Competition led to 30% airfare drop in India: Minister

The Union Civil Aviation Ministry's role in ensuring competition between commercial airline companies, along with fall in oil prices globally, led to a drop in air fares by as much as 30 per cent, a minister said on Saturday.

"If we are looking at the country as a whole, then average airfares have actually fallen by 30 per cent," Union Minister for Civil Aviation Ashok G

Indian IT industry faces twin challenges of Trump, automation

MUMBAI  - Automation and the new U.S. administration were the big unknowns at the Indian tech sector's annual shindig this week, with machines threatening to take away thousands of jobs and concerns over possible visa rule changes in the key American market.

But senior executives from the $150 billion industry, which rose to prominence at the turn of the cent

Essar's Iran oil imports fell 1.5 percent in January from December - trade

NEW DELHI - Essar Oil, a key Indian buyer of Iranian crude, imported 1.5 percent less oil from Tehran in January compared with the previous month, according to tanker arrival data obtained from sources and assessed by Thomson Reuters Oil Analytics.

Essar Oil's overall shipments from Tehran rose 56 percent at about 175,600 barrels per day (bpd) in the first ten mon

India may soon allow institutions to trade commodity futures - SEBI chief

By Abhirup Roy and Rajendra Jadhav

MUMBAI - India could start allowing institutional investors to trade in its annual $1 trillion commodity futures market as soon as in a month, the head of the country's capital markets regulator said on Friday, as the government targets deepening of the market.

Asia's third biggest economy has allowed futures t

ArcelorMittal, SAIL`s India joint venture talks at an impasse - sources

By Neha Dasgupta

NEW DELHI - A proposed joint venture between state-owned Steel Authority of India Ltd and ArcelorMittal SA to build an $897 million automotive steel plant in India has hit an impasse, with the two disagreeing on key terms, officials said.

India's biggest state-owned steel company and the world's No. 1 producer of the m

India`s first business aviation magazine launched

Civl Aviation Minister Ashok Gajapathi Raju has lauded the Airports Authority of India (AAI) for conceptualising India's first business magazine entirely dedicated to the sector.

"Civil aviation is not only one of the fastest growing sectors of the Indian economy but one of the most strategic ones too as it plays a crucial role in improving transport linkages to facilitate fa

India`s naphtha exports to decline on rising local demand

By Seng Li Peng

SINGAPORE - India's 2017 naphtha exports are expected to fall, after the volumes rose for the first time in five years in 2016, and this would prove untimely for buyers who are already hit by tighter supplies.

Fewer European naphtha in Asia and a lack of alternative liquefied petroleum gas (LPG) feedstock were reasons that turned the

Apple to start India manufacturing in coming months with iPhone SE - source

By Sankalp Phartiyal

MUMBAI - Apple Inc will in the coming months start assembling its lower-priced iPhone SE models at a contract manufacturer's plant in the southern Indian technology hub of Bengaluru, an industry source with direct knowledge of the matter said on Friday.

Apple's Taiwanese manufacturing partner Wistron Corp is setting up a pla

India still keen to buy Westinghouse reactors despite Toshiba meltdown

By Douglas Busvine

NEW DELHI - India does not expect fallout from the financial meltdown at Toshiba Corp to halt plans to buy six nuclear reactors from the Japanese company's U.S. nuclear unit Westinghouse, a senior government official told Reuters on Friday.

Toshiba this week booked a $6.3 billion charge related to huge cost overruns at Westinghous

India, Norway discuss strengthening bilateral ties in fishery

Agriculture Minister Radha Mohan Singh met his Norwegian counterpart Jon Georg Dale and discussed further strengthening bilateral ties in fishery sector and cooperation in developing climate smart fishing techniques as also trade in marine products.

“Bilateral cooperation in fisheries between India and Norway has grown and there is ample potential for furthering relationship in

Under enigmatic Patel, Indians failing to read central bank policy

By Suvashree Choudhury and Rafael Nam

MUMBAI - Denny Jose, a small-town caterer in Kerala, was closely watching the RBI meeting last week.

Newspapers and markets were forecasting the Reserve Bank of India would cut its key rate by a quarter of a percentage point. But the RBI held rates and moved to a "neutral" policy stance, signaling an end t

India and U.S. in talks on F-16 jet factory - Lockheed

By Rachit Vats

BENGALURU, India - U.S. defence company Lockheed Martin said on Thursday that talks were taking place between the United States and the Indian government over its offer of setting up a factory to produce F-16 fighter planes in India.

Lockheed is pushing ahead with its proposal to transfer the F-16 production line to India to supply the In

Exclusive - India may cut potash subsidy in potential blow to demand

By Rajendra Jadhav

MUMBAI - An Indian government ministry has proposed slashing potash subsidies by 17 percent in the next financial year to reduce the fiscal deficit, officials said, a move that would hit demand in one of the world's largest importers of the fertiliser.

Although global prices have been falling, a reduction in government support in

India`s GDP to expand post demonetisation: Arjun Ram Meghwal

Demonetisation of old high value currency and the government's push towards digital economy will definitely expand India's GDP, Minister of State for Finance Arjun Ram Meghwal said today. Referring to the ongoing debate on impact of note ban on GDP, he said experts are divided on the issue, but stressed that "it will definitely increase".

Meghwal said that about 23.2

India hopes for Bhutan`s ratification of BBIN soon

Ahead of the implementation of Bangladesh, Bhutan, India, Nepal Motor Vehicles Agreement (BBIN MVA), India remains hopeful that Bhutan would ratify the accord soon, top officials said on Thursday.

The four South Asian nations signed the BBIN Agreement in June 2015 in Thimphu and the accord was seen as a significant symbol of sub-regional unity.

Despite ratifications by three

Cabinet approves India-Rwanda Air Services Agreement

The Government has approved signing of an Air Services Agreement (ASA) between India and Rwanda to allow the airlines of the two countries to operate services in each other's territory. Rwanda national carrier RwandAir has already announced its plans to launch its air services to India from the next fiscal with four flights per week to Mumbai.

The Union Cabinet, which met here und

There is high potential for air travel growth in India: Boeing

Global aerospace major Boeing has said that it saw a high potential for air travel growth in India during 2017. Commenting on the issue, Dinesh Keskar, Senior Vice President, Asia Pacific and India Sales, Boeing Commercial Airplanes told the media, "The major factors we watch - the exchange rate, fuel price and the profitability of the airlines - are all still favourable and we remain conf

India, Nepal to build new cross border power lines: Reports

The Indian Government has said that in view of the various power projects being developed in Nepal, India and the Himalayan nation have agreed to lay down new cross-border transmission lines.

As per reports, in this regard, laying of new Butwal (Nepal)-Gorakhpur (India) and Lumki (Nepal)-Bareilly (India) transmission lines and setting up of new 400kV sub-stations at Dhalkebar, Butwal

India`s iron ore output likely at 185 MT in 2021: BMI Research

India's iron ore output is projected to grow 185 million tonnes (MT) in the next four years, a Fitch Group arm research said as per the PTI report. "We forecast India's iron ore output to grow from 136 MT in 2017 to 185 MT in 2021," BMI Research, a unit of Fitch Group said in its outlook. Bullish on India, it said the trend represents an average annual growth of 6.9 per cent d

Exports go up 4.32% in January, gold imports slip almost 30%

India's exports rose for the fifth straight month in January, up 4.32 per cent, to USD 22.11 billion on increase in shipments of petroleum products, engineering goods and iron ore even as trade deficit widened to USD 9.84 billion, reported PTI.

The growth in shipments came despite the growing protectionist and anti-trade sentiment in the US and Europe, which exporters said pose &q

India's January exports at over $20 bn grow 4% year-on-year

Continuing with the revival in exports for the fifth month in a row, Indian merchandise shipments overseas at $20.20 billion in January 2017 registered an uptick of 4.32 per cent over the $21.20 billion exported in January 2015, official data showed on Wednesday.

Imports during the month in consideration at $31.96 billion also marked an increase of 10.70 per cent over the $28.87

India awards 31 oil and gas blocks

NEW DELHI - India has approved the award of operating licences for 31 small oil and gas fields, Finance Minister Arun Jaitley told reporters on Wednesday.

The world's third biggest oil consumer had received bids for 34 of 46 oil and gas fields that were auctioned in May in India's push to tap its energy resources.

(Reporting by Nidhi Verma; Edit

Indian cabinet approves State Bank`s planned merger with subsidiaries

MUMBAI - India's union cabinet has approved top lender State Bank of India's (SBI) planned merger with its five subsidiary banks, Finance Minister Arun Jaitley said on Wednesday.

SBI is merging with State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.

SBI has said th

India's trade deficit narrows to $9.8 billion in January

NEW DELHI  - India's foreign trade deficit narrowed to $9.84 billion in January from a provisional $10.4 billion a month ago, government data showed on Wednesday.

Merchant exports grew 4.32 percent year-on-year to $22.12 billion last month, while imports rose 10.7 percent to $31.96 billion, the Ministry of Commerce and Industry said in a statement.

India to produce record 272 million tonnes food grains in 2016/17

MUMBAI - India's food grains production in 2016/17 is expected to rise by 8.1 percent from a year ago to a record high 271.98 million tonnes as good monsoon rains improved yields, the country's farm ministry said in a statement on Wednesday.

The country's production of wheat is likely to rise by 4.7 percent from a year ago to 96.64 million tonnes, whi