Economy News

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Indian stocks crash to worst day since 2008 as pandemic fuels growth fears

The Indian stock markets plunged into bear territory on Thursday after the coronavirus outbreak was described a pandemic and the United States suspended travel from Europe, fanning fears of further...read more

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Dow enters bear market territory on coronavirus uncertainty as WHO declares pandemic

 The dollar weakened and the Dow Jones industrials entered bear market territory on Wednesday on mounting worries about the global economy after world health officials declared a coronavirus p...read more

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Why the markets are seeing red across the board

Shares of Tata Consultancy Services Ltd, usually considered a safe haven because of its steady cash flows, fell 6.4% in the selloff on Monday. Shares of Reliance Industries Ltd fell by an uncharact...read more

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Reliance seeks to counter India plastics pushback with new road project

 Reliance Industries, India's largest petchem player, is launching a project to use plastics in road construction, amid growing concerns over pollution in the country of 1.3 billion whose ...read more

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Beyond net profit HDFC cheers on growth but shows some stress in Q3

That Housing Development Finance Corp. Ltd (HDFC) will report a huge jump in its net profit for the December quarter was largely anticipated, given the one-time gain from the sale of its subsidiary...read more

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Views On Q3 Result of Axis Bank by Mr Santosh Meena

Axis Bank posted good set of results after disappointments by IndusInd Bank, Kotak Bank and HDFC Bank. Though Net profit is below estimates but it witnessed decent loan growth of 5.5% and NII growt...read more

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Airtel partners with Western Union for real-time global payments

Telecom major Bharti Airtel on Wednesday entered into a partnership with global money transfer company Western Union to launch real-time payments into bank accounts in India and mobile wallets acro...read more

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HCL launches dedicated Microsoft business unit

HCL Technologies on Tuesday announced the launch of a dedicated HCL Microsoft Business Unit to help joint customers with digital transformation initiatives.

The decision will extend ...read more

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HFCL Q3 net profit up 2 54 at Rs 49 65 cr

The company reported standalone net profit of Rs 49.65 crore for the quarter ended December 31, 2019 as compared to Rs 48.42 crore in the same period last year, registering a year-on-year growth of...read more

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SoftBank in talks to sell stake in Indian renewables venture Media

SoftBank Group Corp is in talks to sell a majority stake in its renewables joint venture in India as it aims to raise cash amid global investment setbacks, India's Economic Times daily reported...read more

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Grant Thornton to be transaction auditor for DHFL resolution

Dewan Housing Finance Corporation Ltd (DHFL) on Monday said that its administrator R. Subramaniakumar has appointed Grant Thornton India LLP as the transaction auditor for the corporate insolvency ...read more

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Nifty set to open lower as oil surges after Iran attacks U S forces

 Indian equities were set to open lower on Wednesday, with Singapore Nifty futures dropping 1.7% to a four-week low as oil prices surged after Iran fired missiles at American forces based in I...read more

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A touch of reality to ICICI Bank investors recent exuberance

The management of ICICI Bank Ltd made all the right noises at its analyst day last week, and the resulting exuberance is seen in the stock. Since then, the stock has risen over 3%, taking the total...read more

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NSE gets a new Chairman in GC Chaturvedi

The National Stock Exchange of India Ltd or NSE on Friday received Securities and Exchange Board of India (sebi) approval to appoint Girish Chandra Chaturvedi, a retired IAS Officer and former Secr...read more

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Macro data growth pangs to drive equity indices trajectory

Macro-economic data points along with the direction of foreign fund flows and US Fed's monetary policy are expected to influence the Indian equity market's trajectory next week, analysts op...read more

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Pfizers brand strategy is paying off but the valuations are pricey

Investors are pricing in high growth from the domestic arm of global pharmaceutical behemoth Pfizer Inc. The Pfizer Ltd stock gained nearly 36% in the last two months against the Nifty Pharma Index...read more

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ONGC raises 300 mn by issuing bonds under ECB

State-run Oil and Natural Gas Corporation (ONGC) has raised $300 million via the External Commercial Borrowing route to meet its capital expenditure needs.

The fund has been raised b...read more

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Flights to Ras Al Khaimah from Dec-end; RAK-based new airline next year SpiceJet

Passenger carrier SpiceJet will commence flight operations to Ras Al Khaimah (RAK) in UAE from December-end, however, its wait to establish an airline there might happen only in 2020.

...read more

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Zee tanks 9 after Subhash Chandra quits as chairman

Although the news of stake sale by Subhash Chandra-led Essel group in Zee did not have a negative impact last week, Chandra's stepping down as chairman from the Zee Board, appears to have not g...read more

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Bajaj invests 8mn in Yulu to boost EV adoption in India

 Leading bike maker Bajaj Auto on Tuesday announced an investment of $8 million in Bengaluru-based bike-sharing platform Yulu to boost electric vehicle adoption in India.

The fr...read more

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Yes Bank board to consider fund raising on Friday

The board of directors of Yes Bank will meet on Friday to consider fund raising through issue of fresh equity.

The bank had earlier announced that it had received a binding offer fro...read more

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Community membership cross one lak amongst the largest captive investor community

India’s leading financial services firm, today said that the number of registered customers on iCommunity, it’s resource hub for the retail customers, has crossed one lakh, making it on...read more

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IL FS case NCLT seeks presence of Axis Bank StanChart CEOs

The National Company Law Tribunal's (NCLT) Mumbai bench has directed the CEOs of Axis Bank and Standard Chartered Bank to be present in the next hearing of the IL&FS matter on December 16.<...read more

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Jaypee Infra Voting on resolution plans likely December 8 11

The Committee of Creditors (CoC) of the Jaypee Infratech (JIL) have planned to start the voting process on the resolution plans for the bankrupt company on December 8 and it would go on till Decemb...read more

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Nifty, Sensex end lower IT stocks slump

 Indian shares ended lower on Friday, dragged by losses in information technology stocks, as global investors were cautious about mixed signals surrounding the U.S.-China trade deal.

...read more

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Why NBCC Indias order wins are no longer exciting its shareholders

Shares of NBCC (India) Ltd fell 2.8% on Tuesday despite the state-run company winning a new order from the government. The ₹500 crore project will add to the consultancy firm’s order backlo...read more

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ArcelorMittal aims to complete Essar Steel acquisition by year end

NEW DELHI : Following the Supreme Court verdict on Essar Steel resolution plan, global steel giant ArcelorMittal said it expects to complete the acquisition of the debt-ridden...read more

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To the brink back Vodafone Idea stocks jump 25

 

vodafone-Idea Ltd (VIL), on Monday which had hinted at not being able to remain as a going concern if relief does not come for the sector, advanced nearly 25 per cent on the NSE ov...read more

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Beyond Essar Steel case awaits a minefield of bad loans for lenders

The closure of the Essar Steel insolvency case, one of the first set of 12 large defaulting accounts referred under a nascent code, is a victory for banks.

But beyond this steelmaker prom...read more

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Sanwaria Consumer posts Q2 net loss of Rs 384 cr

The company reported standalone net loss during the quarter stood at Rs 384.73 crore compared to net profit of Rs 43.09 crore in the previous year quarter.  Net revenue of the company declined...read more

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Bharti Airtel reports loss of 23045 crore in Q2

Bharti Airtel reported a loss of ₹23,045 crore in the second quarter ended September 30, hurt by a charge of ₹28,450 crore. Net Loss (before exceptional items) for Q2 was at ₹1,123 crore.

...read more

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SpiceJets Q2 total net loss widens to over Rs 462 cr

 

Airliner SpiceJet's 2019-20 second quarter total net loss has widened to Rs 462.6 crore on account of grounding of Boeing 737 MAX along with the change in accounting standard.<...read more

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Prestige Estates Pro Q2 net profit zooms 139 at Rs 152 cr

The company reported standalone net profit of Rs 152.10 crore for the quarter ended September 30, 2019 as compared to Rs 63.60 crore in the same period last year, registering a year-on-year growth ...read more

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Lumax Auto Technolog Q2 net profit up 18 at Rs 24 cr

The company reported standalone net profit of Rs 24.04 crore for the quarter ended September 30, 2019 as compared to Rs 20.37 crore in the same period last year, registering a year-on-year growth o...read more

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Government to start Air India roadshows in Singapore this week

 

The government will start roadshows for privatisation of ailing state-run Air India this week in Singapore with Disinvestment Secretary T.K. Pandey along with senior aviation minis...read more

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HDFC AMC IGL hit 52 week high on entry into MSCI

 

 Scrips of HDFC Asset Management and Indraprastha Gas Limited on Monday surged to its 52 week high on the NSE after being included in the Morgan Stanley Capital International ...read more

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Hindalcos domestic numbers drag Q2 but Novelis adds a bit of gloss

The market could be relieved that the US aluminium market may have gained from the trade war, though domestically, things are getting seemingly worse.

Hindalco Industries Ltd’s stan...read more

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Sical Logistics posts Q2 net loss of Rs 33 cr

The company reported standalone net loss during the quarter stood at Rs 33.18 crore compared to net profit of Rs 7.38 crore in the previous year quarter.  Net revenue of the company declined m...read more

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Bengal Assam Compa Q2 net profit zooms 171 at Rs 59 cr

The company reported standalone net profit of Rs 59.47 crore for the quarter ended September 30, 2019 as compared to Rs 21.90 crore in the same period last year, registering a year-on-year growth o...read more

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Airtel pacts with Bharti AXA Life to provide protection insurance with pre paid plan

 

Bharti Airtel, Indias largest integrated telecommunication services provider, has joined hands with Bharti AXA Life Insurance to provide protection cover of Rs 4 lakh with its inno...read more

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Grindwell Norton Q2 net profit up 29 at Rs 51cr

The company reported standalone net profit of Rs 51.84 crore for the quarter ended September 30, 2019 as compared to Rs 39.99 crore in the same period last year, registering a year-on-year growth o...read more

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Ashok Leyland to enter Russia with a local partner

 

Commercial vehicle major Ashok Leyland Ltd will enter the Russian market with a local partner in a year's time, said a top company official.

He also said the com...read more

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Suzuki Motors secondquarter profit slides 32 hit by India demand slump

TOKYO - Suzuki Motor Corp reported on Tuesday a 32% fall in second-quarter operating profit, weighed by a slowdown in domestic output as the automaker improves its inspec...read more

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HCL Technologies launches Google Cloud Business Unit

IT major HCL Technologies (HCL) and Google Cloud on Thursday announced the launch of HCL’s Google Cloud Business Unit to accelerate enterprise cloud adoption worldwide. This dedicated busines...read more

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Bajaj Autos motorcycle sales down 14 in October

 

Festive season has failed to reverse negative sales trend in the domestic auto sector. Leading bikemaker Bajaj Auto has reported a 14 per cent decline in its sales of motorcycles i...read more

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Tata Chemicals Q2 net profit down 50 at Rs 293 cr

The company reported standalone net profit of Rs 293.65 crore for the quarter ended September 30, 2019 as compared to Rs 295.13 crore in the same period last year, registering a year-on-year declin...read more

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HCL Technologies launches Google Cloud Business Unit

 IT major HCL Technologies (HCL) and Google Cloud on Thursday announced the launch of HCL’s Google Cloud Business Unit to accelerate enterprise cloud adoption worldwide....read more

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Commercial vehicle sales dip 26 passenger cars sales plunge 36in July 2019 SIAM

As per the data reported by Society of Indian Automobile Manufacturers (SIAM), an apex national body representing all major vehicle & vehicular engine manufacturers in India, sales of commercia...read more

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CIIs Crop Residue Management Project Shows Sustainable Solutions to Air Pollution

According to a report released by Confederation of Indian Industry (CII), nearly 25 thousand tonne rice straw was recycled back into the soil in 2018 and 115 tonne fine particulate matter (PM2.5) w...read more

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India exports dip 9 71 after gap of eight months In June

India's exports have entered negative zone after a gap of eight months recording a decline of 9.71 per cent to USD 25.01 billion in June, according to the government data. Imports also declined...read more

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RBI imposes monetary penalty of Rs 7 crore on State Bank of India for violating norms

The Reserve Bank of India (RBI) has imposed, by an order dated July 15, 2019, monetary penalty of ₹ 7 crore on State Bank of India (the bank) for non-compliance with the directions issued by RBI ...read more

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Wholesale Price Inflation Drops Near 2 Year low

The official Wholesale Price Index (WPI) for 'All Commodities (Base: 2011-12=100) for the month of June, 2019 rose by 0.2% to 121.5 (provisional) from 121.2 (provisional) for the previous month...read more

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Wholesale Price Inflation Drops Near 2 Year low

The official Wholesale Price Index (WPI) for 'All Commodities (Base: 2011-12=100) for the month of June, 2019 rose by 0.2% to 121.5 (provisional) from 121.2 (provisional) for the previous month...read more

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India And US Hold Cordial Talks On Bilateral Trade And Economic Engagement

A delegation led by Assistant United States Trade Representative (AUSTR) Christopher Wilson visited India on 11-12 July 2019 to explore potential for enhanced bilateral trade and economic engagemen...read more

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RBI Examining Priority Sector Lending Norms For Export Credit

As per data compiled by RBI, the balance outstanding for export credit by all Scheduled Commercial Banks (SCBs) increased from Rs 1,85,591 crore as on 31.3.2015 to Rs 2,43,890 crore as on 31.3.2018...read more

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CPI inflation rises to 3 18 in June 2019

The all-India general CPI inflation rose to 3.18% in June 2019 (new base 2012=100), compared with 3.05% in May 2019. The corresponding provisional inflation rate for rural area was 2.21% and urban ...read more

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Ministry of Housing To Take Comments Of All stakeholders States On Model Tenancy Act To Union Cabinet Soon

The Centre has invited comments from all the stakeholders and states on The Model Tenancy Act, 2019 and will take it to the Union Cabinet as soon as possible, said DurgaShanker Mishra, secretary, M...read more

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Nitin Gadkari urges MSMEs and Industries to plant and maintain trees along highways

Nitin Gadkari, Union Minister for Micro, Small & Medium Enterprises and Road Transport & Highways, has written to all industry associations and registered MSMEs, urging them to plant as man...read more

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Telephone Subscribers In India Decline By 1 20 QoQ In Q4 FY19

The number of telephone subscribers in India declined from 1,197.87 million at the end of Dec-18 to 1,183.51 million at the end of Mar-19, registering a decline rate of 1.20% over the previous quar...read more

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India Lifted 271 Million People Out Of Poverty Says UNs Multidimensional Poverty Index Report

India has reduced its poverty rate drastically from 55% to 28% in ten years. 271 million people moved out of poverty between 2005/6 and 2015/16, according to the UN’s latest Multidimensional ...read more

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Global IT spending to grow 0 6 in 2019 Gartner

Worldwide IT spending is projected to total $3.74 trillion in 2019, an increase of 0.6% from 2018, according to the latest forecast by Gartner, Inc. This is slightly down from the previous quarter&...read more

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Railways freight loading rises 2 0 to 101 42 million tonnes in June 2019

Freight loading of the IR increased 2.0% to 101.42 million tonnes (mt) in June 2019 over June 2018. Meanwhile, the freight revenue surged 6.9% to Rs 10707.55 crore in June 2019. The net tonne kilom...read more

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Railway revenues rise 4 2 in June 2019

The Indian Railway (IR) has recorded 4.2% growth in its overall revenues to Rs 15478.62 crore in June 2019 over June 2018. The IR revenues had moved up 2.0% to Rs 14861.80 crore in June 2018. The p...read more

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Cabinet approves launch of Pradhan Mantri Gram Sadak Yojana lll PMGSY III

In a major boost to rural road connectivity across the country, the Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for the launch of Prad...read more

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Cabinet approves the Banning of Unregulated Deposit Schemes Bill 2019

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the banning of Unregulated Deposit Schemes Bill, 2019. It will replace the banning of Unregulated Deposit Schemes Ordinan...read more

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India Budget Advances Economic Reform but Fiscal Settings Unchanged Fitch Ratings

India's new budget outlined some economic reforms that could support the economy, but its fiscal stance was left broadly unchanged, with no plans for meaningful consolidation, says Fitch Rating...read more

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Vehicles production declines 10 5 in Q1 of 2019 20 SIAM

As per the data released by the Society of Indian Automobile Manufacturers (SIAM), the industry produced a total 7,215,513 vehicles including Passenger Vehicles, Commercial Vehicles, Three Wheelers...read more

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Economic growth is high on the agenda of the Government Ministry Of Finance

Economic growth is high on the agenda of the Government. Various reforms are being undertaken by the government in many spheres to improve GDP growth. Government has announced various measures in t...read more

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Union Minister of Commerce Industry Piyush Goyal Raises Concerns About India s Trade Deficit With Indonesi

Union Minister of Commerce & Industry and Railways, Piyush Goyal, held a bilateral meeting with Indonesian Minister of Trade, Enggartiasto Lukita in New Delhi yesterday. Piyush Goyal raised con...read more

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Confident that Budget will lift the animal spirits of industry FM

The Government is committed to reforms and will keep responding in terms of policy, governance and initiatives to inputs that will lift the animal spirits of industry, said Ms Nirmala Sitharaman, H...read more

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Finance Minister Highlights Importance Of Coordination Between RBI And Government

Nirmala Sitharaman, Union Minister of Finance, addressed the Central Board of Directors of Reserve Bank of India yesterday. The Finance Minister in her address outlined the thinking behind the Unio...read more

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Finance Commission Discusses Fiscal Transparency With CAG

The 15th Finance Commission headed by Chairman, N.K. Singh met with the Comptroller & Auditor General of India (CAG), Rajiv Mehrishi and senior officers of the Office of CAG. The main issues th...read more

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Agricultural output growth to keep food prices low over the coming decade but many uncertainties are ahead

Global demand for agricultural products is projected to grow by 15% over the coming decade, while agricultural productivity growth is expected to increase slightly faster, causing inflation-adjuste...read more

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Budget to boost investment, rural demand ease of doing business and living ASSOCHAM

Finance Minister Mrs Nirmala Sitharaman's maiden budget is a mega investment-oriented initiative with a strong focus on scaling up rural infrastructure and demand along with slew of tax simplif...read more

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Real Effective Exchange Rate Depreciates In 2018 19 Says Economic Survey

The Real Effective Exchange Rate of Indian Rupee depreciated in 2018-19, making India's exports potentially more competitive, noted the latest Economic Survey. The Indian Rupee traded in the ra...read more

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FAO food price index steady in June 2019

Global food prices declined marginally in June, as lower prices of dairy products and vegetable oils more than offset a significant jump in maize quotations, and are now very close to their level o...read more

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Mutual Fund Net Inflows Crash 60 In 2018 19

According to the Economic Survey, during 2018-19, there was a net inflow of Rs 109701 crore in the domestic mutual fund industry, marking a decline of 60% over the last year. Net inflows in 2017-18...read more

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Coming year to pose several challenges on the fiscal front Economic Survey

The Economic Survey cautions that the coming year will pose several challenges on the fiscal front. Firstly, there are apprehensions of slowing of growth, which will have implications for revenue c...read more

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Government has been on the path of fiscal consolidationEconomic Survey

The Economic Survey 2018-19 says the General Government (Centre plus States) has been on the path of fiscal consolidation and fiscal discipline. It says revenue augmentation and expenditure reprior...read more

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Economic Survey Outlines strategic Blueprint to achieve Prime Minister s Vision for 5 trillion Economy

The Economic Survey 2018-19 was tabled by the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman in the Parliament today. The theme of the Survey is about enabling a “s...read more

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FICCI Launches FutureX Platform To Focus On Industry 4 0 Technologies

FICCI has launched its new initiative ‘FICCI Future- X’ platform that aims to elucidate Industry 4.0 technologies, highlighting the opportunities and challenges for students and faculty...read more

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RBI constitutes working group to review regulatory and supervisory framework for core investment companies

In August 2010, the Reserve Bank had introduced a separate framework for the regulation of systemically important Core Investment Companies (CICs) recognising the difference in the business model o...read more

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Economic Survey Outlines strategic Blueprint to achieve Prime Ministers Vision for 5 trillion Economy

The Economic Survey 2018-19 was tabled by the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman in the Parliament today. The theme of the Survey is about enabling a “s...read more

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FICCI Launches Future X Platform To Focus On Industry 4 0 Technologies

FICCI has launched its new initiative ‘FICCI Future- X’ platform that aims to elucidate Industry 4.0 technologies, highlighting the opportunities and challenges for students and faculty...read more

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RBI constitutes working group to review regulatory and supervisory framework for core investment companies

In August 2010, the Reserve Bank had introduced a separate framework for the regulation of systemically important Core Investment Companies (CICs) recognising the difference in the business model o...read more

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RBI To Conduct Longer Term Variable Rate Reverse Repo Auctions

The Reserve Bank modulates the system liquidity from time to time and undertakes liquidity operations as per requirement. The liquidity in the system has remained largely in surplus during June 201...read more

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India must enhance its value proposition and build a supportive infrastructure to double the foreign tourist arrivals FICCI

India must enhance its value proposition and build a supportive infrastructure to double the foreign tourist arrivals (FTA) in the country, which remains at a low of 10 million despite significant ...read more

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Manufacturing Sector Growth Slows New Works Output And Employment Sees Softer Increase

India's manufacturing sector growth slowed in June reflecting softer increases in new works, output and employment, survey data from IHS Markit showed on Monday. The headline IHS Markit manufac...read more

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Need To Undertake Next Level Of Reforms In GST Says FICCI

The FICCI has congratulated the Government on completion of two years of implementation of Goods and Services Tax (GST). It has been a landmark taxation reform in Indian history and given the set o...read more

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Govt to go ahead with Air India Disinvestment

In a meeting on 28 June 2017, the Cabinet Committee on Economic Affairs had in-principle approved the consideration for strategic disinvestment of Air India & its five subsidiaries. An Air Indi...read more

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Government Constitute Working Group For Revision Of Current Series Of Wholesale Price Index

The Government of India has decided to constitute a Working Group for the revision of the current series of Wholesale Price Index (Base 2011-12). The Working Group is tasked with selecting the most...read more

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MSME Industry Should Come Up With Special Proposals

The Micro, Small and Medium Enterprises or MSME industry should come up with 'special proposals,' and suggest steps required to be taken by the government to increase production, boost expo...read more

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Public Can Continue To Use All Coins As Legal Tender Says RBI

The Reserve Bank of India puts into circulation coins minted by the Government of India. These coins have distinctive features. Coins in new denominations to meet transaction needs of public and co...read more

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Reserve Money Sees Muted Growth This Fiscal

RBI reported that currency in circulation (CIC) contracted by 0.6% on the week to stand at Rs 22.05 trillion as on 21 Jun 2019. The CIC is up 12.7% on a year ago basis. The central bank noted furth...read more

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RBI Releases Directions On Rupee Interest Rate Derivatives

The Reserve Bank of India (RBI) issued Rupee Interest Rate Derivatives Directions consolidating and simplifying all previous regulations with a view to protect small and retail participants. The Re...read more

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Government Releases Total Of Rs 423 23 Crores To States UTs Under e NAM Scheme

The fund released by the Government of India to States/UTs under e-NAM Scheme based on need during 2015-16 to 2018-19 is Rs. 423.23 crore. The facilities provided to farmers in e-NAM mandis are con...read more

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No shortage of any Fertilizer in the country D V Sadananda Gowda

Union Minister for Chemicals and Fertilizers, D.V. Sadananda Gowda, while giving a written replies to questions on availability of fertilizers in the country, in Lok Sabha, stated that Department o...read more

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As on date Government is not planning to import pulses Ram Vilas Paswan

The Union Minister of Consumer Affairs, Food & Public Distribution, Ram Vilas Paswan has informed in Lok Sabha that as on date Government is not planning to import pulses.

In the mont...read more

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India digital payments projected to more than double to USD 135 billion in 4 years ASSOCHAM PWC study

Turbo-charging expansion in the financial technology (FinTech), India's digital payments transaction value is projected to more than double to USD 135.2 billion in 2023 from USD 64.8 billion th...read more



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