Industry prepared for GST rollout from July 1: CII

As the GST Council meets here to finalise issues before the Goods and Services Tax is implemented from July 1, industry lobby CII said on Sunday that Indian industry is ready for the rollout of the pan-India indirect tax regime.

"GST is the most significant indirect tax reform introduced in the country since Independence," Confederation of Indian Industry (CII) Director

India's unemployment rate falling, says Labour Minister

 Amid the raging debate on jobless growth in India, Union Labour Minister Bandaru Dattatreya said on Saturday that the rate of unemployment is going down in India.

Talking to reporters here, Dattatreya said his ministry would soon share with the public the data on unemployment.

The minister's remarks came even as the NDA government faced severe criticism f

India`s Forex reserves slip by over $11 mn

 India's foreign exchange (Forex) reserves marginally decreased by over $11 million as on June 9, 2017.

The Reserve Bank of India's (RBI) weekly statistical supplement released on Friday showed that the overall Forex reserves declined to $381.156 billion from $381.167 billion reported for the week ended June 2.

India's Forex reserves comprise of foreign curr

Northeastern industry body seeks clarity on GST

 A northeastern business chamber on Friday urged the Central government to frame a focused and favourable industrial policy for the region and sought greater clarity on how the central excise duty refund, currently eligible for industries set up under a regional policy, would continue under the GST regime.

The Federation of Industry and Commerce of North Eastern Region (FINER) Pr

Farmers form umbrella body for nationwide stir for debt waiver

To highlight the miserable condition of peasants across the country, a large body of farmers from various associations on Friday came under a single banner here and announced a countrywide agitation, which will start from Mandsaur in Madhya Pradesh and culminate in Champaran in Bihar.

The farmers, coming under the banner of All India Kisan Sangharsh Coordination Committee, will start

Aadhaar becomes must for all bank accounts

 The government has made it mandatory to give Aadhaar number while opening a new account and also to link the existing accounts with the Aadhaar numbers of their holders. Not disclosing it by December 31 will lead to suspension of the account till it is done.

The government move comes close on the heels of the decision last week that all income tax assessees should link their Aad

India to focus on domestic steel consumption: Minister

 With India targeting a 300 million tonnes a year steel production capacity by 2030-31, Union Steel Minister Chaudhary Birender Singh on Friday said the focus would be on domestic consumption and making the sector globally competitive.

Singh said his ministry has identified construction and manufacturing sectors like rural development, urban infrastructure, roads and highways, an

Improve interconnect rate and reduce spectrum usage charge: Telecom

Concern over low interconnection usage charges, high spectrum usage fee and doing away with Universal Service Obligation Fund were the main issues that telecom operators highlighted to the inter-ministerial group (IMG) on Friday.

"We have presented the current state of industry, which has reported a loss of H2 (second half of year) versus H1 (first half) of 10 per cent reven

India to host AIIB's 3rd annual meeting in 2018

India will host the third annual meeting of the China-initiated Asian Infrastructure Investment Bank (AIIB) in 2018, the bank said on Friday.

According to the AIIB press release, the third annual meeting of the AIIB's board of governors will be held in Mumbai, India, in June 2018. India is AIIB's second-largest shareholder, Xinhua news agency reported.

"We appre

Indian steel sector poised to become 3rd largest producer in world: Minister

India being one of the fastest growing economies in the world, and steel finding its extensive application in areas like construction, infrastructure, power, aerospace, industrial machinery and consumer products, the sector is poised to become second largest producer putting Indian steel prominently on the map of the global industry, says Chaudhary Birender Singh, the Union Minister of Steel.

Civil Aviation Ministry ready for GST from July 01: Jayant Sinha

Minister of State for Civil Aviation Jayant Sinha has expressed his readiness for GST from July 1 even as the ministry has sought deferment of the new tax regime. As per reports, the minister also emphasised that preparedness for implementation of the Goods and Services Tax (GST) has been discussed with all aviation stakeholders and that concerns were satisfactorily addressed. Commenting on the

PSUs may need over Rs 10K-cr infusion for bad loans:S.S Mundra

Public sector banks may require more than Rs 10,000 crore capital infusion from the government than budgeted for the current fiscal on account of higher provisioning for bad loans and haircut on stressed assets, said the RBI Deputy Governor S S Mundra. "I think the finance minister has always been mentioning if there is a need we will find resources," he said on the sidelines of an ev

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.<