 per cent during third quarter of 2016-17 as compared with 10.7 per cent during fourth quarter of 2015-16, it said. The fresh additions to gross NPAs (

Cabinet approves India Tunisia MoU on cooperation on justice

The Union Cabinet has approved a Memorandum of Understanding (MoU) on cooperation in the field of justice between India and Tunisia. During the recent years, social, cultural and commercial relations between India and Tunisia have developed in a positive direction.

The signing of an agreement on cooperation in the field of justice will further enhance good relations between the two co

Cabinet apprised of MoU between India, Russia in science

The Union Cabinet, chaired by Prime Minister Narendra Modi, was apprised of the Memorandum of Understanding (MoU) signed between India and Russia for cooperation in the field of science and technology. The MoU, inked in October last year, aims to facilitate and support joint scientific and research activities between the two countries.

It will help in exchange of information about con

FRBM suggests 3% fiscal deficit target for FY18-FY20: Reports

The Fiscal Responsibility and Budget Management (FRBM) Committee has recommended that the Indian Government should target a fiscal deficit of 3 per cent of the GDP in years up to March 31, 2020, said media reports. As per reports, the report of the committee, headed by N K Singh, was submitted to the government in January this year but was made public only today.

The panel, however, s

Deficit of postal department widens to Rs 11,138 cr in February

The Indian Government has said that the deficit of the Department of Posts widened to Rs 11,138.84 crore in February this year on account of wage revision under the 7th Pay Commission. Commenting on the issue, Communications Minister Manoj Sinha told the media, “The revenue of the postal department was Rs 10,292.18 crore and the expenditure Rs 21,431.02 crore.”

“The

Cabinet okays setting up of 'e-marketplace' for government procurement

The Union Cabinet on Wednesday approved setting up of a special purpose vehicle to be called Government e-Marketplace (GeM SPV) for providing procurement of goods & services required by Central & State Government organizations.

GeM SPV shall provide an end-to-end online marketplace for Central and State Government Ministries, Central & State Public Sector Undertakings (CPS

Cabinet approves listing of 11 CPSEs on stock exchanges

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its approval for listing of the following 11 Central Public Sector Enterprises (CPSEs) on stock exchanges, according to an official statement. The list includes five railway subsidiaries — Ircon International, Indian Railway Catering and Tourism Corporation (IRCTC), Rail Vikas Nigam, Indian Railway Finance Corporation (IRF

India's retail inflation edges up in March

NEW DELHI - India's annual consumer price inflation climbed up to 3.81 percent in March, government data showed on Wednesday.

Economists polled by Reuters had expected last month's annual retail inflation to come in at 3.98 percent, compared with 3.65 percent in February.

Food inflation was 1.93 percent in March, lower than 2.01 percent in Febru

RBI fixes MSS ceiling for 2017-18 fixed at Rs 1,000 bn

The Reserve Bank of India today fixed the ceiling for issuance under Market Stabilisation Scheme (MSS) for 2017-18 at Rs 1,000 billion. “In accordance with the provisions of the Memorandum of Understanding (MoU) on the Market Stabilisation Scheme (MSS), the ceiling for gross issuance under the MSS for the fiscal year 2017-18 has been fixed at Rs 1,000 billion,” RBI said in a notific

Government to bring all welfare, subsidy schemes under DBT

The Central Government has decided to bring all welfare and subsidy schemes under DBT, said Arjun Ram Meghwal, Minister of State in the Ministry of Finance in reply in Rajya Sabha. As on date, more than 500 schemes/ components of 63 ministries/ departments have been identified to be implemented through DBT mode. While, as on March 20, 2017, 90 welfare and subsidy schemes are being reported on D

Government sets up committee to examine bitcoins issue

 Against the backdrop of an RBI caution against the use of virtual currencies, including bitcoins, the Finance Ministry on Wednesday said it has constituted a committee to examine existing regulatory and legal framework on the issue.

The inter-disciplinary committee chaired by Special Secretary (Economic Affairs) has been asked to submit its report within three months. 

RBI had its 'carpe diem' moment on April 6: HSBC

The Reserve Bank "killed several birds with one stone" in its policy meet on April 6 by not sucking out excess liquidity with its permanent tool like open market operations (OMO) and CRR hike, an HSBC report says. According to the global financial services major, the RBIs decision to narrow the policy rate corridor by raising the reverse repo rate and lowering the MSF rate killed seve

RBI sets rupee reference rate at 64.6920 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.6920 against the US dollar and 68.6706 for the euro. The corresponding rates were 64.5438 and 68.3067 on yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 80.8132 and 59.06 per 100 yens, respectively, based on reference rates for the dollar and cross-

50,000 villages don't have mobile network: Government tells LS

Mobile network has not yet reached around 50,000 villages across the country, the government said. There are many locations in the Northeast, Naxal-hit states, Andaman and Nicobar Islands and Lakshadweep where mobile network has not reached yet, Telecom Minister Manoj Sinha said in Lok Sabha. "We have never claimed that mobile network has reached all over the country. There are around 50,0

Rs 7.57 lakh cr farm credit disbursed in April-December of FY16

Farm credit worth Rs 7.57 lakh crore was disbursed by banks during the first nine months (Apr-Dec) of the 2016-17 fiscal which is likely to surpass the target, Parliament was informed. The agri-credit target for 2016-17 fiscal is Rs 9 lakh crore, while for the current year it is Rs 10 lakh crore. "The actual achievement of ground level credit flow has surpassed the targets in 2014-15 and 2

India, Australia collaborate on education sector

India has collaborated with the Australian government, universities and vocational education trainers following a two-day mission that has delivered key advancements on educational issues. Simon Birmingham, Australia's Minister for Education and Training, today said their government has made important progress on key education issues following meetings and discussions with Prime Minister Na

Government not planning to waive farm loans: Minister

The Indian Government has said that it has no plans to waive farm loans but there are schemes to reduce costs by timely repayment of the amount borrowed. Commenting on the issue, Minister of State for Finance Santosh Kumar Gangwar told the media, "There is no proposal under consideration of the union government to waive...loans of farmers of the country. However, to reduce the debt burden

Around 42 CPSEs functioning without MD: Reports

The Indian Government has said that around 42 central public sector enterprises in the country are at present functioning without a regular chairman or managing director or CMD. As per reports, some of the firms having vacant board level posts include Andrew Yule & Company, Bharat Coking Coal, Cotton Corporation of India, HLL Lifecare Ltd, ITI Ltd, HMT, India Tourism and Development Corpora

Capital infusion not last step in bank recapitalization: Finance Minister

The Indian Government has said that Mission Indradhanush to infuse capital in public sector banks is not the last step as far as their recapitalisation is concerned. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The government was making all efforts to ensure that the health of the banking sector improves and the banks are repaid. The NPA problem related to some

Centre approves potato procurement in UP

The Union Agriculture Ministry on Tuesday approved procurement of potato under the Market Intervention Scheme (MIS) in Uttar Pradesh for 2016-17.

According to a release, a maximum of 100,000 tonnes may be procured under the scheme by the state agency.

"The purchase will be made at Rs 4,870 per metric tonnes. The ministry will provide an additional Rs 1217.50 per metric

Government making efforts to drive credit growth: Arun Jaitley

Finance Minister Arun Jaitley on Tuesday said the government is taking various steps to drive credit growth and expansion of the economy, including recapitalisation of public sector banks.

"The government has carried out the exercise of capitalisation of Public Sector Banks (PSBs) to conform with regulatory capital norms as well as for driving credit growth to cater to the needs

Exim Bank entends $1.6 bn loan to Bangladesh India Friendship Power Co.

The Export-Import Bank of India (Exim Bank) on Tuesday said it has extended $1.6 billion loan to the Bangladesh India Friendship Power Company Ltd (BIFPCL) for financing 1,320 MW ultra-super-critical Maitree Super Thermal Power Project in Bangladesh.

"Exim Bank has extended a term loan of $1.60 billion to BIFPCL -- a 50:50 joint venture between the Bangladesh Power Development Bo