FDI up 23% at $10 bn during April-May: Nirmala Sitharaman

Foreign direct investment (FDI) grew by 23 per cent to $10.02 billion during April-May this financial year, Parliament was informed. In 2016-17, the foreign fund inflows aggregated at $60.08 billion, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. She said that to promote FDI, the government has put in place an investor-friendly policy.


Uttarakhand ropes in AAI to develop civil aviation infra in state

The Uttarakhand government has roped in Airports Authority of India (AAI) to develop civil aviation infrastructure in the state. The two entities have signed an initial pact in this regard, under which the national airports operator will also assist state's civil aviation authorities in obtaining necessary clearances for airport operations besides assessing commercial potential of various a

Strong tech-enabled business models key for MSMEs today: SAP India

In their quest to become digital, Small and Medium Enterprises (MSMEs) need to adopt strong tech-enabled business models and processes to make them more efficient and achieve global competitiveness, says a top SAP India executive.

At a time when large corporates as well as MSMEs are seeking to accelerate their digital growth journeys, these firms have to excel in three areas: acc

Government panel for sops to ease financial stress in telecom sector

The inter-ministerial group (IMG) set up to address the financial stress in the telecom sector has prepared a draft report recommending steps to benefit the industry, according to sources. It is learnt that Finance Minister Arun Jaitley reviewed the report last week, says a Business Standard report. Extending the deferred payment schedule to 16 years, cut in interest rates and converting the PL

Moody`s affirms ratings of 9 banks, downgrades IOB, CBI

Global rating agency Moody's affirmed ratings of nine banks, including Bank of India, Punjab National Bank and Axis Bank, at Baa3/Prime-3, and downgraded the ratings of Indian Overseas Bank and Central Bank of India to Ba3 from Ba1, reported PTI. Other banks whose rating was affirmed are Bank of Baroda, Canara Bank, Oriental Bank of Commerce, Syndicate Bank Union Bank of India and ICICI Ban

Yatra acquires Air Travel Bureau

Leading online travel company Yatra Online on Monday said it has acquired corporate travel services provider Air Travel Bureau.

The company did not divulge any financial details of the acquisition. 

"This acquisition significantly strengthens our position in the large and growing corporate travel market in India," said Dhruv Shringi, Co-Founder and C

Government working on clean fuel-based public transport: Nitin Gadkari

The government is working on reducing the number of cars on the roads by boosting the public transport system in the cities as well as between key cities, Union Road Transport and Highways Minister Nitin Gadkari said on Monday.

He added his ministry was also working on moving the public transport from oil-based fuel to alternative fuel including electricity, ethanol, methanol, bi

Rs 62.99 crore spent since 2012 on plastics use in highways construction

The government has spent only Rs 62.99 crore since 2012 out of the allocated Rs 159.6 crore on research, development, training and quality assurance through use of waste plastics and jute in the construction of highways, Parliament was told on Monday.

In the financial year 2015-16, the ministry spent highest amount of Rs 40.90 crore against allocated amount of Rs 68.2 crore, while the

In two years solar energy for residential sector would be cheaper than electricity grid: Solar players

 In the next two years, solar power will be cheaper than the electricity grid in the residential sector, says solar energy provider SunSource Energy which on Monday successfully implemented the first two phases of a 100 MW solar project in South East Asia.

Stating that while the solar energy in India has already reached 'grid parity' in commercial, industrial and utility

Tiles industry expected to grow 6-9% in current fiscal

With the rolling-out of Goods and Services Tax (GST) and anticipated boost in the housing sector, the tiles industry is expected to grow by 6-9 per cent in the current fiscal, a top industry player said here on Monday.

"The tiles industry size is about Rs 26,500 crore and in other words, it is at 865 million square metres. The industry is expected to grow by 6-9 per cent in this

29 mineral blocks put on the block till date: Piyush Goyal

A total of 29 mineral blocks with a combined estimated resources of Rs 1.56 lakh crore have been auctioned so far, the government said as per the PTI report. "As on date, 29 mineral blocks with an estimated total value of resources of Rs 1,56,746 crore have been auctioned in Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan,"

Reliance Capital`s shareholders approve demerger scheme

Financial services major Reliance Capital on Monday said its shareholders have approved the demerger scheme for Reliance Home Finance.

According to the company, the demerger scheme -- which will facilitate in the independent listing of Reliance Home Finance -- was approved by 99.59 per cent votes in favour of the "Scheme of Arrangement" at the Tribunal-convened General

Railways didnt take adequate steps to improve parcel services: CAG

The Indian Railways did not take adequate steps to put in place infrastructural and other arrangements for improvement in parcel services, which was estimated to grow from Rs 1,644 crore in 2011-12 to Rs 8,000 crore in 2019-2020, the CAG said in a report as per the PTI.

"During 2013-2014 to 2015-2016 though the parcel earnings increased by 11.4 per cent, the tonnage carried in pa

India, Bangladesh sign MoU for new waterways: Minister

According to a Government Official, Bangladesh and India have signed a Memorandum of Understanding (MoU) to connect the north-east and West Bengal with Bangladesh through new waterways. Commenting on the issue, Union minister Mansukh Mandaviyatold the media, "The new waterways would enable transportation of people and goods by ships.

They would be set up by using the major rivers

Social media wooing away time spent on newspaper, TV: Report

“While it is true that the Indian newspaper industry remains robust with a print order of about 62 million and the common households continue to remain loyal to their morning newspapers, the time spent on reading among the family members is witnessing a sharp inclination in favour of social media, with Facebook leading the pack,” the ASSOCHAM Paper observed. The time spent on newspa

NITI Aayog approves Rs 18k cr for high speed rail projects

The premiere think-tank of the Government of India, NITI Aayog has approved investments worth Rs 18,000 crore for high-speed rail projects for major routes of Delhi-Mumbai and Delhi-Kolkata, Union Minister for Railways, says Suresh Prabhu at an ASSOCHAM event. “We are working on Gatiman Express which is India’s fastest train at 180 km per hour and trying for Mumbai-Delhi and Delhi-K

IRCTC to install 1,100 water vending machines at stations

The Indian Railway Catering and Tourism Corporation (IRCTC) has said that it plans to install 1,100 water vending machines at 450 stations in 2017-2018 as part of its efforts to ensure clean drinking water at low cost in rail premises across the country. A glass of 300 ml water dispensed through these machines will cost just Re 1.

Commenting on the issue, a railway ministry official t

CCEA approves government stake sale of HPCL to ONGC: Pradhan in LS

The Cabinet Committee on Economic Affairs (CCEA) has given in-principle approval for the sale of the government's 51.11 per cent stake along with the management control of HPCL to the ONGC, Oil Minister Dharmendra Pradhan said today. Hindustan Petroleum Corporation Ltd (HPCL) will continue as a public sector undertaking after Oil and Natural Gas Corporation Ltd (ONGC) acquires its stake, th

FPIs pour in $2.4 bn into capital markets in July on GST rollout

Overseas investors have pumped in $2.4 billion in the capital markets this month, enthused by trouble-free roll-out of GST and on hopes of better corporate earnings, taking the total to $25 billion so far this year. The latest inflow follows net infusion of Rs 1.6 lakh crore in the previous five months (February-June) on several factors. In January, they had pulled out over Rs 3,496 crore. Dine

Data has become the new oil: Nandan Nilekani

Describing data as the "new oil", Infosys co-founder Nandan Nilekani said India has a chance to build a completely new paradigm as he made a strong pitch for democratising data so that it is available to everybody and not just a few organisations, reported PTI.

"Data has become the new oil. Just like oil was the basis for transformation of the 20th century, data is the

Road ministry plan cause Rs 1.85 cr unfruitful expenditure: CAG

The road ministry's inefficient planning and monitoring led to unfruitful expenditure of Rs 1.85 crore on the eight traffic counters procured from Canada in 2008, the CAG said as per the PTI report. "The ministry procured (March 2008) eight Weigh-in-Motion cum Automatic Traffic Counter cum Classifiers. While two machines were commissioned after a delay of almost eight years, the remain

Fincare SFB commences small finance bank ops

RBI said Ahmedabad-based Fincare Small Finance Bank has commenced operations as a SFB from, reported PTI. "Fincare Small Finance Bank Limited has commenced operations as a small finance bank (SFB) with effect from July 21, 2017...To carry on the business of small finance bank in India," RBI said in a notification.

Disha Microfin, small finance bank licence recipient by RBI i

IRCTC forms new policy to upgrade food quality

A day after the CAG released a report critical of the food served in stations and trains, the Ministry of Railways today said the IRCTC has formed a new catering policy by unbundling the current services on trains.

In order to upgrade the quality of food preparation, the Indian Railway Catering and Tourism Corporation Ltd (IRCTC) will set up new kitchens and upgrade existing ones, the

Mutual Funds folios touch record-high of 5.8 cr in June

Showing a growing traction for mutual funds among investors, the number of folios has grown by over 93 lakh to an all time high of 5.82 crore at the end of June 2017, from the year-ago level, driven by strong participation from retail investors.

According to data from the Securities and Exchange Board of India (Sebi) on total investor accounts with 42 active fund houses, the number of

RBI plans to sell government securities worth Rs 100 bn on August 10

The Reserve Bank on Friday said it will sell government securities under open market operations for an aggregate amount of Rs 100 billion on August 10, 2017 via multi-security auction. “Based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct sale of Government securities under Open Market Operations for an aggregate amount o