GST will be reality soon: Minister of State for Finance

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Government expressed the hope that the proposed comprehensive indirect tax reforms would see the light of day in near future, reported PTI. "I hope that good sense will prevail and Goods and services tax (GST )will be a reality," Minister of State for Finance J D Seelam said at a function organised by Central Board of Excise and Customs. &qu

Govt simplifies sanction and disbursement of pension

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As a part of a larger mandate of streamlining and simplifying the sanction of pension and payment process, the Department of Pension and Pensioners’ Welfare has taken steps towards minimizing delays in sanction and disbursement of pension, and making the process more transparent, according to an official statement. “The objective is to sim

Odisha can flourish if big corporate houses and government extend support and cooperation: Media Report

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Small scale industries can flourish in Odisha if big corporate houses and government extend support and cooperation, state Micro Small and Medium Enterprises (MSME) Minister Damodar Rout has said according to the PTI report. "Odisha has great MSME feasibility to provide raw materials to the large scale industries.

If the major corporat

Financial wealth in Asia tripled since 2001 to over $ 80 tn: HSBC

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Financial wealth in Asia has more than tripled since 2001 to over USD 80 trillion and if the current trend persists the growth will be even faster in India than in China, said HSBC as per the PTI report. Asia excluding Japan is rapidly catching up with the United States and assuming that current trends persist, emerging Asia should surpass the United

RBI slaps Rs 5 lakh penalty on Janata Urban Co-operative Bank

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The Reserve Bank of India on Thursday notified that it has imposed a monetary penalty of Rs 5.00 lakh on the Janata Urban Co-operative Bank Ltd. for violation of the banking norms.

The central bank has imposed penalty for violation of the RBI guidelines on unsecured advances, loans and advances to the firms in which the directors and their

ASSOCHAM urges to bring NBFCs under SARFAESI Act

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There is an urgent need for the government to bring the non-banking financial companies (NBFCs) under the ambit of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act to enhance the investor confidence and ensure robust growth of this sector, an ASSOCHAM-Resurgent India joint study said today.

RBI restricts FIIs to purchase fresh shares in IDFC

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The foreign Institutional Investors (FIIs) would not be able to buy fresh stocks in private equity firm IDFC as company has passed resolution for decreasing the limit from 54 per cent to 52.5 per cent for overseas investors. “The foreign shareholding by FIIs in IDFC has crossed the overall limit of its paid-up capital. Therefore, no further purc

Interim budget can boost demand: Study

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At a time when overall demand in the economy continues to remain subdued, delaying an economic recovery, the interim budget presented by the Finance Ministry on 17th February is expected provide some relief, according to a CII study. However, rising cost of credit is a top concern for Indian industry. This was the view from a poll of CEOs conducted by

Developed nations must consider impact on emerging markets while framing policy: Rajan

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According to media reports, the Governor of the Reserve Bank of India (RBI), Raghuram Rajan has stressed that advanced nations must consider developing markets while framing their monetary policies. Rajan’s comments come after the rollback of record stimulus by the US Federal Reserve caused severe turmoil in many emerging market assets in recent

India satisfied with outcome of G20 meet: FM

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Indian Finance Minister P Chidambaram on Monday expressed satisfaction over the outcome of the meet of the G20 (Group of 20) leaders as policymakers took into consideration India’s concerns regarding the risks of capital outflows from the unwinding of record US stimulus.

According to media reports, Chidambaram said that the comminique

Nomura sees Indian economic growth at 4.5 to 5% in 2014

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According to media reports, Japanese brokerage firm Nomura doesn’t see a significant pickup in the Indian economy this year as a tighter monetary and fiscal policy stance weighs on demand.

Asia’s third biggest economy is likely to grow by about 4.5 to 5 per cent in 2014, Nomura said in a report, adding that there were no major t

India's domestic-oriented sectors more exposed to credit risks: Moody’s

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Moody's Investors Service, the bond credit rating arm of Moody's Corporation, on Monday said that its overall outlook for India's non-financial corporates in 2014 is negative because of the country's weak economy, political uncertainty and the expected gradual scale back of quantitative easing by the US Federal Reserve.

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FIIs pump in Rs 11K cr into debt market in Feb

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Overseas investors have injected nearly Rs 11,000 crore into the Indian debt market so far in February 2014 as stability in forex markets and robust monetary policy boost sentiment in the assets of Asia’s third biggest economy.

Gross debt securities purchased by Foreign Institutional Investors (FIIs) stood at Rs 21,210 crore until Feb

India’s forex reserves up $1.46 bn in week ended Feb 14: RBI

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India’s foreign exchange reserves climbed sharply in the week ended February 14, 2014 amid a surge in foreign currency assets, which are a major part of total forex reserves, lifting the outlook for Asia’s third biggest economy.

Forex reserves rose by USD 1.46 billion to USD 293.79 billion in the week ended February 14, 2014 fro

Addressing infra bottlenecks key to India growth rebound: OECD

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The Organization for Economic Co-Operation and Development (OECD) has stressed that India needs to remove infrastructure bottlenecks in a bid to fasten the pace of growth in Asia’s third biggest economy.

The Paris-based organization also advised policymakers to undertake key structural reforms, address key issues such as pervasive sta

C Rangarajan calls for growth oriented pro-poor policies

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Prime Minister’s Economic Advisory Council Chairman C Rangarajan has called out for growth-oriented pro-poor policies that enhance the opportunities and skills of the poor and ensure their social development.

Rangarajan also batted for public-private partnership model which will help enhance the delivery of social services such as hea

Internet, mobile trading volume at NSE on the rise

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According to media reports, India’s leading stock exchange the National Stock Exchange (NSE) has witnessed an impressive rise in trading via internet and mobile phones in the last few years amid a deepening reach of internet and smartphones in Asia’s third biggest economy.

There has been a 12 per cent rise in NSE cash market tra

Govt gives nod to 8 FDI proposals worth Rs 1024 cr

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The government has approved eight foreign investment proposals, including plans by L&T Infrastructure Development Projects and Welspun Renewables Energy, totalling Rs 1,024 crore, said the media report.

The proposals were cleared following recommendations from the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secr

Nandan Nilekani to resign from UIDAI by March-end

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UIDAI Chairman Nandan Nilekani will resign from his job by March-end to contest Lok Sabha election on Congress ticket, reported PTI. Nilekani, whose name is doing the rounds for Bangalore South constituency, however, did not say when he will join Congress party. "I will be there for a few more weeks.

I will be stepping down by end of M

India's interim budget allocates less capital to PSU banks: Moody’s

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Global credit rating agency Moody's Investors Service has said that the lower-than-expected allocation of fund for public sector banks by the government of India is a credit negative, a Reuter report said.

In the vote of account , the government has allocated Rs 11,200 crore for state-run banks which is much lower that estimates as lend

TARC will submit its first report to the government by May-end: Media

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The Tax Administration Reform Commission (TARC), announced in last year's budget, that it would submit its first report to the government by May-end, Chairman of the panel and Advisor to Union Finance Minister Parthasarathi Shome said as per the PTI report. "The panel will submit its first report to the government by end of May.

Th

Consumers can get LPG cylinders without Aadhaar account: Veerappa Moily

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The government informed the Lok Sabha that subsidised LPG cylinders can be purchased without having an Aadhaar account, said PTI. A clarification on delinking Aadhaar account from disbursal of subsidised LPG cylinders would be issued within a week, Petroleum and Natural Gas Minister Veerappa Moily said during Question Hour.

"A clarific

ICRA sees India’s FY 15 economic growth at 5-5.5%

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Leading rating agency ICRA on Thursday predicted that the Indian economy is likely to grow at a higher rate in the upcoming fiscal year beginning April 1, 2014-15 as a normal monsoon boosts consumption while manufacturing picks up and investment activity revives in the second half of the fiscal.

Asia’s third biggest economy is tipped

Elimination of supply bottlenecks key to growth revival: IMF

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The International Monetary Fund (IMF) on Thursday stressed that elimination of supply bottlenecks and undertaking structural reforms would be the key to fastening the pace of growth in Asia’s third biggest economy.

“Addressing supply bottlenecks and structural challenges--particularly in the agriculture and power sectors, and in