New UP Govt should ensure adequate power supply: ASSOCHAM

After the Bharatiya Janata Party's (BJP) astounding victory in the recently-concluded Uttar Pradesh Assembly Elections 2017, apex industry body ASSOCHAM has said that the need of the hour in the state is ensuring adequate electricity supply in the coming summer.

The top priority of the new government should be to drastically improve the quality and quantity of power supply in the

Air passenger traffic rises 16% in February

Domestic air passenger traffic surged nearly 16 per cent to 86.55 lakh in February in the same period a year ago, according to the DGCA data reported by PTI. Indian carriers together flew a total of 86.55 lakh passengers in February 2017 as compared to 74.76 lakh fliers in the same month of 2016, registering a growth of 15.77 per cent, it said. Significantly, in January, air passenger traffic h

Gems, jewellery sector prime example of Make In India's potential: Prime Minister

Prime Minister Narendra Modi on Sunday said the gems and jewellery sector is a prime example of the potential of Make In India and Skill India. "We live in an era where diamonds are used in spectacles, watches and pens. Can't our jewellers create and change global tastes and fashions?" Prime Minister Modi said while addressing the International Diamond Conference in Mumbai via vid

India should become international diamond trading hub: Narendra Modi

Prime Minister Narendra Modi exhorted the Indian diamond industry to aim at becoming an international trading centre and "preferred destination for manufacturing" rather than only a cutting and polishing hub, reported PTI. "Our aim is to make India a preferred destination for (diamond) manufacturing. We are already a cutting and polishing hub. My intention is to make India an int

India cabinet approves draft GST bills - minister

NEW DELHI - India's cabinet has approved four bills to implement a planned Goods and Services Tax (GST) bills, a government official said on Monday, paving the way for Prime Minister Narendra Modi to implement the landmark tax reform from July.

The four bills are likely to be taken up by the parliament this week, and a separate state GST bill in state assemblies l

Railways to cut down on water bill by buying recycled water

The Indian Railways has said that it aims to cut down its water bill and save up to Rs 400 crore annually with a roadmap for buying recycled water from private players. As per reports, with the dual aim of conserving the precious resource and reducing its consumption, the Railways will unveil its water policy, a first for the national transporter, for extensive use of treated water from water t

India should revive IPI gas pipeline: Panel

A Parliamentary panel has said that India should consider reviving the long-delayed Iran-Pakistan-India (IPI) gas pipeline following easing of sanctions on Tehran. As per reports, India had almost abandoned the IPI pipeline in 2008 following the US sanctions against Iran over its suspected nuclear programme and has instead pursued a rival line from Turkmenistan, passing through Afghanistan and

Government should fix upper limit of airfares: Parl Panel

A parliamentary panel has said that the Government should consider fixing upper limit for airfares across sectors as pricing mechanism followed in the developed world may not suit Indian conditions. As per reports, there have been concerns expressed in various quarters about airlines charging high ticket prices. Against this backdrop, the panel said the Civil Aviation Ministry should consider f

Government to organise quality conference with coal companies: Minister

The Indian Government has said that it will organise a Quality Conference with coal companies to ensure the right quality of the fossil fuel is supplied to power plants. Commenting on the issue, Power Minister Piyush Goyal told the media, "On April 5, the Ministry is holding a Quality Conference with all the coal companies and technical experts of the sector to sit down and lay down the st

Note ban had no impact on power projects: Officials

A power ministry official has said that the notes pullback had no major impact on power transmission projects as states reported no delay in implementation of these projects to the Central Electricity Authority (CEA). As per reports, the Government announced scrapping of high-value notes on November 8 last year following which there were fears that it would slow the economic growth and implemen

Par panel asks Centre to consider capping airfares

A Parliamentary panel has suggested the Central Government to look at capping airfares and control the artificially created exorbitant prices in the Gulf sector, as per the media reports. The move comes amid persisting concerns among certain quarters that airlines are levying high air ticket prices, especially during festival seasons, said the PTI report.

The panel said that the, Civi

E-commerce firms to pay up to 1% TCS under GST

E-commerce companies like Snapdeal and Amazon will have to mandatorily deduct up to 1 per cent TCS (Tax Collected at Source) while making payments to their suppliers under the GST regime which is likely to start from 1st July, as per the media reports. The model Goods and Services Tax (GST) law, finalised by the GST Council, provides for 1 per cent TCS to be deducted by the e-commerce operators

Government approval for BMB merger with SBI likely in 3 months

The government is likely to give final nod to the merger of Bharatiya Mahila Bank (BMB) with India’s largest lender State Bank of India (SBI) within 3 months, as per the media reports. Last month, cabinet approved amalgamation of 5 associates of SBI with the parent but the merger of BMB was not considered due to some issues, officials said. “Now it a is matter of time.

The

Supertech plans to invest Rs 4k cr to build affordable homes

Real estate firm Supertech is planning to invest about Rs 4,000 crore to construct low-cost houses as it expects that demand for affordable housing likely to rise after getting the infrastructure status in budget, as per the media reports. Commenting on the matter, Supertech, Chairman R K Arora said that, Supertech has engaged consultants to raise about Rs 1,000 crore through external commercia

Other firms will come if Posco exits steel project: Piyush Goyal

There are other companies that can replace Korean firm Posco if it decides to withdraw from its delayed steel project in Odisha, Coal and Power Minister Piyush Goyal said on Sunday.

"There are more and more opportunities in India and if one company chooses to pull out, others will come in," Goyal said on the sidelines of an international diamonds conference here 'Mines t

Want to make India global diamond trading hub, says Modi

 Prime Minister Narendra Modi said on Sunday that India should become an international diamond trading hub in addition to its present status as cutting and polishing hub.

Addressing the audience at a charity dinner at the International Diamond Conference in Mumbai through video conferencing, Modi said India has made rapid strides since the Gems and Jewellery Export Promotion Coun

Decided on strategic disinvestment in loss-making PSUs: Piyush Goyal

Union Minister Piyush Goyal on Saturday said the Centre's plan on strategic disinvestment in loss-making public sector units will not apply to national carrier Air India.

Supporting "no disinvestment" of Air India, he said: "Every major country runs a national carrier. The Swiss government revived their national carrier. What we need to do is to improve efficiency o

CII condemns Stayzilla founder's arrest

 The arrest of online homestay marketplace Stayzilla's founder Yogendra Vasupal over a civil dispute is disturbing, said a top official of the Confederation of Indian Industry (CII) Start-up Council.

In a statement here on Friday, Kris Gopalakrishnan, Chairman, CII Start-up Council, said: "The legal developments around Vasupal are disturbing."

"The na

Railways striving to improve fire safety: Minister

Indian Railways are working on improving fire safety in trains by providing fire extinguishers on the fleet, Minister of State for Railways Rajen Gohain said on Friday.

In a written reply to a question in the Rajya Sabha, Gohain said since safety was the highest priority of the railways, constant efforts were made to prevent accidents and to enhance safety in train operations

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E-commerce, brick and mortar to co-exist: Spencer head

Even though e-commerce is going to be the "inevitable future", brick and mortar will co-exist in immediate future with strong purchase psychology associated with "touch and feel", Spencers Retail Sector Head Shashwat Goenka on Friday.

"E-commerce is the inevitable future. However, Indian purchase psychology is deep rooted in the sense of touch and feel. Brick

Indians don't steal jobs in US, they create: Minister

 IT Minister Ravi Shankar Prasad on Friday said the government had voiced its concern regarding the H1-B visa issue to the US and added that Indians do not steal but create jobs.

"We have conveyed our concern at the highest level (US administration) and I hope the American administration should know Indian companies don't steal jobs. They create jobs for a better India a

'Big economic zones, labour reforms will propel growth'

 Participants at a panel discussion here on Friday generally agreed that setting up of big economic zones, ease of doing business and labour reforms are the major factors that would enable the manufacturing sector to grow and create more jobs.

India should have at least two big special economic zones on the coastal region from where exports would be easy so as to create jobs, sai

Indian drugmakers face squeeze in U.S. healthcare market

By Zeba Siddiqui

MUMBAI - India's small and medium-sized generic drugmakers say the threat of tougher rules and higher barriers for outsiders in the U.S. healthcare market will force many to find a niche or focus their expansion efforts on other countries.

India supplies nearly a third of medicines sold in the United States, the world's largest healt

Steel minister says he hopes SAIL, ArcelorMittal resolve JV issues by May

NEW DELHI  - India's steel minister said he hoped state-owned Steel Authority of India Ltd and ArcelorMittal SA would resolve differences over building an $897 million automotive steel plant before the deadline in May to close the deal.

SAIL is banking on the proposed joint venture with the world's number 1 steel producer, ArcelorMittal, to help it move t

Surplus coal availability resulted in declining imports

The total coal imports have been consistently reducing over the last three years, said Piyush Goyal, union minister of state (I/C) for coal, power, new & renewable energy and mines in a written reply in Lok Sabha. The Minister said in a statement that, “In 2016-17, as on 31.12.2016, the figure has reduced to 144.87 MT as compared to 146.12 MT for the same period in 2015-16.