CEA an 'outsider-insider' giving valued advice: Arun Jaitley

Chief Economic Advisor (CEA) Arvind Subramanian by virtue of his background is an "outsider" to the government whose independent advise on the economic realities is of great value to the government, Union Finance Minister Arun Jaitley said on Sunday.

"The CEA is an outsider, who becomes an insider in the ministry. But he always retains his freedom and independence,"

Port-led development can help achieve double-digit growth: NITI CEO

Calling the Shipping Ministry's flagship Sagarmala project a game-changer for India, NITI Aayog CEO Amitabh Kant on Friday said that port-led development can help achieve double-digit growth rate for the country.

Kant's remarks came during Shipping Ministry's workshop titled "Accelerating Sagarmala Implementation - Engaging with States" which aimed at enhancing t

Finance Minister to review performance of PSU banks, FIs on June 12

Finance Minister Arun Jaitley will meet heads of public sector banks and financial institutions on June 12 to discuss issues related to rising bad loans, interest rate reduction and credit flow to various sectors.

He will also review the performance of the lenders. The meeting assumes significance as it will be the first after promulgation of the ordinance amending the Banking Regulat

Good monsoon may give fillip to CV loans and microfinance: Moody`s

Moody's Investors Service and its Indian affiliate, ICRA Limited, has said that a well-distributed and timely monsoon would be pivotal for the continued recovery in the performance of a range of retail loans impacted by demonetisation.

While Moody's believes that a normal monsoon will boost the performance of commercial vehicle loans backing Indian asset-backed securities (ABS

SBI says $2.3 billion share sale satisfies capital needs for at least a year

By Devidutta Tripathy

MUMBAI  - State Bank of India said on Friday it may not need to tap equity markets for at least another year as its capital ratios will strengthen in the wake of this week's $2.3 billion share sale.

India's biggest lender is also due to gain additional funds this financial year from a planned share sale in its life insuranc

Government sets up 18 sectoral groups for smooth roll-out of GST

GST Council has constituted eighteen sectoral groups representing various sectors of the economy in order to ensure smooth roll-out of GST, according to a statement released by the ministry of finance.

The eighteen sectoral groups include, banking, financial & insurance, telecom, exports (incl EOUs and SEZs), IT & ITes, transport & logistics, textiles, MSMEs (incl. job wor

India, UNOSSC launch partnership fund to promote sustainable development

India and the UN Office for South- South Cooperation have launched a partnership fund that will support sustainable development projects across the developing world.

The India-UN Development Partnership Fund will implement country-level projects that are catalytic towards achieving the 17 sustainable development goals of the 2030 Agenda. The collaborative initiative is aimed at reduci

Stressed balance sheets cast cloud over Modi-led India rebound

By Rajesh Kumar Singh

NEW DELHI - Vikas Patharkar borrowed $700,000 in 2014 to set up a factory to make electric transformers on the outskirts of Mumbai, buoyed by the promise of massive government spending and hopes of a strong economic rebound.

Three years later, production has yet to begin. But servicing the debt is cutting into overall profits at hi

NDB to expand presence by bring more member countries: Reports

The New Development Bank, set up by India and other BRICS nations, has said that it has started the process of bringing in more member countries to expand presence in the global arena, having finalised the entry norms.

As per reports, India, China, Brazil, Russia and South Africa, which make up the BRICS group, are currently the members of NDB. As per reports, presided by veteran Indi

Impact of putting gold under 3% GST bracket to be disruptive: WGC

World Gold Council (WGC) has said that it sees the impact of putting gold under three per cent tax bracket under GST disruptive with change in consumer behaviour in the coming days. But the net impact is expected to be positive.

Commenting on the issue, a WGC Official told the media, "We see consumer behaviour changing in response to GST. Our econometric analysis spanning 26 year

India rationalises `safe harbour` rates for MNCs

 In a move to reduce transfer pricing disputes, the Indian government on Thursday rationalised 'safe harbour' rates so as to induce more foreign companies to make use of this mechanism and reduce transfer pricing disputes.

"In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and t

India calls for middle-income country coalition to revive globalisation

By Rajesh Kumar Singh

NEW DELHI  - India called on Thursday for a coalition of middle-income countries to drum up support for globalisation as a political backlash in the United States and parts of Europe against free trade and investment imperils its growth aspirations.

Arvind Subramanian, the finance ministry's chief economic adviser, suggested In

Inflation data a challenge, RBI `grappling` with it: Viral Acharya

A day after the finance ministry cast doubt on RBI's inflation forecasts, Reserve Bank Deputy Governor Viral Acharya said price rise data pose a challenge and the central bank is "grappling" with it, reported PTI.

Acharya also said capacity utilisation in many of the sectors is very low, with a depressing impact on economic activities. Speaking at an event organised by I

RBI directs bank branches to comply with PPO order

The Reserve Bank has asked bank branches to record pension payment order (PPO) number in the passbooks of pensioners to avoid any hassle in case the PPO is lost, reported PTI.

The Finance Ministry's Central Pension Accounting Office in September 2014 had issued a memorandum asking Centralised Pension Processing Centres (CPPCs) and government business departments to instruct their

Economy headed for consolidation: RBI survey

The economy will gradually consolidate growth in the current fiscal, predicted 28 forecasters surveyed by the Reserve Bank, reported PTI.

As per the survey result posted on the RBI website, real GDP (gross domestic product) and real GVA (gross value added) are expected to grow by 7.4 per cent and 7.2 per cent, respectively, in 2017-18 and consolidate further by 40 basis points (bps) a

HSBC sees India growth unchanged at 7.1% this fiscal

India's growth is likely to remain unchanged at 7.1 per cent this fiscal, as investments are low and government spending may not remain high given the fiscal consolidation path the country is treading, says a report.

"Growth numbers were marked down marginally but still remain higher than ours," HSBC said in a research note. It further said, "we have a below-consens

Cross border mergers make India favoured FDI route: UNCTAD

Despite stagnant foreign direct investment (FDI) inflow of USD 44 billion in 2016, India will most likely remain most favoured destination due to its attractiveness among MNCs for cross-border mergers and acquisitions, a UN trade report said according to the PTI.

On the flip side, it said there are tax related concerns that may pose as deterrent to some foreign investors. In South Asi

RBI sets rupee reference rate at 64.3554 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3554 against the US dollar and 72.5092 for the euro.

The corresponding rates were 64.4538 and 72.6588, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.4303 and 58.76 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

India signs OECD Convention to prevent tax evasion

India has signed the Organisation for Economic Co-operation and Development (OECD) Multilateral Convention to implement measures to prevent shifting of profits by companies to low-tax nations to avoid paying taxes.

"The Multilateral Convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (BEPS) was signed by Finance Minister Arun Jaitl

Big Indian state banks need up to $14.8 billion capital by March 2019 - Moody's

MUMBAI  - Moody's Investors Service said on Thursday the 11 Indian state-run banks that it rates could need up to 950 billion rupees ($14.76 billion) in equity capital by March 2019, far above the 200 billion rupees the government plans to inject into state banks by then.

Weak capitalisation levels will remain a key credit weakness for the 11 banks, the ratin

DIPP to soon release SOP for FDI proposal clearances

The commerce and industry ministry will soon come out with the standard operating procedure (SOP) for clearance of foreign investments proposals as the government has abolished the FIPB.

The Department of Industrial Policy and Promotion (DIPP) has prepared a draft SOP and is circulating it to different departments including the economic affairs for their views. "Within seven to t

SLR cut will boost liquidity in the system, says FICCI

Apex industry body Federation of Indian Chambers of Commerce and industry (FICCI) has said that the cut in the Statutory Liquidity Ratio (SLR) rate will help inject liquidity in the system and provide room for the banks to cut lending rates.

Commenting on the monetary policy, Pankaj Patel, President, FICCI said, “The reduction in the SLR rate by 0.5 basis points is a positive st

From now, companies can only issue masala bonds post RBI dept nod

The Reserve Bank of India (RBI) on Wednesday said its forex department will henceforth examine proposal of companies before they can issue masala bonds to raise funds from overseas markets.

The changes come as part of RBI's norms on external commercial borrowings (ECBs), trade credit, borrowing and lending in foreign currency. "On a review of the laid down framework for issua

`India among top FDI destinations, but tax concerns remain`

India continues to be a favourite FDI destination though tax-related concerns remain a deterrent for some foreign investors, an UNCTAD report said.

It also said that foreign direct investment (FDI) inflows to developing Asia shrank by 15 per cent to USD 443 billion in 2016, the first decline since 2012. This affected three sub- regions, with only South Asia spared.

However,

RBI lowers growth forecast to 7.3% for current fiscal: Reports

The Reserve Bank has said that it has marginally lowered the economic growth forecast for the current fiscal to 7.3 per cent even as it hoped that remonetisation would enable pick-up in consumer spending, especially in the cash-intensive segments.

As per reports, the Central Statistics Office (CSO) has pegged the growth of real gross value added (GVA) for 2016-17 at 6.6 per cent, 0.1