after the traumatic brakes on India growth story due to demonetisation, India will see a GDP loss of 1% in the current fiscal year and 0.4% next year, said IMF within days after the World Bank downgraded India growth estimate. The International Monetary Fund (IMF) estimates India’s growth rate for the current fiscal year to […]
A financing agreement for IDA credit of US$48 million for the ‘Nagaland Health Project’ was signed with the World Bank in New Delhi on Monday. The Financing Agreement was signed by Mr. Raj Kumar, Joint Secretary, Department of Economic Affairs on behalf of Government of India and Mrs. Genevieve Connors, Acting Country Director, World Bank […]
The top 62 billionaries of the world own 50% of world wealth while in India, the top 57 billionaires own what 70% of the population owns, said an Oxfam study that was released on Monday, showcasing rising income inequality, which portends more conflicts and rise in crime worldwide. The London-based non-profit asked India to introduce […]
Demonetization has resulted in sharp decline in terror funding, hawala trade, supari killings and human trafficking of young girls as sex slaves, mainly from Nepal and the North East, said Union Law and IT Minister Ravi Shankar Prasad on Thursday speaking at a seminar. Addressing the seminar, jointly organized by the Press Club of India, […]
After demonetisation, all calculations and projections have been turning red and even on forex front, the Indian rupee is seen dwindling further in value to about 70 per US dollar in 2017, said a poll-based survey by Reuters. “The rupee is expected to fall further against the US dollar this year to a record low, […]
Commerce and Industry Minister Nirmala Sitharaman held talks with the visiting Japanese delegation led by Hiroshige Seko, Minister, Ministry of Economy Trade and Industry (METI) where the Japanese side raised the Transfer Pricing issue that has remained contentious between the two sides for long. Japanese side said India should address the complaints raised by the […]
India and Kazakhstan signed in New Delhi today a Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between the two countries, renewing the earlier pact signed on 9th December, 1996 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The new protocol provides […]
A three member delegation led by Director General Sri Lanka Coast Guard (SLCG) Rear Admiral Samantha Wimalathunge, which is on a three day visit to India from 03 January 2017 for a High Level Meeting, held talks with the Indian Coast Guard delegation was led by Director General of Indian Coast Guard Mr Rajendra Singh. […]
The Indian Cabinet, chaired by Prime Minister Narendra Modi has given its ex-post facto approval to the proposal of Ministry of New & Renewable Energy (MNRE) for ratification of ISA’s Framework Agreement by India. ISA was launched jointly by the Prime Minister of India and the President of France on 30th November, 2015 at Paris […]
The Income Tax Department has carried out investigations since the de-monetisation of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016 and unearthed Rs.2,600 crore in 291 cases across the country. In addition, open enquiries have been effected in more than 3,000 cases. Approximately Rs. 393 Crore including Rs. 316 Crore cash […]
Ayush ministry is collaborating with International Agencies in its quest for promotion of cooperation in the field of medicinal plants, the National Medicinal Plants Board (NMPB) signing a Memorandum of Understanding (MoU) with University of West Indies, Trinidad & Tobago in 2014. To give further impetus to the promotion of international cooperation in the field […]
The Ministry of Finance, Government of India through its Department of Financial Services(DFS) has asked all the Public Sector Banks(PSBs) and the Indian Bankers Association (IBA) to ensure hundred percent(100%) that deposits of new currency is properly reflected in the customers’ counterfoils. In a letter addressed to all the Managing Directors (MDs) & Chief Executive […]
The Indian Ministry of Shipping has identified 14 Coastal Economic Zones (CEZ) along the coastline under National Perspective Plan (NPP) of Sagarmala Program, said Minister of State for Shipping Mansukh Lal Mandaviya in reply to a question in Lok Sabha on Thursday (08 Dec 2016). The CEZ are spatial economic regions spread over multiple coastal districts with […]
To further accelerate the cashless economy, after the cancellation of old Rs.500 and Rs.1,000 notes, the Central Government has decided on a package of incentives and measures for promotion of digital and cashless economy in the country. These incentives include: 1. The Central Government Petroleum PSUs will offer a discount at the rate of 0.75% of […]
As the demonetisation laid bare the difficulties of rural India not matching the urban centres in banking and payment technology, the Indian government has decided to pitch for a campaign provide information, education and communication, holding camps for transiting to the digital mode of payment. Among the series of measures undertaken include incentives to the […]
The satellite rights of “Baahubali: The Conclusion” (Telugu version) starring Prabhas and Rana Daggubati has been sold to Zee Network for a whopping Rs.26 crore, said publicists for the film. “satellite rights have been acquired by Zee Network for a whopping price of Rs 26C, which would surpass the record of “Baahubali,” said #Mahesh, publicist […]
The Supreme Court on Friday warned the government to find ways to end the cash crisis as people standing in long queues for hours every day may turn violent anytime leading to anarchy. Brushing aside the government contention, the court made it clear that “It is a serious issue.” Since it affects the entire population, […]
Piyush Goyal, Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, said that Indian entrepreneurship needs to be promoted in global electrical industry. While speaking at Light India Exhibition 2016, Goyal said, “We welcome technology from all around the world but at the end of the day, we would like […]
India’s Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its approval to an cquisition by ONGC Videsh Limited (OVL) for 11% stake in JSC Vankorneft from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor fields, with Vankorneft, its wholly owned subsidiary. […]
With global growth subpar at 3.1% in 2016, with slight increase to 3.4% next year, persistent stagnation in advanced economies could further fuel anti-trade sentiment with calls for protectionism in developed economies, said IMF in its latest outllok that may send warning bells to India and China. Global economic growth will remain subdued this year […]