Wholesale price inflation hits 2-1/2-year high on fuel surge

NEW DELHI - India's wholesale prices rose at the fastest pace in two-and-a-half years in January as fuel prices climbed, reinforcing the Reserve Bank of India's decision last week to move to a neutral policy stance as inflation risks grow.

Prices in wholesale markets rose 5.25 percent last month from a year earlier, their fastest gain since July 2014, gov

Deadline for feedback under `Swachh Survekshan` extended

The Centre has extended the deadline for receiving citizens' feedback under cleanliness survey to the month-end. Urban Development Ministry had launched the survey -- 'SwachhSurvekshan 2017'-- on January 4 and the deadline to receive citizens' feedback was February 12.

"The Ministry has extended the deadline till February 28 in the light of overwhelming response f

Government to launch updated version of PFMS in FY-17: Reports

The Indian Government has said that it will come up with an updated version of Public Financial Management System (PFMS) in the next fiscal that would integrate financial systems of the states and effectively implement DBT in scholarships and welfare schemes.

As per reports, in the Budget for 2017-18, government has earmarked Rs 300 crore for revamp of the PFMS with the overall object

Four-tier GST rate structure will lead to disputes: Reports

A research paper has said that the four-tier GST rate structure will open up floodgates of classification disputes with tendency among businesses to demand lower rate for their goods or services. As per reports, four tax rates have been proposed under the Goods and Services Tax regime that is to introduced later this year.

Commenting on the issue, NIPFP associate professor Sacchidanan

Government to cut back on socio-eco schemes to improve quality: Reports

The Indian Government has said that it may cut back some of the plethora of socio-economic schemes that have outlived their utility as it uses outcome budgeting to assess the impact of central sector schemes.

As per reports, in a bid to improve quality of public expenditure, the finance ministry has asked every ministry to prepare outcome budget statement linking outlays against each

India keen to increase exports to China: Shaktikanta Das

The Indian Government has said that it is working towards increasing exports to China to balance a wide trade deficit and formulate a sustainable trade relationship between the two nations. Commenting on the issue, Economic Affairs Secretary Shaktikanta Das told the media, "Our Commerce and Trade Department is working with China to increase our exports there so that there is parity in trad

CPI could see upside pressure soon: Crisil

Rating agency Crisil has said that even as consumer price inflation (CPI) has come down due to a dip in food inflation and Index of Industrial Production (IIP) also seen a slip as a fallout of demonetisation, the former could see upside pressure hereon. The rating agency said in a report that CPI inflation could see upside pressures hereon as some benefits from a high-base effect will begin to

Note ban negatively impacted auto asset backed loans: Moody`s

Moody's Investors Service has said that demonetisation has negatively impacted the performance of Indian auto asset backed loans in the short term and the effect will last until March. Commenting on the issue, Moody's Investors Service said in a report, "The Indian government's decision to remove a high proportion of currency notes from circulation in November 2016 has proved n

Government allocates Rs 500 cr to India Post Payment Bank: Reports

The Indian Government has said that it has allocated Rs 500 crore to India Post Payments Bank for financial year 2017-18 as it gears up to set up 650 branches across country by September 2017. As per Output-Outcome Framework for Schemes 2017-18 for the Department of Post, the Indian Government has allocated Rs 125 crore as "capital infusion into corporate entity for India Post Payments Ban

No impact of global slowdown on India: Arun Jaitley

India remained unaffected by global slowdown and the rhetoric of protectionism in developed economies, said Union Finance Minister Arun Jaitely on Monday.

"Unpredictable global slowdown and the rhetoric of protectionism in developed economies have not affected India," he said at the 'Make in India - Karnataka' conference here.

Asserting that the government

RBI currency press refuses to disclose printing capacity

The currency note printing press of Reserve Bank of India has refused to disclose its printing capacity, even as similar information is available on its website, reported PTI. Responding to an RTI application by Pune-based activist Vihar Dhurve, Bharatiya Reserve Bank Note Mudran Private Limited cited 8(1)(a) of the Right to Information Act to deny information.

The section allows a pu

Government focus on clean economy, bold decisions: Finance Minister

The Modi government's emphasis is on bold decision making and a clean economy with business friendly environment, the returns of which can be spent on the poor, Finance Minister Arun Jaitley said as per the PTI report. He also said the fundamental problem during the UPA rule was that its Prime Minister (Manmohan Singh) was not a natural leader of the ruling party or the government that comm

Retail inflation slips to 3.17% in January

Impacted by note ban, retail inflation fell to multi-year low of 3.17 per cent in January mainly on account of declining prices of food items including vegetables and pulses, reported PTI. Retail inflation, measured in terms of Consumer Price Index (CPI), was at 3.41 per cent in December.

Last month's inflation, down from 5.69 per cent in January 2016, was lowest in at least over

Over 5.27 lakh taxpayers submit response to I-T for large deposits

Over 5.27 lakh taxpayers have submitted response to explain their large deposits to the I-T department while 4.84 lakh taxpayers have been found not registered with the e-filing portal under Operation Clean Money, an official statement said on Monday.

"The operation has seen an overwhelming response and till February 12, more than 5.27 lakh taxpayers have already submitted their

Over 1.62 cr refunds issued till February 10: CBDT

Over 4.19 crore income tax returns (ITRs) have been processed and over 1.62 crore refunds issued during the current financial year up to February 10, Central Board of Direct Taxes (CBDT) said on Monday.

"The Centralised Processing Centre (CPC) of the income tax department at Bengluru has already processed over 4.19 crore ITRs and issued over 1.62 crore refunds during the current

India Inc's FDI drops by 57% in January

The outward foreign direct investment (investment made into other countries) by India Inc dropped by 57.3 per cent in January 2017 to $1.82 billion as compared to $4.25 billion in the same month in 2016, the Reserve Bank of India (RBI) data showed on Monday.

The outward FDI also dropped as compared to $2.45 billion in December 2016.

In January this year, out of $1.82 billion

India's January core consumer price inflation seen at around 5.08 percent

MUMBAI  - India's core consumer price inflation was seen at around 5.08-5.10 percent in January, higher than around 4.9 percent in December, three analysts polled by Reuters said on Monday.

India's annual consumer price inflation eased to 3.17 percent in January, its lowest level in at least five years, helped by a sharp cooling in food prices, government

India's retail inflation cools to five-year low of 3.17 percent in January

NEW DELHI - India's annual consumer price inflation eased to 3.17 percent in January, its lowest level in at least five years, helped by a sharp cooling in food prices, government data showed on Monday.

Economists polled by Reuters had expected last month's annual retail inflation to come in at 3.22 percent, compared with 3.41 percent in December.

Fo

GDP growth to slow to 5.7% in January-March 2017: Nomura

India's economic growth is likely to remain muted in the first quarter of this calender year with the GDP likely to grow at 5.7 per cent in the January-March period amid subdued activity, says a report. According to the global financial services major Nomura, following subdued growth in the first quarter, a V-shaped recovery is on the cards due to remonetisation, wealth redistribution and t

India Inc's FDI overseas down 57% to $1.82 bn

Direct investments made overseas by Indian companies declined 57.3 per cent to USD 1.82 billion last month, the Reserve Bank data showed today. The investments made in January 2016 amounted to USD 4.25 billion. It also lower from December's USD 2.49 billion. Of the total overseas direct investment of USD 1.82 billion, USD 246.37 million came in the form of equity money; USD 483.78 million t

Donald Trump administration poses risks to global sovereigns, says Fitch Ratings

The Trump Administration represents a risk to international economic conditions and global sovereign credit fundamentals, says Fitch Ratings. According to the global rating agency, US policy predictability has diminished, with established international communication channels and relationship norms being set aside and raising the prospect of sudden, unanticipated changes in US policies with pote

Working on increasing exports to China: Shaktikanta Das

The government is working towards increasing exports to China to balance a wide trade deficit and formulate a sustainable trade relationship between the two nations, Economic Affairs Secretary Shaktikanta Das said on Monday.

"Our Commerce and Trade Department is working with China to increase our exports there so that there is parity in trade with China," Das said in a tweet

RBI board meet discusses economic scene, other challenges

The Reserve Bank central board took stock of the current economic situation, global and domestic challenges and other specific areas of its operations, reported PTI. "The 563rd meeting of the central board meeting was chaired by RBI Governor Urjit R Patel... The board reviewed the current economic situation, global and domestic challenges and other specific areas of operations of the Reser

UBI will be set in motion over next 1 year: Finance Minister

Finance Minister Arun Jaitley hoped that the Universal Basic Income (UBI) scheme mooted by the Economic Survey will be implemented over the next one year in some parts of the country at least on experimental basis, reported PTI. The Economic Survey, authored by Chief Economic Advisor Arvind Subramanian, had suggested that the Centre may come out with UBI scheme under which the government should

Urjit Patel holds long-gestation projects responsible for high NPAs

RBI Governor Urjit Patel has attributed the banks grappling with high bad loans to legacy issues saying they are mostly on account of credit facility provided for long-gestation projects before 2011-12, reported PTI.

He further said the problem of non-performing assets (NPAs) was earlier also but it is only recently that the issue is being recognised. Patel said that sectors in which