The historically low level of retail inflation at 1.54 per cent in June reflects the firm and ongoing consolidation of macro-economic stability, Chief Economic Adviser Arvind Subramanian said on Wednesday, suggesting that all policy makers look at data "very, very carefully", reported PTI. This "paradigm shift" in inflationary process has been missed by all, who have made &q
RBI Governor Urijit Patel on Wednesday told a parliamentary committee that the amount of junked notes deposited after demonetisation was still being counted.
Patel gave this information at a meeting of the Parliamentary Standing Committee on Finance when a member specifically asked him to give details of the value of the Rs 500 and Rs 1,000 notes which were allowed to be exchang
NEW DELHI -India's core consumer price inflation, which excludes food and energy prices, eased to around 3.9 percent to 4 percent from around 4.2 percent in May, according to estimates from three analysts on Wednesday.
Estimates provided ranged from 3.85 percent to 4.0 percent.
Data released earlier showed India's headline annual consumer price infla
NEW DELHI - India's industrial output grew 1.7 percent in May from a year earlier, government data showed on Wednesday.
Economists surveyed by Reuters had forecast 1.9 percent growth in output compared with a revised 2.8 percent year-on-year increase in April.
(Reporting by Manoj Kumar; Editing by Malini Menon)
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved proposal for signing a joint declaration of intent (JDI) between India and Germany on cooperation in the field of Health. The joint declaration of intent was signed on June 01, 2017, according to a Cabinet statement.
The JDI covers cooperation in the field of postgraduate education, training of medical personne
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its ex-post facto approval for signing a Memorandum of Understanding between India and Palestine on cooperation in the field of Health and Medicine. “The Memorandum of Understanding was signed on 16th May, 2017,” Cabinet said in a press release.
The MoU covers capacity building of health staff, prevent
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the establishment of the International Rice Research Institute (IRRI), South Asia Regional Center (ISARC) at campus of National Seed Research and Training Center (NSRTC) in Varanasi. “Under the proposal, a Centre of Excellence in Rice Value Addition (CERVA) will be set up in Varanasi. This will include a modern and
Former RBI Governor C Rangarajan has said that bank merger should be need-based and the initiative should come from the lenders themselves. Commenting on the issue, the former RBI Governor told the media, "Initiative for merger should come from banks themselves and there must be felt a need for it. Therefore, the world over, the larger banks are coming into cooperation." Recently, the
Union Minister for Electronics & IT and Law Justice, Ravi Shankar Prasad has said that Aadhaar has played an effective role in removing corruption and enabling citizen empowerment. Inaugurating a CSC SPV organised workshop on “Aadhaar Services through CSC – A Unique Initiative”, the Minister appreciated the efforts of the enterprising Village Level Entrepreneurs (VLEs) in
Odisha Chief Minister Naveen Patnaik on Tuesday requested Commerce and Industry Minister Nirmala Sitharaman to instruct MMTC to provide additional equity support for survival of Neelachal Ispat Nigam Ltd (NINL).
NINL is an integrated steel plant jointly promoted by MMTC Limited and two state PSUs - Odisha Mining Corporation (OMC) and Industrial Promotion and Investment Corporatio
Most of the fears which preceded the roll-out of Goods and Services Tax (GST) from July 1, have been proved unfounded, an official said here on Tuesday.
"Initially, there were lots of questions, doubts, apprehensions even inhibitions about GST. There were even fears of price escalations.
"But in reality, nothing of that sort has happened. We are hap
The NITI Aayog would set up an Expert Group for evolving possible ways to strengthen the cooperative banks in the country, it was announced on Tuesday.
The Expert Group, to be chaired by NITI Member Ramesh Chand, would discuss the issue of providing financial support to District Central Cooperative Banks of the states for their sustainable growth, an issue flagged by the Punjab g
The State Bank of India has not been "rushing towards" the new Insolvency and Bankruptcy Code (IBC) to resolve cases of defaults as the entire ecosystem required for the new law has not so far been fully created, its chairperson Arundhati Bhattachrya said on Tuesday.
"The banking sector has in one voice asked for the Bankruptcy Code. As the country matures and evol
Punjab Chief Minister Amarinder Singh on Tuesday sought Prime Minister Narendra Modi's support to tackle the agrarian crisis in the state and promoting the state's industrial development to revive its economy and enable job creation.
Amarinder, who met the Prime Minister in New Delhi, sought the centre's support for resolution of his state's agrarian crisis.
Commerce Minister Nirmala Sitharaman on Tuesday said that the Government's e-Marketplace (GeM) portal had reduced the cost of public procurement by 20-30 per cent.
"I am glad that GeM is being recognised as the national e-procurement portal. Following the processes under GeM platform, around 20-30 per cent reduction of price has been achieved as compared to what it was p
Amid the current standoff between India and China along the Sikkim sector of the international border, Indian Foreign Secretary S. Jaishankar said on Tuesday that ties between New Delhi and Beijing have a direct implication on the relationship with the southeast Asian nations.
"In this changing landscape, few would dispute that the evolving India-China relationship has a dir
The Indian Industries Association has established 20 helpdesks in Uttar Pradesh, Delhi and Uttarakhand in a bid to help businessmen and industrialists clear their doubts and confusion over the Goods and Services Tax (GST), said media reports. As per reports, the IIA has also created a knowledge bank on its website, where businessmen, traders and industrialists can go through different aspects o
Disability organisations have said that aids and appliances used by disabled persons were tax free before the GST regime came into force and the government's claim of five per cent tax at a concessional rate on them was misleading. Commenting on the issue, V Muralidharan from the National Platform for the Rights of the Disabled (NPRD) told the media, "Pre-GST, barring cars for physical
State Bank of India's Chairperson Arundhati Bhattacharya on Tuesday said data analytics will play a key role in digital banking.
"On the corporate side, we will be using not only platforms to bring people together, but also analytics to find out who is producing and who is needing what," Bhattacharya said while emphasising on how the lender is going to leverag
Use of government's e-market (GeM) portal by central and state departments for procurement of goods and services will help in saving taxpayers' money, Commerce and Industry Minister Nirmala Sitharaman said. The central and state governments procure goods and services worth over Rs 5 lakh crore annually, she said.
"If that is the quantum of taxpayers money being spent on p
Acknowledging that the size of unorganised sector was large, Union Finance Minister Arun Jaitley on Tuesday said that employment in the section can be raised if banks divert funds through the medium of self-help groups (SHGs).
"Employment can be increased if through the banks' funds are diverted into the unorganised sector," Jaitley said here at the 36th Foundation
Russia has offered India the latest "Generation 3-plus" nuclear reactor -- the VVER-1200 -- powered by advanced fuel, to be set up at a yet-to-be designated site in parallel to the ongoing 6,000 MW Kudankulam project in Tamil Nadu.
Both countries have agreed on a second nuclear power project to follow Kudankulam, which envisages the construction of six reactors of the e
The Reserve Bank of India today fixed the reference rate of the rupee at 64.5025 against the US dollar and 73.4361 for the euro. The corresponding rates were 64.5405 and 73.5826, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.0857 and 56.38 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo
The Indian Government has said that it has saved a whopping Rs 57,000 crore with its Direct Benefit Transfer (DBT) scheme under which subsidies are given directly to beneficiaries. The DBT programme, a major reform initiative to check graft in welfare funds, was launched by the UPA government on January 1, 2013. It was aimed at transferring benefits of various central government-run social welf
The Indian Government has asked for Rs 16,027 crore loan from Japan International Cooperation Agency (JICA) for various programmes to develop dairy sector and meet rising domestic demand for milk and milk products. Commenting on the issue, an agricultural Ministry Official told the media, "Government has submitted a proposal for availing loan from Japan International Cooperation Agency for