Increase public spending to arrest economic slowdown: SBI

SBI Research has said that the slowdown in GDP is real and not technical and called for more public spending to stop the slide. Commenting on the issue, a SBI Research Official told the media, "We certainly believe that we are in a slowdown mode since September 2016 and a slowdown that has been prolonged to Q1 of this fiscal year is technically not short-term in nature or even transient.&q

Package soon to boost economy; no cuts in fuel rates: Arun Jaitley

Finance Minister Arun Jaitley on Wednesday hinted at a package of measures to boost the economy, while virtually ruling out any cut in duties on petroleum products to check the spike in fuel prices.

"We have taken note of all the economic indicators that are available. This has been a pro-active government on the reforms agenda. Over the last two days, I have had a series of disc

Car sales in India to grow by 9% in 2017: Moody`s

Car sales in India are expected to grow by nine per cent this year riding on the back of GST regime as well as new product launches, Moody's Investors Service said today. "Indian car sales will remain robust, growing 9 per cent this year and 7 per cent in 2018, supported by the impact of India's new goods and services tax (GST) as well as new model launches," Moody's said

Exclusive: Reliance plans major expansion at world's largest oil refinery complex

By Promit Mukherjee and Nidhi Verma

MUMBAI/NEW DELHI  - The Reliance Industries, operator of the world's largest refining complex, is considering expanding its oil processing capacity by over 40 percent by 2030, according to two sources familiar with the matter.

Reliance may expand the capacity at its dual refinery complex in Jamnagar in Gujarat by

Cabinet approves merger of 17 government presses into 5 units

The Union Cabinet today approved rationalisation of 17 Government of India Presses by merging them into five units. "Cabinet approves rationalisation/merger and modernisation of 17 Government of India Presses (GIPs) into 5 GIPs at Rashtrapati Bhawan, Minto Road and Mayapuri in New Delhi, Nashik in Maharashtra and Temple Street in Kolkata," an official statement said. Modernisation of

Equities close with marginal losses; auto stocks top laggards

Key Indian equity indices provisionally closed on a flat note -- marginally in the red -- on Wednesday as investors booked profits in automobile, consumer durables and banking stocks.

According to market observers, caution ahead of the US Federal Open Market Committee policy meet outcome Wednesday evening (India time), along with a weak rupee, hampered the risk-taking appetite of inve

RBI classify P2P platform as NBFC business

Peer-to-peer lending (P2P) platforms will be treated as non-banking financial companies (NBFCs) and thus regulated by the RBI, the central bank said in a notification. P2P lending is a form of crowd-funding used to raise loans which are paid back with interest. It can be defined as the use of an online platform that matches lenders with borrowers in order to provide unsecured loans.

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India needs to investment Rs 3-4 lakh cr in aviation sector: Minister

The Indian Government has said that India would need Rs 3-4 lakh crore investment in aviation infrastructure in the next 10-15 years to reach 50 crore passenger trips, like China and the US. Commenting on the issue, Minister of State for Civil Aviation Jayant Sinha told the media, "We will need Rs 3-4 lakh crore investment in airports in the next 10-15 years. China today has got 50 crore p

Tax evasion through stocks: Sebi revokes ban on 114 entities

Markets regulator Sebi has revoked trading ban imposed on 114 entities, which had come under the scanner for alleged manipulation and misuse of stock market platform for tax evasion, saying it did not find any adverse evidence against them. This comes after Sebi, earlier this month, had revoked ban on a total of 307 entities in the First Financial case as well as in the matter of dealing in sha

Trai decision to cut IUC to hurt telcos revenues: Fitch Ratings

The financial performance of India's main incumbent telcos will be undermined by the regulator's plan to reduce the mobile termination rate (MTR) by 57 per cent to Rs 0.06 per minute with effect from October 2017 and to remove it completely by January 2020, says Fitch Ratings. In contrast, the move should bring significant cost-savings and lead to faster-than-expected EBITDA break-even

Reliance Communications welcomes TRAI decision to slash IUC

Reliance Communications on Wednesday welcomed the Indian telecom regulator's decision to slash interconnection usage charges (IUC) to 6 paise.

"We welcome the reduction in IUC to 6 paise by TRAI. We also welcome the Bill & Keep model, to be effective from January 2020. The IUC cut has already been delayed by three years. With voice calling becoming free, TRAI's move w

RBI sets rupee reference rate at 64.3637 against dollar

The Reserve Bank of India on today fixed the reference rate of the rupee at 64.3637 against the US dollar and 77.2493 for the euro. The corresponding rates were 64.1769 and 77.0187, on yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 87.0262 and 57.76 per 100 yens, respectively, based on reference rates for the dollar and cr

Diageo says Indian highway liquor ban to hurt sales

Diageo, the maker of Johnnie Walker whiskey and Smirnoff vodka, expects its first-half sales growth to suffer from the timing of Chinese New Year and a ban on selling alcohol near Indian highways, the British company said on Wednesday.

India's top court banned liquor outlets within 500 metres of national and state highways in April, in a move that was expected to hit revenue for l

ONGC strikes `good` offshore oil, gas find - sources

By Nidhi Verma

NEW DELHI - The latest discovery of India's largest oil explorer, Oil and Natural Gas Corp, to the west of its Mumbai High offshore fields is estimated to hold in-place reserves of about 20 million tonnes, sources with knowledge of the matter said.

The Mumbai High field annually produces oil and natural gas of about 9 million to 10 million

Call connect rate cut will benefit new players: Airtel, Voda

Leading telecom operators Bharti Airtel and Vodafone has slammed the regulator Trai's decision to reduce call connect charges, saying that the move will benefit only one operator and worsen the financial health of stressed industry, reported PTI. Vodafone, the country's second largest operators in terms of number of subscribers, has termed the Trai's decision as "retrograde reg

Arun Jaitley reviews state of economy

Finance Minister Arun Jaitley reviewed the state of economy, including export scenario and infrastructure spendings, as the government looks to perk up economic activity to boost growth, reported PTI. The review meeting, which lasted for over two hours, was also attended by Commerce Minister Suresh Prabhu, Railway Minister Piyush Goyal and Niti Aayog Vice Chairman Rajiv Kumar, said government s

GST a tectonic shift, takes India closer to 8% plus growth

World Bank India chief Junaid Ahmad described GST as a "tectonic shift" in the country's taxation policy which has increased the possibility of 8 per cent plus growth, reported PTI. India recorded a growth rate of 7.1 per cent in 2016-17 and 5.7 per cent in the first quarter of the current fiscal.

"Today India is at the brink of a possibility of moving into 8 per ce

NALCO signs pact with HCL, MECL for strategic minerals

NALCO has said that it has signed has signed an MoU along with HCL and MECL, to make the country self-reliant in the areas of 12 strategic minerals that are either not available in the country or not available in the desired quantity.

Dr. Tapan Kumar Chand, CMD, NALCO, Shri Santosh Sharma, CMD, HCL and Dr. Gopal Dhawan, CMD MECL signed the MoU at the Corporate Office of NALCO in Bhuba

Donald Trump `s North Korea threat lifts gold ahead of Fed statement

By Peter Hobson

LONDON - Gold prices rose on Wednesday, aided by a weaker dollar ahead of a U.S. Federal Reserve policy announcement at 1800 GMT that could signal whether it will raise interest rates for a third time this year.

A threat by U.S. President Donald Trump to "totally destroy" North Korea also helped to push the dollar lower while stimul

US dollar declines as Fed meeting begins

The US dollar decreased against most other major currencies on Tuesday, as the Federal Reserve began its two-day monetary policy meeting.

In late New York trading, the euro rose to $1.1998 from $1.1950 in the previous session, and the British pound gained to $1.3523 from $1.3489 in the previous session, Xinhua news agency reported.

The Australian dollar climbed to $0.8012 fr

India needs Rs 3-4 lakh cr investment in aviation: Jayant Sinha

India would need Rs 3-4 lakh crore investment in aviation infrastructure in the next 10-15 years to reach 50 crore passenger trips, like China and the US, Minister of State for Civil Aviation Jayant Sinha said on Tuesday.

"We will need Rs 3-4 lakh crore investment in airports in the next 10-15 years. China today has got 50 crore passenger trips even if they have a high speed rail

Trai floats consultation paper to promote easing of doing biz

To promote "ease of doing business" in the telecom sector, regulator Trai today floated a consultation paper that has proposed time bound approvals, fees rationalisation and graded penalties, among others, reported PTI. Trai has issued a consultation paper, inviting views of stakeholders to examine some processes, which may have become redundant or may be executed in an efficient and

Infosys arm to offer chat-based service to banking customers

 IT major Infosys subsidiary EdgeVerve Systems's financial software product Finacle will tie up with financial technology start-up Niki.ai to offer chat-based service to customers of banking clients, it was announced on Tuesday/

"The partnership will enable banks using our Finacle to offer its customers a virtual banking assistant for shopping products and services,"

Over 50% train tickets bought in cash: Survey

Despite the government's digital push, more than half of the train tickets in India are purchased in cash -- thanks to the penalty on digital transactions, a survey revealed on Tuesday.

The findings said Indians still prefer the neighbourhood ticketing agent, who shun digital payments as they have to pay the bank charges themselves. It called for revisiting the rules and incentivi

Oil set for strongest Q3 since 2004, Iraq hints at OPEC extension

By Amanda Cooper

LONDON - Oil rose was on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut.

Brent crude futures were up 48 cents at $55.62 a barrel by 1020 GMT, while U.S. West