The commerce Commerce ministry to make changes in export schemes

GST ministry may have to make certain changes in the export related schemes due to the implementation of the Goods and Services Tax (GST), a senior official today said. The commerce ministry may have to make certain changes in the export related schemes due to the implementation of the Goods and Services Tax (GST), a senior official today said. Director General of Foreign Trade (DGFT) A K Bhalla also said that the ministry is currently undertaking the stakeholders' consultation for the mid-term review of the Foreign Trade Policy (FTP) "There is going to be certain changes (in the FTP)" due to the implementation of GST, he said here at the function of Federation of Indian Export Organisations (FIEO) here.

Panel to fast-track ramping up steel PSUs modernisation 

The government has set up a committee to suggest measures to fast-track the ramping up of modernisation of the steel sector public sector firms -- SAIL and RINL. The government has set up a committee to suggest measures to fast-track the ramping up of modernisation of the steel sector public sector firms -- The panel is being chaired by Steel Secretary and has CMDs of SAIL and RINL as its members, a source privy to the development said. 

Sachin Tendulkar, Rekha must resign from RS if not interested, says

 MP Congress leader Rajiv Shukla today said the issue of low attendance of Sachin Tendulkar and Rekha in the House was being raised because they are celebrities. Congress leader Rajiv Shukla today said the issue of low attendance of Sachin Tendulkar and Rekha in the House was being raised because they are celebrities. "There are many members who do not come to the House but the issue of their absence is not being raised. Reason being, they are not celebrities. These two are celebrities, that is why people are raising the issue," Shukla told reporters outside the Parliament Earlier, SP leader Naresh Agarwal had raised questions over the low attendance of nominated members of Rajya Sabha, like cricketing icon Sachin Tendulkar and Bollywood actress Rekha, in the House. "I am not defending them but at the same time they cannot be forced to attend," Shukla said, adding that many members, including Agarwal, were not present yesterday during the voting on Finance Bill. 

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Arun Jaitley briefs MPs about GST bills introduced in Lok Sabha 

Jaitley told MPs that the passage of these bills, which were introduced in the Lower House yesterday, will result in one-nation one-tax regime, Parliamentary Affairs Minister Ananth Kumar told reporters after the meeting. Finance Minister Arun Jaitley today briefed lawmakers about the four GST bills introduced in Lok Sabha which will be taken up for consideration tomorrow. Jaitley told MPs that the passage of these bills, which were introduced in the Lower House yesterday, will result in one-nation one-tax regime, Parliamentary Affairs Minister Ananth Kumar told reporters after the meeting The Finance Minister explained in detail the four bills--Central GST, Integrated GST, Union Territory GST and the Compensation Law--to MPs and how they would be beneficial to the common man. 

BHEL commissions another 250 mw eco-friendly unit in Gujarat" 

State-owned power equipment maker today said it has commissioned a 250-mw eco-friendly unit, using low grade coal (lignite) as primary fuel. The lignite-based thermal unit, based on circulating fluidised bed combustion (CFBC) technology, is the second such facility to be commissioned at Bhavnagar Energy Company's (BECL) 2x250 mw thermal power project at Padva in Bhavnagar district of Gujarat, a BHEL statement said. According to the statement, the first unit of the project was commissioned earlier in May 2016. The project is based on CFBC technology – an environment friendly one to utilise India's large resource of low grade, high moisture lignite. 

Arun Jaitley paves way for landmark tax reforms

 The legislation, which has broad support and is expected to pass parliament with ease, is part of the biggest tax reform the government has undertaken since India's independence in 1947. India's finance minister Arun Jaitley paved the way for landmark tax reforms on Monday, introducing four bills on the goods and services tax (GST) in the lower house of parliament. The legislation, which has broad support and is expected to pass parliament with ease, is part of the biggest tax reform the government has undertaken since India's independence in 1947. The tax reforms, which aim to unify most federal and state taxes, are expected to boost economic growth by about 0.5 percentage points in its first year of implementation.

BJP members in the Maharashtra Legislative Assembly today took 

Strong objection to inaction against government officials allegedly involved in irregularities in procurement of CCTV cameras and computers in Akola Zila Parishad. The issue came up in the Question Hour after BJP legislator Randhir Savarkar and others wondered how CCTV cameras procured by the Akola ZP for Rs 30,000 per piece could be bought by him for only Rs 5,000 He alleged a scam of Rs 30 lakh in the ZP. Rural Development Minister Pankaja Munde said she would again order an inquiry into the matter, to be completed in a month's time She also assured that if District Collector and other officials are involved, action would be taken against them. The minister said the Collector had earlier told her that there were no irregularities but she was not satisfied with the reply, and hence she was ordering a fresh probe.Savarkar demanded that if she was not satisfied with the Collector's priliminary probe, action should be taken against him. 

Govt has not accepted demands of Apple: 

Nirmala Sitharaman To a question in Rajya Sabha on whether the government has accepted most of the demands of the iphone manufacturer, Commerce and Industry Minister The government today said it has not accepted 'most of the demands' of iphone maker Apple which wants to set up manufacturing unit in India. To a question in Rajya Sabha on whether the government has accepted most of the demands of the iphone manufacturer, Commerce and Industry Minister Nirmala Sitharaman said: "No". Apple India has sought concessions including duty exemption on manufacturing and repair units, components, capital equipment and consumables for smartphone manufacturing and service/repair for a period of 15 years, she said in a written reply. In a communication to the government, the Cupertino-based technology major has asked for incentives from the Department of Revenue and Department of Electronics and Information Technology (DeITy). 

Innovation missing! Why smartphones desperately need a makeover 

Smartphones are not revolutionary in nature anymore. Every smartphone that you buy is primarily an upgrade There is no denying that the smartphone has become a necessity, but the truth is that the handheld device still remains an aspirational product largely in the Indian hinterland. Affordability and lack of technological know-how play a deterrent in the mass adoption of smartphones in rural areas. Today, the cost-effective and data-efficient 4G technology has penetrated Indian villages but mobile users are still happy to use 2G-capable feature phones. Smartphone manufacturers haven’t been able to woo users to make the switch. According to Counterpoint Research, 200 million 4G feature phones will be sold in India in next five years. Globally, more than 400 million feature phones were sold in 2016 and smartphone market growth slowed down 3 percent (YoY) — an indicator that smartphones segment growth may not be as it has been in the past “On one end, we are seeing rising growth of advanced 4G networks, 4G smartphones and data-centric 4G users but on the other end we have 2G voice networks, 2G feature phones and 2G voice-centric users delaying to upgrade to a 4G smartphone,” according to the market researcher. 

"4G ‘dumb’ phones are set to grow 5,000% this year and it could be a 

Blessing in disguise' for Apple With smartphone growth slowing, a boom in so-called 'dumb,' or feature, phones could be the next big thing in the sector, according to Counterpoint Research. In a statement published Tuesday, Counterpoint forecast that more than half a billion 4G capable feature phones will be shipped globally over the course of the next five years, and that demand for such models will grow more than 5,300 percent this year. Counterpoint describes the trend as a "big short-term opportunity" for the mobile industry. Counterpoint says that more than 400 million feature phones were sold globally in 2016, whereas smartphone growth slowed to 3 percent year on year. According to Counterpoint, there are 1.3 billion feature phone users globally, mostly from emerging markets in Asia and Africa. The polarization of economies and technology available means that in mobile phone terms, 2G and 4G networks are growing. 3G represents the squeezed middle sector of the market. Counterpoint suggests that cellphone operators want to drive this trend. 

Govt sets target to triple nuclear power generation by 2024"

 Nuclear power generation capacity in the country is expected to reach nearly 15,000 MW by 2024 as the government has expedited the process of setting up new plants, Lok Sabha was informed today. In 2014, India's nuclear power generation capacity was 4,780 MW. Minister of State for PMO Jitendra Singh said a number of steps have been taken by the Narendra Modi government to fast-track all ongoing nuclear projects and setting up of new plants in different parts of the country. "When we came to power in 2014, we had set a target of generating nuclear power by three time in 10 years and we hope to reach that target," he said during Question Hour. The Minister, however, said for generating targeted nuclear power, there has to be enough uranium available - both from domestic as well as foreign sources.

PM Modi to inaugurate India's longest road tunnel in J&K on April

 Prime Minister Narendra Modi will dedicate to the nation, India's longest road tunnel built on the Jammu-Srinagar National Highway, which will cut short the distance between Jammu and Srinagar by nearly 30 km. "The Prime Minister will inaugurate the Chenani-Nashri tunnel on JK highway on April 2," Union Minister of State in PMO, Jitendra Singh told PTI today Modi will also address a public rally after the dedication the tunnel project to the nation, he said. The work on the 9.2 km-long twin-tube tunnel, which is part of a 286-km-long four-lane project on the highway, started on May 23, 2011 in lower Himalayan mountain range, and cost Rs 3,720 crore, officials said. The tunnel, which is located at an elevation of 1200 meters, will be the first in India to be equipped with world class "integrated tunnel control system" through which ventilation, fire control, signals, communication and electrical systems will be automatically actuated. It will reduce the travel time between the two state capitals of Jammu and Srinagar by two-and-a-half hours. 

India jumps four positions on Human Development Index, moves to ‘medium’ category" 

India jumped four positions to rank at 131 out of 188 countries on the Human Development Index (HDI). With the move India is now classified in the ‘medium’ category, a significant improvement from ‘low’ category in the 1990s. Devised and launched in 1990, HDI is a statistic which ranks countries into four tiers of human development countries on the basis of indicators such as life expectancy, education, and per capita income. A higher lifespan, higher level of education, and higher GDP per capita results in a country scoring higher HDI. Norway holds the number one position on the list, a position it has held consistently since 2009 rankings, followed by countries such as Australia, Switzerland, Germany and Denmark. India, with an HDI value of 0.624, stood far behind its Asian peers such as Sri Lanka and the Maldives on the index. For India, unfortunately, regional disparities in education, health and living standards resulted in a 27 percent fall in HDI value from 0.624 to 0.454.

LS passes Railways appropriation bills" src 

The Lok Sabha today passed Railway Appropriation Bills and supplementary demands for grants for this year. The total proposed outlay for 2017-18 is Rs 131,000 crore which is an 8 percent increase from the 2016-17 budget estimates of Rs 1,21,000 crore. The Railways' revenue for 2017-18 is estimated at Rs 178,350 crore, recording a 9 percent increase from the revised estimates of 2016-17

SEBI mulling guidelines to review mutual fund

The Securities and Exchange Board of India is mulling a review of performance benchmark index for mutual fund schemes, sources told The country's markets regulator is considering a Total Returns Index for benchmarking equity mutual fund schemes. Currently, equity schemes are benchmarked against exchange provided indices Sensex and Nifty. According to sources, SEBI’s argument for bringing a new index is that while computing the net asset value of any scheme it takes into consideration the valuation of security plus and also needs to factor in the dividend or the corporate announcement. Say an equity scheme is benchmarked against the Nifty. Suppose the Nifty has given 8 percent and the scheme has delivered 10 percent return in one year. 

India to attract USD 4.2bn global investment:

 With India emerging as a preferred investment destination, the country is expected to witness nearly USD 4.2 billion new capital in the realty sector in 2017, says Cushman & Wakefield. With India emerging as a preferred investment destination, the country is expected to witness nearly USD 4.2 billion new capital in the realty sector in 2017, says Cushman & Wakefield. According to a report titled 'The Great Wall of Money' by the global consultant, new capital available for global real estate investment in 2017 is estimated at USD 435 billion, out of which India is expected to get nearly USD 4.2 billion. The report states that the total global wall of money in 2017 has fallen by 2 per cent compared to 2016's peak of USD 443 billion, but is the second highest figure recorded since 2009. "India's attractiveness as a global investment destination has strengthened on account of the country's political will to attract and protect investment growths. India's inclusion in the top investment destination is a testament of this confidence," Cushman Wakefield Managing Director, India Anshul Jain said.

"India, Russia to set up $1 bn fund to India and Russia are setting up a 

USD 1 billion fund to promote mutual investments in infrastructure and technology projects, Commerce and Industry Minister Nirmala Sitharaman has said. Both the countries would contribute USD 500 million to the fund, Sitharaman said while addressing India-Russia Business Forum at the ongoing International Engineering Sourcing Show (IESS) here yesterday. While the Russian funds would be channeled through Russian Direct Investment Fund (RDIF), Indian contribution will be accrued from National Investment and Infrastructure Fund. Sitharaman elaborated upon other measures being taken by Russia and India to scale up their economic engagement and to boost bilateral trade and investment. As part of these initiatives, the India Russia CEO Forum will hold its meeting this year at a mutually convenient date. The forum was constituted in St Petersburg in June 2016.Foreign Direct Investment (FDI) from Russia is estimated at USD 1.2 billion till date while Indian investment in Russia is around USD 4.9 billion. 

'Global tech and India's street-smartness an unbeatable combination'

 Digitisation will play a key role in removing hurdles that mar India’s education sector, according to Reliance Industries Chairman Mukesh “India can overcome the challenge of educational infrastructure by digitally delivering high quality education to schools colleges and universities across the country,” Ambani said at the India Today Conclave held in Mumbai on Saturday.delivered the keynote address on 'Why Technology Will Change India - The 21st Century Optimist'. In his remarks, he expressed confidence in fast-growing Indian economy stating that the day isn’t far when India we be the third-largest economy globally. Ambani highlighted much like Make in India, the country needs a ‘Keep in India’ initiative to move to retain talent. India’s street-smartness coupled with technology will be an unbeatable combination.

TN, Telangana, MP to issue UDAY bonds worth Rs 18,107 crore"

 Madhya Pradesh, Tamil Nadu and Telangana will issue UDAY bonds on a private placement basis to raise a total of Rs 18,107.93 crore. The scheme has been introduced by the government to bail out loss making power utilities. Break-up wise, Tamil Nadu will offer securities worth Rs 8,815 crore under the Ujjwal Discom Assurance Yojana (UDAY) scheme; Madhya Pradesh Rs 7,360 crore and Telangana Rs 1,932.93 crore. 

Unhappy with company's strategies, Uber President Jeff Jones steps down 

Ridesharing giant Uber took another hit with the departure of its president, Jeff Jones, after just six months, US media reported Sunday. Jones' departure comes after a series of difficulties at Uber, Recode and The Wall Street Journal reported. According to Recode, Jones had voiced dissatisfaction with the company's strategies. Reached by AFP, Uber would not conform the report as of late Sunday. "It is now clear, however, that the beliefs and approach to leadership that have guided my career are inconsistent with what I saw and experienced at Uber, and I can no longer continue as president of the ridesharing business," he said in a statement to Recode. Uber CEO Trevor Kalanick had asked for his resignation. 

Trump administration backs India's NSG bid 

The Donald Trump administration has finally endorsed India for a Nuclear Suppliers Group (NSG) membership alongwith two other export control groups namely Australia Group and Wassenar Group. The bid to make India a part of NSG was initiated by the Obama administration and a draft was circulated among the group members last year. A report in the Economic Times mentions that a US State Department official said that India is ready for NSG membership and also assured that US has not changed its stance on the matter under the new government. The remarks comes just ahead of the US Secretary of State Rex Tillerson’s visit to China, which has been India’s biggest hurdle in getting a seat in the exclusive club. However, it is unclear whether Tillerson will discuss the NSG during his trip. Despite numerous efforts on the government’s part and constant support from the former US President Barack Obama, China has opposed India becoming a part of NSG.

Oil extends gains as dollar and US inventories fall 

Brent crude oil was up 38 cents at $52.19 a barrel by 1050 GMT, recovering from Tuesday's slide to $50.25, its lowest level since November 30. Oil extends gains as dollar and US inventories fall" Oil prices rose for a second day on Thursday, supported by U.S. data showing crude inventories had dipped after rising for nine weeks and a weaker dollar after the U.S. Federal Reserve signalled it would not hike rates faster than expected. Brent crude oil was up 38 cents at $52.19 a barrel by 1050 GMT, recovering from Tuesday's slide to $50.25, its lowest level since November 30 when the Organization of the Petroleum Exporting Countries announced plans to cut supplies. U.S. light crude oil was up 37 cents at $49.23 a barrel, also climbing from a three-month low. The rebound has been cautious, with investors looking for evidence that OPEC-led supply cuts will bring a sustained drawdown in stockpiles since OPEC and non-OPEC producers began cutting back output on Jan. 1. "The dollar is weaker due to the U.S. Fed. I don’t think it is going to be enough to bring some follow-through buying to crude oil. We need something more substantial," said Olivier Jakob of Swiss consultancy Petromatrix.

Cong to move adjournment motion in Lok Sabha over govt formation

 Sources said that the leader of Congress in the lower house, Mallikarjun Kharge, along with some other party MPs, will move the motion while seeking to raise the issue and demand a discussion on it. The issue of government formation in Goa and Manipur is set to rock the Lok Sabha with the Congress deciding to move an adjournement motion today. Sources said that the leader of Congress in the lower house, Mallikarjun Kharge, along with some other party MPs, will move the motion while seeking to raise the issue and demand a discussion on it. The Congress has alleged that the BJP is moving against the law and precedent in forming their governments in Goa and Manipur, saying they are the single largest party in both states. In Goa, the Congress has 17 legislators followed by BJP with 13, Goa Forward Party and MGP with three each, three independents and NCP (one). The party has won 28 seats in Manipur while the BJP has secured 21. The NPP and the NPF have won four seats each, with the LJP and the Trinamool Congress bagging one seat each. 

Oil hovers near three-month lows as investors await data

 US West Texas Intermediate crude (WTI) edged down 3 cents to USD48.37 a barrel by 0026 GMT. The contract ended down 9 cents in the previous session after touching USD47.90, the lowest since the end of November. Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and data that may shed light on a supply overhang in the global market. US West Texas Intermediate crude (WTI) edged down 3 cents to USD48.37 a barrel by 0026 GMT. The contract ended down 9 cents in the previous session after touching USD47.90, the lowest since the end of November.Brent crude futures were down 1 cent at USD51.34 a barrel, having settled down 2 cents on Monday after dipping to as low as USD50.85. Prices fell sharply last week as investors worried that swelling US crude supplies would hinder OPEC's efforts to restrict output and reduce a global glut. 

Disappointed with performance, time to introspect: AAP 

 The AAP today said it is disappointed with its performance in Punjab and Goa and will introspect on the reasons behind it. The AAP today said it is disappointed with its performance in Punjab and Goa and will introspect on the reasons behind it. As per the counting trends, the party was not doing well in Punjab, where it was seen as an alternative to the Akalis and the Congress, and Goa, where it hoped to put up a spirited fight. "We are disappointed with the results. We will introspect on the reasons behind the (poor) performance," senior AAP leader Ashutosh said. AAP leader and Delhi minister Kapil Mishra said the party had not expected such results in Punjab and Goa.

Polling begins in 40 UP Assembly seats in 

Phase-VII Prominent candidates who are in fray include former Cabinet minister Om Prakash, Parasnath Yadav, Ajay Rai, former MP Dhananjay Singh, Sigbatullah Ansari brother of Mukhtar Ansari and Seema Singh wife of jailed mafia Munna Bajrangi. Error loading player: No playable sources found Polling in 40 Uttar Pradesh Assembly seats spread across seven districts in the seventh and final phase started today with all eyes on Prime Minister Narendra Modi's Lok Sabha constituency Varanasi. Prominent candidates who are in fray include former Cabinet minister Om Prakash, Parasnath Yadav, Ajay Rai, former MP Dhananjay Singh, Sigbatullah Ansari brother of Mukhtar Ansari and Seema Singh wife of jailed mafia Munna Bajrangi. A total of 1.41 crore voters, including 64.76 lakh women, are eligible to exercise their franchise in 14,458 polling booths and 8,682 polling centres to decide fate of 585 candidates, including 51 women. 

Economic nationalism, volatility threatens modest recovery:

 OECD The Paris-based Organisation for Economic Cooperation and Development estimated global economic growth would run at 3.3 percent this year before reaching 3.6 percent in 2018, unchanged from its last estimates in November. Economic nationalism, volatility threatens modest recovery: OECD A modest recovery underway in the global economy is at risk from economic nationalism and diverging central bank policies, the OECD said on Tuesday as it forecast only a slight pick-up in growth. The Paris-based Organisation for Economic Cooperation and Development estimated global economic growth would run at 3.3 percent this year before reaching 3.6 percent in 2018, unchanged from its last estimates in November. OECD chief economist Catherine Mann said that higher interest rates in the United States could unleash damaging volatility on financial markets for some borrowers while potentially pushing the dollar higher.

Lenders developers raise concerns on rollout of RERA

 Real Estate Regulation Authority (RERA) will be set up from May 1, 2017 and lenders and developers have raised some concern about dispute resolution mechanism with the Maharashtra’s implementation of Real Estate Regulatory Authority Act. Lenders & developers raise concerns on rollout of RERA Real Estate Regulation Authority (RERA) will be set up from May 1, 2017 and lenders and developers have raised some concerns about dispute resolution mechanism with the Maharashtra’s implementation of Real Estate Regulatory Authority Act. In a recent case against Orbit Developer for not completing the project on time, the Bombay High Court awarded control of project to home buyers and not lenders which is a key concern that lenders have raised.

RComm to slice base prices of 4G,3G,2G packs: 

The company plans to cut 4G data price to Rs 49 from Rs 149 for 1 GB data, slash 3G prices to Rs 99 per month for unlimited data and revise 2G prices to Rs 49 per month for unlimited data, say sources. RComm to slice base prices of 4G,3G,2G packs: Sources In continuation to the pricing war in the telecom space, Reliance Communication is set to cut all 4G, 3G, 2G service rates to the lowest in the industry.These are permanent price cuts and not promotional offers. The company plans to cut 4G data price to Rs 49 from Rs 149 for 1 GB data, slash 3G prices to Rs 99 per month for unlimited data and revise 2G prices to Rs 49 per month for unlimited data.

Delhi govt impounds 50 taxis for surge pricing Transport Minister 

Gopal Rai also announced a dedicated helpline for passengers to lodge complaints against those violating the Delhi government's directive against surge pricing. Hundreds of calls were received on the helpline number since the morning. Delhi govt impounds 50 taxis for surge pricing The Delhi government impounded over 50 taxis of app-based cab aggregators such as Uber for invoking surge pricing in a drive that continued late into the night, a day after Chief Minister Arvind Kejriwal warned of strong action. Transport Minister Gopal Rai also announced a dedicated helpline for passengers to lodge complaints against those violating the Delhi government's directive against surge pricing. Hundreds of calls were received on the helpline number since the morning. "If any cab is charging extra money in the name of surge pricing please call 01142400400. 

Sebi studying global markets to improve norms for 

AIFs Sebi is studying the regulatory framework in overseas jurisdictions for alternative investment funds (AIFs) as the watchdog looks to improve existing norms for such class of investors. Sebi studying global markets to improve norms for AIFs Sebi is studying the regulatory framework in overseas jurisdictions for alternative investment funds (AIFs) as the watchdog looks to improve existing norms for such class of investors. "We are studying particularly important jurisdictions like the US, Australia or New Zealand to find out how the accredited investors have defined what are the kind of crucial treatment and what are the risks with these investors. "The process is still on but this is going to be a very modern step. Sebi will be working on this and definitely look forward for further suggestions," Sebi Whole Time Member G Mahalingam said at an IVCA event. AIFs are funds established or incorporated in India for the purpose of pooling in capital from Indian and foreign investors for investing as per a pre-decided policy. Accredited investors can add a lot of value to the AIF industry, Mahalingam was quoted in a statement issued by Indian Private Equity & Venture Capital Association (IVCA).

Sebi exempts NIIT promoters' trusts from making open offer

 Exemption has also been extended to the two trusts with respect to NIIT Technologies. Sebi exempts NIIT promoters trusts from making open offer Sebi exempted two private family trusts, set up by the promoters of NIIT, from making an open offer to the company's public shareholders. Exemption has also been extended to the two trusts with respect to NIIT Technologies . NIIT is a leading IT training solutions provider while NIIT Technologies is an IT firm. Thadani and Pawar families are among the promoters of both companies. The exemption from making open offers have been given to Thadani Family Trust -- represented by its trustee Vijay Kumar Thadani -- and Pawar Family Trust. The latter is represented by its trustee Rajendra Singh Pawar. In both companies, Thadani Family Trust and Pawar Family Trust are to acquire the shares issued by Global Consultancy and PIPL Consultancy, respectively. Once the two trusts complete these acquisitions, their holdings in NIIT and NIIT Technologies would breach the 25 percent threshold. When shareholding of entity cross the 25 percent threshold, then it is required to make an open offer for the public shareholders under the Sebi regulations. The two trusts' shareholding would be 30.99 percent in NIIT after the indirect acquisition of shares, while in the case of NIIT Technologies, it would be 30.80 percent. 

CEA wonders whether Air India should 'exist at all' 

The national carrier, staying afloat on a Rs 30,000-crore bailout package from the central government, is working on ways to improve its financial position. In the last fiscal ended March 2016, the airline had posted an operational profit of Rs 105 crore. CEA wonders whether Air India should exist at all Air India's performance has improved with competition posed by private players, Chief Economic Advisor Arvind Subramanian said today, but wondered whether the state-owned airline should "exist at all". The national carrier, staying afloat on a Rs 30,000-crore bailout package from the central government, is working on ways to improve its financial position. In the last fiscal ended March 2016, the airline had posted an operational profit of Rs 105 crore. "Air India with IndiGo and Jet Airways is very different from Air India without... Whether Air India should exist at all even with Jet Airways and IndiGo is another question which we don't want to go into now," Subramanian said. The point is competition has actually improved Air India's performance, he added. Subramanian was delivering the keynote address at the national conference on economics of competition law here. Despite a debt of Rs 46,570 crore, including Rs 15,900 crore on account of aircraft acquisition, Air India managed to report an operating profit in 2015-16. 

Gas pipeline network for West Bengal to be ready in another 3yrs 

West Bengal government is hopeful that the gas pipeline network to households in the city would be ready in another three years' time. Gas pipeline network for West Bengal to be ready in another 3yrs West Bengal government is hopeful that the gas pipeline network to households in the city would be ready in another three years' time. "We are hopeful that the gasline network to supply natural gas to every household will be ready by another three years' time," state Environment Minister and city mayor Sovan Chatterjee said after a meeting with senior officials of Gas Authority of India Limited ( GAIL ). State Finance Minister Amit Mitra was also present in the meeting along with Environment Principal Secretary Arnab Roy. "In today's meeting we discussed about the operations, on the DPR and process of implementation of the project,"

India looks for right prices to boost LNG, crude imports from

 US India's state-run company GAIL Ltd signed a swap deal with trader Gunvor to sell some of its US LNG as the firm tries to cut costs for price-sensitive customers after a sharp fall in Asian spot prices made its US gas unattractive, according to sources. India might increase imports of liquefied natural gas (LNG) from the United States at the right price, the oil minister said on Monday, even though some buyers in the South Asian country are trying to get rid of costly US supplies. India's state-run company Ltd signed a swap deal with trader Gunvor to sell some of its US LNG as the firm tries to cut costs for price-sensitive customers after a sharp fall in Asian spot prices made its US gas unattractive, according to sources. GAIL has contracted for most of the capacity from one of Sabine Pass' liquefaction trains in the US Gulf Coast, with deliveries expected to start in late 2017 

Global oil supply may see potential shortage after 2020:

IEA According to the latest five-year oil market forecast by IEA, global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, said Fatih Birol, Executive Director of IEA at CERAWeek conference. Global oil supply may see potential shortage after 2020: IEA The record two-year investment drop in oil industry due to weak prices may lead to a potential shortage of global oil supplies in three years, the International Energy Agency warned today. According to the latest five-year oil market forecast by IEA, global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, said Fatih Birol, Executive Director of IEA at CERAWeek conference. The global picture appears comfortable for the next three years but supply growth slows considerably after that, according to 'Oil 2017', the IEA's market analysis and forecast report previously known as the medium-term oil market report. The demand and supply trends point to a tight global oil market, with spare production capacity in 2022 falling to a 14-year low. In the next a few years, oil supply will grow in the US, Canada, Brazil and elsewhere but this growth could stall by 2020 if the record two-year investment slump of 2015 and 2016 is not reversed. 

Reliance Jio's grand plan: Capture half the market by 2021 

Reliance Jio plans to overhaul the telecom industry’s revenue structure and is banking upon India’s mobile data consumption opportunity to drive up revenues in the next five years. The company expects to corner a 50 percent revenue market share by FY21 and operating margins of over 50 percent. After garnering over 100 million subscribers in just six months of launch, Reliance Jio plans to overhaul the telecom industry’s revenue structure and is banking upon India’s mobile data consumption opportunity to drive up revenues in the next five years. The company expects to corner a 50 percent revenue market share by FY21 and operating margins of over 50 percent. At an analyst meet on Thursday, the company demonstrated that there is a strong demand for data in India. According to Jio’s estimates, about 400 million Indians can pay Rs 500 a month for data services. This would have a commensurate impact on its financials as well, as the company has invested nearly Rs 1.8 lakh crore into its ambitious telecom project. Since its commercial launch in September 2016, 

Merged SBI entity may reduce job hirings by 30,000 

The State Bank of India (SBI) merger with its five associate banks is likely to close the door to future job recruitments at the merged entity. Beena Parmar The State Bank of India (SBI) merger with its five associate banks is likely to close the door to future job recruitments at the merged entity. It is estimated that there could be reduction of 25-30 percent in hirings at the unified bank. In number terms, hiring could come down by 30,000 jobs in the next one year. “SBI’s average recruitments are about 15,000-20,000 every year and last year, we recruited about 19,000 people. Every year we also have 8,000-10,000 people retiring, so we will just end up recruiting fewer people. Much of the additional hiring will depend on the growth and the merger’s purpose is growth,” said Dinesh Kumar Khara, Managing Director at State Bank of India. Last month, the central government approved the merger of the SBI and its five subsidiary banks — State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). Moorthy K Uppaluri, CEO, Randstad India, a global human resource consulting firm, said, “With the subsidiary bank employees coming to SBI, so there will be functional redundancies, so the growth of new recruits may freeze for some time. There could be operational challenges in the next 6 months to 2 years. 

SC to hear Vijay Mallya's loan default case 

The Supreme Court today will hear Vijay Mallya’s loan default case. Earlier, a special CBI court had issued a non-bailable warrant against Mallya in the loan default case after the investigative agency moved an extradition plea against the liquor baron. Error loading player: No playable sources found The Supreme Court will hear Vijay Mallya’s loan default case today Earlier, a special CBI court had issued a non-bailable warrant against Mallya in the loan default case after the investigative agency moved an extradition plea against the liquor baron. Mallya, Kingfisher Airlines and nine others, including the then IDBI Chairman Yogesh Aggarwal, who were arrested in connection with the 2015 loan default case, were named in the charge sheet. They were charged with the IPC sections on criminal conspiracy, cheating, and provisions of prevention of Corruption Act. 

After GDP figures, PM targets Manmohan Singh, other economists 

Armed with the latest GDP figures, Prime Minister Narendra Modi today mocked the economists and made a veiled attack on his predecessor Manmohan Singh, saying "hard work" proved to be more powerful than "Harvard". After GDP figures, PM targets Manmohan Singh, other economists Armed with the latest GDP figures, Prime Minister Narendra Modi today mocked the economists and made a veiled attack on his predecessor Manmohan Singh, saying "hard work" proved to be more powerful than "Harvard". "One year ago, our opposition used to say that our economy is going down with no development and GDP numbers are not going up," he said addressing an election rally here. But after demonetisation was announced on November 8 last year, "they (opposition) said 'Modiji, we don't understand why you took the demonetisation decision when the economy was doing well'," the Prime Minister said. Targeting the opposition, he said, "Chit bhi meri, pat bhi meri (Both head and tail of the coin are mine)...First, they said there was no economic development. Then, when the notes (of Rs 500 and Rs 1000 denomination) were banned, they (opposition) said the economy was running smoothly and you have applied the break on it."

Govt takes note of steps to safeguard migrant rights 

  Caste-based enumeration of migrants, access to subsidised food and legal framework, low cost money transfer and inter-state operability of the PDS system were part of the recommendations submitted to the government today for safeguarding interests of the migrant community. | Govt takes note of steps to safeguard migrant rights Caste-based enumeration of migrants, access to subsidised food and legal framework, low cost money transfer and inter-state operability of the PDS system were part of the recommendations submitted to the government today for safeguarding interests of the migrant community. The 'Working Group on Migration' called for amendment in the protocols of Registrar General of India to enable caste based enumeration of migrants, who constitute about 30 per cent of the country's population and also the working force, as per 2011 census. 

Employees launch petition against 3-month exit notice in IT cos 

Over 28,000 IT employees have signed an online petition asking the Labour Ministry to stop IT companies from holding them to a three-month non-negotiable notice period.  Pushed into a corner due to a potentially poor salary increase and slower job growth, India’s IT sector professionals have knocked on the government’s door seeking a respite from tough exit clauses. Over 28,000 IT employees have signed an online petition asking the Labour Ministry to stop IT companies from holding them to a three-month non-negotiable notice period.

JLR unveils Ratan Tata's passion project Range Rover Velar 

 Tata Motors-owned Jaguar Land Rover has unveiled a new model at a grand ceremony here. JLR unveils Ratan Tatas passion project Range Rover Velar Tata Motors -owned Jaguar Land Rover has unveiled a new model at a grand ceremony. Gerry McGovern, Land Rover Chief Design Officer, credited the final product to Tata Group chairman emeritus Ratan Tata. "I would like to thank Ratan Tata. Ever since he saw the first sketch of the Velar, he became a passionate advocate of it," McGovern said at the function. "Design has the power to enrich people's lives... this is a vehicle with emotionally charged DNA and unquestionable pedigree," he added. Described as one of the "hottest products this year", the Velar is now open to orders from around the world, including India. In a boost to British manufacturing, the company announced that the Velar will be built exclusively at JLR's flagship Solihull plant in the West Midlands region of England. "The expansion of our product range and building this British designed and engineered car in the UK is a sign of our confidence in British manufacturing. We are leading the global premium car industry with our commitment to our home market and our heart, soul and headquarters will always be in the UK," said JLR CEO Ralf Speth. The Range Rover brand has been heralded as Britain's greatest luxury export since the 1970s and includes the Range Rover, Range Rover Sport and Range Rover Evoque.

Vodafone announces launch of 4G service in Pune Ashish Chandra,

Business Head Maharashtra & Goa Circle, Vodafone India said, "We started our 4G journey in Maharashtra from Nagpur and followed it up with launches in 107 cities and towns within a period of 3 months. Vodafone is now expanding its services across the IT, manufacturing and education hub of Pune. Vodafone announces launch of 4G service in Pune Vodafone India Ltd announced the launch of its Vodafone SuperNetTM 4G service in Pune. Vodafone SuperNetTM4G services have now been rolled out in 107 cities and towns in Maharashtra & 

Honda Motorcycle & Scooter India launches Activa 4G at Rs 50,730 

The all-new Activa 4G is compliant with BSIV emission norms and also has the Automatic Headlamp On (AHO) feature, the company said in a statement. Honda Motorcycle & Scooter India launches Activa 4G at Rs 50,730 Honda Motorcycle & Scooter India (HMSI) launched the fourth generation upgrade of its 110cc automatic scooter Activa priced at Rs 50,730 (ex-showroom Delhi). 

Tax officials to send 50,000 letters to PM for successful GST

 A decision in this regard was taken during a meeting of representatives of All India Association of Central Excise Gazetted Executive Officers and those from Indian Revenue Service (Customs and Central Excise). | Tax officials to send 50,000 letters to PM for successful GST At least 50,000 letters will be sent by indirect tax officials to Prime Minister Narendra Modi seeking his intervention to ensure successful roll-out of Goods and Services Tax (GST). A decision in this regard was taken during a meeting of representatives of All India Association of Central Excise Gazetted Executive Officers and those from Indian Revenue Service (Customs and Central Excise). "We have decided that each employee working under Central Board of Excise and Customs (CBEC) will write a letter to the Prime Minister seeking his intervention for the successful GST. "Though there are about 85,000 indirect tax employees working at various levels across the country, at least 50,000 letters will be sent to the Prime Minister within next two days," said Anup Kumar Srivastava, President of IRS officers association.