India's industrial output falls unexpectedly in February

NEW DELHI  - India's industrial output unexpectedly fell 1.2 percent in February from a year earlier, government data showed on Wednesday.

Economists surveyed by Reuters had forecast a 1.3 percent growth in output compared with a revised 3.3 percent year-on-year increase in January.

Cargo traffic at major ports up by 6.79% in FY17

The twelve major ports under the ministry of shipping handled a record 647.43 MT of traffic in 2016-17, registering an annual growth rate of 6.79 per cent, as against 4.32 per cent last year, according to an official statement. “With this, these ports have out- performed private ports for the second consecutive year. The private ports have registered a traffic growth rate of 4 per cent th

India may add 6,000 MW wind power capacity in FY'18: IWTMA

India may add around 6,000 megawatts (MW) of wind power capacity in the ongoing fiscal, an industry body has said. "The government's target (for the 2017-18) I think is 4,500 MW. We know that we have number of challenges in front of us, but we will try our best to give around 6,000 (MW) in the current financial year," Indian Wind Turbine Manufacturing Association (IWTMA) Chairman

SC order: Telecom industry body says don't panic, towers are safe

Trying to allay fears about the mobile tower emissions, the telecom industry body Cellular Operators' Association of India (COAI) on Wednesday appealed to the public "not to panic" about the Supreme Court order on tower radiation.

The apex court, in a recent order, had asked a mobile tower to be shut down within seven days after a petitioner claimed the radiation from th

RBI grants permission for opening new branches by PSUs

In order to promote financial inclusion and to extend banking network in unbanked areas, the Reserve Bank of India (RBI) has granted general permission to domestic scheduled commercial banks including public sector banks (excluding Regional Rural Banks) to open branches at any place in India, said Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in a reply in Rajya Sabha.

Petrol, diesel prices to change every day from May 1

From May 1, petrol and diesel prices will change every day in sync with international rates, much like what happens in most advanced markets. State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), which own over 95 per cent of nearly 58,000 petrol pumps in the country, will launch a pilot for daily price revision in five selec

Portfolio managers' assets up 18% to Rs 12.30 lakh cr in FY17

The assets handled by portfolio managers have surged by a staggering Rs 1.85 lakh crore to Rs 12.30 lakh crore at the end of the past fiscal, mainly on the back of increase in number of clients, said the media report. This also marks the sixth consecutive yearly rise in assets base of portfolio managers. Data prior to this period are not available with the Securities and Exchange Board of India

Delhi Metro flats soon to be up for sale

The Delhi Metro Rail Corporation is all set to venture into the residential real estate market and will soon put up over 500 flats, in the Rs 60 lakh to Rs 1 crore range, for sale. A senior Delhi Metro Rail Corporation (DMRC) official said the Metro has initiated the process on this front and people will be able to book a flat, which will come up in Janakpuri and Okhla area, in a month or two.<

Government spreads awareness about generic drugs via PMBJP campaign

Centre is focusing upon multi modal publicity campaign to spread awareness about the use of generic drugs in the country, said Mansukh L. Mandaviya, Minister of State for Ministry of Road Transport and Highways, Shipping and Chemicals and Fertilizers, in a written reply in Lok Sabha. The Minister said that, in order to promote the use of generic drugs in the country and with the objective of ma

White paper required to expose UP`s power sector performance: Minister

The Power Minister has said that a white paper is required on the Uttar Pradesh power sector to expose the situation of past 15 years. As per reports, the state will finally ink this week the 24x7 'Power for All' (PFA) document, which aims to provide round-the-clock affordable electricity. Commenting on the issue, Power Minister Piyush Goel told the media, "Uttar Pradesh is the onl

AAI rejects Air India`s offer to convert dues into equity: Reports

The Indian Government has said that Air India had proposed to convert a part of its total dues towards the AAI into equity besides offering the airport operator a position on its board. Commenting on the issue, Minister of State for Civil Aviation, Jayant Sinha told the media, “The proposal was "considered" but not "accepted" by Airports Authority of India.”

Government taking steps to discourage import of active APIs: Reports

The Indian Government has said that it is taking various policy initiatives, including withdrawal of customs duty exemption, to discourage import of bulk drugs and active pharmaceutical ingredients (APIs) into the country. Commenting on the issue, Minister of State for Chemicals Mansukh L Mandaviya told the media, "Recently the government has withdrawn exemption of custom duty on certain c

PV sales in India cross 3 mn mark in 2016-17

Passenger vehicle sales in India crossed the three million milestone for the first time in 2016-17, with the segment witnessing a growth of 9.23 per cent. For the fiscal ended March 2017, domestic passenger vehicles (PV) sales were at 30,46,727 units as against 27,89,208 in the previous year, according to data released by the Society of Indian Automobile Manufacturers (SIAM). On the sales perfo

British Defence Secretary to meet Jaitley

British Defence Secretary Michael Fallon, who arrives here on Tuesday on a four-day visit, will hold talks with his Indian counterpart Arun Jaitley during the first India-UK Strategic Dialogue.

Fallon, the third British Cabinet Minister to visit India in April, will also visit Mumbai. He will also meet Indian Defence Ministry officials, military staff, business and opinion leaders, th

Fino Paytech seeks help to set up payments bank venture

Fino Paytech is seeking help from ICICI Bank to set up its payments bank venture and is aiming to launch the new entity within two months, a top official said as per the PTI report. "We are aiming to launch payments bank in one-and-a- half to two months. We're taking assistance from ICICI Bank for setting up the bank," chief executive Rishi Gupta told PTI. The ICICI Group owns a 2

Need to set up integrated cold chain projects to boost economy: Harsimrat Kaur Badal

Minister of food processing industries Harsimrat Kaur Badal on Tuesday emphasized the need to set up Integrated Cold Chain Projects on war scale in the country for all-round development of India and for fast-tracking transformation of the Indian economy. In an Interaction with promoters of newly-allotted integrated cold chain projects, Badal said that given the challenge of post-harvest losses

Global IT spend to grow 1.4% to $3.5 trn in 2017: Gartner

Global IT spending is projected to total USD 3.5 trillion in 2017, an increase of 1.4 per cent over 2016, said the research firm Gartner according to the PTI report. This forecast is lower than the previous quarter's estimate of 2.7 per cent partly because of rising US dollar, Gartner said in a report. "The strong US dollar has cut USD 67 billion out of our 2017 IT spending forecast. W

Government forms inter-ministerial panel to monitor UDAN

The government has set up an inter-ministerial committee to monitor the regional air connectivity scheme UDAN which seeks to make flying affordable by connecting unserved and under-served airports. Besides, the panel would be responsible for coordination among stakeholders, including state governments, for "time bound" implementation of the scheme. The Civil Aviation Ministry has alre

Idea Money, Shopclues partner to sell products offline: Media Report

Digital wallet Idea Money and e-commerce firm ShopClues have entered into a partnership to enable offline retailers book and sell products available on the ecommerce platform, reported PTI. "Idea Money has partnered with ShopClues to sell products through its Retailer Assisted Model (RAM) via local retailers. The partnership will help millions of on ground customers who may not have access

Mutual funds see record Rs 3.43 lakh cr inflow in FY'17

Investors pumped in a record Rs 3.43 lakh crore in mutual funds (MFs) in 2016-17, mainly into income and liquid schemes. According to the Association of Mutual Funds in India (Amfi) data, a net of Rs 3,43,049 crore was invested in these schemes last fiscal ended March 31, more than double of Rs 1,34,180 crore seen in 2015-16. This was the highest investment in MF schemes since 1999-2000. The da

I-T dept asks FIs to get accounts self-certified by April 30

The tax department today asked financial institutions (FIs) to get self-certification from account holders by April 30 to comply with FATCA provision and avoid blocking of accounts. "The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the acc

'Indian tourists spent nearly USD 12 bn in US in 2015'

Over 1 million Indian tourists have spent a whopping USD 12 billion in the US in 2015, a tourism industry official has said. "Those 1.12 million Indian visitors spent nearly USD 12 billion dollars in the US in 2015 and that ranks seven as far as a source market in spend. Our Indian friends when they come, they stay longer and they spend more than on the average of a lot of our internationa

Passenger vehicles up 9.96% in March, car sales grow 8.17%

Domestic passenger vehicle sales registered a growth of 9.96 per cent at 2,82,519 units in March, from 2,56,920 in the same month last year. Domestic car sales were up 8.17 per cent at 1,90,065 units as against 1,75,709 in March last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Motorcycles sales last month were at 9,15,199 units as against 9,46,754

Sebi likely to allow institutional investors in commodity

Regulator Sebi is mulling allowing institutional investors in a phased manner in commodity derivatives and may soon permit options trading in this market. The proposals in this regard are likely to be placed before Sebi's board later this month, along with other reform measures for IPOs, stock exchanges and mutual funds among other segments, said the media report. Investors, exchanges and o

Summer travel in 2017 sees 39% increase: MakeMyTrip

Even as temperatures are soaring, there has been a substantial increase of 39 per cent in bookings for travel during the summer of 2017 among Indians, according to a recent report. "There has been a huge increase in the number of people travelling this summer and about 39 per cent more Indians are opting to travel this summer season," MakeMyTrip Chief Operating Officer for Hotels and