Competition Commission imposes Rs 591 cr penalty on Coal India

The Competition Commission of India (CCI) has imposed penalty of Rs 591.01 crore on Coal India Limited (CIL) for abusing its dominant position, an official statement said on Friday.

"CCI has found CIL and its subsidiaries to be in contravention of the provisions of the Competition Act, 2002 for imposing unfair/discriminatory conditions in Fuel Supply Agreements (FSAs) with the po

EXCLUSIVE: Short of track, Indian Railways eyes private suppliers in blow to state steel firm

By Neha Dasgupta and Tommy Wilkes

NEW DELHI - Indian Railways is considering ending state-owned Steel Authority of India Ltd's (SAIL) virtual monopoly on supplying steel for standard rail tracks, opening up annual purchases worth up to $700 million to the private sector, people close to the matter told Reuters.

The vast state rail operator is undergoing

`India to acquire at least 60 Airbus C-295 transport aircraft`

The Indian Air Force (IAF) is set to begin contract negotiations for acquiring 56 Airbus C-295 transport aircraft as replacements for its ageing Avro HS-748 aircraft.

According to the Chief of Air Staff, Air Chief Marshal B.S. Dhanoa, due attention is being paid to all assets of IAF, fighters and transporters included, and that "contract negotiations for 56 C-295 aircraft

India could join Asian nations in procuring LNG - oil minister

NEW DELHI  - India does not rule out the possibility of joining China, Japan and Korea to jointly buy liquefied natural gas (LNG) as part of efforts to extract better deals, Oil Minister Dharmendra Pradhan said on Friday.

Pradhan said the market was gradually becoming more consumer-centric.

The world's biggest liquefied natural gas (LNG) buyers, all

Digital technology to accelerate business growth: Study

Adoption of advanced business digital technologies can lead to increase in revenues by up to 27 per cent, increase in employment by up to 84 per cent, and enhanced access to international markets by up to 65 per cent for small and medium businesses (SMBs), said a joint study by Assocham-Deloitte.

"Digital infrastructure can also help leveraging technologies like telepresence that

TRAI rejects Telecom Commission's contention on promo tariffs

Telecom regulator TRAI has rejected Telecom Commission's contention that free promotional offers allowed by it are responsible for the industry's falling financial health and lower licence fee payments to the government, reported PTI. TRAI is drafting a response to Telecom Commission's letter dated February 23 on the lines that tariff and tariff orders, solely under the regulator

Mutual Funds' exposure to bank stocks hit record Rs 1.2 lakh cr in February end

Mutual Fund managers seem to be bullish on bank shares as they raised their allocation in the sector to an all time-high of over Rs 1.2 lakh crore at the end of February, primarily on account of cheaper valuations, reported PTI. In comparison, fund managers had allocated Rs 71,864 crore for bank shares in the year-ago period.

"We could be getting close to the bottom of the NPAs (

EPF contributors above statutory limit to be benefited: Government

The Centre clarified that the members of the retirement fund body EPFO, who have made EPF contributions on wages above the statutory limit, would be benefited accordingly, reported PTI. At present, the statutory wage limit for becoming a member of the Employees Provident Fund Organisation (EPFO) is Rs 15,000 per month. In order to contribute more than the statutory ceiling, the employers are re

India's crude steel output up 8.9% at 8.1 MT in February

Indian crude steel production registered a growth 8.9 per cent to 8.1 million tonnes (MT) in February compared to the same month last year, the World Steel Association said according to the PTI report. India, which is the third largest global steel producer, recorded a 8.9 per cent rise to 8.1 MT in crude steel output last month as compared to lesser percentage growth in production by other cou

Government gives approval to upgrade highways to NHs: Minister

The Indian Government has said that it has given in principle approval to upgrade 57,500 km of state highways to national highways so as to augment the existing 1.13 lakh km of NHs across the country. Commenting on the issue, Minister of State for Road Transport and Highways Pon Radhakrishnan told the media, "About 57,500 km length of state roads have been approved 'in principle' f

Railways to connect Tripura to Bangladesh from 3 sides: Reports

The Railway ministry has said that it is exploring the possibility of connecting Tripura with Bangladesh from three sides. Commenting on the issue, Minister of State for Railways, Rajen Gohain told the media, "We have a sanctioned project to connect the Tripura state capital, Agartala, with Akhaura in Bangladesh.

We are now exploring the possibility of connecting Belonia, the sou

Around 57,000 technical snags reported by airlines: Minister

The Indian Government has said that there have been over 57,000 technical snags reported by airlines in India between 2014 and February this year. Commenting on the issue, Minister of State for Civil Aviation Jayant Sinha told the media, “The number of snags have also grown by over 20 per cent in 2016 compared to the previous year with these glitches going up from 17,483 to 21,500.”

LED bulbs have reduced power bills significantly: Government

The Indian Government has said that the use of energy efficient LED bulbs has led to reduction of power bills by Rs 20,000 crore. Commenting on the issue, Power Minister Piyush Goyal told the media, “The per piece cost of these bulbs has gone down from over Rs 300 to Rs 38.” He said in the first wind power auction conducted by SECI, the non-windy states will get wind power from wind

RBI to sell 13 state govt sec for Rs 11,646.30 cr on March 27

The Reserve Bank of India on Thursday said it will auction thirteen state governments 10/20 year securities by way of auction for an aggregate amount of Rs 11,646.30 crore on March 27. “The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on March 27, 2017,” said RBI in a notification. Both competitive and non-competitive bids for the auc

Railways to continue purchasing power from RGPPL: Minister

The Indian Government has said that the Railways has agreed to continue electricity purchase from Ratnagiri Gas and Power Pvt Ltd (RGPPL), commonly known as Dabhol project, for a period of five years beginning April 1. Commenting on the issue, Power Minister Piyush Goyal told the media, "Railways has agreed to continue to purchase 500 MW power from RGPPL power plant from April, 1, 2017 for

Expansion of rail network very essential: Suresh Prabhu

The Rail Minister has said that congestion of rail network is posing a serious bottleneck for traffic growth and the need of the hour is expansion of the network with investment. Commenting on the issue, Railway Minister Suresh Prabhu told the media, “There was "infrastructure deficiency" in railways. We are suffering from the past mistakes. Today's problem in railways is be

We stand by demonetisation; 'shock' was needed: Arun Jaitley

Asserting that the government fully stood by its November 8 demonetisation, Union Finance Minister Arun Jaitley on Thursday said the decision was needed to "shock the shadow economy" running parallel to the country's economy.

Responding to a lengthy debate in the Rajya Sabha on the 2017-18 General Budget, the minister said that in the last seven decades, Indians have fou

Call to help farmers increase income levels

Union Minister of State for Science and Technology Y.S. Chowdary on Thursday called for finding ways and means to help farmers increase their income levels and reduce the cost of living.

He was speaking here at the inauguration of India's first "Rural Innovators Startup Conclave 2017" (RISC). 

The National Institute of Rural Development & Panchayati Ra

India for expediting WTO deal

India on Thursday called for expediting negotiations at the World Trade Organisation (WTO) on a trade facilitation agreement in services (TFS), saying multilateral bodies cannot afford to deliver slowly in the present global context.

"I hope it will not take too long because the disillusion that multilateral institutions are delivering slowly cannot be afforded any longer in the

Rajya Sabha approves Appropriation Bills

The Rajya Sabha on Thursday approved and subsequently returned the Appropriation Bill, 2017 and the Appropriation (No 2) Bill, 2017 to authorise payment and appropriation of certain sums out of the Consolidated fund of India for the services of the financial year 2017-18.

The Bills were moved for consideration and returning by Union Finance Minister Arun Jaitley.

The approva

BSES payment counters to remain open this Sunday

BSES, one of Delhi's two power distribution companies (discoms), on Thursday said cash counters at division offices of its sister discoms BSES Rajdhani Power Ltd (BRPL) and BSES Yamuna Power Ltd (BYPL) will remain open on March 26, 2017, which is a Sunday, between 9 am and 3 pm.

"In addition, BSES consumers can also pay their electricity bills on all seven days of the week be

Auto component aftermarket size to touch Rs 75,705 cr by FY20

The Indian automotive component aftermarket segment is expected to reach Rs 75,705 crore (USD 13 billion) by 2019-20, growing at a rate of 10.5 per cent, according to a study by ACMA, reported PTI. The Automotive Component Manufacturers Association of India (ACMA), the apex body of the auto component industry, said the segment stood at Rs 56,098 crore (USD 8.4 billion) in 2016-17.


Cisco unveils first 'Made in India' product

Reaffirming its commitment to investing further in the country, global networking giant Cisco on Thursday unveiled its first 'Made in India' router which can be used by small and medium businesses (SMBs) across multiple industries.

Unveiled in the presence of IT and Electronics Minister Ravi Shankar Prasad, the router, which will cost less than $1,500, is one of the most popul

Two detained for questioning Nitish on start-ups

Two entrepreneurs were detained for hours and questioned by police allegedly for questioning Chief Minister Nitish Kumar on start-ups during an event here, police said on Thursday.

Nimi Kumar and Suresh Kumar, both in their 40s, were detained for hours after they tried to ask Nitish questions related to the state government's policy to promote start-ups and entrepreneurs in the st

Taking steps to reduce dependence on API imports: Government

The government said it was working on steps to reduce India's dependence on large scale import of active pharmaceutical ingredients (APIs), as members in Rajya Sabha expressed concern over the issue, reported PTI. Responding to the concerns during the Zero Hour, Commerce Minister Nirmala Sitharaman said huge imports of pharmaceutical raw materials was a matter of serious concern.