India`s public debt rises 3.6% to Rs 63.35 lakh cr in June

India's total public debt rose to Rs 63.35 lakh crore till June-end, up 3.6 per cent over the previous quarter, according to government data reported by PTI. The total public debt (excluding liabilities under the public account) of the government was Rs 61.13 lakh crore as of March-end. "This represented a quarter-on-quarter increase of 3.6 per cent in Q1 FY18 as compared to a decrease

Government waives off penalty on late GST filing for July: Reports

The Indian Government has said that on the recommendations of the Goods and Services Tax Council, it has waived the penalty of Rs 200 per day for taxpayers who failed to file the first GST returns within the deadline. The taxpayers will, however, have to bear the interest on late payment of dues, the Finance Ministry said on Saturday. Commenting on the issue, a Finance Ministry Official told th

Lending rate cuts key to economic revival: BofAML

Lending rate cuts are key to economic growth recovery and banks should lower rates by 25 bps before the start of the busy season in October to accelerate reforms momentum, says a report as per the PTI. According to Bank of America Merrill Lynch (BofAML), investment continued to slip to 27.5 per cent of GDP, from 29.2 per cent in June 2016, with high lending rates dampening demand and sustaining

India finalising dates for trade policy forum meet with US

India is finalising dates for the trade policy forum (TPF) with the US, in which issues such as visa and greater market access for goods are expected to be taken up, reported PTI. US authorities have sought fixing of the date for the meeting, Union minister Nirmala Sitharaman told PTI.

Sitharaman, who held the Commerce and Industry portfolio before being named the Defence Minister in

ComMin identifying select service segments to boost exports

The commerce ministry is working with other ministries to identify specific service segments with a view to handhold them to boost their exports, reported PTI. Nirmala Sitharaman, who held the Commerce and Industry portfolio before being named the Defence Minister in today's Cabinet reshuffle, said India is emerging as a service hub in areas like tourism, healthcare, wellness and entertainm

India Inc lauds union cabinet reshuffle

 Indian industry on Sunday lauded the latest cabinet reshuffle by Prime Minister Narendra Modi describing it as "carefully strategised" to provide fresh impetus to the Indian development process.

"The elevation of new cabinet ministers and induction of new ministers with independent charge in crucial infrastructure sectors is designed towards implementation and ach

Cabinet reshuffle: Economic ministries` work rewarded

A report card of the major economic ministries, based on the latest cabinet reshuffle by Prime Minister Narendra Modi, would suggest that these have performed well over the last three years and their ministers have been rewarded for good work.

Finance Minister Arun Jaitley, who additionally held the Defence portfolio and has been acclaimed for his handling of the Doklam stand-off with

Slowdown of credit pre-dates banks drive against NPAs: Raghuram Rajan

The slowdown of credit growth in India is not the fallout of state-run banks attempting to resolve their massive non-performing assets (NPAs), or bad loans, problems and pre-dates the recent efforts by banks to clean up their balance sheets, former RBI Governor Raghuram Rajan has said.

"Once again there were a bunch of critics who claimed that cleaning up the bad loan problem was

Kerala Chief Minister, others welcome Alphons` cabinet induction

The induction of former bureaucrat and legislator K.J. Alphons, 64, as Union Minister of State for Tourism, Information Technology and Electronics on Sunday was welcomed in his home state of Kerala.

In a Facebook post, Chief Minister Pinarayi Vijayan congratulated Alphons and said he hoped he will use the opportunity of the new assignment for the betterment of Kerala.

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Sitharaman new Defence Minister, Piyush gets Railways

Nirmala Sitharaman was on Sunday named India's Defence Minister in a reshuffle-cum-expansion of his ministry carried out by Prime Minister Narendra Modi that also saw Piyush Goyal take charge of Indian Railways.

Of the other two new Cabinet ministers, Petroleum and Natural Gas Minister Dharmendra Pradhan got additional charge of Skill Development Entrepreneurship while Mukhta

Former RBI chief Rajan says had cautioned government on demonetisation - report

MUMBAI  - Former central bank head Raghuram Rajan had cautioned the government that short-term costs of a radical ban of high-value currency notes would outweigh the long-term benefits, Times of India newspaper reported on Sunday.

He had first given his opinion on whether to carry out the ban in February 2016, the paper reported, citing excerpts from Ra

Punjab to launch employment scheme on Sep 5

 The Punjab government will launch employment scheme 'Ghar Ghar Rozgar', on September 5 from Mohali, adjoining Chandigarh, a state government spokesman said here on Saturday.

"The launch will be kicked off with an Employers Meet at ISB (Indian School of Business), Mohali, from 11 a.m. to 1 p.m. to be followed by a state-level Job Fair at GMADA Stadium, Mohali,&q

Modi leaves for China to attend BRICS Summit

Prime Minister Narendra Modi on Sunday left for China to take part in the 9th BRICS summit at Xiamen.

He will also attend the Emerging Markets and Developing Countries Dialogue to be hosted by Chinese President Xi Jinping.

His visit comes after the end last week of over two-month long military stand-off at Doklam in the Sikkim section.

Modi departed

Goa government hikes VAT on petrol by two per cent

The Goa government has hiked VAT on petrol by two per cent taking the price of the fuel to Rs 63.43 per litre, a spokesperson said on Saturday.

The Value Added Tax (VAT) on petrol has been hiked from the existing 15 per cent to 17 per cent.

"Even after such increase, petrol would still be cheaper by around Rs 14 as compared to Maharashtra and by around Rs 7 as compared

On Modi visit, Myanmar to receive first lot of diesel from India

 The first consignment of high speed diesel from India will reach Myanmar on September 3, Parami Energy Group CEO Ken Tun has said.

Ken Tun told Mizzima News that his group is importing the diesel under a joint venture agreement with India's Numaligarh Refineries or NRL.

Two trucks, each loaded with 4,000 gallons of high speed diesel or HSD, will reach Moreh on Sept

Swiss President reaffirms support for India`s fight against black money

President of Switzerland Dorsi Leuthard has reaffirmed her country's support for India's fight against black money.

"The Swiss government, the federal council, is committed to support India's fight against black money also like automatic exchange of information of fiscal matters," Leuthard said while addressing the launch event of "70 Years of Swiss Indian F

Credit growth of banks slowed to 8.1% in 2016-17: Report

The credit growth of all banks slowed down to 8.1 per cent in 2016-17 from 10.9 per cent in the previous year, though the aggregate deposits improved on account of massive flow of funds after demonetisation, a Dun and Bradstreet report said on Saturday.

"The credit growth of all scheduled commercial banks slowed down from 10.9 per cent in 2015-16 to 8.1 per cent in 2016-17. The g

Government waives penalty on late GST returns for July

The government, on the recommendations of the Goods and Services Tax Council, has waived the penalty of Rs 200 per day for taxpayers who failed to file the first GST returns within the deadline.

The taxpayers will, however, have to bear the interest on late payment of dues, the Finance Ministry said on Saturday.

"Late fee for all taxpayers who could not file GSTR-3B for

Finalising details of Electoral Bonds for political funding: Arun Jaitley

Finance Minister Arun Jaitley on Friday said the government was finalising details of the 'Electoral Bonds' scheme which will improve transparency in political funding as money will be completely clean.

Delivering a memorial lecture here, he said, "On the question of political funding the entire apparatus has failed. Law says something, what happens is something else.&quo

Liquidity during April-June in surplus post-demonetisation: FinMin Report

The liquidity in the economy during April-June remained in surplus after demonetisation, though the cash position of the government was somewhat stressed, according to the first quarter (Q1) report on Public Debt Management released by the Finance Ministry on Friday.

"The liquidity in the economy remained in surplus, after the demonetisation, during the quarter, which kept the yi

India`s Forex reserves rise by $1.14 bn

India's foreign exchange (Forex) reserves kitty increased by $1.148 billion as on August 25, 2017, official data showed on Friday.

The Reserve Bank of India's (RBI) weekly statistical supplement released on Friday showed that the overall Forex reserves rose to $394.55 billion from $393.40 billion reported for the week ended August 18.

India's Forex reserves compr

Analysis: Slowdown-hit Indian economy counts costs of stronger rupee

By Rajesh Kumar Singh

NEW DELHI  - India's stronger currency has become a threat for its growth aspirations, piling pressure on the central bank to aggressively intervene in the foreign exchange market even at the risk of incurring the wrath of the United States.

The rupee has risen more than 6 percent this year against the dollar, snapping six cons

Quick fix farm loan waivers should be replaced with policy: Urjit Patel

Dwelling upon the spillover effects of the "quick fix" solution of farm loan waivers to ease farmers' distress, RBI Governor Urjit Patel has said that the government instead should move to more fundamental solutions, including crop insurance and opening up the farm economy to market forces and open trade.

"In the absence of coordinated and sustained efforts to put i

Modi tells taxmen to aim for registering even small traders under GST

Prime Minister Narendra Modi on Friday asked taxmen to work towards registering even relatively small traders -- with a turnover of below Rs 20 lakh -- under the Goods and Service Tax (GST) system.

He also said that the government was working towards creation of an environment which shatters the confidence of the corrupt and instills confidence and trust among the honest taxpayer.

Slowdown in GDP due to destocking by firms: Anant

Chief Statistician of India T C A Anant has said that the slowdown in GDP growth for the first quarter of 2017-18 to 5.7 per cent was due to de-stocking by firms as caution ahead of the GST roll-out on July 1. Commenting on the issue, Chief Statistician of India T C A Anant told the media, "Major sector which has seen a sharp decline is industry. Corporate entities were pulling down their