Government approves investment for improving urban infrastructure: Reports

Union minister M Venkaiah Naidu has said that investments worth over Rs 4 lakh crore have been approved for improving urban infrastructure in the three years of the Modi government.

Commenting on the issue, Union minister M Venkaiah Naidu told the media, "Three years of urban transformation infused new vigour in city and state governments for building a resurgent urban India...Ci

BoB to raise Rs 9k cr via equity dilution in FY18

State-owned lender Bank of Baroda (BoB) plans to raise Rs 9,000 crore through various instruments, including follow-on public offer (FPO), to fund growth during the current financial year, as per the media reports.

The decision in this regard was taken by the board on May 27, 2017. In a filing to the Bombay Stock Exchange, the bank said, “The board has approved raising of additi

Government kicks off hunt for new SBI chief to replace Bhattacharya

The Finance Ministry has started the process for finding the new chief of the country's largest lender State Bank of India (SBI) as Arundhati Bhattacharya’s extended tenure comes to an end on October 6, as per the media reports.

According to a senior finance ministry official, quoted PTI that, “Department of Financial Services has communicated to Banks Board Bureau the

MoEF to finalise emission standards for diesel locomotives: Reports

The National Green Tribunal has said that it has directed the Ministry of Environment and Forests (MoEF) to finalise the emission standards for diesel locomotives within two months.

As per reports, a bench headed by NGT Chairperson Justice Swatanter Kumar passed the order after the counsel for the Central Pollution Control Board (CPCB) refuted its own earlier submission that the emiss

Audi India commences sales offer

German luxury car manufacturer Audi India has commenced a discount offer on its entire range of vehicles ranging from Rs 50,000 to Rs 10 lakh, dealer sources said on Friday.

According to the German luxury car manufacturer, it has commenced offers on sales and service on the entire range of its product offerings with immediate effect until the end of June, 2017.

The company,

Need to promote electric vehicles: Gadkari

Union Road Transport and Highways Minister Nitin Gadkari on Friday said that electric vehicles need to be promoted in order to cut down expenses incurred on crude oil imports.

"E-vehicles need to be promoted in order to cut down the huge crude oil bill, reduce pollution and create cost effectiveness in transportation," Gadkari said at the launch of India's first multi-mo

People more united than ever before in nation building, says Venkaiah Naidu

Minister of Urban Development and Information & Broadcasting M.Venkaiah Naidu on Friday said that the government led by Prime Minister Narendra Modi during the last three years has unified the people more than ever before in nation building besides bringing them out of despair and guiding them towards new horizons and making every citizen proud of being Indian.

He said that by emp

Railways to push for Rs 35k cr fund infrastructure building

Aiming at a major push for infrastructure, the railways will raise Rs 35,000 crore with World Market assistance to create a separate fund for investment in rail sector.

The proposed Railways of India Development Fund (RIDF) would be independent of rail budget and intended for all big ticket rail-based projects, including station redevelopment, rail expansion, port connectivity and fre

Tea Board engages agency to carry out study on tea industry

The Tea Board India on Thursday said it has decided to engage a professional agency to carry out a comprehensive study on the status of tea industry after share of organised sector declined to 66 per cent of country's tea production.

"It has been decided by the Tea Board to carry out a comprehensive study through a professional agency and publish a paper on tea industry

Railways to export 18 diesel locos to Myanmar

The Indian Railways will export 18 modern diesel locomotives to Myanmar soon. The engines worth about Rs 200 crore are manufactured at the Diesel Locomotive Works (DLW) in Varanasi. The first lot of six locomotives are ready to be shipped next month, while the rest will be delivered by December this year.

A high-level team of Myanmar Railways led by the chief of its mechanical and ele

Will request Finance Minister to reduce tax rate on hybrid vehicles: Nitin Gadkari

Union Minister Nitin Gadkari today said that he will urge Finance Minister Arun Jaitley to bring down GST rate on hybrid vehicles and other automobiles that run on alternate fuels. Under the GST rates announced last week, hybrid cars, which are considered eco-friendly, are slated to attract a 15 per cent cess over and above peak rate of 28 per cent, same as those of large luxury cars and SUVs.<

GST implementation may increase expense ratio of fund houses

With 3 per cent increase in service tax likely after the implementation of Goods and services Tax (GST) from 1 July, the expense ratio of mutual fund houses across the country will also go up by 3 per cent. Expense ratio is the measure of the cost incurred by an investment company to operate its mutual fund.

The GST will, however, benefit small MF distributors having an annual income

Engineering exports grew six times in April 2017

Engineering exports to Israel grew up by more than six times in April this year over the same month in 2016, a key economic development which augurs very well for the Prime Minister Narendra Modi's impending visit to the country, engineering exporters' apex body EEPC India said according to the PTI report.

According to EEPC, as against engineering exports of just about USD 20

Prime Minister calls for indigenous manufacture of medical equipment

Stressing the need to provide affordable health care to the poor, Prime Minister Narendra Modi called on start-ups to make medical equipment indigenously to reduce dependence on import, reported PTI. "More than 10 lakh people get detected with cancer every year and around 6.5 lakh die of the disease annually.

International Agency for Research on Cancer has expressed apprehensions

Government will look into telecom regulator's proposal to penalise 3 companies: Minister

The government will look into the proposal of the Indian telecom regulator on penalising three companies for not providing adequate points of interconnections (PoI) to industry newcomer Reliance Jio and will take a decision at the proper time.

"Let the proposal come, we will look into it. We will decide in proper time," Communications Minister Manoj Sinha said on the si

FIIs, FPIs barred in Fortis, Claris Lifesciences as overall limit crosses 24%: RBI

The Reserve Bank of India said that foreign buyers will not be able to buy any more shares in Fortis Healthcare and Claris Lifesciences as the prescribed limit has been reached. The foreign institutional investors (FIIs)/foreign portfolio investors (FPIs) in Fortis Healthcare Ltd has crossed the overall limit of 24 per cent of its paid-up capital, the Reserve Bank of India said.

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Cabinet apprised of MoU between India and Bangladesh

The Union Cabinet on Wednesday was apprised of the Memorandum of Understanding (MoU) between India and Bangladesh on cooperation in the peaceful uses of outer space. The MoU was signed here on April 8, 2017.

This MoU shall enable the areas of cooperation such as, space science, technology and applications including remote sensing of the earth; satellite communication and satellite bas

India, Germany to work together on alternative medicine

India and Germany, which worked together on treating osteoarthritis with ayurveda, will collaborate further in the field of alternative medicine, the government said. "The Union Cabinet has approved a Joint Declaration of Intent (JDI) between Germany and India regarding cooperation in the sector of alternative medicine," an official statement said.

The collaboration will als

Power shortage down 0.7% in 2016-17: Reports

The Indian Government has said that the energy shortage has come down to 0.7 per cent in 2016-17. Commenting on the issue, a Power Ministry Official told the media, "Energy Shortage reduced from 4.2 per cent in 2013-14 to 0.7 per cent in 2016-17.

The energy shortage in 2014 was 42,428 MU (million units) (4.2 per cent), which came down to 7,595 MU in FY'17 (0.7 per cent).&rdqu

GST won't have major impact on air passenger growth: Icra

The new rate for air travel in the proposed GST regime is unlikely to have a major impact on the passenger growth even as differential input tax credit will adversely affect airlines, ratings firm Icra said as per the PTI report.

The goods and services tax (GST) on the economy class air travel has been finalised at five per cent, which is 100 basis points lower than the existing servi

 Reliance Infrastructure InvIT Fund`s IPO gets SEBI approval

 Reliance Infrastructure (RInfra) on Wednesday said that RInfra InvIT has received the final approval from securities market regulator SEBI to float its Rs 2,500 crore plus Initial Public Offering (IPO).

Sources told IANS that the proposed IPO is expected to be launched in two weeks' time.

"RInfra InvIT has received the final observation letter from S

Doubling farmers income possible only with states' partnership: Naidu

 Prime Minister Narendra Modi's dream of doubling farmers' income by 2022 can be realised only through partnership with state governments, Union Urban Development Minister Venkaiah Naidu said on Wednesday.

The Centre is working on four 'Is' -- irrigation, infrastructure, interest rate and insurance -- to boost income of Indian farmers, he said while inaugurat

New crop insurance scheme puts pressure on states

The central government's ambitious crop insurance scheme for farmers -- Pradhan Mantri Fasal Bima Yojana -- has put pressure on states even though it succeeded in expanding the farm insurance coverage 50 per cent in a year since its launch.

A senior Agriculture Ministry official said some of the states have complained they have ended up paying up to half of their budgetary al

India, Japan JV to set up LNG import terminal in Sri Lanka

India and Japan will join hands to set up a USD 250 million LNG import terminal in Sri Lanka, the first collaboration between the two to counter China's growing influence in the Island nation. Petronet LNG Ltd, India's biggest gas importer, last year proposed to set up an up to 2 million tonne (MT) liquefied natural gas (LNG) import facility on the coast of Sri Lanka to meet its energy

India`s energy shift from fossils gaining pace: Expert

India's decision to cancel nearly 14 gigawatts of coal-fired power stations coupled with a record low solar tariff are the strongest indications that the country's energy transformation is gaining rapid momentum, a global institute said on Wednesday.

"For the first time, solar is cheaper than coal in India and the implications this has for transforming global energy