India to sign pact with Morocco in field of water resources

The Union Cabinet on Wednesday gave its approval for signing of a Memorandum of Understanding (MoU) between India and Morocco on cooperation in the field of water resources. The MoU intends to enhance cooperation in the field of water resources development and management within the framework of their expertise and their respective legislations. The domains of bilateral cooperation under this Mo

Cabinet approves pay hike for university, college teachers

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for revision of pay scales for about 8 lakh teachers and other equivalent academic staff in higher educational institutions under the purview of the University Grants Commission (UGC) and in Centrally Funded Technical Institutions, following implementation of the recommendations of the 7th Central Pay Commissio

India again urges WTO permanent solution on food security

India has reiterated its call for a permanent solution to the food security issue at the World Trade Organisation at a WTO meet in Morocco's Marrakesh, an official statement said on Wednesday.

Commerce Minister Suresh Prabhu "emphasised that a permanent solution on the issue of public stockholding for food security purposes must be a part of the outcomes achieved, as thi

NE Power Ministers call for development of power projects in region

 Power Ministers from the northeastern states on Wednesday called for development of power projects for the overall socio-economic development of the region.

At the North Eastern Region Power Committee (NERPC) meeting here, Arunachal Pradesh Power Minister Tamiyo Taga was more critical on non-starting of power projects in his state due to opposition by several groups in Assa

Cabinet nod to SEBI MoUs with Gibraltar, Kuwait market regulators

The Union Cabinet on Wednesday gave its approval for signing of a Memorandum of Understanding (MoU) by Securities and Exchange Board of India (SEBI) with Capital Markets Authority (CMA), Kuwait for mutual co-operation and technical assistance.

The MoU is likely to promote further development of economic links and cooperation between the two regulators, and aims at creating conditions

Seven major ports post 3.24% growth during April-September

Seven major ports of the country, including Paradip, Chennai, Cochin and New Mangalore, recorded a growth rate of 3.24 per cent during April-September 2017, an official statement said on Wednesday.

The ports recording a growth of 3.24 per cent together handled 326.4 MT cargo during the April-September 2017 period as against 316.1 MT handled during the corresponding period last ye

Italy`s black economy worth 12.6 percent of GDP

Italy's black economy was worth some 208 billion euros in 2015 - an amount equivalent to 12.6 percent of the country's GDP, figures from the central statistics agency showed.

Off-the-books transactions in Italy amounted to just over 190 billion euros in 2015 while illegal activities were worth a further 17 billion euros, according to the data issued by Istat - the latest

IMF`s growth projections wrong a lot: EAC-PM Member

Prime Minister Narendra Modi's Economic Advisory Council member Rathin Roy on Wednesday dismissed International Monetary Fund's (IMF) slashing of India's growth projection for 2017, noting they are "estimations" which are "wrong 80 per cent of the time".

Roy's remarks came in response to a question on India losing the world's fastest growing maj

Cabinet clears agreement with Japan on intern training programme

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the signing of Memorandum of Cooperation (MoC) between India and Japan on the "Technical Intern Training Programme" (TITP).

This agreement is expected to be signed during the forthcoming visit of Skill Development and Entrepreneurship Minister Dharmendra Pradhan to Tokyo between October 16

Stick to fiscal consolidation path: Economic Advisory Council

The Economic Advisory Council to Prime Minister Narendra Modi on Wednesday acknowledged that India is going through an economic slowdown but added that it must not deviate from the fiscal consolidation exercise.

"There is consensus within the Council that the fiscal consolidation exercise should not be deviated from," EAC-PM Chairman Bibek Debroy, also a NITI Aayog Member, t

Prime Minister approves Rs 2000 cr to set up Aadhar centres at post offices

The Indian Government has said that Prime Minister Narendra Modi has approved Rs 2,000 crore specifically for setting up Aadhaar centres in post offices, a move that will see private contractors phased out from the data collection process. As per reports, the decision comes in the wake of complaints regarding private vendors on counts such as petty corruption and attempted frauds and the Suprem

Direct tax collections jump 16% to Rs 3.86 lakh cr in Apr-Sep

India's direct tax collections for April-September rose 15.8 per cent to Rs 3.86 lakh crore, buoyed by a healthy growth in advance tax mop-up, the finance ministry said. The net direct tax collectionsconstitute39.4 per cent of the total budget estimate of direct taxes at Rs 9.8 lakh crore for the current fiscal.

The provisionalfiguresofdirect tax up toSeptember 2017show that net c

Productivity enhancement essential for higher GDP: Bibek Debro

NITI Aayog member Bibek Debroy has said that enhancement of productivity is important for India to increase its national income. Commenting on the issue, NITI Aayog member Bibek Debroy told the media, "National income of any country is the productivity of its citizens in the working age group. There are different sources of growth and national income. Growth can come either through increas

RBI sets rupee reference rate at 65.2691 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.2691against the US dollar and 77.1677 for the euro. The corresponding rates were 65.2652 and 76.8302 as on October 10, 2017. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.1161 and 58.08 per 100 yens, respectively, based on reference rates for the dollar and cross-c

Inflation may trend higher as IIP, CPI expected to go up: Report

India's industrial growth and inflation may trend up as key metrics such as IIP, CPI and WPI are expected to come in higher, driven by a waning GST impact and higher commodity rates, says a Morgan Stanley report. According to the global financial services major, August industrial production (IIP) may improve as GST-related impact would wane. Moreover, export growth is expected to stay stron

Indian investors eye GST impact on July-Sept corporate earnings

MUMBAI/BENGALURU - Profits from India's top firms are expected to have swung back to growth in July-September from a decline in the previous quarter, though economic headwinds are likely to have kept the pace of growth sluggish.

The latest results are critical for investors, marking the first quarter since the rollout of a national goods and services tax (GST) on

EPFO to go paperless in another one year: Union minister

The Employees Provident Fund Organisation will go paperless in another year as part of Digital India initiative, Union minister Santoshkumar Gangwar said today. Once the retirement fund body, which has already launched a few online services, goes digital, the subscribers need not visit the offices to their work done, the Labour and Emolument minister told reporters on the sidelines of a functio

PFRDA introduces new norms for CPSE employees in NPS

Pension Fund Regulatory and Development Authority (PFRDA) organised a conference on National Pension System (NPS) for Central Public Sector Enterprises (CPSEs) at the India Habitat Centre (IHC), New Delhi with the objective of informing CPSEs benefits and features of NPS and of addressing their queries on NPS.

“Based on the recommendation of the 3rd Pay Revision Committee, the D

Finance Minister disposes 6 FDI proposals worth Rs 85.45 cr in September

During the month of September 2017, the Department of Economic Affairs has disposed of six FDI proposals aggregating to foreign investment of Rs. 85.45 crore, according to a statement released by the Ministry of Finance. According to Ministry of Finance, the Department of Economic Affairs has approved four proposals which include, Aashiyaan Housing & Development Finance Pvt Ltd’s appr

World Bank lowers India`s growth forecast

India's GDP may slow from 8.6 per cent in 2015 to 7.0 per cent in 2017 because of disruptions by demonetisation and the GST, the World Bank has forecast and warned that subdued private investment due to internal bottlenecks could put downside pressures on the country's potential growth.

The International Monetary Fund yesterday also lowered India's growth projection to 6.7

September inflation seen at six-month high on GST, public sector pay rise: Reuters poll

BENGALURU - India's retail inflation edged up in September, driven by higher salaries of government employees as well as the impact of the Goods and Services Tax (GST), a Reuters poll found, a development that would make further monetary policy easing unlikely.

Consumer inflation is forecast to have risen to 3.60 percent in September from a year ago, above August&

Economy will bounce back, but what about job creation

Since the latest growth numbers have come in showing a consistent deceleration in Indias real gross domestic product (GDP) over six consecutive quarters, a cacophony of concerned voices have been heard. The din of criticism both from within and outside the government has grown so loud that Prime Minister Narendra Modi himself has had to intervene in order to defend his economic record. This war

PM`s EAC to hold first meeting at NITI Aayog today

The first meeting of the newly constituted Economic Advisory Council to the Prime Minister, EAC-PM will be held tomorrow on Wednesday, at NITI Aayog, according to an official statement. The Council has been set up with the approval of the Prime Minister on 26th September 2017 and is comprised of reputed economists and experts.

These include Bibek Debroy, Member, NITI Aayog as the Chai

Economy to grow at 6.5% in 2017-18: C Rangarajan

Former RBI Governor C Rangarajan has said that he expects that the economy will grow at 6.5 per cent for the year 2017-18. Commenting on the issue, RBI Governor C Rangarajan told the media, "Jobs (jobs creation) are not independent. They are related to growth when the economy grows jobs also grow. So you cannot talk off jobs separately from growth."

"I think the possibi

Economic Advisory Council to hold first meeting on Wednesday

 The Prime Minister's newly-constituted Economic Advisory Council will hold its first meeting at the NITI Aayog on Wednesday.

During the meeting, it will address "all issues of emergent importance and will engage with a broad spectrum of stakeholders", a government statement said.

In the run-up to the meeting, the Council chaired by NITI Aayog Me