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Jul 04, 2015
PM's digital dialogues with tech enthusiasts on Sunday

Taking the "Digital India Week" a step further, Prime Minister Narendra Modi will hold a dialogue on Sunday with tech enthusiasts on how to accomplish its purpose of making the country a digitally-empowered, knowledge economy, an official statement said. "The prime minister invited tech enthusiasts to share their ideas and inputs on Digital India using #DigitalDialogue, adding that he will answer some of the questions on Sunday July 5, 2015," the statement said. These questions can be shared on forums like Facebook, Twitter and LinkedIn using #DigitalDialogue, it said.

Source: IANS

Adani group to set up solar power parks in TN

Gujarat-based Adani group on Saturday signed an agreement with the Tamil Nadu government to supply 648 MW of solar power from its five solar power parks to be set up at an outlay of Rs.4,536 crore, said the state government. The Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO) has signed an agreement with the Adani group to procure 648 MW power from the five solar power parks to be set up in Ramanathapuram district, said a government statement issued in Chennai. The agreement was signed by the two parties in the presence of Tamil Nadu Chief Minister J. Jayalalithaa. "I am very happy to be here. I hope the project is successful and I hope your partnership with Tamil Nadu will continue," she told Adani group managing director Rajesh Adani.

Source: IANS

'Centralised database of life insurers soon'

Life insurance companies in the country will come up with a centralised database of clients by this year end, an industry official said here on Saturday. "We are in the process of shortlisting a vendor, who will collate the database aimed to provide a fraud monitoring framework", secretary general of Life Insurance Council, V. Manickam told mediapersons on the sidelines of an event organised by the Indian Chamber of Commerce in Kolkata. The database is aimed to detect fraud or duplication of claims in the life insurance space. He said the association will be holding an internal meeting among its members next week and will narrow down on selecting a vendor.

Source: IANS

Xiaomi Mi5 to come with 4GB RAM

Xiaomi, the Chinese handset maker, will incorporate a 4GB RAM in its next release - the Mi5, sources said on Saturday. Website Mobipicker quoted sources saying that the latest handset release by the Chinese firm is codenamed Libra, adding the device would come with 4GB of RAM and the Snapdragon 820 chipset. The phone will come with either 16 or a 64GB internal storage, a 5.3 inch display with a resolution of 1440 x 2560 pixels and a 3,030mAh battery. According to the site, the Mi5 will carry a 16-megapixel flip side camera and a 6-megapixel front snapper for selfie lovers. The handset will run Android 5.1.1 out of the box and will come with fingerprint scanner.

Source: IANS

Mahrashtra farmer suicides: Yavatmal collector summoned

The Maharashtra State Human Rights Commission (SHRC) has summoned the Yavatmal collector over the spate of suicides reported among Kolam tribal farmers of this district in the past few months, an activist said in Nagpur on Saturday. The notice follows a complaint lodged by Vidarbha Jan Andolan Samiti President Kishore Tiwari mentioning how the state government has flouted Bombay High Court orders of 2001 to provide food, shelter, drinking water to the tribal regions. "SHRC Chairman Justice S.R. Bannurmath has directed the collector to appear before it in Amravati next Tuesday (July 7) and submit a report on my complaint," Tiwari said.

Source: IANS

'Centre should focus on empowering rural India's working class'

The central government should capitalise on the growing working class in rural India, as reflected in the Socio Economic and Caste Census 2011 for Rural India, with proper skill development and training, according to a population studies expert. The survey, conducted for the first time since 1931, gave a glimpse into the lifestyles in rural India in terms of how many households own phone, refrigerator, automobile or land, what percentage of such population pays direct taxes, the kind of jobs they pursue and their literacy rates.  The findings showed that while 51.14 percent (or 9.16 crore) of 17.91 crore rural households earn income through manual casual labour, 14. 01 percent were employed in government service, private service, PSU employment etc.

Source: IANS

Indian electric vehicle sales grow by 25 percent

The Indian electric vehicle industry grew by 25 percent in 2015's first quarter with the sale of nearly 5,000 vehicles, the Society of Manufacturers of Electric Vehicles (SMEV) said on Friday. "We are really delighted that the combined efforts of all the stakeholders are having a desirable impact and increased sales in one of the indications of this upbeat scenario," said SMEV's director, corporate affairs, Sohinder Gill in a statement. One of the key reasons for the rise in sales is because of the subsidies announced by the government, he said, adding that the next step is to focus on technology and work on strong charging infrastructure.

Source: IANS

Bengal to get 15 IT parks: Mamata

West Bengal Chief Minister Mamata Banerjee on Friday said 15 IT software parks generating at least 20,000 jobs were coming up in the state with eight of them ready for launch. "Fifteen IT Software Parks are coming up across the state, eight of which are ready for 'plug and play'," Banerjee announced on her Facebook page. The eight ready to be launched parks are at Purulia, Barjora, Bolpur, Kharagpur, Durgapur, Siliguri, Asansol and Rajarhat. The remaining seven parks under implementation are at Kalyani, Howrah, Haldia, Malda, Krishnanagar, Bantala and Taratala.

Source: IANS

IIPM not shutting down, only changing model: Arindam Chaudhuri

Indian Institute of Planning and Management (IIPM) founder Arindam Chaudhuri on Friday denied the educational institution was closing down and said it had only changed its model to enter into technical collaboration of knowledge-sharing with various institutions in India as IIPM 2.0. "IIPM 2.0 is a new initiative where any institute can tie up with us by sending an application for knowledge partnership. Then our faculty will teach students our five specialty courses -- economics, business strategy, leadership, entrepreneurship and personality development," Chaudhuri said, adding he had announced about the initiative in May 2014.

Source: IANS

Delhi metro begins trial runs in new section

The Delhi Metro on Friday began trial runs on the Jahangirpuri-Samaypur Badli section, which is likely to be operational by the end of this month, officials said. Built under Phase 3 of the Delhi Metro Rail Corporation (DMRC), the first trial train on the 4.3 km long elevated stretch commenced from the Jahangirpuri station and covered the Badli Mor and Rohini Sector 18 stations before ending at Samaypur Badli station. "The section is almost complete and is expected to be opened for commuter operations by next month after successful trials and mandatory approvals," DMRC Managing Director Mangu Singh told reporters.

Source: IANS

Jul 03, 2015
Sensex gains over 145 points; bank stocks rise

A slew of reforms announced by the government and relief from Greece crisis led a barometer index of the Indian equity markets to close with healthy gains on Friday. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed the day's trade with gains of over 145 points or 0.53 percent. The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed in the positive territory. It was up by 40 points or 0.47 percent at 8,484.90 points. The 30-scrip S&P BSE Sensex, which opened at 27,973.12 points, closed at 28,092.79 points, up 146.99 points or 0.53 percent from its previous day's close at 27,945.80 points. The Sensex touched a high of 28,135.43 points and a low of 27,897.45 points so far in the trade.

Source: IANS

Sensex gains 88 points in early trade

A benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex), on Friday was trading at 88.54 points or 0.32 percent up during the morning session. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading at 23.25 points or 0.28 percent up at 8,468.15 points.  The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 27,973.12 points, was trading at 28,034.34 points (at 9.25 a.m.) in the early session, up 88.54 points or 0.32 percent from the previous day's close at 27,945.80 points.

Source: IANS

Hyderabad to host India Gadget Expo

The second edition of the Indian Gadget Expo (IGE) will be held in Hyderabad in September this year. To be organised by Skits Events with the support of the Telangana government from September 18 to 21, it will serve as a platform to showcase innovative gadgets and technologies. Making the announcement in Hyderabad on Thursday, Telangana's Information Technology Minister K. Tarakarama Rao said the government would promote IGE as it was the only event of its nature to be organised in Asia. The event will bring together technology providers, gadget manufacturers, technology innovators, bureaucrats, government officials, entrepreneurs and startups.

Source: IANS

Greece issue not greasy for India: RBI governor

India's exposure to cash-strapped Greece was very limited and the central government was in talks with the central bank on providing additional capital to public sector banks, a top Reserve Bank of India (RBI) official said on Thursday. RBI Governor Raghuram Rajan said capital investments in the Indian economy were picking up while reforms were needed for stronger growth. Speaking to reporters after attending RBI's board meeting here, Rajan said the country has very limited exposure to Greece that was facing a crisis after defaulting on payments to the International Monetary Fund and would not be impacted much directly. However, the develop ments may have a slight indirect effect, he conceded.

Source: IANS

India's domestic air passenger traffic up 18 percent

The International Air Transport Association (IATA) on Thursday reported that India's domestic passenger traffic increased by 18.2 percent in May 2015. The country's domestic traffic spiked 20.7 percent in April 2015 and 17.9 percent in March 2015. India's domestic capacity in the month under review rose by 7.7 percent when compared to May 2014. "India’s domestic demand accelerated 18.2 percent in May compared to May 2014, likely owing to market stimulation by local carriers as well as notable improvements in economic growth," the association which represents nearly 260 airlines was quoted in a statement. Earlier, data furnished by the civil aviation ministry showed that domestic air passenger traffic increased by 18.35 percent in May, which stood at 71.27 lakh passengers -- up from 60.22 lakh in the corresponding month last year.

Source: IANS

CBI, NTPC make surprise check at Bihar power station

Officers of the CBI and NTPC's Vigilance Office on Thursday carried out a surprise check at the Barh Super Thermal Power Station in Bihar, the authorities said. The check was initiated after allegations were made of violations in awarding tenders to firms at double the estimated cost, the Central Bureau of Investigation said in a statement. "The role of NTPC officials, local contractors and influential people is also suspected," the CBI said. During the the surprise check, teams of the CBI and NTPC officials collected relevant documents and further action will be taken after scrutinising them, the probe agency said.

Source: IANS

Digital India could transform India into knowledge economy

A digital India could transform Indian society into a knowledge economy, said Prabir Kumar Das, director of Software Technology Parks of India, on Thursday while inaugurating Digital India Week in Bengaluru. Digital India Week was nationally inaugurated by Prime Minister Narendra Modi on Wednesday in New Delhi. It aims to inform, educate and engage citizens through various events at large number of digital points such as post offices, schools, gram panchayats and others about the benefits of Digital India. "The Digital India programme is a mission to prepare India for a knowledge future by making technology central to enabling change," said Das.

Source: IANS

Indian beauty salon chain Naturals to open in US, Middle East

Indian beauty salon chain Naturals will soon open outlets in the US and the Middle East, a top company official said. In India, the chain will increase the number of outlets from the current 480 to 3,000 by the end of 2018, the official said. The company is also planning to launch its brand of ayurveda-based beauty products and raise Rs.100 crore through private equity by diluting around 20 percent, he said. "We will be opening our Naturals outlet in Dubai this September. We plan to have six outlets there. We have entered into a joint venture there, in which we hold 25 percent stake. The joint venture company will be the master franchisee for the UAE, Qatar and others," C.K. Kumaravel, founder and CEO, Groom India Salon and Spa, said.

Source: IANS

Jul 02, 2015
Birla firm awaiting mining clearance for Assam JV

Birla Corporation Limited (BCL), the flagship company of the M.P. Birla Group, on Thursday said it is awaiting mining clearances to the Assam Mineral Development Corporation (AMDC) to set up a joint venture in the state. "The joint venture between BCL and AMDC is yet to be formed. We are waiting for limestone mining block allocation to AMDC before forming it," the company's managing director, B.R. Nahar, told media persons here on the sidelines of the company's Annual General Meeting. BCL signed the agreement in 2011 with AMDC where the former will hold 12.5 percent stake while the M.P. Birla group company will have the rest of the stake. The cement maker has plans to set up one million tonnes capacity plant in Umrangso in Dima Hasao district in Assam. The expected investment will be Rs.600 crore.

Source: IANS

Sensex provisionally closes 75 points down

A day after it gained 240 points on the back of positive macro economic data, a barometer index of the Indian equity markets provisionally closed in the red on Thursday. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) provisionally closed the day's trade down 75 points or 0.27 percent. The wider 50-scrip Nifty of the National Stock Exchange (NSE) ended the day's trade marginally down. It inched down by eight points or 0.10 percent at 8,444.90 points. The 30-scrip S&P BSE Sensex, which opened at 28,100.38 points, closed at 27,945.80 points (at 3.30 p.m.), down 75.07 points or 0.27 percent from its previous day's close at 28,020.87 points.

Source: IANS

Mercedes-Benz's sales up in first half of 2015

German luxury automobile manufacturer Mercedes-Benz on Thursday reported a rise of 41 percent in its sales for the first half of the calendar year. The company's sales during the first half of 2015 stood at 6,659 units from an off-take of 4,717 units during the like period of the last year. "In the first six months of 2015, we sold almost as many cars as in the entire year of 2012," said Eberhard Kern, managing director and chief executive, Mercedes-Benz India. "We are on track with our long term objective of achieving a sustained profitable growth for our business in India."

Source: IANS

Pan-India number portability from July 3: Vodafone

Aligning with the government's mandate to roll-out pan-India mobile number portability (MNP) from July 3, telecom service provider Vodafone India is all set to comply with the measure, the company said on Thursday. The national MNP service facilitates customers to carry their existing mobile number from one telecom circle to another across India and choose the operator of their choice. The service provider said it is applicable to all pre-paid and post-paid customers. "MNP service allows the customers to carry their existing number across India and also choose the operator of their choice. Vodafone has benefited from the intra-circle MNP that was rolled out in 2011 and we look forward to a similar response this time," Vivek Mathur, chief commercial officer, Vodafone India said.

Source: IANS

Videocon launches new budget smartphone

Indian consumer electronics and home appliances major Videocon on Thursday launched Z51 Nova+ smartphone at a price tag of Rs.5,799.
The smartphone, backed by a powerful 1.2 GHz Quadore processor coupled with 1-GB RAM, will run on Android KitKat. It comes with an internal memory of eight GB which can be expanded up to 32 GB. The phone is supported by a 2,000-mAH battery and features an 8-mega pixel rear and a 5-mega pixel front camera. "With the ongoing trend of on-the-go connectivity and affordability , consumers prefer devices which can complete their daily tasks with much ease. Targeting these consumers we have launched Z51 Nova+ that offers affordability and stylishness along with a smooth, faster and an elevated user experience," Jerold Pereira, CEO of Videocon mobile phones, said.

Source: IANS

Sensex marginally in the red; auto stocks gain

A day after it gained 240 points on the back of positive macro economic data, a barometer index of the Indian equity markets was trading marginally in the red during the mid-afternoon session on Thursday. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was marginally down by 12 points or 0.04 percent during the mid-afternoon trade session. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading flat during the session under review. It was slightly up by 6.45 points or 0.08 percent at 8,459.50 points.

Source: IANS

Bajaj Auto's June sales up eight percent

Two-and three-wheeler manufacturer Bajaj Auto on Thursday reported an increase of eight percent in its monthly sales for June, which stood at 331,317 units from 305,465 units in the corresponding period of the last year. According to the company, its motorcycle sales during the month under review grew by 10 percent at 287,582 units from an off-take of 262,202 units in June 2014. The company's commercial vehicle sales inched-up by one percent at 43,735 units from 43,263 units sold in the like period of 2014. The company's exports during last month rose by 16 percent at 156,074 units being sold abroad from 135,074 units shipped-out in the corresponding period of last year.

Source: IANS

Cabinet approves schemes for farmers, youth

The cabinet has approved the prime minister's agriculture irrigation scheme as well as some skill development programmes for the youth who don't have a higher education degree, it was announced on Thursday. Finance Minister Arun Jaitley told the media that the cabinet approved the schemes at its meeting here on Wednesday. The minister also hoped that bills pending in parliament will be cleared. "I am hopeful that no party will take an anti-growth position," he said, adding that people who have been threatening to disrupt parliamentary proceedings are "relevant to TV channels only and not to the government".

Source: IANS

'India to become world's second largest smartphone market'

Buoyed by growing sales, India will overtake the US to become world's second largest smartphone market by 2017, says a report. According to international research firm Strategy Analytics, global smartphone sales are forecast to grow from 1.5 billion units in 2015 to a record 1.7 billion by 2017. China, India and the US are the three big countries driving smartphone growth worldwide. "India will soon overtake the US to become the world's second largest smartphone market by 2017 behind China, selling an impressive 174 million units," the report said. "We forecast global smartphone sales will grow from 1.5 billion units in 2015 to a record 1.7 billion in 2017," said Neil Mawston, executive director at Strategy Analytics in a statement.

Source: IANS

Indian equities open lower in morning trade

A benchmark index for Indian equities, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), on Thursday opened lower than previous day's close and was trading at 28,039.82 points, some 30 minutes after the opening bell. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading higher at 8,456.05 points with a gain of 3.00 points or 0.04 percent. The 30-share Sensex opened at 28,059.67 points against the previous close at 28,100.38 points. At 9.45 a.m., it was ruling at 28,044.58 points with a gain of 23.71 points or 0.08 percent.

Source: IANS

Manufacturing to remain slow: HSBC index

Future manufacturing may remain sluggish in India due to declining output and new order flow, including from overseas and fall in order-to-inventory ratio while robust capital goods growth is a glimmer of hope, says HSBC Purchasing Manufacturers Index (PMI) released on Wednesday. India manufacturing PMI fell to 51.3 in June from May's 52.6 as output and flow of new orders weakened. As a result, companies slowed down quantity purchases and cut back on inventory accumulation. However, inflation indications fell down noticeably after picking up in May as input and output prices were lower in June. Order-to-inventory ratio, the indicator of future manufacturing activity fell from 1.04 in May to 1.0 in June as the decline in new orders is higher than the decline in finished stock and goods, the index revealed.

Source: IANS

Ratan Tata invests in Ola

App-based transportation aggregator Ola on Wednesday said Tata Sons chairman emeritus Ratan Tata has invested in the company in his personal capacity. "It is our honour to have Ratan Tata onboard as an investor. This is a huge endorsement from one of the most respected business leaders of our times. We look forward to learning from Tata's experience," the company's CEO and founder Bhavish Aggarwal said in a statement. Ola said Tata's "strong inclination towards transportation as a segment" and the philosophy of creating widespread social impact through business creates a strong connection to this investment.

Source: IANS

Tata Motors' consolidated sales up six percent in June

Carmaker Tata Motors on Wednesday said its total commercial and passenger vehicles sales in June this year grew by six percent as against the corresponding month in 2014. Sales in this June were 40,870 units as against 38,574 vehicles in the same month last year, the company said in a statement. Domestic unit sales in the passenger and commercial vehicles category in the same month grew by three percent at 35,823 units as compared to 34,760 vehicles sold in June 2014. The cumulative sales inclusive of exports for the company for the current fiscal stood at 116,511 units - up by 6 percent when compared to 110,004 vehicles sold during 2013-14.

Source: IANS

Industrialists promise investments for Digital India

In the “Digital India Week” programme launched by Prime Minister Narendra Modi on Wednesday, India Inc. committed an investment of Rs.450,000 crore (some $75 billion) for the initiative that seeks to empower citizens by deploying IT and associated tools. The industry leaders who promised investments were: Reliance Group's Anil Ambani -- Rs.10,000 crore, Reliance Industries' Mukesh Ambani -- Rs.250,000 crore, Aditya Vikram Birla Group's Kumarmangalam Birla - Rs.420 billion ($7 bn) in the next five years of which they will invest Rs.120 billion ($2 bn) in Digital India areas, Bharti Group's Sunil Mittal - Rs.1 lakh crore ($16 billion), Vedanta's Anil Agarwal - Rs.40,000 crore, Delta Electronics' Ping Cheng - Rs.30 billion ($500 million) and Nidec Corporation's Mikio Katayama - Rs.60 billion ($1 billion).

Source: IANS

India Inc. commits Rs.450,000 crore for Modi's 'Digital India'

As Prime Minister Narendra Modi launched the "Digital India Week" in New Delhi on Wednesday, India Inc. committed an investment of Rs.450,000 crore (some $75 billion) for the initiative that seeks to empower citizens by deploying IT and associated tools. Choosing no less than a sports stadium to launch the initiative where who's who of India Inc. packed the rows, Prime Minister Modi said industry captains have committed investments of Rs.450,000 crore toward "Digital India" and create 1.8 million new jobs. The prime minister also unveiled a logo for Digital India -- an umbrella programme that seeks to transform India into a digitally-empowered, knowledge economy with a host of initiatives for a synchronized and coordinated engagement of the government and its agencies.

Source: IANS

Interest cost dent auto sales, marginal rise in June

Lenders' reluctance to lower interest rates continued to dent the Indian automobile sector as first-time buyers and fleet operators were deterred by stubbornly high financing cost during June. Leading players in the automobile industry reported marginal to negative sales growth for last month. While Maruti and Hyundai posted growth in sales, home-grown players such as Tata Motors and Mahindra reported mixed results. The country's largest passenger car manufacturer Maruti Suzuki's sales inched up 1.8 percent at 114,756 units -- up from 112,773 units sold in the corresponding month of 2014. Domestic sales were up 1.6 percent at 102,626 units. Exports gained by 2.7 percent at 12,130 units being shipped out.

Source: IANS

Jul 01, 2015
Mahindra's June sales down six percent

Automobile manufacturer Mahindra and Mahindra (M&M) on Wednesday reported a decline of six percent in its sales for June which stood at 36,134 units -- up from 38,466 units in the corresponding month of 2014. “With a normal monsoon till date, an overall positive sentiment and a slew of new launches in the automotive industry, we expect buoyancy in demand going forward," said Pravin Shah, chief executive of the automotive division, Mahindra and Mahindra. "At Mahindra, our recently launched products have been very well received by the customers. We are also happy with our growth in exports and the MHCV (heavy commercial vehicle) segment during the last month," Shah added. The company's domestic sales were down by nine percent during the month under review and stood at 33,282 units from an off-take of 36,452 units during June, 2014.

Source: IANS

Maruti Suzuki's June sales up 2 percent

Automobile manufacturer Maruti Suzuki on Wednesday reported an increase of 1.8 percent in its total sales for June which stood at 114,756 units -- up from 112,773 units sold in the corresponding month of 2014. According to the company, domestic sales during the month under review rose by 1.6 percent at 102,626 units from 100,964 units sold in June, 2014. Exports during June grew by 2.7 percent at 12,130 units from 11,809 units shipped out during the corresponding month of 2014. The sales of passenger cars segment, which comprises brands like Alto, WagonR, Swift, Ritz, Celerio, Dzire, Dzire Tour, SX4 and Ciaz, inched up by 0.5 percent at 86,630 units from an off-take of 86,223 units in the corresponding month of last year.

Source: IANS

Healthy macro data buoys markets; Sensex gains 240 points

A slew of positive macro economic data coupled with factoring-in of Greece loan default, led the Indian equity markets to make healthy gains during the mid-afternoon session on Wednesday. A barometer of the Indian equity markets - the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) - gained by 240 points during the mid-afternoon trade session. The wider 50-scrip Nifty of the National Stock Exchange (NSE) also made healthy gains. It edged up 83 points or 1.00 percent at 8,451.70 points. The 30-scrip S&P BSE Sensex, which opened at 27,823.65 points, was trading at 28,021.19 points (at 1.30 p.m.), up 240.36 points or 0.87 percent from its previous day's close at 27,780.83 points.

Source: IANS

Modi launches 'Digital India Week' to empower people via IT

Prime Minister Narendra Modi on Wednesday launched the "Digital India Week" as part of the larger initiative to empower the people and extend services better with the use of information technology and its tools. The prime minister also unveiled a logo for Digital India, an umbrella programme that seeks to transform India into a digitally-empowered, knowledge economy with a host of initiatives for a synchronized and coordinated engagement of the government and its agencies. Foer this scheme, the prime minister has already been named chairman of a high-powered monitoring committee and all existing and ongoing e-governance initiatives will be revamped to align them with the larger principles of "Digital India", according to an official statement.

Source: IANS

India Inc pats Modi for restoring government credibility

India Inc has lauded Prime Minister Narendra Modi for restoring the government's credibility by taking steps towards transparency in its functioning. "The NDA government has shaped a new economic direction for the country's growth and development over the past year," the prime minister's office said in a statement after a 15-member CII delegation called on Modi on Tuesday. Appreciating the government's work during its first year in office, industry captains said its various initiatives such as ease of doing business and Make in India were visionary and innovative with high impact. "The speed and scale of rollout of these campaigns have been remarkable and unprecedented," the statement said, quoting views of the delegation members representing the Confederation of Indian Industry (CII).

Source: IANS

Indian equities open higher in morning trade

A benchmark index for Indian equities, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), on Wednesday opened higher and was trading at 27,880.45 points some 30 minutes after the opening bell. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading higher at 8,399.30 points with a gain of 30.80 points or 0.37 percent. The 30-share Sensex opened at 27,851.72 points against the previous close at 27,823.65 points. At 9.45 a.m., it was ruling at 27,880.45 points with a gain of 99.62 points or 0.34 percent.

Source: IANS

CAG pulls up Delhi on social schemes implementation

There were various irregularities on the part of Delhi government in implementing social social welfare schemes, the Comptroller and Auditor General (CAG) pointed out in its latest report. Poor performance of mid-day meal scheme and failure to obtain fund utilisation certificates from various institutions were the chief issues raised by the government auditor in its report tabled in the assembly on Tuesday. "There were delays in obtaining utilisation certificates (UCs) from various grantee institutions for the grants released to them. Out of a total of 5,235 grants amounting to Rs. 26,434.30 crore given till March 2013, 4,784 UCs amounting to Rs.19,064.02 crore were awaited from various departments at the end of March 2014.

Source: IANS

Delhi assembly passes bill to amend VAT act

The bill to amend the VAT law in Delhi, thus enabling the AAP government to regulate tax rates on petroleum products, liquor and aerated drinks, was passed by the assembly on Tuesday, amid a walkout by the opposition BJP. The Delhi Value Added Tax (Second Amendment) Bill was passed as the three BJP lawmakers walked out and Leader of Opposition Vijender Gupta tore a copy of the bill. Finance Minister Manish Sisodia however sought to assure that the amendment will not led to increase in prices. The AAP government on Monday introduced an amendment to the Delhi Value Added Tax (Second Amendment) Bill 2015, which might lead to a hike in prices of petroleum products, tobacco and aerated drinks.

Source: IANS

Railways to see $120 b investments: Prabhu

As much as $120 billion will be invested in Indian Railways in the next five years for expansion and upgradation, said Railway Minister Suresh Prabhu on Tuesday. Indian Railway did not see any investments in the past 25 years, so there will be an investment of $120 billion to catch up with the backlog, said Prabhu, in an address to students and alumni of premier institutions like the IITs, National Law University and the London School of Economics. As the need of financial infusion in the railways is immense, the government has already decided to welcome FDI in the different departments of railways like station development, coach manufacturing, high speed network and suburban rail, he said.

Source: IANS

Hero MotoCorp launches 'Xtreme Sports'

Hero MotoCorp Ltd. (HMCL) on Tuesday launched a new version of its premium motorcycle Xtreme Sports in keeping with its strategy of new product initiatives. Priced at Rs.72,725 (ex-showroom Delhi), Xtreme Sports is powered by a 149.2 cc air cooled 4-stroke single cylinder engine with a maximum power output of 15.6 bhp, the HMCL said in a statement. The new motorcycle will be available in five colours. This is the second two-wheeler launch from HMCL in June after the new Passion Pro. The company is all set to launch a multi-media marketing blitz, featuring its brand ambassador and Bollywood actor Ranbir Kapoor, to promote Xtreme Sports.

Source: IANS

Hinduja Global Solutions to acquire major stake in Mphasis

IT services provider Mphasis on Tuesday said it has signed a definitive agreement with Hinduja Global Solutions (HGS) to transfer a significant portion of its domestic business. The agreement facilitating the transfer is subject to regulatory approvals. "Focus and specialisation will be key to success in the new digital world. I am happy to see that with this agreement, Mphasis will further intensify our focus in Digital, Governance Risk and Compliance (GRC), Application Maintenance Services (AMS) and Infrastructure Services (IS). HGS' specialisation will bring excellent value to the in-scope domestic customers and employees in India," Mphasis CEO Ganesh Ayyar said in a statement.

Source: IANS

Petrol cut by 31 paise a litre, diesel by 71 paise

With a slight softening of international prices, Indian Oil Corp on Tuesday reduced the rates of transport fuels, cutting petrol by 31 paise a litre and of diesel by 71 paise in Delhi, effective from midnight, with corresponding decrease in other states. The prices were last revised on June 15, when petrol was hiked by 64 paise a litre and diesel cut by Rs.1.35. "Since last price change, there has been a decrease in international prices of both petrol and diesel. INR-USD exchange rate has appreciated during this period," the oil marketer said in a release in New Delhi.
The price of petrol per litre from Wednesday will be Rs.66.62 in Delhi, Rs.74.09 in Kolkata, Rs.74.52 in Mumbai and Rs.69.84 in Chennai.

Source: IANS

India's April-May fiscal deficit at over 37 percent of estimate

India's fiscal deficit in the first two months (April-May) of the current financial year touched Rs.208,624 crore, or 37.5 percent of the target for the current fiscal, official data showed on Tuesday. This compares with the deficit of 45.3 percent during the same period a year ago. The fiscal deficit for the full fiscal 2015-16 has been estimated at Rs.555,000 crore, or 3.9 percent of the GDP. The government's tax revenue for the period was Rs.19,889 crore or 2.2 percent of the estimate, data from the Controller General of Accounts showed. Total receipts (from revenue and non-debt capital) during the two months in question was Rs.54,207 crore or 4.4 percent of the estimates.

Source: IANS

India's external debt rises to $475.8 bn

India's external debt grew by 6.6 percent or $29.5 billion in the March-end period and stood at $475.8 billion, official data showed on Tuesday. According to the data furnished by the Reserve Bank of India (RBI), the total external debt stood at $475.8 billion from $446.3 billion in the corresponding period of last year. "India's external debt at end-March 2015 showed an increase due to the rise in commercial borrowings and non-resident Indian (NRI) deposits," the RBI was quoted in a statement. "Further, the increase in the magnitude of external debt was partly offset by the valuation gains resulting from the appreciation of the US dollar vis-a-vis Indian rupee and other major currencies."

Source: IANS

India'a app usage outpacing global growth: Yahoo Analytics

Yahoo's Flurry Analytics on Tuesday said India's app usage is growing at a rate of 131 percent year-on-year outpacing global growth. The report from Flurry's team is backed by data gleaned from over 700,000 apps and 1.8 billion devices from across the world, and the 42,000 apps and 82 million devices from India, that use Flurry, Yahoo said in a release. According to the report, Asia and India is leading the phablet revolution. "The phablet is the fastest growing mobile device globally, with growth in India outpacing growth in the US -- 38 percent of user sessions in India are on phablets versus 21 percent in the US," the report said.

Source: IANS

Bengal committed to progress in IT sector: Mamata

West Bengal is committed to the advancement of IT-based products and services, Chief Minister Mamata Banerjee said on Tuesday. 
"Our state is committed to work for advancement of IT-based products and services like Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO), knowledge-based export, animation and in so many areas," Banerjee tweeted after laying the foundation of the state's first Indian Institute of Information Technology (IIIT) at Kalyani in Nadia district.

Source: IANS

Auto component manufacturing segment at Rs.2.34 lakh crore: ACMA

Automotive Component Manufacturers Association of India (ACMA), the apex body representing the segment, on Tuesday said that the total turnover of the industry grew by 11 percent at Rs.2.34 lakh crore during 2014-15. For fiscal 2013-14, ACMA had reported a decline of 2 percent in the industry's turnover at 2.12 lakh crore. The CAGR over the last six years stood at 11 percent. "Despite a challenging year 2013-14, the auto component industry bounced back registering an impressive growth of 11 percent in 2014-15. In fact, it is also interesting to note that while India's total exports stagnated, the Indian auto component industry exports grew by 11.4 percent," said association president Ramesh Suri.

Source: IANS

IndiGo files prospectus for IPO

Budget passenger carrier IndiGo on Tuesday filed the prospectus for a proposed initial public offering (IPO) which intends to raise Rs.1,272.2 crore. An IPO is a financial instrument through which an unlisted company offers a particular percent of its total shares to the public for the first time. The funds raised through the process are utilised for various purposes like working capital, debt repayment, and acquisitions.
According to the airline, its operating InterGlobe Aviation filed a draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) in relation to a proposed IPO.

Source: IANS

Jun 30, 2015
German Airbus Defence keen to be part of 'Make in India'

Airbus Defence and Space CEO Bernhard Gerwert on Tuesday met Prime Minister Narendra Modi and expressed a keen interest to be a partner in his 'Make In India' initiative, a statement from the Prime Minister's Office said. "They discussed various projects in aerospace, defence and civil aviation sectors in India. He expressed Airbus' keen interest in becoming a partner in the 'Make in India' initiative," the statement added. Airbus Defence and Space is a German company, offering products and services in defence and aerospace sectors.

Source: IANS
 

Amazon Web Services to open infra region in India

Amazon Web Services, Inc. (AWS), an Amazon.com company on Tuesday said it will open an AWS infrastructure region in India for its cloud computing platform in 2016. "Thousands of customers in India are using AWS from one of AWS's eleven global infrastructure regions outside India. Several customers have asked us to locate infrastructure in India so they can enjoy even lower latency to their end users in India and satisfy any data sovereignty requirements they may have," Andy Jassy, senior vice president, AWS said. "Indian customers will be able to use AWS infrastructure in India in 2016 -- and India will be one of AWS's largest regions over the long term."

Source: IANS

Bharti Airtel now third-largest mobile operator globally

Bharti Airtel on Tuesday said it has become the third-largest mobile operator in the world in terms of subscribers. As per the latest data published by World Cellular Information Service, Bharti Airtel, with over 303 million mobile subscribers across its operations, has moved up one position in the global rankings. China Mobile and Vodafone Group occupied the first and second positions respectively. Bharti Airtel is a telecom service provider with operations in 20 countries across South Asia and Africa. "This is a major landmark in the journey of Airtel and underlines the strength of our business model and our brand that is loved by customers across 20 countries," Sunil Bharti Mittal, chairman of Bharti Airtel, said.

Source: IANS

Bombay High Court allows Nestle to export Maggi noodles

In a partial breather for Nestle, the Bombay High Court on Tuesday allowed the company's Indian branch to export all varieties of its popular two-minute Maggi noodles. The domestic restrictions, however, would continue to apply. The matter will now come up for further hearing on July 14. Maggi was banned by the Food Safety & Standards Authority of India (FSSAI) on June 5 after several samples were found having lead and MSG contents beyond permissible limits. Nestle India had challenged the ban on grounds that it was 'unauthorised, arbitrary, unconstitutional for violating right to equality and trade', and violative of principles of natural justice since the company was not given a proper hearing.

Source: IANS

Google Maps now available in 12 more Indian cities

Starting Tuesday people can see traffic information for 12 new cities, including Kolkata, Thiruvananthapuram and Bhopal, on Google Maps, a company statement said in New Delhi. Among the other cities are Coimbatore, Lucknow, Surat, Indore, Ludhiana, Visakhapatnam, Nagpur, Kochi and Madurai. This latest update to Google Maps makes traffic information available for all national highways and expressways in India, it added. "We are constantly working on making Google Maps a more comprehensive, daily tool for Indians and we hope that this new real-time traffic information for 12 cities and all national highways will help drivers across the country find the best routes to their destinations with the fewest delays," Suren Ruhela, director, program management at Google said.

Source: IANS

Make in Maharashtra, Fadnavis tells US businesses

Joining a stream of investment-seeking Indian leaders to the US, Maharashtra Chief Minister Devendra Fadnavis told business leaders here that when they Make it in India it should be in his state and pitched its competitive edge. Speaking with American industry executives at a meeting of the US-India Business Council (USBC) here on Monday, Fadnavis said: "The government has taken a variety of measures to promote ease of doing business in the state and we want to be viewed as a top destination for both domestic as well as international investments." He received an endorsement from the USIBC president Mukesh Aghi, who said, "The Council's member companies have been encouraged by the ease of doing business in Maharashtra."

Source: IANS

Indian rural economy to remain subdued in 2015-16: Moody's

Credit rating agency Moody's Investors Service (MIS) on Tuesday said it expects India's rural economy to remain subdued through the fiscal year ending March 2016. It said that this forecast will materialise, particularly, if the risk of below-average monsoon rainfall takes shape. "A sustained soft patch for India's rural economy would weigh on private consumption and non-performing assets in the agricultural sector, a credit negative for the sovereign and banks," said Rahul Ghosh, MIS vice-president and senior research analyst. The analysis was published in the latest edition of Inside India, a quarterly publication of MIS. According to the report, rural income growth in India has been stuck in the mid to low single digits in 2015 to date, well off the 20 percent-plus rates clocked in 2011.

Source: IANS

Indian equities open lower in morning trade

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), a benchmark index for Indian equities, on Tuesday opened higher, but it soon headed south and was trading at 27,720.75 points some 30 minutes after the opening bell. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading lower at 8,311.65 points with a loss of 6.75 points or -0.08 percent. The 30-share Sensex opened at 27,720.75 points against the previous close at 27,627.39 points. At 9.45 a.m. it was ruling at 27,638.22 points with a loss of 6.93 points or -0.03 percent.

Source: IANS

India inks agreement for setting up Asian Infrastructure Investment Bank

India on Monday signed the Articles of Agreement for establishment of the Asian Infrastructure Investment Bank (AIIB) at a ceremony in Beijing. At the event held at the Great Hall of the People, 57 prospective founding member countries gathered for the ceremony and 50 countries signed the Articles of Agreement. The Articles will remain open for signature for the remaining seven countries till December 2015, said an official statement from the Indian embassy in Beijing. Indian envoy Ashok K. Kantha led the Indian delegation and signed the Agreement. Following the signing ceremony, the heads of delegations of all 57 countries met Chinese President Xi Jinping. A special ministerial meeting was also held in the afternoon chaired by Chinese Finance Minister Lou Jiwei.

Source: IANS

AAP's budget will lead to price rise, says BJP

The BJP on Monday slammed the AAP's budget, saying that it will lead to price rise in the capital. Bharatiya Janata Party (BJP) leader Vijender Gupta, who is leader of the opposition in the Delhi assembly, said during a discussion on the budget for 2015-16 presented by the Aam Aadmi Party government, that it was a "deficit budget", and the proposed increase in entertainment and luxury taxes was bound to pinch the middle class. "The government has decided to impose entry fee on vehicles carrying essential goods from neighbouring states. This will lead to increase in prices of essential commodities," he said.

Source: IANS

Delhi government introduces amendment to VAT Act

The AAP government on Monday introduced an amendment to the Delhi Value Added Tax (Second Amendment) Bill 2015, which might lead to a hike in prices of petroleum products, tobacco and aerated drinks in the capital. Currently, VAT on goods under the fourth schedule of Value Added Taxes in Delhi is fixed at 20 percent. The proposed amendment will enable the AAP government to impose VAT varying from 12.5 percent to 30 percent. Watches worth above Rs.5,000 will also come under this category. The amendment also aims at facilitating online filing of applications for cancellation of registration.

Source: IANS

RIL's KG-D6 gas field development rests on price outlook

The Reliance Industries (RIL)-led consortium partner in the eastern offshore KG-D6 block, Niko Resources of Canada, on Monday said it may defer development of the R-Cluster and other satellite gas fields if the gas price outlook remains uncertain. The consortium, that includes British major BP, has made 19 oil and gas discoveries in the KG-DWN-98/3 block in the offshore Krishna-Godavari basin, while only three gas fields have been brought to production. Development plans for five other discoveries have been approved. "The development of these discoveries is dependent on the future economic viability of the required investments," Niko said in its Annual Information Form for 2014-15.

Source: IANS

HC seeks Delhi government, LG's response on MCD funds

Delhi High Court on Monday asked the Delhi government and the Lt. Governor to file comprehensive affidavits on a PIL seeking direction for immediate release of adequate funds to municipal corporations to allow them to function smoothly. A division bench of Chief Justice G. Rohini and Justice Jayant Nath directed the Delhi government to indicate in the affidavit the steps taken for releasing funds to the city's three municipal corporations. The bench pulled up the Delhi government for sleeping over the implementation of recommendations of the Fourth Finance Commission.

Source: IANS

UP fast emerging medical devices' manufacturing centre

Apex industry body Assocham on Monday said that Uttar Pradesh was fast emerging as a cost-effective manufacturing centre for medical and dental instruments. The Associated Chambers of Commerce and Industry of India (Assocham) attributed the rise to significant availability of trained manpower including labourers and technicians. "UP could emerge as a hub for medical devices manufacturing by 2020 if an incentive package by way of tax concessions was made available to the industry in the state," said D.S. Rawat, national secretary general of Assocham, while releasing a study titled 'Indian Medical Devices Industry: The way ahead,' at a press conference in Lucknow.

Source: IANS

Indian FDI to US likely to remain steady: US official

Foreign direct investment (FDI) in US from India is likely to maintain its current CAGR of nearly 30 percent and a marginal growth rate in the near future, a US official said on Monday. "FDI into US from India is likely to maintain its current standards in the near future," Paul Frost, an official of the US Commercial Service, told media persons in Kolkata. According to data from the US department, Indian FDI into US calculated in terms of Ultimate Beneficial Owner stood at $11,040 million during 2013 as against $10,766 million in the previous year. Frost said that the CAGR of FDI inflows into his country from India was registered at 29.34 percent during 2009-13.

Source: IANS

Jun 29, 2015
Air India enforces stricter baggage rules in UAE

Passengers travelling by Air India and Air India Express from the United Arab Emirates (UAE) would face stricter rules on hand baggage from July 1. "The free allowance for hand luggage would be restricted to eight kg on Air India and seven kg on Air India Express, inclusive of duty free items," Khaleej Times reported on Sunday. "If the baggage weighs more than the free allowance, a fee of 60 Dirhams ($16) per excess kilo would be charged at the gate," said Prem Sagar, manager of Air India and Air India Express in Dubai and Sharjah. "Most other airlines flying to India have already been charging excess baggage at the gates."

Source: IANS

Hyderabad Angels to invest Rs.6 crore in five start-ups

Hyderabad Angels (HA), one of the largest angel investors in the country, on Monday announced fresh investments to a tune of Rs.6 crore in five different start-ups. HA, which has so invested Rs.15 crore across 11 start-ups, expects the growth to double during this year from existing current level of 20 percent. Currently, 65 investors form part of HA. Pradeep Mittal, chairman, HA said more than 40 percent of investors have committed multiple investments. "Our current portfolio of 11 companies is a fair mix of B2B and B2C businesses and covers a range of industry verticals. Some of our portfolio companies include GIBSS, Thrillophilia, Online Prasad, NowFloats," he said.

Source: IANS

Sensex tanks 530 points over Greece concern

A benchmark index of Indian equities market, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) tanked 530.59 points or 1.91 percent on Monday afternoon as concerns rose over Greece defaulting its debt repayment. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 165.05 points or 1.97 percent down at 8,216.05 points. The 30-scrip S&P Sensex, which opened at 27,451.07 points, was trading at 27,281.25 points (at 12.27 p.m.), down 530.59 points or 1.91 percent from its previous day'd close at 27,811.84 points. The Sensex touched a high of 27,451.07 points and a low of 27,209.19 points so far in the trade.

Source: IANS

Indian equities open lower on Monday morning

A benchmark index for Indian equities, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), on Monday opened lower and was trading at 27,321.66 points, some 30 minutes after the opening bell. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading lower, at 8,230.85 points, with a loss of 150.25 points or -1.79 percent. The 30-share Sensex opened at 27,278.37 points, against the previous close at 27,451.07 points. At 9.45 a.m., it was ruling at 27,310.98 points, with a loss of 509.18 points, or -1.83 percent.

Source: IANS

Deadline to exchange pre-2005 currency notes extended

The Reserve Bank of India has extended the deadline for exchanging pre-2005 currency notes of various denominations, including Rs.500 and Rs.1,000, by six months till December-end. "The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015," the central bank said in a press release. RBI had, in December 2014, set the last date to exchange these notes as June-end, asking the public to deposit the old design notes in their bank accounts or exchange them at a convenient bank branch.
It had extended its earlier exchange deadline of January 1 till the end of this month.

Source: IANS

'Look East' to 'Act East', Modi government means business: Sushma

The Narendra Modi government has elevated India's "Look East" policy of the last two decades to "Act East", and resolved to move with a greater sense of priority and speed to implement the same, External Affairs Minister Sushma Swaraj said on Sunday. Interacting with Indian business leaders in Bangkok, the minister said Thailand was a valued partner for India as relations between the two nations were "deep-rooted". "We envisage a more vigorous and proactive engagement with this economically vibrant region of our extended neighbourhood. Thailand is an important pillar of our policy and a valued partner," she said.

Source: IANS

Exporters warn of layoffs from continuing export decline

The Federation of Indian Export Organisations (FIEO) has warned that the continuing decline in exports would result in layoffs besides putting pressure on the current account deficit (CAD). The statement came a day after Reserve Bank of India Governor Raghuram Rajan's warning that the global economy is on the brink of a 1930s-type Great Depression. "The global economy, which hitherto was in challenging phase, is entering into a dangerous stage which will have ominous implications for India and the world," FIEO president S.C. Ralhan on Saturday said in a statement in New Delhi.

Source: IANS

Second Green Revolution needed, says Modi

Prime Minister Narendra Modi on Sunday laid stress on the need for second Green Revolution in the country. "There is an immediate need of Green Revolution in the country. The Green Revolution should immediately start in eastern India including Jharkhand, Bihar, eastern Uttar Pradesh, West Bengal, Odisha and Assam," said Modi. The prime minister was addressing the people at Barhi in Hazaribagh district of Jharkhand after laying the foundation stone of the Indian Agriculture Research Institute (IARI).

Source: IANS

Ensure women get social security schemes till Rakhi: Modi

Prime Minister Narendra Modi on Sunday called on Indian men to gift insurance policies to women, setting a target till Raksha Bandhan, under the government's recently launched social security schemes. "With the festival of Raksha Bandhan, dedicated to sisters and mothers, coming up in August, let us start a campaign for social security for women... think of the women around you can help, whether it is a woman working as a maid in our house, or in our fields or whether it is our own sisters, we can ensure that they avail the social security schemes," Modi said, appealing for financial empowerment of poor women.

Source: IANS

Air India to operate international flight from Odisha

National flag carrier Air India will operate its international flight from Biju Patnaik Airport Bhubaneshwar by July, it was announced on Saturday. Air India will operate a flight from Bhubaneswar to Abu Dhabi in the UAE via Hyderabad. "...it has been decided to start operation of international flights from Biju Patnaik Airport. Air India will commence international operations before July 10," said Petroleum Minister Dharmendra Pradhan. Meanwhile, the Odisha government decided to double tourist footfalls to about 2 crore which are at present about 1 crore per annum.

Source: IANS

BSE hopes to make IFSC exchange operational soon

Asia's first ever bourse, the Bombay Stock Exchange, which has entered the recently launched International Financial Services Centre (IFSC) in Ahmedabad, is hoping to start operations within 9-12 months, an official said. "We are hoping to start the exchange at IFSC in the coming 9-12 months and waiting for the remaining pending regulations to be cleared, managing director and CEO of BSE, Ashish Kumar Chauhan, told mediapersons here on Saturday on the sidelines of an event organised by the Confederation of Indian Industry (CII).

Source: IANS

UBI gets shareholders' nod to raise Rs.3,700 crore

Government-owned mortgage lender Union Bank of India (UBI) has got shareholders' approval to raise Rs.3,700 crore as capital, which includes capital infusion by the central government, the bank said. The shareholders gave the approval at the annual general meeting held on June 26 in Mumbai. In a regulatory filing in the Bombay Stock Exchange (BSE) on June 27 the bank said it will raise the additional capital through follow on public issue or rights issue, private placement and includes equity infusion by the central government.

Source: IANS

Investment in India increasing: Modi

Prime Minister Narendra Modi on Saturday said investment in India was increasing and the world was coming to explore opportunities in New Delhi. "Investment in India is increasing, the world is coming to explore the opportunities India has to offer," Modi tweeted. "Growth forecasts up, perceptions of corruption down, and investors better protected," he added.

Source: IANS

Jun 27, 2015
Indian entrepreneurs require indigenous investment: BSE

Citing availability of funds for entrepreneurs as a key concern for India, a senior official with the Bombay Stock Exchange (BSE) said productive investment from resident Indians would be enough to fund start-ups and expansion projects of businesses. "If investment worth $600 million is done in capital markets, banks, investment funds and others over a period of seven years, Indian entrepreneurs will not have to look for foreign investment," said Ashish Chauhan, managing director and CEO of BSE, at an event organised by CII in Kolkata. He said that investment in gold and silver was unproductive as it was not leading to the growth of capital markets.

Source: IANS

State-run banks will need more capital to meet adequacy norms: RBI

The Reserve Bank of India said on Friday that state-run banks are adequately capitalised, but would need additional funds to comply with international capital adequacy norms in the future. "Right now the banks are adequately capitalised. That is right. What we are telling banks and government is that going forward, keeping in view the future growth that is likely to come in economy and also based on Basel III norms, additional capital will be needed," RBI Deputy Governor R.Gandhi said while inaugurating a conference in New Delhi on "Financial Frauds - Risks and Preventions", organised by the Associated Chambers of Commerce and Industry of India. "It is a continuous exercise, it is not that immediately right now today it is required, but going forward it is definitely warranted," he said.

Source: IANS

Bengal's revenue to go up to Rs.44,000 crore: Mamata

West Bengal Chief Minister Mamata Banerjee on Friday claimed that in her four-year tenure so far, the state's revenue is set to double to Rs.44,000 crore. "Our revenue earning increased from Rs.21,000 crore to Rs.44,000 crore in four years. Initially, it was Rs.21,000 crore, then in second year, it was Rs.25,000 crore. Then we earned Rs.40,000 crore and the figure will go up to Rs.44,000 crore this year," said Banerjee whose Trinamool Congress came to power in the state in 2011. Participating in a live interactive session, she assured that the state's economic health.

Source: IANS

India may sign US Foreign Account Tax Compliance Act in July

India is likely to sign the US' Intergovernmental Agreement (IGA) for Foreign Account Tax Compliance Act (FATCA) early next month, a senior official has said. FATCA requires all financial institutions outside of the US to periodically transmit information on financial accounts held by Americans to the US Internal Revenue Service, or face a 30 percent withholding tax on payments made from the US. "The Indian government is likely to sign the Intergovernmental Agreement for Foreign Account Tax Compliance Act in early July 2015," Joint Secretary, Finance, Akhilesh Ranja said at a roundtable here organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) said in a statement on Friday.

Source: IANS

Budget carriers propose charging for check-in baggage

The civil aviation regulator on Friday said leading budget passenger carriers have sought permission from it to levy charges on all check-in baggage. According to a senior official with the Directorate General of Civil Aviation (DGCA), leading budget passenger carriers have sought the regulator's permission to charge for the check-in baggage in line with international practices. Major low cost carriers (LCCs) such as AirAsia India, SpiceJet and IndiGo have asked for permission from the regulator for imposing such kind of a charge. Currently, passengers are allowed to check-in up to 15 kg of baggage for free.

RBI coaxes banks for policy on tackling fraud

Citing commercial banks' failure to know about the people in the transactions chain as the root cause of financial frauds, the Reserve Bank of India on Friday said it is making efforts to convince banks to have a policy on tackling fraud. "Though a whistleblower policy in banks from the vigilance perspective is already there, the RBI is trying to advise the banks that they have such a policy to prevent fraud as well," Deputy Governor R. Gandhi said while inaugurating a conference on "Financial Frauds - Risks and Preventions", organised here by the Associated Chambers of Commerce and Industry.

Source: IANS