GST liberation of Indian economy: Anil Ambani

 Reliance Group Chairman Anil Ambani on Thursday said the Goods and Services Tax (GST) that will be rolled out on July 1 is just "not another piece of reform or transform" but "our economic freedom".

"GST is not just another piece of reform or transform, however significant. GST is the liberation of our economic imagination. It is our economic freedom,&qu

India`s GDP growth to improve driven by consumption: Nomura

A Nomura report has said that India's GDP growth witnessed a slump in January-March quarter, but the economy is expected to see gradual improvement in growth numbers primarily driven by consumption in the upcoming quarter. According to the Japanese financial services major, consumption has recovered from the demonetisation "shock" and while external demand has moderated slightly,

India`s 2016/17 cotton exports seen down 17 pct to 6 million bales - trade body

MUMBAI  - India's cotton exports in 2016/17 are likely to fall 17 percent from a year ago to 6 million bales, a leading trade body said on Thursday, as an appreciating rupee dented the competitiveness of the Indian fibre in the world market.

The world's biggest cotton producer is likely to have harvested 33.63 million bales of cotton in the 2016/17 season

India to launch $ 250 mn i3 program to boost biopharma dev

India’s first ever Industry-Academia mission will be launched on June 30, 2017 to boost biopharmaceutical development in the country, as per the government release. The Ministry of Science & Technology said in a release that, “The first ever Industry-Academia mission to accelerate biopharmaceutical development in India will be formally launched by the Cabinet Minister for Scienc

Modi set to launch India's biggest tax reform amid protests

By Manoj Kumar

NEW DELHI  - At midnight on Friday, India will introduce a nationwide goods and services tax with Prime Minister Narendra Modi taking centre-stage in parliament for what will be the country's biggest tax reform in the 70 years since independence from British colonial rule.

The GST will replace about 20 central and state taxes such as

India is key partner for US and Asia: Raja Krishnamoorthi

America's economic and strategic posture in Asia will be strengthened by investing in ties with India, Indian-origin Congressman Raja Krishnamoorthi has said. Krishnamoorthi told the U House of Representatives on Monday that Prime Minister Narendra Modi's visit to the country this week served as an occasion to celebrate the "growing bonds of friendship between India and the United

Indian stocks to scale new highs on government reforms: Reuters poll

By Vivek Mishra and Indradip Ghosh

BENGALURU  - The benchmark Sensex will reach a record high by year-end, driven in part by confidence the government will likely pass through major reforms, according to a Reuters poll of strategists who said weak corporate earnings remain a concern.

With gains of over 15 percent so far this year, the Sensex has outperf

Cabinet approves MoU between India and Israel for Water Conservation

The Union Cabinet in its meeting on Wednesday approved signing of a Memorandum of Understanding (MoU) between India and Israel on National Campaign for Water Conservation in India. “This will benefit the country in conserving water for future generations,” according to a Cabinet statement. The two countries shall work to enhance cooperation at the national, regional and internationa

Cabinet okays signing of pact between India and US on Homeland Security

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi on Wednesday approved signing of a Memorandum of Cooperation between India and the United States of America on Homeland Security.

The memorandum of cooperation will further strengthen bilateral security relations between India and the USA and will also help in coordination and interactions among the six Sub-Groups that

India tightens scrutiny of oil, gas fields to boost output

By Nidhi Verma and Neha Dasgupta

NEW DELHI - India has intensified monitoring of oil and gas fields handed to state explorers as the South Asian nation seeks to cut dependence on imports and boost local output, oil minister Dharmendra Pradhan said on Wednesday.

India, the world's third biggest oil importer, ships in about 80 percent of its needs and Prim

India contributes $100K to UN Tax Fund

India has contributed $100,000 to a UN fund to promote the participation of developing countries in a panel dealing with international cooperation in tax matters.

Ashish Sinha, a First Secretary in India's Mission to the UN, handed over the cheque for the UN Tax Fund to Shari Spiegel, chief of the Policy Development and Analysis Branch of the UN Department of Economic and Social A

Vodafone India partners with HMD Global for Nokia smartphones

Vodafone India on Wednesday announced its partnership with Finnish technology company HMD Global for their newly launched Nokia-Android smartphones.

All Nokia smartphone users can avail the offer of additional 4G or 3G Data, the company said in a statement.

"We are delighted to partner with HMD Global to roll out this exciting offer that enables our customers to get the

CBDT signs Advance Pricing Agreements with Indian taxpayers

The Central Board of Direct Taxes (CBDT) has entered into five unilateral Advance Pricing Agreements (APAs) with Indian taxpayers in June along with a bilateral APA involving the United Kingdom, the Finance Ministry said on Wednesday.

The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the a

India Inc borrows $1.05 bn from foreign markets: Reports

The Indian Government has said that the Indian industry borrowed USD 1.05 billion from foreign markets last month, including the rupee denominated bonds (RDBs) route. As per reports, in contrast, the borrowings were USD 1.32 billion in May last year. However, the two sets of data are not comparable as the RDB route was not there until September. As per RBI data, of the total in May this year, e

India to generate 6.5 mn outbound tourists annually by 2020: Report

India is estimated to generate 6.5 million outbound luxury and MICE tourists annually by 2020, reinforcing the country's influence as a key source market for MICE and luxury travel, according to a new report. According to figures published ahead of the 5th Annual MICE (meetings, incentives, conferences and exhibitions) India and Luxury Travel Congress (MILT), the projected market growth acc

India not much affected by global malware attack yet: Ravi Shankar Prasad

The government on Wednesday said it has started proactive measures to keep the country insulated from the latest round of ransomware attack, which has hit Europe, adding that so far there was no large-scale impact on India.

"We have been taking proactive steps... we have sent out advisories (on the cyber attack and the malware)... India is not much affected at this stage," I

India, Myanmar discuss ways in 6th JTC to boost trade, invest

India has sought Myanmar’s cooperation of in enhancing road, sea and air connectivity between the two countries to increase bilateral trade, as per the media release. The Ministry of Commerce & Industry quoted in a press release that, the Commerce and Industry Minister Nirmala Sitharaman said that the bilateral trade between the two countries has a much larger untapped potential. The

Narendra Modi-Trump summit: Hugs, business and support for India

If hugs and handshakes are markers to personal and bilateral relationships, then the first get-to-know meeting between Indian Prime Minister Narendra Modi and US President Donald Trump seems to have been singularly successful.

The optics -- as seen on TV -- showed Trump proffering his hand of friendship to Modi -- he called him a "true friend" more than once in the course of

India could import more sugar as global prices plunge, rupee strengthens

By Rajendra Jadhav

MUMBAI - India, the world's biggest sugar consumer, could soon ramp up imports of the sweetener as a sharp drop in global prices and a stronger rupee make overseas purchases viable despite stiff tariffs, industry players said.

Rising demand from India, which typically churns out its own sugar to use in everything from fizzy drinks to s

Factbox: India's complex Goods and Services Tax

NEW DELHI - India is launching a new national Goods and Services Tax (GST) on July 1 that will unify its $2 trillion economy and 1.3 billion people into a single market for the first time.

The GST embodies the principle of "one nation, one tax, one market", according to the government. But in practice the Indian version is more complex and will be tough

Cruise Tourism to boost India`s economy, says Gadkari

The Minister of Shipping and Road Transport and Highways Nitin Gadkari has said that Cruise Tourism is one of the fastest growing components of the leisure industry worldwide, and can be a major growth driver for the Indian economy by generating huge employment opportunities. Speaking at the National Workshop on “Action Plan for Development of Cruise Tourism in India”, Nitin Gadkari

India's largest container port hit by global cyber attack

MUMBAI - Operations at one of three terminals at India's largest container port JNPT, on the outskirts of India's commercial hub of Mumbai, have been disrupted by the global ransomware attack, the port said on Wednesday.

The terminal impacted is operated by Danish shipping giant AP Moller-Maersk, which said separately on Tuesday that the cyber attack had cause

India signs $35 mn loan agreement with the World Bank

An agreement for IBRD Credit of USD 35 Million from World Bank for “Assam State Public Financial Institutional Reforms Project” was signed at New Delhi on Tuesday, according to a statement released by the ministry of finance. “The agreement was signed by Raj Kumar, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and John Blomquist, Act

`Inflation targeting` can`t work in India: Bimal Jalan

Former RBI Governor Bimal Jalan said that 'inflation targeting' cannot work in India as prices depend on a range of factors like monsoon and oil prices over which neither the RBI nor the government has any control, reported PTI. "Inflation targeting is fine for countries like the US and the UK. But we (India) are dependent on rain, import of oil from Gulf countries.

In In

Narendra Modi invites Dutch investors to India

Prime Minister Narendra Modi on Tuesday invited Dutch businesses, particularly its pension funds, to invest in India "where doing business is being rapidly eased" through a series of economic reforms.

Modi, who is on an official visit to the Netherlands, met the country's leading chief executives, along with his Dutch counterpart Mark Rutte, here in the nation's