CPI, WPI to accelerate further in coming months: Reports

A Morgan Stanley report has said that retail and wholesale inflation accelerated in July and the uptrend is likely to continue in the coming months, limiting the space for further monetary easing. According to the global financial services major, both CPI and WPI inflation have troughed in June and are expected to rise further in the coming months.

The wholesale inflation rose sharply

NE states to get tax exemption till March 2027: Finance Minister

The Indian Government has said that industries in the north eastern and Himalayan states will continue to get tax exemption till March 2027 under the current GST regime which was rolled out on July 1. Commenting on the issue, Finance Minister Arun Jaitley told the media, "Within the framework of the GST Act each industry will be entitled to its own refund mechanism during this particular p

Smart cities to drive video surveillance market in India: Seagate

As the drive to build smart and secure cities gains momentum, the relevance of video-based surveillance to ensure safety at workplace and beyond has increased multifold, a senior executive of US-based data storage company Seagate has said.

According to a recent report from Ireland-based Research and Markets, India's video surveillance market is projected to grow at a compound annu

India signs $24.64 mn GEF Grant pact with World Bank

A Grant Agreement from the Global Environment Facility (GEF) of the World Bank of USD 24.64 million for “Ecosystem Service Improvement Project” was signed on Wednesday, says Ministry of Finance. The pact was signed Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs (DEA), Ministry of Finance on behalf of the Government of India and Hisham Abdo Kahin, Acting Cou

Government approves creation of a single corpus fund for education

The Union Cabinet, chaired by the Prime Minister Narendra Modi, has accorded its approval for creation of a non-lapsable pool in the Public Account for secondary and higher, education known as "Madhyamik and Uchchtar Shiksha Kosh" (MUSK) into which all proceeds of "Secondary and Higher Education Cess" will be credited.

“The funds arising from the MUSK would b

Cabinet approves MoU with Sweden on IPRs

The Union Cabinet on Wednesday gave its approval to the Memorandum of Understanding (MoU) between India and Sweden on cooperation in the field of Intellectual Property (IPRs). The MoU establishes a wide ranging and flexible mechanism through which both countries can exchange best practices and work together on training programs and technical exchanges to raise awareness on IPRs and better prote

Armed Forces get Cabinet nod for creation of directors post

The Union Cabinet on Wednesday gave its approval for creating of 7 posts of Principal Director and 36 posts of Director on regular basis in the Armed Forces Headquarters (AFHQ) Civil Service, Ministry of Defence as part of restructuring. “Creation of regular posts in the AFHQ Civil Service will alleviate stagnation the cadre. It will be in the interest of better cadre management and bring

CCEA approves norms for strategic disinvestment

The Cabinet Committee on Economic Affairs on Wednesday approved the proposal of Department of Investment and public Asset Management (DIPAM) for the strategic disinvestment for setting up an alternative mechanism.

The CCEA has approved setting up an Alternative Mechanism (AM) consisting of the Finance Minister, Minister for Road Transport & Highways and Minister of Administrative

PSUs` overwhelming presence holding back economy: Ruchir Sharma

The overwhelming presence of public sector is holding back the Indian economy, Morgan Stanley's Ruchir Sharma said as per the PTI report. Citing the example of Indian banks, Sharma said the public sector's share in the banking industry is two-thirds, which is way above the average of one-third in the emerging markets. "In India, the state remains meddlesome.

The public se

Revenue dept`s probes source of data on black money: Finance Minister

Finance Minister Arun Jaitley said ongoing probes of and notices to depositors of unexplained money post note ban were among the sources to collate information about black money that figured in Prime Minister Narendra Modi's Independence Day speech, reported PTI.

"The revenue figures and the potential revenue gain figures were based on ongoing investigations, notices, respons

RBI advises banks to make Aadhaar card linkage mandatory for crop loans

The Reserve Bank of India (RBI) on Wednesday advised commercial banks to make Aadhaar cards linkage mandatory for farmers to avail short-term crop loans in 2017-18.

The advice to all public and private sector scheduled commercial banks was sent through a RBI notification on the "Interest Subvention Scheme for Short Term Crop Loans during the year 2017-18" issued on Wednesday

No confusion about figures by Prime Minister in I-Day speech: Arun Jaitley

In a bid to silence critics, Union Finance Minister Arun Jaitley on Wednesday said there was no confusion in figures given by Prime Minister Narendra Modi in his Independence Day speech on black money deposited in banks after demonetisation.

He said the figures on potential revenue gain is based on investigations and notices by the Revenue Department and Central Board of Direct Taxes

For growth, banks have to transfer rate cut benefits to customers

Effective transmission of the benefits of policy rate cuts by banks to their customers is the key to achieving non-inflationary growth, RBI Governor Urjit R. Patel has said.

According to Patel, while the transmission has improved, there was still some space for banks to cut their lending rates, especially on the existing loan portfolios.

By the central government's own f

Government has sympathies with home buyers: Arun Jaitley

The government on Wednesday said it has full sympathy for those who have booked flats with housing promoters and it is their right to get the houses for which they have paid money.

When asked in this regard at a media briefing after the cabinet meeting, Finance Minister Arun Jaitley said: "Those who have bought flats and have invested money should get their flats. It is their rig

India`s exports grow by 3.94% to $ 22.54 bn in July: Reports

According to official data, India's export grew by 3.94 per cent on a yearly basis to USD 22.54 billion in July on account of rise in shipments of petroleum, chemicals and marine products. The data released by the commerce ministry showed that import too rose by 15.42 per cent to USD 34 billion in July from USD 29.45 billion in the year-ago month due to rise in inward shipments of crude oil

Daily use items exempted from e-way bill under GST: Reports

The Indian Government has said that LPG, kerosene, jewellery and currency are among the common use items that have been exempted from the requirement of obtaining electronic permits for transportation under the GST regime. As per reports, the Goods and Services Tax (GST) regime, rolled out from July 1, mandates obtaining permits called e-way bills for transporting goods consignment of more than

Startups must develop sustainable biz plans to receive PE/VC funding

Developing stronger and sustainable business plans will help startups in receiving PE/VC (private equity/venture capital) funding, according to a recent ASSOCHAM-Hammurabi & Solomon joint study. “After registering 26 per cent dip in fund raising by PE firms last year i.e. from $5.7 billion in 2015 to $4.2 billion in 2016, the year 2017 could be the one for consolidation, with PE/VC (v

Government`s help to lenders facing bond defaults a 'moral hazard' - Fitch Rating

MUMBAI - The government risks creating "moral hazard" by injecting funds into state-run lenders such as IDBI Bank Ltd which are at risk of missing coupon payments on their additional tier 1 bonds, Fitch Ratings said on Wednesday.

Fitch said India's injection of 19 billion rupees ($295.81 million) into IDBI on Aug. 9 - at a time when the lender was believ

High GST may taper leasing industry growth

The estimated Rs 5500 crore capital good leasing sector growing at 15-20 per cent may get tapered due to high Goods and Services Tax (GST) along with few other issues, reported PTI. "The GST rate of 28 per cent is high for the leasing industry when compared to the earlier five to 15 per cent tax burden. Higher GST rates lead to requirement of higher working capital at any point of time. Th

CII pledges partnership for India@75: Shobana Kamineni

Shobana Kamineni, President, CII, has said that India@75 campaign launched in 2008 is in line with Prime Minister's objectives and emphasizes crowd-sourcing of ideas and spread of volunteerism to build a developed India. Indian industry pledges to continue our partnership for a New India as we complete 75 years as a free nation.

CII appreciated the Prime Minister's continued p

GeM SPV and CII sign MoU to launch GeMSamvad

The Government eMarketplace (GeM) SPV and the Confederation of Indian Industry (CII) on Monday singed a Memorandum of Understating (MoU) to establish GeM Samvaad- a participative and collaborative approach with the industry for promoting Indian industry and entrepreneurship. The pact was signed in the presence of Smt Nirmala Sitharaman, Commerce & Industry Minister at Udyog Bhawan, New Delh

Mindset of staff manning customer services need massive change: Assocham

Be it a post office, not in some remote area but in big cities of Mumbai and Delhi, or a public sector bank, state-owned MTNL, BSNL or several other government owned and run organisations, the ease of doing business, especially for a small entrepreneur is missing despite a well-meaning digital drive of the government, an ASSOCHAM paper has noted with concern.

“Experience of hund

Prime Minister launches website to honour gallantry award winners

The Prime Minister, Narendra Modi, on Tuesday launched a new website to honour all the gallantry award winners since Independence. Announcing the launch of the website http://gallantryawards.gov.in/ in a series of tweets, the Prime Minister said the portal will preserve and tell the stories of our bravest men and women, civilians as well as armed forces personnel.

“In remembranc

Sick PSUs closure have gone 'very well': Arvind Panagariya

Outgoing Niti Aayog Vice Chairman Arvind Panagariya has said the closure of 18-20 sick public sector units (PSUs) have gone "very well", even as he made a case for expediting privatisation of loss making state-owned companies, reported PTI. The Prime Minister's Office (PMO) had asked government think-tank Niti Aayog to look into viability of sick state-run companies.

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GST rollout improves business efficiency by 30%: Narendra Modi

The abolition of inter-state check posts after the implementation of GST has reduced time for movement of goods by 30 per cent and saved thousands of crores of rupees, Prime Minister Narendra Modi said as per the PTI report. The Goods and Services Tax, which unified more than a dozen central and state levies, is a result of cooperative federalism and its smooth rollout from July 1 has increased