Indian fertiliser companies to raise potash prices after subsidy cut

By Rajendra Jadhav

MUMBAI - Indian fertiliser companies will soon raise potash prices after the government last week cut subsidies by 20 percent for the current financial year, officials said.

Higher potash prices charged to millions of Indian farmers will hurt demand in one of the world's largest importers of the fertiliser, raising concerns for big gl

Government exceeds 2016-17 tax target, highest in last 6 years

The central government on Tuesday reported a total tax collection of Rs 17.10 lakh crore during 2016-17 -- an increase of 18 per cent over 2015-16.

"Total net tax revenue grows at 18 per cent to Rs 17.10 lakh crore, highest in last six years," tweeted Hasmukh Adhia, Revenue Secretary in the Ministry of Finance.

"Direct tax growth rate is 14.2 per cent and indi

Rajasthan denotifies 21 state highways as urban roads

Rajasthan has denotified around 21 state highways as urban roads apparently in a bid to circumvent the Supreme Court order on liquor sale ban within 500 metres of highways.

Though the state government officially denied it and called it a routine exercise, official sources said this will save at least 500 liquor vendors. 

"We usually do this exercise and there is no

RBI expected to keep rates unchanged on Thursday

The Reserve Bank of India (RBI) is expected to maintain its key lending rates at its first bi-monthly monetary policy review of this fiscal due on Thursday.

At its last policy review of the previous fiscal in February, the RBI had kept its repo or short term lending rate for banks unchanged at 6.25 per cent, saying it awaits more data on inflation trends and the impact of demonetisati

CBDT proposes tax benefits for genuine equity deals

India's Income Tax Department has specified a list of equity share sale transactions that will have to comply with the latest Budget provision and pay long-term capital gains tax if Securities Transaction Tax has not been paid.

"It is proposed to notify that the condition of chargeability to STT (Securities Transaction Tax) shall not apply to all transactions of acquisitions

Preview: RBI seen holding rates, not pulling another surprise

By Rafael Nam and Suvashree Choudhury

MUMBAI  - The Reserve Bank of India has pulled surprises at its last three policy meetings, so another can't be ruled out at Thursday's review, but analysts uniformly expect no change in interest rates.

All 60 economists polled by Reuters predict the RBI's six-member monetary policy committee (MPC) will

Kudankulam-II n-plant to restart generation on Friday

The second 1,000 MW atomic power unit at the Kudankulam Nuclear Power Project (KNPP) that suffered an outage on Monday due to a problem in its steam dump valve is expected to start operations on Friday, said a senior official of Nuclear Power Corporation of India Ltd (NPCIL).

"Due to some problem in the steam valve, the unit was shut down on Monday. We will be opening the valve t

Government planning to empower RBI to deal with stressed assets - report

 The government is considering legislation to empower the Reserve Bank of India (RBI) in effective handling of stressed assets, in tandem with its broader plan to resolve banks' bad loans, the Economic Times reported on Tuesday, citing sources.

The government could issue an ordinance enabling the central bank to direct banks on dealing with stressed assets as amending the Ban

India's manufacturing sector expands in March: PMI

India's manufacturing sector expanded last month due to healthy demand conditions and softer inflationary pressure, a key macro-economic data showed on Monday.

The Nikkei India Manufacturing Purchasing Managers' Index (PMI) which is a composite indicator of manufacturing performance rose to a five-month high of 52.5 in March, from 50.7 reported for February. 

An

India, Malaysia keen to reverse falling bilateral trade

The India-Malaysia bilateral trade dwindled to a little over $10 billion in the last fiscal and it is to reverse this fall that Prime Minister Najib Razak is here, a Malaysian Minister said on Monday.

Razak is leading the largest ever delegation with 11 ministers, Malaysia's Minister of International Trade and Industry Mustapa Mohamed said.

Bilateral trade with Malaysia,

Exim Bank to raise $3 bn from overseas markets this fiscal

Exim Bank plans to raise up to $3 billion from overseas markets this fiscal. "We would be looking to raise between $2.5-3 billion in the current fiscal year," Export Import Bank of India (Exim Bank) Managing Director David Rasquinha told PTI. In 2016-17, the bank raised more than $2 billion from markets abroad, he said. Depending upon market conditions, Exim Bank borrows money tapping

FPI inflows at record Rs 57,000 cr in March on reforms buzz

Foreign investors pumped in a record Rs 57,000 crore in Indian capital markets in March, buoyed by expectations that BJP's victory in assembly polls is a precursor to more "bold, reformist policies". With the latest funds mobilisation, net investment by FPIs in the capital markets -- equity and debt -- reached a little over Rs 49,000 crore in 2016-17.

In the just-conclud

RBI to keep rates unchanged, next move likely a cut: Reuters poll

By Krishna Eluri

 The Reserve Bank of India (RBI) will keep interest rates unchanged at its meeting on Thursday and as inflation is below target while borrowing costs are more likely to fall than rise, a Reuters poll found.

In February, India's central bank was expected to cut rates but surprised markets by leaving them on hold and changed its stance to neutral from

Indian markets bet on a hands-off RBI and stronger rupee

By Suvashree Choudhury and Manoj Kumar

MUMBAI/NEW DELHI - The Reserve Bank of India's mysterious tolerance of a stronger rupee has completely upended market expectations, with traders who once braced for record lows becoming their most exuberantly bullish since Narendra Modi was elected Prime Minister in May 2014.

Bullish bets are piling up, with the Res

India's manufacturing PMI jumps to 5-month high of 52.5 in March

India's manufacturing sector gathered pace and touched a five-month high in March amid stronger rise in production and new business orders, while inflation rates also softened, says a Nikkei survey on Monday. The Nikkei India Manufacturing PMI -- a composite single-figure indicator of manufacturing performance -- rose to 52.5 in March from 50.7 in February, logging a five-month high, indica

Government to change security features of banknotes every 3-4 yrs

The Indian Government has said that to check counterfeiting, it plans to change security features of higher denomination banknotes of Rs 2,000 and Rs 500 every 3-4 years in accordance with global standards. As per reports, the move comes in the wake of recovery of a large amount of fake Indian currency notes in last four months after demonetisation. The issue was discussed at a high-level meeti

Government seeks $2 bn funding from NDB for infrastructure projects

The Indian Government has said that it is seeking USD 2 billion in funding from the New Development Bank for infrastructure projects and wants NDB to disburse faster loans. Commenting on the issue, Finance Minister Arun Jaitley told the media, “India has a huge unmet need for infrastructure investment, estimated at about Rs 43 lakh crore (about $646 billion) over the next five years.&rdqu

Government fetches over Rs 2 lakh cr from levies on petrol, diesel

The total collection of government through excise duty on petrol and diesel has been Rs 2,01,935 crore for the first eleven months of FY 2016-17, said government. The excise levy on petrol earned Rs 64,509 crore, while that on diesel garnered Rs 1,37,426 crore, as per the PTI report. An additional excise duty of Rs 6 a litre is levied and collected on Motor Spirit (petrol), said Santosh Kumar G

Petrol price trim by Rs 3.77 a litre, diesel by Rs 2.91

For the first time in two-and-a-half months, the rate of petrol and diesel prices have been changed. The petrol price is slashed by Rs 3.77 a litre and that of diesel by Rs 2.91 per litre, as per the media reports. Petrol price will be cut by Rs 3.77 per litre, excluding state levies, said Indian Oil Corporation Ltd (IOCL). Actual decrease will be larger after taking into account the local levi

Exports likely to touch $270 bn this financial year: FIEO

The Federation of Indian Export Organisations (FIEO) said that with the country’s exports recording healthy growth during the past few months, the shipments are expected to touch USD 270 billion by end of the current fiscal, as per the media reports. During this challenging period, India witnessed double digit growth in exports in February after a long time, said FIEO, quoted PTI. FIEO, P

Biometric payments to replace cards in next few yrs: Amitabh Kant

Niti Aayog has said that mobile wallets and biometric modes of payments will replace debit and credit cards in the next three to four years. Commenting on the issue, NITI Aayog CEO Amitabh Kant told the media, "Physical banking in India is almost dead and it is adopting pervasive technologies with such an accelerated pace that in next three to four years, the digital transactions would mov

India`s GDP growth to touch 7.6% next year: DBS

A DBS report has said that India's GDP growth is expected to pick up again to 7.6 per cent next year thanks to improving consumption, timely rains, higher public sector spending, and better export growth. According to the global financial services major, the ongoing reforms will strengthen the productivity part of growth and the country's GDP will benefit from India's favourable wor

RBI raises FPI limits on investment in Government bonds: Reports

The Reserve Bank has said that it has increased foreign portfolio investors' (FPI) limits on investment in government bonds by an aggregate Rs 170 billion for the April- June period. Commenting on the issue, a RBI Official told the media, “The limits for investment by FPIs in central government securities have been increased by Rs 110 billion, while the same for SDLs are up by Rs 60 b

Jet fuel rates cut by over 5%

With the recent dip in global crude oil prices to around $50 a barrel levels, the price of aviation turbine fuel (ATF), or jet fuel, has been cut by over 5 per cent -- reversing a trend of hikes over the last two months.

State-run oil marketers have cut the price of jet fuel by Rs 2,811.38 per kilolitre (kl), or by 5.1 per cent, to Rs 51,428 per kl with effect from Saturday. ATF price

Traffic-congested Jammu, Srinagar to get ring roads soon: Nitin Gadkari

The central government on Sunday announced that it has sanctioned Rs 4,300 crore for the construction of ring roads -- one each in Jammu and Srinagar -- to decongest traffic in the two cities of Jammu and Kashmir.

Union Minister for Road Transport and Highways Nitin Gadkari told a rally near this Jammu town that Rs 2,100 crore and Rs 2,200 crore have been earmarked for the ring roads