P-note investments hit 7-month high of Rs 1.81 lakh cr in May

Investments in domestic capital markets via participatory notes (P-notes) have surprisingly surged to a seven-month high of Rs 1.81 lakh crore at the end of May despite stringent norms put in place by Sebi to curb inflow of illicit funds, reported PTI. P-notes are issued by registered Foreign Portfolio Investors to overseas investors who wish to be a part of the Indian stock markets without reg

India to launch $ 250 mn i3 program to boost biopharma dev

India’s first ever Industry-Academia mission will be launched on June 30, 2017 to boost biopharmaceutical development in the country, as per the government release. The Ministry of Science & Technology said in a release that, “The first ever Industry-Academia mission to accelerate biopharmaceutical development in India will be formally launched by the Cabinet Minister for Scienc

No plans to make CIL arms into separate entities: Piyush Goyal

Union Power Minister Piyush Goyal has said that the Government is not considering any proposal to make Coal India arms into independent companies. As per reports, Government think tank Niti Aayog had suggested in its draft National Energy Policy to spin off Coal India's seven arms into independent firms and imbibe competition, saying the coal behemoth was supplying coal to consumers at high

Delayed 13K MW hydro projects to cost Rs 52,600 cr more: Study

Hydro power projects of 13,363 megawatt capacity are stranded at various stages of development and reported a cost overrun of Rs 52,697 crore, a study has found. "Despite significant hydropower potential, till now, only 30 per cent of India’s total economically feasible hydropower potential has been harnessed, the ASSOCHAM-PwC study titled. Accelerating hydropower development in Indi

Railway earns Rs 14 bn via reserved ticket cancellation in FY17

The Indian Railways collected Rs 14.07 billion through cancellation of reserved tickets on the request of the commuters in FY 2016-17, registering a 25.29 per cent rise over previous year's earning under this head, reported PTI. This information was revealed by the Centre for Railway Information Systems (CRIS), an autonomous organisation under the Ministry of Railways, in response to a quer

Coal projects provide growth scope for mine developers: Ind-Ra

With the central and state utilities expected to invite bids for coal mining in the near future, domestic mine developer and operators (MDOs) with a good track record will have a big growth opportunities, said India Ratings as per the PTI report. "The MDO route presents a large growth opportunity for domestic engineering, procurement and construction (EPC) players with a demonstrated relev

Cabinet gives nod for 6-laning of Chakeri-Allahabad highway

The Cabinet Committee on Economic Affairs (CCEA) has approved the development of 6-laning of Chakeri-Allahabad highway of NH-2 in UP, as per the government release. The CCEA said in a release that, “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for development of six laning of Chakeri-Allahabad section of National Highway (N

Textile traders extend 3-day strike against GST

The ongoing three-day strike of textile traders against imposition of GST, was on Wednesday extended till June 30 after getting support from the Bhartiya Udyog Vypar Mandal which has also called for a trade shutdown on that day.

"Our textile strike was supposed to end on June 29. But we will extend our strike by one day till June 30 after the Bhartiya Udyog Vypar Mandal supported

MDO route offers growth opportunity for EPC players: Ind-Ra

The mine developer and operator (MDO) route presents a large growth opportunity for domestic engineering, procurement and construction (EPC) players with a demonstrated relevant track record, subject to attractive mine economics, says India Ratings and Research (Ind-Ra). The rating agency said that credit profile of the appointed MDOs during the mine development phase is perceived to be risky,

UD Ministry seeks plan from DUSIB, 3 MCDs to make Delhi ODF

The Ministry of Urban Development has sought action plans from Delhi Urban Shelter Improvement Board (DUSIB) and the 3 Municipal Corporations of Delhi (MCDs) in a week’s time for construction of required number of community and public toilets and individual household toilets to make Delhi ‘Open Defecation Free’ (ODF) at the earliest, as per the government release. The Ministry

Government should make policy for manufacturing commercial planes: Ajay Singh

SpiceJet has said that India should come out with policy initiatives for local manufacturing of commercial planes as its aviation market is poised to become the third largest in the world. Commenting on the issue, SpiceJet Chief Ajay Singh told the media, “The Indian government should come out with policy initiatives for manufacturing commercial planes inside the country. It (making comme

India to generate 6.5 mn outbound tourists annually by 2020: Report

India is estimated to generate 6.5 million outbound luxury and MICE tourists annually by 2020, reinforcing the country's influence as a key source market for MICE and luxury travel, according to a new report. According to figures published ahead of the 5th Annual MICE (meetings, incentives, conferences and exhibitions) India and Luxury Travel Congress (MILT), the projected market growth acc

Railways to boost communication mechanism with States

In a bid to expedite the Railway projects and to improve coordination with State Government for faster execution, Ministry of Railways is working on a system of Coordinating Officers of both Railways and the respective State Governments. On the request of Ministry of Railways, majority of the States have nominated their representatives to sort out different issues of mutual coordination and to

Sitharaman urges MPs to set up co-working spaces for Startups

The Commerce and Industry Minister Nirmala Sitharaman has written a letter to all Members of Parliament to consider setting up co-working spaces for Startups in their constituency under the Members of Parliament Local Area Development Scheme Fund (MPLADS). The Minister said this step will promote the Startup ecosystem in the country and help Startups in their constituency make rapid strides tow

Sebi plans to recruit new executive directors

Capital markets watchdog Sebi is planning to hire two executive directors to beef up its resources for faster and more effective execution of regulatory work. Currently, Securities and Exchange Board of India (Sebi) has six executive directors (EDs), as per the regulator's website. These EDs are P K Nagpal, J Ranganayakulu, S Ravindran, S V Murali Dhar Rao, S K Mohanty and Ananta Barua. The

India not much affected by global malware attack yet: Ravi Shankar Prasad

The government on Wednesday said it has started proactive measures to keep the country insulated from the latest round of ransomware attack, which has hit Europe, adding that so far there was no large-scale impact on India.

"We have been taking proactive steps... we have sent out advisories (on the cyber attack and the malware)... India is not much affected at this stage," I

Ample funds to be provided for ongoing rail projects: AK Mital

According to reports, Railway Board Chairman AK Mital during his recent visit to the East Coast Railway said that funds would not be an issue and adequate funds would be given for ongoing railway projects. The Railway Board Chairman, Mittal said this while reviewing performance and progress of East Coast Railway especially on ongoing projects with General Manager Umesh Singh and other Principal

India, Myanmar discuss ways in 6th JTC to boost trade, invest

India has sought Myanmar’s cooperation of in enhancing road, sea and air connectivity between the two countries to increase bilateral trade, as per the media release. The Ministry of Commerce & Industry quoted in a press release that, the Commerce and Industry Minister Nirmala Sitharaman said that the bilateral trade between the two countries has a much larger untapped potential. The

Government, JNPT set out to contain damage from malware attack

The Ministry of Shipping and JNPT have got onto the front foot trying to contain the disruption in operations at one of the port terminals in the wake of the latest malware attack, said an official statement. "It has been informed by the private terminal operator (APM Maersk) that this disruption is a consequence of a worldwide disruption being faced by them because of a cyber attack,"

Renewable energy market to witness robust progress: Moody`s

Moody's Investors Service has said that India is moving towards meeting its commitments under the Paris agreement and its renewable energy market is likely to witness a strong growth over many years. Commenting on the issue, Moody's vice-president and senior analyst Abhishek Tyagi told the media, "However, renewable energy projects face challenges related to the weak credit quality

Ready or not, Indian businesses brace for biggest-ever tax reform

By Douglas Busvine and Manoj Kumar

MEERUT, India - Businessman Pankaj Jain is so worried about the impending launch of a new sales tax in India that he is thinking of shutting down his tiny textile factory for a month to give himself time to adjust.

Jain is one of millions of small business owners who face wrenching change from India's b

Cruise Tourism to boost India`s economy, says Gadkari

The Minister of Shipping and Road Transport and Highways Nitin Gadkari has said that Cruise Tourism is one of the fastest growing components of the leisure industry worldwide, and can be a major growth driver for the Indian economy by generating huge employment opportunities. Speaking at the National Workshop on “Action Plan for Development of Cruise Tourism in India”, Nitin Gadkari

Railways proposes line to provide all weather rail connectivity to the remote regions

After the significant progress in the completion of the rail line in the state of Jammu & Kashmir, the Indian Railways endeavours to extend the socio-economic benefits of rail transportation to other remote areas and challenging terrains of the hilly states (HP & J&K) where development is scarce, according to an official statement. Amongst the various socially desirable projects in

Sebi tweaks OFS norms to encourage employees' participation

Relaxing its offer-for-sale (OFS) norms, markets regulator Sebi allowed companies' promoters to sell shares within two weeks from the OFS transaction to their employees, reported PTI. Currently, promoters cannot buy or sell the company's shares for 12 weeks after the OFS. In order to streamline the process of OFS with an objective to encourage greater participation by employees, Sebi ha

NPPA gets GST ready; releases ceiling price of 761 medicines

Drug price regulator NPPA announced provisional ceiling prices of 761 medicines, including anti-cancer, HIV, diabetes and antibiotic, with a majority being reduced ahead of the GST implementation, reported PTI. The National Pharmaceutical Pricing Authority (NPPA) said however that the actual increase or decrease in prices after the rollout of new indirect tax regime is expected to be in be in t