Government should revive private sector investments: C Rangarajan

Former RBI Governor C Rangarajan has said that GST is an important step forward but the government should focus on reviving private sector investments. Commenting on the issue, former RBI Governor C Rangarajan told the media, "I think on the reform side they have done a few things which are important...I think GST is an important step forward."

"implementation... that p

World food prices rise 0.8 pct in September - UN FAO

ROME - World food prices rose slightly in September from the month before, buoyed by higher valuations in the vegetable oil and dairy sectors, the United Nations food agency said on Thursday.

The Food and Agriculture Organization's (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 178

SEBI panel proposes tougher corporate governance norms

MUMBAI - A panel appointed by India's market regulator proposed a slew of new regulations on Thursday to boost corporate governance, from enhancing the role of independent directors to improving financial disclosures.

The regulator, the Securities and Exchange Board of India (SEBI), set up the 25-member panel headed by Uday Kotak, managing director of Kotak Mahind

`India`s rich get richer, Mukesh Ambani retains top slot`

Reliance Industries chief Mukesh Ambani emerged as India's wealthiest for the 10th straight year as his net worth swelled to USD 38 billion (nearly Rs 2.5 lakh crore) while the wealth of 100 richest rose by 26 per cent despite economic hiccups, reported PTI. Wipro's Azim Premji was the distant second with a net worth of USD 19 billion, moving up two places from last year, while Sun Phar

NRI deposits growth in Kerala banks slows

Though the total Non-Resident Indian (NRI) deposits in Kerala banks for the 12 month period grew from Rs 1,42,668 crore in June 2016 to Rs 1,54,252 crore on June 2017, the rate of growth fell from 22 per cent to eight per cent, data shows.

The figures were released on Thursday at the quarterly meeting of the State Level Bankers Committee meeting held here.

Accordin

Indian economy to rebound after dip: Amitabh Kant

NITI Aayog CEO Amitabh Kant has said that while there has been a little bit of dip in the Indian economy, it is now bouncing back. Commenting on the issue, NITI Aayog CEO Amitabh Kant told the media, "We've been growing at 7.6 per cent... There has been a little bit of dip in the economy but we are bouncing back. This month's figure seems to be good." “Globalisation has

UP government must set up special team to monitor projects: Assocham

The Uttar Pradesh government should set up a Special Monitoring Committee to ensure timely implementation of 1,050 projects worth of about Rs 9 lakh crore, apex industry body Assocham has suggested. "Even if 50 per cent projects get implemented, it will help UP generate around 1 lakh direct and 1,50,000 indirect job opportunities," Assocham said in a study titled 'Uttar Pradesh: E

Transition to GST may affect weak entities, says India Ratings and Research

India Ratings and Research (Ind-Ra) has said that the transition to the goods and services tax (GST) regime would significantly affect companies with weak credit profiles because of a short-term liquidity mismatch due to delays in the availability of input tax credit (ITC). The agency said that this is due to the difficulties in mapping the inventory held on the transition date with respective

Finance Minister asks states to cut VAT on petrol, diesel: Reports

Finance Minister Arun Jaitley has said that he has asked the states to cut sales tax or VAT on petrol and diesel to provide further relief to consumers from high fuel prices. As per reports, the Rs 2 per litre cut in excise duty on petrol and diesel was done to give relief from relentless increase in prices and leave more money in hands of consumers.

Commenting on the issue, Finance M

RBI sets rupee reference rate at 65.1758 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.1758 against the US dollar and 76.5685 for the euro. The corresponding rates were 65.2899 and 76.8266, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.2145 and 57.77 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

PM mocks critics, says government committed to reverse GDP slowdown

The Prime Minister, Narendra Modi, has said that the Government is committed to reversing the decline in economic growth trend. Addressing Company Secretaries at the inauguration of the Golden Jubilee Year of ICSI – the Institute of Company Secretaries of India, the PM said several important reform related decisions have been taken and this process will continue. He asserted that the coun

DIPP approves three FDI proposals

The commerce and industry ministry said it has approved three foreign direct investment proposals, including that of Wockhardt Ltd and Coastal Local Area Bank, reported PTI. The Department of Industrial Policy and Promotion (DIPP), under the commerce ministry, has also approved KPB Holdings' proposal to issue shares to NRI (non-resident Indian).

All the three applications have got

Government takes note of RBI`s decision to keep key rates unchanged

The Government has taken note of the decision of the RBI Monetary Policy Committee to keep the policy rate and policy stance unchanged, according to a statement released by the Ministry of Finance. The Ministry of Finance in response to RBI unveiling its fourth bi-monthly monetary policy statement said, “We have noted that this decision has been made by the MPC in light of the underlying

Bankers say RBI stance on expected lines, focus on inflation

Bankers have said the Reserve Bank policy stance was on the expected lines and that its continuing focus on inflation fighting will ensure investor confidence on the country, reported PTI. In the fourth bimonthly policy statement, RBI yesterday left the repo rate unchanged at 6 per cent.

State Bank chairman Arundhati Bhattacharya said given the several tectonic shifts that the economi

RBI panel suggests external benchmark rate in place of MCLR

For effective transmission of policy rate to borrowers, an RBI study group suggested banks should switchover to a new interest rate calculation regime from the existing MCLR system, reported PTI. The Study Group recommended the T-Bill rate, the certificates of deposit (CD) rate and the Reserve Bank's policy repo rate are better suited than other interest rates to serve the role of an extern

RBI knives overall growth to 6.7% but says worst behind us

The RBI slashed its current fiscal growth forecast to 6.7 per cent on gross value-added basis, saying GST rollout glitches have hurt manufacturing in the first half but an uptick is expected in the second half, reported PTI. The RBI had estimated the economy to clip at 7.3 per cent on a GVA basis earlier. Even in the August policy review it had pegged growth at this high level. But then came in

Excise duty cut to spur demand, jobs: Rajiv Kumar

Niti Aayog vice chairman Rajiv Kumar said excise duty cuts by the government will spur demand, economic activity and employment, reported PTI. The government yesterday cut excise duty on petrol and diesel by Rs 2 per litre each to moderate the relentless rise in fuel prices witnessed for the last three months. "Excise duty cuts by the government are most welcome. Will spur demand, economic

Prime Minister promises steps to reverse GDP slowdown

Prime Minister Narendra Modi said the Indian economy was on firm footing and that he will never jeopardise the country's future for immediate gains, reported PTI. In an over hour long speech, punctuated with sharp comments and comparisons with track record of previous UPA regime, Modi told a gathering of Company Secretaries that his government will continue reforms and will not hesitate to

Lower investment rate caused declining growth: C. Rangarajan

Blaming lower investment rate for the declining growth, former RBI Governor C. Rangarajan on Wednesday called for quickening credit disbursement by banks and speedy implementation of stalled projects to get economy on a high-growth path.

"We need to create proper investment climate. The decline in investment rate to 27.4 per cent from a high of 38 per cent in fiscal 2007-200

Modi hits back, tells critics not to spread negativity about economy

Under attack, Prime Minister Narendra Modi on Wednesday admitted for the first time that there has been an economic slowdown but told critics not to spread negativity and promised steps to put the economy on the path of recovery.

"After 7.5 per cent growth in the last three years, there has been a fall. I am not negating it. The government is fully committed to tackling problems

ED attaches Rs 12.64 cr assets of Artha Tatwa group

The Enforcement Directorate (ED) has attached immovable properties worth Rs 12.64 crore of Artha Tatwa group and others in an ongoing money laundering case against the chit fund firm.

The properties attached had been transferred earlier from Artha Tatwa group companies and its employees Sambit Khuntia, Rahul Kanwal and Manindra Pramanik in the name of certain unrelated entities a

Panic on retail inflation numbers unjustified : Arun Jaitley

Decrying the tendency in India to "panic" about retail inflation numbers, Finance Minister Arun Jaitley on Wednesday said the NDA government has a better track record than previous ones in containing price rise.

"Can you have an economy where you panic at an inflation rate of 3.36 per cent? And that too at the period of peak monsoon when vegetable prices skyrocket,"

GST council to decide on GST refunds in next meet: Reports

The GST Council head has said that the council will decide on the integrated Goods and Services Tax refunds at its next meeting in New Delhi on Friday. Commenting on the issue, Group of Ministers (GoM) head Sushil Kumar Modi told the media, "The GST Council meeting on Friday will take important decisions on integrated GST refund and ease of doing business for small tax payers." As per

RBI holds rates, India Inc. isn`t amused

India Inc. on Wednesday expressed its disappointment over the Reserve Bank of India (RBI)'s decision to maintain its key lending rates.

"Ficci is disappointed that the Monetary Policy Committee (MPC) has chosen to hold the repo rate and not reduce it... In the context of current industrial situation, we felt that there was a need for a further cut in the repo rate," said

GST to pave way for huge reforms, says minister

Calling Goods and Services Tax (GST) a game changer, a union minister on Wednesday said GST-related problems are there only for a few days and will go away shortly, making way for huge reforms in the country.

"GST-related problems are for a few days and will completely end soon. It is just like the problems which people faced after demonetisation. If there weren't problems, t