Taxes under GST 'to increase a bit', says CBEC Chairman

While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC) has said that taxes were likely to "increase a bit" from the current level.

"That is our belief (that the current level of taxation will not lessen at least for first five

Ind-Ra assigns stable outlook for cotton textiles in FY18

India Ratings (Ind-Ra) has maintained a stable outlook for cotton textiles for the next financial year following steady input prices, healthy capacity utilisation and healthy domestic demand. The agency has revised its cotton outlook to stable for FY18 from negative for FY17, in view of stable input prices, healthy capacity utilisation and steady domestic demand scenario. It will emanate throug

Non-life insurers' premium income grows over 33% in February

Non-life insurance companies posted over 33 per cent increase in their gross premium income (direct premium income underwritten) to Rs 10,287.7 crore in February as compared to Rs 7,710.81 crore in the year-ago month. According to data compiled by the Insurance Regulatory and Development Authority of India (IRDAI), private sector general insurers' gross direct premium income underwritten in

Mobilisation of funds major challenge for railways: Suresh Prabhu

Union Railways Minister Suresh Prabhu said that the greatest challenge before them is to mobilise funds and enhance revenue, reported PTI. Speaking at Kumbakonam railway station in Tamil Nadu, he said the state government should associate more with the railways to implement various rail projects. The Minister said that following Prime Minister Narendra Modi's style of functioning, he is mee

China's coal use drops, showing commitment to climate change: Experts

 The consumption of coal in China is on the decline, despite economic growth, showing the country is making efforts to combat climate change.

The 2016 Statistical Communiqué on Economic and Social Development released by China's National Bureau of Statistics last week, said China's electricity sector transformation continued over 2016. With coal consumption

Steel exports surge 150% in Feb, overtake imports

 Overtaking imports, India's steel exports jumped by 150 per cent in February over year-ago month and the country shipped out 6.622 million tonnes (mt) of steel in April-February period of the current fiscal, up by 77.6 per cent over the same period last year, a steel ministry report said.

"Export of total finished steel was up by 77.6 per cent in April-February 2016-17

Telecom regulator recommends ombudsman for complaint redressal

 The Telecom Regulatory Authority of India (TRAI) on Friday suggested setting up an ombudsman in the sector to resolve consumer complaints.

In a three-stage grievance redressal mechanism for the sector it proposed "Resolution by telecom service providers; resolution by consumer grievance redressal forum (CGRF), and determination by telecom ombudsman."

The reco

Note ban compressed two-wheeler volume in November-January: ICRA

The central government's recent demonetisation drive has resulted in volume compression of the two-wheeler segment during the November-January period, domestic rating agency ICRA said on Friday.

According to the rating agency, the higher denomination note ban led to a liquidity crisis which has resulted in volume compression of 11.3 per cent during November 2016 to January 2017 ov

India's industrial output up 2.7 percent in January

NEW DELHI  - India's industrial output rose 2.7 percent in January from a year earlier, government data showed on Friday.

Economists surveyed by Reuters had forecast a 0.5 percent growth in output compared with a revised 0.1 percent year-on-year fall in December.

(Reporting by Rajesh Kumar Singh; Editing by Malini Menon)

Car sales grow 4.9% in Feb, passenger vehicles up 9%

Domestic passenger vehicle sales rose 9.01 per cent to 2,55,359 units in February, from 2,34,244 in the same month last year, reported PTI. Domestic car sales were up 4.9 per cent at 1,72,623 units as against 1,64,559 in February last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

The figure for motorcycles last month read 8,32,697 units as

Equity MF inflow at Rs 6,500 cr in Feb; Rs 62k cr in 11 months

Equity mutual funds saw an inflow of close to Rs 6,500 crore in February, taking the total tally to over Rs 62,000 crore by "optimistic" investors in the first 11 months of the current fiscal. This also marks the 11th straight month of inflows into equity schemes. Prior to that, such funds had witnessed a pullout of Rs 1,370 crore in March.

"Healthy SIP (systematic inve

Railways gears up to tackle festive rush: Reports

The Northern Railway has said that it has geared up to tackle the upcoming Holi and summer rush, rolling out an action plan for smooth functioning of reservation counters, complaint free passenger amenities and to check malpractices. As per reports, a special train for Darbhanga to clear extra rush during Holi festival would be pressed into service on March 11. The Anand Vihar - Darbhanga speci

Around 20 hydro power projects are stressed: Minister

The Indian Government has said that around 20 under construction hydro power projects totalling 6,329 MW are either stalled or stressed in the country and Rs 30,147.08 crore has already been spent on them. Commenting on the issue, Power Minister Piyush Goyal told the media, "Out of 44 HEPs (hydro electric projects above 25 MW) under construction presently, 20 HEPs totalling 6,329 MW are st

Air India revenue to grow 9%: Government

Air India is expecting to report better revenues in Financial Year 2016-17 as compared to FY 2015-16. The company is expecting to have a total revenue of Rs. 22,521 crores as compared to the figure of Rs. 20,526.11 crores in FY 2015-16 which is an improvement of around 9.7 per cent over the previous year. The main reason for this increase in revenues is an improvement in capacity utilization in

Government not to privatize Air India: Reports

The Indian Government has said that it has ruled out any proposal seeking to convert a part of Air India's long-term borrowings into equity or privatising the airline. Commenting on the issue, Minister of State for Civil Aviation Jayant Sinha told the media, “Government is not considering inducting banks as strategic investors in Air India or privatising the airline.”

Mines auction to fetch Rs 1.5 lakh cr in 2017-18: Reports

A top Official has said that mines auction is likely to fetch Rs 1.5 lakh crore to states' kitty in 2017-18. As per reports, the first tranche of auctions, which started last year, saw bidding of 21 mine blocks that fetched Rs 73,000 crore to states. Commenting on the issue, Mines Secretary Arun Kumar told the media, "We are looking at auction of 100 blocks in 2017-18.

This s

Air safety violation increases three times in 2016: Reports

The Indian Government has said that the number of air safety violations committed by flight crew has grown threefold in 2016 in comparison to 2015. Commenting on the issue, Minister of State for Civil Aviation Jayant Sinha told the media, “There were a total 176 instances of violations by flight crew in the year 2016 as compared to a total of 49 such cases in 2015.” "It has bee

Railways to reduce water consumption by 20%

Indian Railways joined hands with United Nations Environment Programme to draw out a roadmap for achieving 20 per cent reduction in water consumption at rail establishments. Besides, the cooperation with the UN body aims to concretise an action plan for the development of green technology and also to set up waste management centres at all major railway stations. Welcoming the partnership with U

TRAI favours PCO-type model for low-cost public Wi-Fi services

Telecom regulator TRAI recommended small entrepreneurs and shop owners be allowed to become Wi-Fi hotspot venues and team up with 'aggregators' to offer low-cost public Internet services in a PCO-type model, reported PTI. "Since there is a significant section of the population still to be connected, measures taken to enable larger service providers to provide public Wi-Fi...Will no

Insurers may offer discounts to customers via e-commerce sale

Insurance companies may offer discounts to customers if their policies are sold through e-commerce websites, Irdai said according to the PTI report. Releasing guidelines on insurance e-commerce, the Insurance Regulatory and Development Authority of India (Irdai) said "insurers may offer discounted pricing on the product when sold through its ISNP".

ISNP or Insurance Self-Net

TDSAT reserves order on appeal for stay on Jio promo offer

TDSAT reserved its order on an interim appeal seeking a stay on Reliance Jio's free promotional offer, reported PTI. The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) reserved its order after hearing all the parties concerned including regulator TRAI, incumbant operators Bharti Airtel and Idea Cellular, and Reliance Jio. In its interim appeal, Bharti Airtel had sought a stay on

Railways to produce 1,000 MW solar energy

Railway Minister Suresh Prabhu said on Thursday that the Railways had taken several green initiatives and would produce 1,000 MW solar energy.

Addressing a function to mark signing of Letters of Intent by Railway Ministry with the United Nations Environment Programme (UNEP) to formalise joint cooperation in environmental conservation, he said the priority of Railways was to reduce car

Air India expected to earn more revenue in 2016-17: Jayant Sinha

 The central government on Thursday said that national passenger carrier Air India is expected to earn more revenue in financial year 2016-17 as compared to 2015-16.

According to Minister of State for Civil Aviation Jayant Sinha, the airline is expected to report a rise of 9.7 per cent in its total revenue for 2016-17.

"In fact, the company is expecting to have a t

Coal India subsidiary to appoint consultant for underground coal gasification

The Central Mine Planning and Design Institute Ltd (CMPDI), a subsidiary of Coal India, is planning to appoint consultancy firm for executing technical evaluation of blocks to undertake Underground Coal Gasification projects.

"CMPDI, on behalf of MoC (Ministry of Coal) intends to invite an Expression of Interest (EoI) for selection of suitable consultancy organisation.... EoI inv

Jharkhand's share in rail budget up six times: Suresh Prabhu

Railway Minister Suresh Prabhu on Thursday said the allocation for Jharkhand in the railway budget has been increased six times compared to that in 2009.

"The work of railway projects have gained momentum in Jharkhand. The share of railway budget for Jharkhand was Rs 497 crore in 2009, which has increased to Rs 2,583 crore in the current budget," said Prabhu while flagging o