RBI sets rupee reference rate at 64.1188 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.1188 against the US dollar and 70.1332 for the euro.

The corresponding rates were 64.3043 and 69.8859, previously. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.8351 and 56.48 per 100 yens, respectively, based on reference rates for the dollar and cross-c

IIP new series more representative of industrial growth: FICCI

Welcoming the base revision of WPI and IIP series, Pankaj Patel, President, FICCI, has said that the new base year was highly desirable to have a more representative and contemporary assessment of the industrial growth.

“The growth in the manufacturing sector has seen a marked improvement under the new series which only raises the hope of having a high growth of the sector in co

New series to bring WPI in consonance with other macro parameters: FICCI

Apex industry body FICCI has welcomed the release of the new WPI series and said that this revision in the base year was long pending and brings the WPI numbers in consonance with other key macro parameters.

Commenting on the WPI data, A Didar Singh, Secretary General, FICCI said, “The new series is more contemporary as it broadens the scope of commodities covered under the main

GST to have far reaching implications for Indian economy: RBI

Introduction of Goods and Services Tax (GST) would have economy-wide ramifications in terms of growth, inflation, government finances and external competitiveness over the medium-term, according to a report released by the Reserve Bank of India (RBI).

According to a report entitled “State Finances: A Study of Budgets of 2016-17”, GST is likely to champion a new course for

Credit appetite in power, telecom, mining on the wane: Assocham

Bank credit to highly debt-ridden sectors like power, telecom and mining has been on a downhill, a trend that is likely to continue unless more steps are taken to weed out bad loans, industry body Assocham said.

Analysing the Reserve Bank data, a paper prepared by the chamber noted that the mining sector, which has been battling slowdown in demand and pricing power, saw maximum de-gro

India- Chile to implement expanded PTA from Tuesday

India and Chile will implement a bilateral expanded Preferential Trade Agreement (PTA) from 16th May, said an official statement. According to the Ministry of Commerce and Industry, India and Chile had earlier signed the "original PTA" on 8 March 2006 which came into force with effect from August 2007.

"The original PTA had a limited number of tariff lines, wherein both

IT department unveils facility to rectify errors in PAN, Aadhaar

The Indian Government has said that the income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document.

Commenting on the issue, an IT Official told the media, “Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its

EPFO trustees may raise ETF investment limit to 15% on May 27

The trustees of retirement fund body Employees’ Provident Fund Organisation (EPFO) are expected to raise the investment limit in exchange traded funds (ETFs) to 15 per cent of the investible deposits, from 10 per cent at present, in the current financial year, as per the media reports.

The higher limit would help the EPFO park around Rs 15,000 crore in stock markets in 2017-18 a

Retail inflation dips to 2.99% in April 2017: Reports

As per the latest data, retail inflation unexpectedly fell below 3 per cent in April to multi-year low, putting pressure on RBI to cut interest rate after it took hawkish stance in last policy review citing upside risk on prices.

As per reports, retail inflation, based on Consumer Price Index (CPI), dropped to 2.99 per cent in April over last year, mainly due to lower cost of food ite

Commerce Ministry working on service price index: DIPP

The Indian Government has said that the commerce and industry ministry is working on a Service Price Index, on the lines of the WPI and CPI, to track prices in the sector. Commenting on the issue, Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek told the media, "We are working on this index.

There are issues like consistency of data on which w

IIP slips to 2.7% in March due to poor manufacturing output

As per the latest data, industrial output growth slipped to 2.7 per cent in March, chiefly because of poor performance of the manufacturing sector. As per reports, the index of industrial production (IIP) growth was 5.5 per cent in March 2016.

For 2016-17, factory output grew by 5 per cent as against 3.4 per cent in the year-ago period. Also, IIP growth based on the old series (2004-0

April WPI inflation down to 4 month low of 3.85%: Reports

As per the latest data, inflation based on the wholesale price index slipped to a four-month low of 3.85 per cent in April as both food articles and manufactured items showed cooling in prices.

As per reports, the government came out with the new series of wholesale inflation and industrial output data under which the base year for calculating the macroeconomic indicators has been rev

New base year for calculating macro data to reflect market realities: CII

India Inc has said that the new base year 2011-12 for calculating key macroeconomic indicators will provide a more realistic picture and reflect market realities.

As per reports, the Government released the new series of wholesale inflation and industrial output data under which the base year for calculating the macroeconomic indicators has been revised to 2011-12, from the 2004-05 ea

India's vannamei output to cross 4.5 lakh tonnes

Mangalore, May 14  India's whiteleg shrimp or vannamei output is expected to cross 4.5 lakh tonnes in 2017, seeing an over 10 per cent hike over 2015-16, Karnataka Fisheries Minister Pramod Madhwaraj said on Sunday.

"Since 2009-10, vannamei (Pacific Whiteleg Shrimp) production has shown steady increase and reached the present peak of 4.06 lakh MT (metric

RBI initiates prompt corrective action against UCO Bank for soaring NPA

 State-run UCO Bank on Friday said Reserve Bank of India (RBI) initiated prompt corrective action for the bank in view of its high net non-performing assets (net NPA) and negative return on assets (RoA).

"RBI, vide their letter dated May 5, has initiated prompt corrective action for UCO Bank in view of high NPA and negative RoA. These measures aim at improving performan

Innovation fundamental for India to become digital economy: Intel

Innovation is fundamental for India to become a successful digital economy, a top executive from Intel said here on Friday.

He was speaking at an event organised by Intel India, in association with the Department of Science and Technology (DST) and the Indo-US Science and Technology Forum (IUSSTF) to felicitate 29 Student Innovators who are set to represent India at the Intel Int

WPI in 2011-12 series will be less volatile: DIPP

 The wholesale price index (WPI) in the new series of base year 2011-12 does not include indirect taxes thus decreasing volatility in inflation at wholesale level, officials said on Friday.

"In the new series of WPI, prices used for compilation do not include indirect taxes in order to remove impact of fiscal policy. It will decrease volatility in the WPI data," De

GST to have macro economic impact: RBI

Introduction of the GST system is expected to have a macro economic impact and will set a new course for cooperative federalism by strengthening Centre-state partnership, the RBI said in a report released here on Friday.

According to the Reserve Bank of India (RBI) report entitled 'State Finances: A Study of Budgets of 2016-17', the Goods and Services Tax (GST) introducti

India's 2016-17 factory output rises as manufacturing expands

India's factory output expanded by five per cent during 2016-17 as manufacturing and mining activities rose, official data showed on Friday.

According to data furnished by the Ministry of Statistics and Programme Implementation, the base year of the current Index of Industrial Production (IIP) has been revised from 2004-05 to 2011-12.

The factory output, as per

Electric vehicles are future of transportation in India: NITI CEO

Electric vehicles are the future of India's transportation system and could save billions of dollars in fuel cost while also reducing pollution, a report released by NITI Aayog on Friday said.

The report, jointly published with Rocky Mountain Institute, says that India can reduce its annual diesel and petrol consumption by 156 million tonnes by 2030 saving a total of Rs 3.9 l

Base year of WPI, IIP revised to 2011-12

The government has revised the base year of wholesale price index (WPI) and index of industrial production (IIP) to 2011-12 from 2004-05, it was announced on Friday.

WPI has been changed six times so far since 1942 and this happens to be the 7th revision.

"The new series of WPI will provide a more accurate picture," Department of Industrial Policy and Pro

EC lets BSP off in Rs 104-cr deposit post demonetization

The Election Commission of India has accepted the Bahujan Samaj Party's (BSP) explanation and dropped the matter related to the party depositing Rs 104 crore in scrapped currency notes between December 2-9 last year in a bank account in New Delhi post demonetisation, a petitioner has said.

Nutan Thakur, counsel for Pratap Chandra, who had filed a Public Interest Litigation in

India will clock over 7.5% growth in 2017-18: Fin Secy Ashok

India can clock a GDP growth of over 7.5 per cent in the fiscal 2017-18 and the countrys macro-economic fundamentals, including fiscal deficit and inflation, are all "very sound", according to Finance Secretary Ashok Lavasa

. Lavasa, who is visiting the US to attend a global investors conference, said that while there has been a general climate of economic slowdown in the la

Corporate India`s January-April deal tally at $33.49 bn: Grant Thornton

Corporate India announced deals worth USD 1.96 billion in April through 28 transactions taking the year-to-date deal tally to USD 33.49 billion, says a Grant Thornton report according to the PTI.

According to the assurance, tax and advisory firm, M&A values nearly halved in April while volumes declined by 36 per cent due to the absence of domestic action which saw a ten- fold decl

India making concerted push to tackle bad loan: Fitch

Fitch Ratings said Indian authorities are making a more concerted push to clean up bad loans in the banking sector but the move would impinge on banks' profitability in the short-term, reported PTI.

It said that asset resolution would be a dominant theme in the sector over the next few years and further losses may push some weaker banks closer to breaching minimum capital requirem