Spice export up 6% to $2.63 bn in 2016-17

India's spices export grew by over 6 per cent to USD 2.63 billion in 2016-17 on account of robust demand in international markets, the commerce ministry said. In rupee terms, the shipments recorded a growth of 9 per cent last fiscal at Rs 17,664.61 crore, said an official statement.

In 2015-16, spices and related product export aggregated USD 2.48 billion (Rs 16,238.23 crore). The

EAC committee approves Hyderabad Airport expansion plan

GMR Group has said that the Expert Appraisal Committee under the Ministry of Environment, Forest and Climate Change has given permission for the proposal for the Rs 2,629 crore expansion plan of Rajiv Gandhi international airport in Hyderabad.

As per reports, GMR Hyderabad International Airport Limited (GHIAL) which manages the airport is in the process of expanding the current design

No plan to issue next list of defaulters any time soon: RBI

Following the Reserve Bank of India (RBI) identifying 12 accounts that are responsible for 25 per cent of non-performing assets (NPAs), the central bank on Friday said it has no plans to come out with a next list any time soon.

"If you look at it (NPAs), RBI had a detailed circular. Twelve cases have been referred for resolution by Insolvency and Bankruptcy Code (IBC). Other

IT spend in Indian banking and securities industry to grow 8.6% in 2017

 IT spending by banking and securities companies in India will grow 8.6 percent in 2017 to reach $8.9 billion, research and advisory firm Gartner said on Friday.

IT services will grow the fastest at 13.8 percent in 2017 followed by software at 13.4 percent. 

Firms in the banking and securities industry are investing more in enterprise resource planning (E

TDP MP incident at Vizag airport to be probed, says Ashok Gajapathi Raju

Civil Aviation Minister Ashok Gajapathi Raju has said he will get the incident relating to TDP MP J.C. Diwakar Reddy creating a ruckus at Visakhapatnam airport and being subsequently barred by seven airlines probed.

"I will get the entire incident at Vizag Airport enquired into to find out the exact details and ensure that lawful outcomes follow," Raju tweeted on Friday

Petrol price cut by Rs 1.12 a litre, diesel by Rs 1.24/litre

Petrol price was cut by Rs 1.12 per litre and diesel by Rs 1.24 per litre, the last of the fortnightly revisions after which daily correction in rates in step with cost will be implemented, reported PTI. From now, petrol and diesel rates will be revised in sync with any movement in international oil rates. Rates will change at 6 am everyday depending on movement in cost on the previous day.

Steel Ministry aiming reduction in import of coking coal: Reports

The Steel Ministry has said that it wants Coal India (CIL) to put in place more coal washeries in order to cut import of coking coal. Commenting on the issue, Union Steel Minister Chaudhary Birender Singh told the media, "The replacement of raw material for steel (coking coal), which is being procured from Australia, is important.

We have asked Coal India and the Coal Ministry th

'Structural issue in the telecom industry needs to be corrected'

With issues such as spectrum auction and double taxation facing it, the telecom industry is suffering from a "structural issue" which needs to be corrected by the government, Chief Executive Officer and Managing Director of Vodafone India Sunil Sood said here on Thursday.

"Our belief in COAI is that there is a structural issue in the industry which needs to be corr

No delay in giving Britain evidence for Mallya`s extradition: CBI

The CBI on Thursday said it did not delay forwarding to British authorities evidence for extradition of liquor baron Vijay Mallya, charged with money laundering in an about Rs 900-crore IDBI Bank loan default involving his now-defunct Kingfisher Airlines (KFA).

The agency's reaction came in the wake of reports that there was a delay from India in sharing Mallya's case doc

India`s GST launch spawns tech cottage industry for compliance

By Douglas Busvine

NEW DELHI - India's new Goods and Services Tax (GST), its biggest tax reform since independence, will unify a $2 trillion economy into a single market - and demand massive changes for small businesses that will have to go online to file their taxes.

Major software and service players, IT companies and tax advisers are teaming up to mar

Need to establish legal infra for India to take lead in AI: Study

India should take lead in establishing a legal infrastructure on the application of artificial intelligence (AI) to become a front runner, according to a ASSOCHAM-PwC joint study. Titled 'Leveraging artificial intelligence and robotics for sustainable growth', the study highlighted how an early public sector interest could trigger a spurt of activity in the AI field in India, instead of

Study on export of tyres to be ready soon: Association

 A study on making Indian manufacturers to export tyres to the global market in large numbers, commissioned by the Automotive Tyre Manufacturers Association (ATMA), is expected to be ready in a couple of months, said an official of the association.

The official also expects the government to announce its decision on anti-dumping case against Chinese tyres soon.

He said

Demonetisation could cause capital erosion for MFIs: Ind-Ra

(Ind-Ra), a part of Fitch group, has said that following demonetisation and political interferences, microfinance institutions (MFIs), including non-banking finance companies (NBFCs) and small finance banks (SFBs), with exposure to states (Uttar Pradesh, Uttarakhand, Maharashtra and Madhya Pradesh) faced with asset quality overhang stare at significant credit costs and capital erosion in FY18.<

Mutual Fund investor base grows 19 lakh in Apr-May to record 5.72 cr

Mutual fund houses added close to 19 lakh investor accounts in April-May of 2017-18, taking the total tally to a record 5.72 crore, driven by growing interest from retail and HNI investors alike, reported PTI. This is on top of 77 lakh folios added in the entire past fiscal and 59 lakh in the preceding financial year. In the two years, investor accounts went up following robust contribution fro

Global Cloud-based security services to grow 21% in 2017

Growth in worldwide Cloud-based security services will reach $5.9 billion in 2017, up 21 per cent from 2016, market research firm Gartner said on Thursday.

The Cloud-based security services market will reach close to $9 billion by 2020.

"Email security, web security and identity and access management (IAM) remain organisations' top-three Cloud priorities," said

Granite industry calls for reduction in 28% GST

The Granite industry has urged the government to lower the GST rate of 28 per cent on granite polished slabs as higher taxes would impact the labour- intensive sector. According to JIGANI Granite Industries Owners Welfare association, prices would go up after the implementation of the Goods and Services Tax (GST) from July 1.

The industry has cut down the production by about 50 per ce

Saudi Aramco seeks exclusive talks for stake in mega refinery

Saudi Aramco is keen on holding exclusive talks to buy a stake in the world's biggest refinery-cum-petrochemical complex that India plans to build in Maharashtra at a cost of USD 40 billion, reported PTI. Oil Minister Dharmendra Pradhan said Khalid A Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco, during his meeting in Vienna last m

CCI slaps Rs 87 cr fine on Hyundai Motor India

The Competition Commission of India (CCI) has imposed a penalty of Rs 87 crore on Hyundai Motor India Ltd (HMIL) for unfair business practices with respect to providing discounts for cars, as per the media reports. The Ministry of Corporate Affairs said in a statement that,

“The Competition Commission of India has found Hyundai Motor India to be in contravention of the provision

India to have 1.4 bn mobile subscribers by 2022: Report

The overall mobile subscriber base in the country is likely to grow to 1.4 billion by 2022 and nearly one-third of them will be 4G users, says a report by Ericsson Mobility. India led the mobile subscribers growth globally with highest net addition of over 43 million customers in January- March 2017, it said. China followed India with net addition of over 24 million mobile subscribers during th

Railways to unveil new 'Humsafar' coaches: Reports

The Railways has said that it is planning to launch new 'Humsafar' coaches equipped with facilities like GPS-based passenger information system, and fire and smoke detectors. As per reports, the coaches will also have mobile charging points and reading lights for each passenger along with easy upper berth climbing arrangement after getting feedback from passengers.

The Humsafa

Railways to unveil TPWS for faster & safer travel: Reports

Indian Railways has said that it is planning to introduce Train Protection and Warning System (TPWS) on total 3330 km at an estimated cost of Rs 2000 crore to make train travel faster and safer. As per reports, the advanced accident prevention measure, under which trains will be in constant communication with the signals through sensors installed on the track side, will be implemented in two ph

NITI Aayog suggests 26% stake sale in SCI: Reports

NITI Aayog has said that it has proposed strategic sale of around 26 per cent stake in Shipping Corporation of India (SCI), which could get about Rs 960 crore to the exchequer. According to reports, the core group of secretaries on disinvestment, headed by the cabinet secretary, discussed the proposal and has mandated the Shipping Ministry to find out legal hassles, if any, in the process. As p

Dassault-Reliance aims for defence manufacturing eco-system in India

The Dassault Reliance Aerospace Ltd would set up an indigenous value-added supply chain in India to build a strong base for the success of the Rafale programme under the "Make in India" initiative, a statement said on Wednesday.

The joint venture of Dassault Aviation and Reliance Defence would be part of the planned Aerospace Park in Nagpur as well.

"The ambit

Government signs agreement with South Korea for infrastructure projects: Reports

The Indian Government has said that it has signed agreement for $10 billion assistance with South Korea for infrastructure development projects in India, including smart cities. Commenting on the issue, a Finance Ministry Official told the media,

“The two countries signed agreements to establish $9 billion in concessional credit and $1 billion in Official development assistance

Telcos can carry forward unavailed Cenvat credit to GST: Finance Ministry

The Finance Ministry said telecom companies will be permitted to carry forward unavailed Cenvat credit to the GST regime, giving a major relief to the operators already battling high debt, reported PTI. The Revenue Department through a notification has amended the Cenvat Credit Rules, 2004, to enable service recipients to carry forward such unavailed credit of Service Tax under the GST regime.<