India services activity grows for first time in 4 months as demand slowly recovers-PMI

BENGALURU - India's dominant services industry returned to growth in February for the first time in four months as demand slowly recovers after the government's cash crackdown late last year, a private business survey showed on Friday.

The Nikkei/IHS Markit Services Purchasing Managers' Index rose to 50.3 in February from 48.7 in January, marginally above

Railways launches RO-RO service to carry loaded trucks

The Indian Railways has said that it has launched Roll-on Roll-off (RO-RO) service from Gurugram to carry loaded trucks on wagons to decongest roads in the national capital region. As per reports, about 30 loaded trucks were transported on the flat wagons from Garhi Harsuru station in Gurugram for Muradnagar in Uttar Pradesh.

Commenting on the issue, Railway Minister Suresh Prabhu tol

Railways rolls out measures to protect freight market: Reports

The Indian Railways has unveiled an action plan for 2017-18 that includes offering discounted long-term freight contracts to bulk customers, leasing out hill railways to private players for operations and maintenance, revamping 100 goods sheds under the public-private partnership (PPP) model and generating revenue through its real estate and train sets, said media reports.

As per repo

CIL registers 6.5% growth in coal production: Reports

Coal India has said that it has registered a healthy 6.5 per cent growth in coal production to clock 54.30 million tonnes in February, this year compared to 50.98 million tonnes achieved in the corresponding period, last year. According to company Officials, on the back of increased rake loading, coal off-take witnessed an almost five per cent expansion during the month to 47.73 million tonnes

Railways to launch integrated mobile app for travel services

The Indian Railways has said that it will launch an integrated mobile application for all travel-related services, including ticketing, hiring taxis and porters, in order to make a journey hassle-free. As per reports, the mobile app is set to be launched in May.

Commenting on the issue, a senior railway ministry official told the media, “Though there are various mobile applicati

DeMo shaves off Rs 8k cr; recovery quicker than thought: M&M

Demonetisation shaved off as much as Rs 8,000 crore in revenues of auto and tractor industry during November and December but the recovery has been quicker than anticipated and normalcy will be restored by month-end, said Pawan Goenka of Mahindra & Mahindra as per the PTI report.

In an interaction with PTI, he said if all of the drop in automobile and tractor sales in November and

Arun Jaitley pitches for greater Indian investment in Nepal

Visiting Indian Finance Minister Arun Jaitley on Thursday pitched for greater Indian investment in Nepal, saying that India wants partnership with Nepal in various sectors.

Earlier in the day, Jaitley arrived here to deliver the keynote speech at the "Nepal Investment Summit - 2017" and held talks with President Bidhya Devi Bhandari, Prime Minister Pushpa Kamal Dahal 'Pr

India in transition needs fair trade watchdog, says Nirmala Sitharaman

Clarifying that the present central government was "neither pro- nor anti-business", Commerce Minister Nirmala Sitharaman on Thursday said India needs a fair trade regulator like the Competition Commission in the current transitional phase of the economy to prevent formation of oligarchies, monopolies or cartels.

"We want a Competition Commission that is going to look a

Foreign tourist visits increase by 16.5% in January

The number of foreign tourists in India increased by 16.5 per cent in January 2017 as compared to the corresponding month last year.

Similarly, Domestic Tourist Visits (DTVs) registered an increase of 15.5 per cent in 2016 when compared to that in 2015, said the Union Ministry of Tourism on Thursday.

"While surpassing the growth rate of 6.8 per cent in Foreign Tourist A

GDP based on statistical robustness, not personal expectations: Official

With controversy over the third quarter GDP figures reflecting only a marginal impact on growth, India's Chief Statistician T.C.A. Anant on Thursday said the numbers were based on statistical robustness and not personal expectations.

"You create expectations based on conversations. I have to depend on numbers from sources and agencies. Personal expectations, observations, may

Freight and fridge sales: Indian economists seek GDP clues amid data doubts

By Rajesh Kumar Singh

NEW DELHI - Surprised again by India's strong official growth statistics, economists are relying increasingly on high-frequency indicators like bank credit and rail freight to gauge the real health of Asia's third-largest economy.

For India's cash-reliant economy, Prime Minister Narendra Modi's decision in November to ou

WPIC plans platinum ETF in China - executive

MUMBAI  - The World Platinum Investment Council (WPIC) plans to launch an exchange-traded fund (ETF) in China, the world's biggest consumer of the precious metal, and a coin-based fund in Europe in 2017, an executive of the council said on Wednesday.

"We are working on two deals in China for investment products. (An) ETF and retail platinum bars with a b

Suresh Prabhakar Prabhu inaugurates key freight sector initiatives of Railways

Minister of Railways Suresh Prabhakar Prabhu on Thursday inaugurated key freight sector initiatives which include policy of ‘long term contracts’ with major customers. The initiative includes, Indian Railways Freight and Passenger Business Action Plan -2017-18, confirmation trial of double stack dwarf container train under wire- a New Delivery Model, and the demonstration run of Ro-

Furnishing of Aadhaar mandatory for final settlement of Pension claims

The EPFO has clarified that obtaining of Aadhaar should be mandatory for the time being only for final settlement of Pension and not in withdrawl cases. The EPFO had extended the date of submission of Aadhaar Number authentication by the members of EmployeesPension Scheme 1995 upto 31st March 2017, said an official statement.

However, news item appearing in few dailies suggested that

Indian auto ABS overcomes demonetization effect, stabilizes in Jan: Moody's

Moody's Investors Service, the world’s leading rating agency, has said the performance of rated Indian auto asset backed securities (ABS) leveled off in January 2017 after worsening immediately after demonetization. The agency expects auto ABS performance to not deteriorate beyond March 2017, as the economy recovers, and oil prices remain range-bound and budget policy initiatives prov

UP voters rebelling against politics of SP, BSP and Congress: Arun Jaitley

Union Finance Minister Arun Jaitley on Thursday claimed a groundswell of support in favour of the Bharatiya Janata Party (BJP) and said the people of Uttar Pradesh were in the "mood of rebellion" against the ruling Samajwadi Party (SP) and the Bahujan Samaj Party (BSP).

Addressing a press conference in the city, the parliamentary constituency of Prime Minister Narendra Modi,

Tourism forex earnings up 17.8% to Rs 16,097-cr in Jan

Foreign exchange earnings (FEEs) through tourism grew 17.8 per cent to Rs 16,097 crore in January over the same month last year, the government said as per the PTI report. FEEs stood at Rs 13,669 crore in January, 2016.

"FEEs during the month of January, 2017 were Rs 16,097 crore as compared to Rs 13,669 crore in January, 2016," Ministry of Tourism said in a release.

Commerce Ministry to probe vendors' complaints against Snapdeal

The Union Commerce Ministry intends to probe vendors' complaints of payments default by e-commerce player Snapdeal, a top official said on Thursday.

"A lot of people have approached me on the issue. We need to examine whether it is a case of some commercial transaction gone wrong, or it is some violation...there are too many angles to the issue," Commerce Minister Nirmal

RBI slaps Rs 5 lakh fine on Rajsamand Urban Co-op Bank

The Reserve Bank of India has imposed a monetary penalty of Rs 5 lakh on The Rajsamand Urban Co-operative Bank Limited for violation of RBI guidelines. “The fine is imposed for violation of RBI instructions / guidelines relating to (i) linking of share capital to borrowings (ii) breach of prescribed individual borrower exposure limit (iii) granted unsecured loans beyond prescribed limit a

Ajay Tyagi takes charge as Sebi Chairman

Senior IAS officer Ajay Tyagi has assumed office as the chairman of markets regulator Sebi. He is the ninth chairman of the Securities and Exchange Board of India (Sebi) and has taken over from U K Sinha, who completed his six-year tenure. The appointment of 58-year-old Tyagi, who is known to keep a low profile, is for a period of three years. He visited the famous Shree Siddhivinayak Ganapati

Eight developers approach Government to surrender SEZ projects: Reports

According to Officials, eight developers, including Bangalore International Airport and Gokaldas Images Infrastructure, have approached the Government to surrender their Special Economic Zone (SEZ) projects. As per reports, these applications would be considered by the Board of Approval (BoA) headed by Commerce Secretary Rita Teaotia on March 8. As per reports, the BoA is a 19-member inter-mini

Healthcare sector to witness 14% annual growth in 5 yrs: ICRA

Rating agency ICRA has said that the health care sector is expected to witness an annual revenue growth of 12-14 per cent over the next five years due increasing medical tourism and higher health insurance penetration. Commenting on the issue, an ICRA Official told the media, "India has seen an increase in inflow of international patients, mostly from developing countries in South Asia, Af

Healthy Indian food has huge economic potential: Amitabh Kant

Niti Aayog CEO has said that the living tradition of diverse and healthy Indian food has a huge economic potential and will attract large scale investments as well as create more job opportunities. Commenting on the issue, NITI Aayog CEO Amitabh Kant told the media, "The potential of Indian food and retail segment is enormous. It is projected to touch 482 billion by financial year 2020 whi

Aadhaar not needed for pension withdrawals for now: EPFO

Retirement fund manager EPFO said Aadhaar will not be required for withdrawal benefits under the Employees' Pension Scheme for now, but furnishing the 12 digit unique number is mandatory in case of final settlement of pension, reported PTI. "It is reiterated that the requirement of submitting Aadhaar is not insisted for the time being only in withdrawal benefit (10 C) cases under Emplo

Focussed to become defence strategic player: Abhyuday Jindal

The Jindal Stainless (Hisar) Ltd on Wednesday said that they want to become tier one players in the defence sector and want to enter the sector as a strategic player.

"We want to become strategic partner and focus more on our strength, which is stainless steel and special steel. So, we want to supply the raw material to PSUs and private companies in the defence segment... We