Finmin, bankers to meet on utilising excess liquidity

The Finance Ministry has called a meeting of bankers today to discuss the ways to utilise the excess liquidity in the system, reported PTI. The meeting to be attended by heads of select large banks will be chaired by Economic Affairs Secretary Shaktikanta Das. Besides, RBI top officials including a Deputy Governor are also expected to attend. The demonetisation announced by Prime Minister Naren

Prime Minister Narendra Modi expresses grief over London terror attack

Prime Minister Narendra Modi on Thursday has expressed grief over the terror attack in London in which 5 people were killed and nearly 40 injured when a terrorist suspect mowed down pedestrians on a bridge and stabbed a police officer close to the British parliament complex, said the media reports. Modi said in a tweet that, “Deeply saddened by the terror attack in London.

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Government clears Rs 2,029-cr project for JNPT channel expansion

The government has approved a Rs 2,029-crore project for widening of Mumbai harbour channel at the Jawaharlal Nehru Port in Mumbai. "The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved fresh estimates of the project Deepening and Widening of Mumbai Harbour Channel and JN Port Channel (Phase-II). The cost of the project will be Rs 2,029 crore exc

Cabinet clears FFS establishment proposal

The union cabinet has approved the proposal for Fund of Funds of Start-ups (FFS) which was established in June, last year with a corpus of Rs 1,000 crore, as per the government release. The government said in a release that, “The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals with regard to the Fund of Funds of Start-ups (FFS) which was esta

CCEA okays policy on extension of PSCs

The Cabinet Committee on Economic Affairs (CCEA) has approved policy for extension to the Production Sharing Contracts (PSC) inked by government awarding pre-NELP exploration blocks, as per the government release.

The CCEA said in a statement that, “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi has approved a policy for grant of extension

Finance minister calls banks to discuss new facility to drain cash

By Suvashree Choudhury and Devidutta Tripathy

MUMBAI - The finance ministry has called bankers into a meeting on Friday to discuss setting up a new facility to absorb surplus cash in the banking system, according to a letter sent to heads of lenders seen by Reuters on Thursday.

The finance ministry wants to discuss implementing a new framework called a "

Government approves Rs 6,721 cr NH projects in Meghalaya, Mizoram

The government has approved Rs 6,721-crore projects in Meghalaya and Mizoram for development of 403 kms of National Highways. "The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its approval for development of 403 kms of National Highways in Meghalaya and Mizoram," a statement from the Ministry of Road Transport and Highways said after the CC

Cabinet apprised of Indo-US cyber security pact

The Cabinet has been apprised of the cyber security agreement between Indian security watchdog CERT-In and the US Homeland Security Department. "The Union Cabinet chaired by Prime Minister Narendra Modi has been apprised of the memorandum of understanding (MoU) signed between the Indian Computer Emergency Response Team (CERT-ln)... and the US Homeland Security Department on cooperation in

Interest subsidy scheme to be effective from January 1: Reports

The Indian Government has said that it's credit-linked interest subsidy scheme for housing loans taken by people in mid-income groups has been made effective from January 1 under which EMIs will go down by over Rs 2,000 per month. As per reports, Prime Minister Narendra Modi had on December 31 last year announced Credit Linked Subsidy Scheme for Middle Income Groups -- CLSS(MIG).

Nuclear power capacity to reach 15,000 MW by 2024: Minister

The Indian Government has said that nuclear power generation capacity in the country is expected to reach nearly 15,000 MW by 2024 as it has expedited the process of setting up new plants. Commenting on the issue, Minister of State for PMO Jitendra Singh told the media, “A number of steps have been taken by the Narendra Modi government to fast-track all ongoing nuclear projects and settin

Cabinet nod for raising NABARD captial to Rs 30,000 cr

The Union Cabinet has approved amendments to the NABARD Act to increase authorised capital to Rs 30,000 crore from Rs 5,000 crore, a move that will help the agency fulfil its commitments. The Cabinet chaired by Prime Minister Narendra Modi approved amendments to the National Bank for Agriculture and Rural Development Act, 1981 as proposed in the draft Bill with such changes of drafting and of c

Cabinet nods Rs 1,000-cr initial corpus for Fund of Funds for Start-ups

 The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved Rs 1,000-crore initial corpus for the Fund of Funds for Start-ups (FFS), which was established in June last year.

According to the Cabinet decision, Alternate Investment Funds (AIFs) supported by FFS shall invest at least twice the amount of contribution received from FFS in start-ups.

It w

India eases rules for old oil, gas blocks; to unlock $21 billion reserves

NEW DELHI - India approved a policy on Wednesday allowing extra time to contractors of old blocks to unlock oil and gas reserves of more than 426 million barrels, worth over $21 billion, as it seeks to cut its dependence on imports.

The policy approved by the Cabinet will help companies including Cairn India and Oil and Natural Gas Corp that are exploring blocks award

FACTBOX - Finance bill: India curbs cash transactions after demonetisation

By Manoj Kumar

NEW DELHI  - The Lok Sabha on Wednesday approved a ban on cash transactions above 200,000 rupees ($3,055), enacting tax measures from last month annual budget aimed at boosting investment in the country.

After scrapping high-value currency notes in November, Prime Minister Narendra Modi is pushing a raft of measures to boost cashless tran

Off the pulse - India farmers switch crops as lentil prices plunge

LATUR, India/NEW DELHI - Millions of Indian farmers look set to switch from growing pulses and oilseeds after a government campaign to boost output became a victim of its own success by flooding markets with the crops, used in everything from fragrant curries to sticky desserts.

Storehouses are overflowing with commodities such as lentils and soybeans after waves of f

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

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

Hardline priest Yogi Adityanath's elevation a sign Modi is moving toward Hindu India

By Douglas Busvine

NEW DELHI - A saffron-robed Hindu holy man was sworn in on Sunday to lead Uttar Pradesh, sealing what appears to be a shift in course by Prime Minister Narendra Modi that could redefine the world's largest democracy as a Hindu nation.

The choice as Uttar Pradesh chief minister of Yogi Adityanath, a firebrand Hindu ascetic with a histor

Entire country should discuss, understand GST: Narendra Modi

As the Goods and Services Tax (GST) system heads for a July 1 rollout, Prime Minister Narendra Modi on Saturday said people should make efforts to discuss and understand the new indirect tax regime.

"I want the entire country to discuss and try to understand GST," Modi said here at the India Today Conclave through video conferencing.

"In GST, the ent

Narendra Modi picks Hindu hardliner Yogi Adityanath to lead Uttar Pradesh

NEW DELHI - Prime Minister Narendra Modi picked Hindu hardliner Yogi Adityanath, who has been accused of inciting violence against India's Muslim minority, to lead Uttar Pradesh after his party won a landslide victory last week.

Adityanath's appointment to lead India's most populous state was denounced by opposition party members.

But officials o

Factbox - Modi revisits economic reform agenda after landslide election win

By Manoj Kumar

NEW DELHI - Prime Minister Narendra Modi, fresh from his landslide election victory in Uttar Pradesh, now has a chance to advance his economic reform agenda.

Voters in Uttar Pradesh handed Modi's Bharatiya Janata Party (BJP) the biggest majority for any party in the state since 1977, effectively giving their blessing to his shock decision

CCEA approves 6 laning of Handia-Varanasi section of NH-2

The Cabinet Committee on Economic Affairs (CCEA) has provided its consent for development of 6 laning of Handia-Varanasi section of NH-2 in the state of UP. CCEA said in a statement that, “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for development of the six laning of Handia-Varanasi section of NH-2 in Uttar Pradesh.&rdqu

Cabinet clears IIIT (Public- Private Partnership) bill 2017

The union cabinet has approved the Indian Institutes of Information Technology Public Private Partnership (IIIT PPP) Bill, 2017 and also granted statutory status to the 15 IIITs in Public Private Partnership (PPP) and declared them as institutions of national importance.

These 15 IIITs in Public Private Partnership (PPP) will grant degrees to their students in the academic courses con