Exclusive: India likely to stick to deficit target, may step up bank reform - Modi adviser

By Rupam Jain and Manoj Kumar

NEW DELHI - India is likely to stick to its fiscal deficit target of 3.2 percent of GDP, and may accelerate sales of government stakes in lenders and other companies as part of an effort to recapitalise banks, an adviser to the prime minister said on Tuesday.

Prime Minister Narendra Modi's government has already used up near

WPI to moderate further; to average 2.8% in 2018: Nomura

WPI inflation is expected to moderate further in the coming months, and is likely to average 2.8 per cent in 2018, says a Nomura report. According to the Japanese financial services major, a moderation in WPI inflation in the coming months is likely owing to falling vegetable prices and favourable base effects. "Looking ahead, with food prices (vegetables) falling further in recent weeks a

India`s foreign reserves enough to cushion vulnerabilities: Development Bank of Singapore

India's foreign reserves, which touched a record USD 402.5 billion in September, are high enough to cushion the country against the external vulnerabilities, the Development Bank of Singapore (DBS) said today. The import cover (on total reserves minus gold) is better than what is seen during the 2013 taper tantrum, said DBS in its report on Indian economy.

Taper tantrum is the ter

Goods under 28% GST slab to be reduced: Hasmukh Adhia

The Indian Government has said that the number of goods in the highest 28 per cent GST slab would be brought down and a committee of officers will calculate the revenue impact before going in for further reduction in tax rates. Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, "It is required, the fitment of rates which has happened is mainly based on excise and VAT.

Indian economy to bounce back in Sept qtr: Morgan Stanley

A Morgan Stanley report has said that continued strength in import growth is a reflection of healthy underlying demand trend and an indication that growth recovery is expected to have taken hold in the September quarter. According to the global financial services major, global economic growth is expected to stay positive and accordingly exports are likely to remain supportive going ahead.

FDDI declared as an `Institute of National Importance`

Footwear Design & Development Institute (FDDI) has been declared an ‘Institute of National Importance’ under Ministry of Commerce & Industry, Government of India. The FDDI bill was passed by the Parliament in July 2017. The Provisions of FDDI Act 2017 have come into force from today, according to the Notification published in The Gazette of India on October 5, 2017. The Mini

FICCI pitches for rate cut as WPI inflation eases

FICCI President, Pankaj Patel has said that we see a moderation in the rate of inflation led by easing of prices in case of food articles. Even the retail inflation numbers released earlier showed some softening in case of food prices. Overall, inflation remains within RBI’s indicative trajectory and this is an encouraging sign. “We feel that there is a need for greater balance in o

Over 69 lacs subscribers join Atal Pension Yojana: Finance Minister

Atal Pension Yojana currently has over 69 lacs subscribers with contribution of Rs. 2690 crores. Chairman, PFRDA Hemant G Contractor however emphasised the need of increasing the pension coverage in India at a recently concluded conference on Atal Pension Yojana. The conference organised by Pension Fund Regulatory and Development Authority (PFRDA) in the national capital saw participation from

Clear picture of GST revenue after 3-4 months, says Adhia

Acknowledging that compliance of the Goods and Services Tax (GST) is still low, Revenue Secretary Hasmukh Adhia on Monday said a clear picture of revenue under the new indirect tax regime can be drawn only after three-four months.

"Most of the revenue that has come is in the form of Integrated GST. We will have to wait for 3-4 months for a clearer picture. I haven't been able

Northeast emerging as new start-up spot: Minister

Union Minister of State for Development of the North Eastern Region (DoNER) Jitendra Singh claimed that the area was fast emerging as the new start-up destination for youngsters from all over India, an official statement on Monday.

Due to improvement in connectivity and transport facility in the last two years, coupled with concentrated administrative focus, more and more youngsters a

RBI sets rupee reference rate at 64.7603 against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.7603 against the US dollar and 76.3912 for the euro. The corresponding rates were 64.9301 and 76.8772 on Friday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.0082 and 57.93 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Indian economy on very solid track: Christine Lagarde

IMF chief Christine Lagarde has said that the Indian economy is on a very solid track in the mid-term, days after the International Monetary Fund lowered its growth forecast for the current and the next year. As per reports, describing the two major recent reforms in India - demonetisation and Goods and Services Tax (GST) - as a monumental effort, Lagarde said it is hardly surprising that there

Equity mutual funds inflow triples to Rs 80k cr in Apr-Sept

Equity mutual funds registered an inflow of over Rs 80,000 crore in April-September 2017, a three-fold growth from the year-ago period, mainly due to the ongoing shift of household savings from real estate and gold to such financial products. The strong inflows have pushed the asset base of equity mutual funds (MFs) by over 21 per cent to Rs 6.59 lakh crore at the end of September from Rs 5.43

December rate cut likely after September`s soft CPI inflation: BofAML

The Reserve Bank of India (RBI) is likely to go for a 25 bps rate cut at its next policy review meet on December 6 after September Consumer Price Index (CPI) inflation came in at a soft 3.3 per cent, says a report. "We grow more confident in our call of a 25 bps RBI rate cut on December 6 after September CPI inflation came in at a soft 3.3 per cent, the same as August's downwardly revi

`Growth recovery in India`s consumer sector likely in Q2 FY18`

Growth in India's consumer sector is seemed to have recovered in the July-September quarter largely owing to increasing urban demand and the festive season, says a Nomura report. According to the Japanese financial services major, consumer firms are expected to report average net sales growth of 8.6 per cent year-on-year with EBITDA growth of 8.4 per cent in the second quarter of this fisca

Wholesale inflation falls to 2.6% in Sept

Wholesale inflation fell to 2.60 per cent in September as prices of food articles, led by vegetables, softened. Inflation, based on the wholesale price index (WPI), had soared to a four-month high of 3.24 per cent in August 2017. It was 1.36 per cent in September 2016. The government data released today showed that inflation in food articles tapered to 2.04 per cent in September, as against 5.7

Economy poised for sustainable and balanced growth: Finance Minister

The Union Minister for Finance and Corporate Affairs, Arun Jaitley hasn said that the Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms and there is clear evidence now that slowdown effect of demonetisation and GST has now more or less played it out.

Speaking at an Interactive

G-20 must formulate responses to global challenges:Finance Minister

The Union Minister for Finance and Corporate Affairs, Arun Jaitley on Friday participated in the G-20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Washington D.C. The discussion focused on the agenda items pertaining to global economy and framework for growth, compact with africa and international financial architecture. The Finance Minister Jaitley stated that the Report was

Prime Minister lays foundation stone for four NH Projects in Bihar

Prime Minister Narendra Modi on Friday laid down the foundation stone for four sewerage projects costing Rs 738.04 crore and four National Highways projects of 195 km worth Rs 3031 crore in Bihar. The ceremony took place at Mokama in the presence of Nitin Gadkari, Minister of Water Resources, River Development and Ganga Rejuvenation, Road Transport & Highways and Shipping. These four sewera

Odisha Government signs MoU with SBI: Reports

The Odisha Government has said that its Directorate of Treasuries and Inspection and the State Bank of India have signed an MOU for integration of SBI e-Pay with cyber treasury. Commenting on the issue, a Government Official told the media, “The MoU is a landmark initiative by the state government to facilitate revenue collection from citizens through digital banking platform.” As p

Government invites bids to buy out PDIL: Reports

The Indian Government has said that it has invited bids from EIL or other similarly placed PSUs to buy out its 100 per cent shareholding in consultancy firm PDIL. As per reports, Miniratna PSU Projects & Development India Ltd (PDIL) is under the administrative control of Chemical and Fertilizers Ministry. Commenting on the issue, a Government Official told the media, "The Government of

Need to strengthen balance sheet of banks: N S Vishwanathan

Reserve Bank of India Deputy Governor N S Vishwanathan has said that there is a need to strengthen the balance sheets of banks to deal with the serious concern of stressed assets. As per reports, non-performing assets have been a continuous headache for banks, especially state-owned lenders, with a number of large corporate loans turning bad in the last few years. Commenting on the issue, Reser

India, EU to restart FTA negotiations soon: Official

An Official has said that India and the European Union plan to take stock of the proposed free trade agreement negotiations next month and explore ways to put in place a framework to resume the stalled talks. As per reports, a delegation comprising senior EU officials is visiting Delhi in November to reassess the talks and decide further course of action.

Commenting on the issue, an O

India`s merchandise exports rise sharply in Sept: Reports

The Indian Government has said that India’s merchandise exports rose sharply in September, eliminating fears of a slump due to disruption and working capital issues brought on by the introduction of the goods and services tax. As per reports, exports climbed 25.67 per cent in September, exceeding an 18.1 per cent increase in imports, helping to narrow the trade deficit to USD 8.98 billion

APY subscriber base to touch 1 cr by March 2018: Rajiv Kumar

Finance Ministry has said that the subscriber base of Atal Pension Yojana (APY), a guaranteed pension scheme for unorganised sector, is expected to increase to 1 crore by March next year. Commenting on the issue, Financial Services Secretary Rajiv Kumar told the media, "APY is not only a flagship scheme of the government, it is an important instrument for inclusion...within three years, th