Top 10% earners have 55% of India`s wealth: Report

  Income inequality in India has increaed since deregulation started in the 1980s, with the top 10 per cent of earners accounting for 55 per cent of the national wealth in 2016, according to a global research report released on Wednesday.

The India-specific finding of the 'World Inequality Report 2018' authored, among others, by noted economists Thomas Piketty and Lu

NASSCOM, Chinese city to promote investment in IT sector

India's National Association of Software and Services Companies (NASSCOM) and China's Dalian city have signed an agreement to set up a platform for partnership between Indian and Chinese IT companies.

The move will help Indian IT software companies enter Dalian, a cyber city in China's northeast province Liaoning where over a dozen of Indian firms such as Infosys, TCS, HCL

Rs 1.2 lakh cr potential revenue stuck due to pending appeals: CAG

The government failed to recover a potential revenue of over Rs 1.2 lakh crore due to pending appeals at various levels of the judiciary and other adjudicating authorities, a Comptroller and Auditor General (CAG) report revealed on Tuesday.

"Huge amounts of revenue remain unrealised for substantial periods of time due to pendency of appeals," the report stated.

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Govt planning to upgrade Guwahati airport: Reports

Assam Chief Minister Sarbananda Sonowal has said that the government is planning to upgrade the Guwahati Airport as an international airport, connecting around nine ASEAN nations. Commenting on the issue, Assam Chief Minister Sarbananda Sonowal told the media, "We aim to turn Guwahati airport into an international airport mainly connecting South East Asia. Expansion work for the current ai

NITI Aayog asked to study food grains procurement trends

 The NITI Aayog has been asked to study the trends in procurement of food grains and assess impact of Decentralized Procurement Scheme (DCP) system, Parliament was told on Tuesday.

Also, it has been asked to assess the efficiency and effectiveness of the procurement agencies under the DCP System, Minister of State for Food & Public Distribution C.R. Chaudhary told the Lok Sab

Rupee appreciation dampens Q3 manufacturing outlook: Ficci Survey

Rupee appreciation, along with GST implementation issues and subdued demand has dampened the manufacturing sector's outlook for the third quarter of 2017-18.

Industry body Ficci's quarterly survey on manufacturing released on Tuesday, suggested a "slightly less optimistic outlook" for the manufacturing sector in Q3 "as the percentage of respondents reporting hig

Parliamentary panel raps Defence Ministry for underutilisation of funds

A Parliamentary panel on Tuesday rapped the Defence Ministry for underutilisation of funds, terming it indicative of inefficient budgetary planning.

An action taken report on an older report of the Parliamentary Standing Committee on Defence, tabled in Parliament on Tuesday, said there has been underutilisation of Capital Budget in reference to the Budget Estimate, except the year 201

Lok Sabha takes up bill amending regulations for government acquiring property

A bill to amend the regulations concerning compensation payable for acquisition of immovable property by the central government for public purpose was moved for passage in the Lok Sabha on Tuesday.

Moving The Requisitioning and Acquisition of Immovable Property (Amendment) Bill, 2017, Urban Affairs Minister Hardeep Singh Puri said the amendment was being introduced specifically for de

Ljungstrom wins equipment supply contract for Uttar Pradesh power plants

German thermal power plant solutions provider Ljungstrom on Tuesday announced it has won a contract to supply air preheaters and gas-gas heaters to two coal-fired power plants in Uttar Pradesh.

The contract, from Doosan Power Systems India, is for supplying these equipment for the Obra-C plant in Sonebhadra district, and for the Jawaharpur utility in Etah district, a statement from Lj

Five telecom companies understated Rs 14,814 cr revenue: CAG

 Five private telecom service providers, including Tata Teleservices, Quadrant Televentures, Videocon Telecommunication, Telenor and Reliance Jio, have understated revenues of Rs 14,813.97 crore, a Comptroller and Auditor General (CAG) report said here on Tuesday.

The shortfall to the exchequer was Rs 2,578.83 crore.

"To sum up the verification of records of five P

Railways to provide 100% LED lighting on all stations

Ministry of Railways is actively working to provide 100 per cent LED lighting for its most of the Non-traction Energy needs like Railway Staff Colonies, Railway Stations, Railway Platforms etc, according to an official statement. Under this 100 per cent LED initiative, Ministry of Railways has decided to make all railway stations 100 per cent LED lit by the end of current financial year i.e. by

Kribhco-OCP JV to begin construction work of fertiliser plant soon

The joint venture fertiliser project of Krishak Bharati Cooperative Limited (Kribhco) and Morocco's OCP is set to launch construction work at Andhra Pradesh's Krishnapatnam in the next few months, Moroccan officials said on Tuesday.

The two entities had entered into a 50:50 joint venture to develop a large-scale greenfield NPK (nitrogen, phosphorus and potassium) fertiliser pl

India`s domestic air passenger traffic up 17% in November

Domestic air passenger traffic rose to 104.89 lakh in November -- up 16.99 per cent -- from 89.66 lakh reported for the corresponding month of 2016, official data showed on Tuesday.

The total domestic air passenger traffic had risen by 20.52 per cent to 104.51 lakh in October.

Data furnished by the Directorate General of Civil Aviation (DGCA) revealed that passenger traffic

Odisha launches four healthcare services

Odisha Chief Minister Naveen Patnaik on Tuesday launched four healthcare services for the benefit of the general public.

The schemes are Nidaan, Sahay, Ama Clinic and Anmol.

Under the Nidaan scheme, the state government has decided to provide identified diagnostic services free of cost to all patients in the public health facilities of the state from January 1, 2018.

Government to give incentives to boost electric vehicles

The government would support manufacturing and selling of electric vehicles (EVs) by giving incentives such as lower road taxes so that the automobile sector continues to play a major role in India's GDP and job creation, Niti Aayog CEO Amitabh Kant said according to the PTI report. He said in the long run, India must become a major manufacturer of automobiles, batteries and interoperable c

ICRA launches fixed income indices for debt markets

With an aim to create more depth in the Indian debt market, ICRA Management Consulting Services(IMaCS), an arm of ICRA, today launched a set of four fixed income indices including one on corporate bonds. ICRA Gilt Indices, ICRA Liquid Indices, ICRA CorporateBond Indices and ICRA Composite Debt Indices, the four indices launched, would help asset managers and financial services companies make ob

TV sets, microwave, others to cost more post Customs duty hike

Customers will have to shell out more to buy television sets, microwave, LED lamps and some other electronic items after the government last week hiked import duty on such items to drive up local manufacturing, reported PTI. According to the government notification, Customs duty on television set has been raised to 20 per cent while on imported smartphones, the duty has been hiked to 15 per cen

Import duty hike on pet coke may squeeze margin of cement Cos

India Ratings and Research (Ind-Ra) has said that it expects the operating margins of cement companies that use a high proportion of pet coke to be affected following the government of India’s decision, on 15 December 2017, to increase the import duty on pet coke to 10 per cent from the current 2.5 per cent.

The increase was announced after the Supreme Court of India decided to

Health insurance remains underpenetrated in India: Study

Health Insurance is a key pillar not just for a family's physical health, but also for their financial well-being. However, in India health insurance remains underpenetrated and expensive in the eyes of consumers, according to a study on Health Insurance.

A report titled "Distribution 2.0 - Improving Distribution in Health Insurance" revealed that insurers have been work

Government to revive 5 closed fertilizer plants: Minister

Minister of State for Planning (IC) and Chemicals & Fertilizers, Rao Inderjit Singh, in a written reply to a question in Lok Sabha today, informed that Government of India is reviving 5 closed fertilizer plants of Fertilizer Corporation of India Ltd. (FCIL) and Hindustan Fertilizer Corporation Ltd.

(HFCL) namely Talcher, Ramagundam, Gorakhpur and Sindri plants of FCIL and Barauni

Government to set up of 42 mega food parks: Minister

Government has approved setting up of a total 42 Mega Food Parks in the country to create modern infrastructure for food processing, says Harsimrat Kaur Badal, the Union Minister of Food Processing Industries in the Lok Sabha. “Out of these, 9 Mega Food Parks have become functional till date and Ministry has targeted to make 6 more Mega Food Parks functional in this financial year and 12

WTO risks irrelevance if hears only rich nations: Suresh Prabhu

Following the 11th ministerial conference of the World Trade Organisation (WTO) in Buenos Aires that concluded without an agreement, Commerce Minister Suresh Prabhu said on Tuesday the multilateral body risked becoming irrelevant if it only focuses on issues of interest to developed world.

Addressing a Confederation of Indian Industries (CII) sponsored conclave here on the servic

204 hydroelectric power stations functional in country: Government

A total of 204 hydroelectric power stations are presently functional in the country, Rajya Sabha was informed today. In a written reply, Minister of State for environment Mahesh Sharma said that 69 hydroelectric power projects have been given environmental clearances by his ministry since notification of Environment Impact Assessment notification 2006 to 2017.

"Out of this, 16 pr

Sales from online channel to decline further: Xiaomi

Chinese smartphone major Xiaomi said sales from the mainstay online channel will further decline to about 70 per cent going ahead, as it boosts offline presence in India, reported PTI. Nearly 80 per cent of the company's sales still come from the online route, but the share has come down from about 95 per cent in less than a year.

The share of online sales will reduce to 70 per ce

Medical tourism value in India to touch $9 bn by 2020: Government

The government has said that the value of medical tourism in India is likely to reach a whopping USD 9 billion by 2020 as compared to the USD 3 billon in 2015, reported PTI. Tourism Minister KJ ALphons informed the Lok Sabha that India has emerged as a major medical tourism destination over the years. Alphons said that according to a Ministry of Commerce report published in 2016, India is among