LIVE: IMF projects sharp contraction of 4.5% in Indian economy in FY21

From political crisis in Manipur to monsoon 2020 in India, stay tuned with Business Standard for the latest news of today

11:58 PM

Cabinet approves participation of private sector in space activities

The Cabinet on Wednesday approved participation of the private sector in the entire range of space activities, including planetary exploration missions, Union minister Jitendra Singh said.

The newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, Singh, who is the Minister of State in the Prime Minister's Office, said.

The Department of Space comes under the PMO.

This centre will also hand-hold, promote and guide the private industries in space activities through encouraging policies and a friendly regulatory environment, Singh added. Read full story here...

11:57 PM

Draft e-commerce policy soon, to be stricter on data norms and discount

The government is set to release the second draft of the proposed e-commerce policy soon, which would focus on domestic traders and have more scrutiny on predatory pricing, multiple people in the know said.

While no decision has been taken on the deadline for the final policy, sources said Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Guruprasad Mohapatra is set to hold a review with his team in the next few days to take stock of the draft policy and submit it to the commerce minister.
 

Sources add that the DPIIT is planning its own set of recommendations on data localisation and non-personal data, independent of those laid out in the Personal Data Protection Bill 2019. “Data localisation remains a big concern and despite there being broad government norms on the issue, it would have to be tailor fit for the e-commerce sector,” an official said. Read more...

10:35 PM

Covid-19: WHO sees global cases reaching 10 million-mark next week

World Health Organization Director General Tedros Adhanom said on Wednesday he expected the number of novel coronavirus cases around the world, now at about 9.3 million, to reach 10 million next week.

Tedros also told a news briefing he backed Saudi Arabia's decision to ban pilgrims from abroad from attending the annual Haj pilgrimage to help limit the spread of the virus.

He said WHO was now supporting many countries in dealing with difficulties obtaining oxygen concentrators, devices that boost the flow of oxygen to support the breathing of Covid-19 sufferers.  Read full story here...

10:33 PM

Blackstone sells Embassy Office Parks REIT units for Rs 2,270 crore

Global fund manager Blackstone on Wednesday raised around $300 million (about Rs 2,270 crore) by selling its units in Embassy Office Parks REIT to monetise part of its investment, said sources in the know. Blackstone was targeting to raise up to $257 million (around Rs 1,950 crore), but increased the size of its offer on account of increased demand from institutional investors, sources said.

Sources said the demand was to the tune of $500 million (nearly Rs 3,800 crore) from both current REIT holders and new institutional investors. Foreign institutional investors such as American Balanced Fund, Nomura India Investment Fund, Signature High Income Fund, and others lapped the units. 

Existing investors such as Capital Group, CI Funds, ICICI Prudential also increased their holding in the REIT, sources said. Read full story here...

10:32 PM

Govt has unlocked Covid-19 pandemic, petrol-diesel prices: Rahul Gandhi

Congress leader Rahul Gandhi on Wednesday took a swipe at the Modi government over the increase in fuel prices and the mounting Covid-19 cases in the country, saying it has "unlocked" the coronavirus pandemic and petrol-diesel prices.

Fuel prices were hiked for the 18th day in a row on Wednesday. After an 82-day hiatus, oil companies restarted revising prices in line with costs on June 7.

On Wednesday, the country also saw the highest single-day jump of 15,968 Covid-19 cases and 465 fatalities, taking the infection tally to 4,56,183 and the death toll to 14,476, according to the Union Health Ministry data.

"The Modi government has 'unlocked' the corona pandemic and prices of petrol-diesel," Rahul Gandhi said in a tweet in Hindi. Read full story here...

10:31 PM

Coronavirus cases in Telangana cross 10,000-mark

The number of Covid-19 cases in Telangana crossed 10,000 mark on Wednesday with 891 people testing positive for the virus during the last 24 hours.

 

This is the highest single-day jump in the infections since March 2, when the state had recorded its first case. On Tuesday, the state had reported 879 cases.

 

Telangana became 11th state in the country to cross 10,000 mark but with a tally of 10,444, it overtook Andhra Pradesh, where the cumulative cases rose to 10,331 earlier in the day.

 

With the massive surge this month, Telangana has reported over 7,000 cases in three weeks.

10:30 PM

AgustaWestland case: ED searches ex-Emmar MGF MD Shravan Gupta's premises

The Enforcement Directorate (ED) on Wednesday carried out multiple searches on premises of Shravan Gupta, the former managing director of realty major Emmar MGF, and some others in connection with the AgustaWestland VVIP chopper money laundering case, officials said.

 

Raids are being carried out at nine premises in Delhi, Gurgaon and a few other locations in the National Capital Region, they said.

 

The searches are aimed at collecting evidence in connection with the Rs 3,600-crore VVIP choppers deal case, they said. Read full story here...

8:51 PM

Govt extends deadline for filing I-T returns for FY18-19 by a month till July 31, 2020

8:51 PM

BREAKING: Deadline to link Aadhaar with PAN extended till March 31, 2021

8:50 PM

Pak remains safe haven for terrorists; took 'modest steps' to counter terror financing: US report

Pakistan took "modest steps" in 2019 to counter terror financing and restrain India-focused militant groups from conducting large-scale attacks following the Pulwama attack in February, but it remained a "safe harbor" for regionally focused terrorist groups, the US said on Wednesday.

 

The suspension of US aid to Pakistan, which was announced by President Donald Trump in January 2018, remained in effect throughout 2019, the State Department said.

 

"Pakistan took modest steps in 2019 to counter terror financing and restrain India-focused militant groups from conducting large-scale attacks following the February attack on a security convoy in the Indian state of Jammu and Kashmir linked to Pakistan-based Jaish-e-Mohammed (JeM)," it said.

 

In its Congressional-mandated annual report 2019 Country Reports on Terrorism, the State Department said Pakistan took action against some externally focused groups, including indicting Lashkar e-Taiba (LeT) founder Hafiz Saeed and associates in three separate terrorism financing cases.

8:29 PM

MEA seeks to simplify rules for issuing passports on Passport Sewa Diwas 2020

On the occasion of Passport Sewa Diwas on Wednesday, Minister of State for External Affairs V. Muraleedharan said that the ministry's future endeavour should be to simplify rules and regulations for issuing passports as well as optimize requirement of documents for getting a passport, PTI reported.

 

In the last six years, Muraleedharan said that the MEA has undertaken several important steps in improving the passport delivery systems in the country. The Passport Seva Programme has continued to take rapid strides and has become one of the largest and most acclaimed Mission Mode projects under the National e-Governance Plan of the government.

 

The issuance of passports is one of the most successful citizen-centric activities of the External Affairs ministry. "It is heartening that we issues more than 1 crore passports last year. I congratulate the collective efforts of all of you for the success story of the passport issuance system today," he said.

 

In order to take passport services to the doorsteps of the citizens of our country, Muraleedharan said the MEA has partnered with the Department of Posts to set up Post Office Passport Seva Kendras in the country. As of now, there are 517 passport kendras in the country.

8:25 PM

Karnataka all set to hold SSLC exam amid coronavirus scare

Amid coronavirus scare in the state, the Karnataka Secondary Education Examination Board is all set to hold the Secondary School Leaving Certificate examination or 10th standard exam from Thursday with all precautionary measures in place. The exam was supposed to take place on March 27 but due to the lockdown it was postponed.

 

While a few neighbouring states have given general promotion to the 10th standard students due to coronavirus scare, the Karnataka government decided to hold the exam from June 25 to July 3.

 

"We are taking all precautionary measures to ensure the safety and security of the children in association with the home department and the health department," Karnataka Primary and Secondary Education Minister S Suresh Kumar told reporters on Wednesday.

8:18 PM

208 deaths and 3,890 new cases of Covid-19 reported in Maharashtra today

7:55 PM

Latest News LIVE: India, China hold diplomatic talks to ease border tension

India and China on Wednesday agreed that expeditious implementation of the previously agreed understanding on disengagement of troops from standoff points in eastern Ladakh would help ensure peace and tranquillity in the border areas, the Ministry of External Affairs said. The two sides held diplomatic talks through video conference to explore ways to ease tension along the Line of Actual Control in the eastern Ladakh region.

 

The MEA said the situation in the region was discussed in detail and the Indian side conveyed its concerns over the violent face-off in Galwan Valley on June 15. Twenty Indian Army personnel were killed in the clash.

 

"In this regard, it was emphasised that both sides should strictly respect and observe the Line of Actual Control," the MEA said in a statement.

 

It said the two delegations agreed that the expeditious implementation of the understanding on disengagement would help ensure peace and tranquillity in border areas and the development of a broader relationship between the two countries. The talks were held between Joint Secretary (East Asia) in the Ministry of External Affairs Naveen Srivastava and Director General in the Chinese Ministry of Foreign Affairs Wu Jianghao.

7:43 PM

Cabinet okays additional investment of $121 mn by ONGC Videsh in Myanmar

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved additional investment of $121.27 million by ONGC Videsh Ltd for further development of Block A-1 and A-3 blocks in Myanmar.

 

The CCEA, chaired by Prime Minister Narendra Modi, approved the additional investment for the Shwe oil and gas project in Myanmar blocks, an official statement said.

 

OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), had picked up a stake in the Shwe Project in Myanmar in 2002. The firm has invested $722 million in the project till March 31, 2019. The first gas from the Shwe Project was received in July 2013 and plateau production was reached in December 2014. The project has been generating positive cash flows since FY 2014-15, it said.

 

7:27 PM

Global output is projected to decline by -4.9% in 2020: International Monetary Fund

7:27 PM

Latest News LIVE: All cooperative banks to come under RBI supervision

The government on Wednesday said that all urban cooperative banks and multi-state cooperative banks will come under the supervision of the Reserve Bank of India, a development aimed at providing comfort to depositors and prevent repeat of PMC Bank like scams.

 

The President of India will promulgate an ordinance to this effect, Information and Broadcasting Minister Prakash Javadekar told reporters after the meeting of the Union Cabinet. Terming it a landmark decision, the minister said 1,540 urban cooperative banks and multi-state cooperative banks will be brought under the RBI supervisory process as is applicable in case of scheduled commercial banks.

 

"...depositors (of cooperative banks) will get protection and benefit from this decision," Javadekar said.

 

There are 1,482 urban cooperative banks and 58 multi-state cooperative banks having about 8.6 crore depositors with total savings deposit of about Rs 4.85 trillion. The decision assumes significance in the wake of a scam in the Punjab and Maharashtra Cooperative (PMC) Bank and some other cooperative banks affecting lakhs of customers who are facing difficulty in withdrawing their money due to restrictions imposed by the Reserve Bank of India.

7:20 PM

Competition Commission approves Facebook's 9.99% stake purchase in Jio

The Competition Commission on Wednesday said it has cleared Facebook's proposed acquisition of 9.99 per cent stake in Jio Platforms, the digital arm of Reliance Industries.The $5.7 billion (Rs 43,574 crore) deal -- the single largest FDI in the technology sector in India -- was announced in April.

 

The US social-networking major had set up a separate entity -- Jaadhu Holdings LLC -- for making the investment. The Competition Commission of India (CCI) has approved "acquisition of 9.99 per cent stake in Jio Platforms by Jaadhu Holdings LLC", according to a tweet. Jio Platforms was created in October last year to house all-digital initiative of Reliance.

 

7:03 PM

Latest News LIVE: IMF downgrades outlook for global economy in face of coronavirus

The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. The IMF predicts that the global economy will shrink 4.9% this year, significantly worse than the 3% drop it had estimated in its previous report in April. It would be the worst annual contraction since immediately after World War II.

 

For the United States, the IMF predicts that the nation's gross domestic product the value of all goods and services produced in the United States will plummet 8% this year, even more than its April estimate of a 5.9% drop. This, too, would be the worst such annual decline since the U.S. economy demobilized in the aftermath of World War II.

 

The IMF issued its bleaker forecasts Wednesday in an update to the World Economic Outlook it released in April. The update is generally in line with other recent major forecasts. Earlier this month, for example, the World Bank projected that the global economy would shrink 5.2% this year.

 

The IMF noted that the pandemic was disproportionately hurting low-income households, imperiling the significant progress made in reducing extreme poverty in the world since 1990.

6:52 PM

IOC reports massive loss of Rs 5,185 crore in Q4 on inventory losses

State-owned Indian Oil Corp (IOC) on Wednesday reported a massive Rs 5,185 crore loss in the March quarter after a slump in oil prices resulted in record inventory losses for the company.

 

The net loss of Rs 5,185.32 crore in January-March compared to Rs 6,099.27 crore net profit in the same period a year back, IOC Chairman Sanjiv Singh told reporters. The loss was primarily due to inventory losses and lower refining margins.

 

The company recorded an inventory loss of Rs 14,692 crore in the fourth quarter of 2019-20 as compared to an inventory gain of Rs 1,787 crore in the same period a year back, he said.

 

An inventory loss is recorded when a company buys raw material at a particular price but by the time it is shipped and processed into fuel, rates have fallen. Since retail prices are benchmarked to prevailing international prices, an inventory loss is recorded. In case of reverse, an inventory gain is booked.

6:25 PM

Army Chief visited Eastern Ladakh today and reviewed operational situation

6:16 PM

Four Indian education institutes make it to QS Next 100 under 50 rankings

Led by Indian Institute of Technology (IIT) Guwahati, four Indian institutes have made it to the 2021 edition of QS 'Next 100 under 50' rankings. With the debut of IIT Hyderabad as the second best young Indian institute under the age of fifty years, India's representation increased by one in the latest edition from three institutes last year.

 

The other two Indian institutes under the age of fifty years include University of Hyderabad as the third best and OP Jindal Global University as the fourth best.

 

In all, four Indian universities feature in the Next 100 under 50 table, one more than last year, thanks to the debut of IIT Hyderabad in the 101-150 band. However, no Indian university made it to the top 50 under 50 rankings yet. READ MORE...

6:07 PM

Coronavirus cases breach 70,000-mark in Delhi with 3,788 new cases in the last 24 hours

Coronavirus cases breach 70,000-mark in Delhi with 3,788 new cases in the last 24 hours. Death toll at 2,365. Out of the total, 26,588 are active cases and 41,437 people have recovered.

 

6:04 PM

RBI asks banks, NBFCs to disclose digital lending agents upfront

To make digital lending more transparent, the Reserve Bank on Wednesday directed banks, NBFCs and digital lending platforms to disclose full information upfront on their websites to customers. The direction comes against the backdrop of several complaints relating to exorbitant interest rates and harsh recovery measures, among others, against lending platforms.

 

While the banks and non-banking finance companies (NBFCs) are being directed to disclose the names of agents engaged by on their websites, digital lending platforms have been asked to tell their customers upfront the names of the bank/ NBFC on whose behalf they are disbursing loans.

 

"outsourcing of any activity by banks/ NBFCs does not diminish their obligations, as the onus of compliance with regulatory instructions rests solely with them," the RBI said in a communication to the scheduled commercial banks and NBFCs.

 

The RBI further said that immediately after sanction of loan, a letter must be issued to the borrower on the letter head of the bank/ NBFC concerned.

5:58 PM

Cabinet approves participation of private sector in entire range of space activities: Union minister Jitendra Singh

5:55 PM

IMD issues orange alert for Thiruvananthapuram, Kollam, Pathanamthitta, and four other Kerala districts

5:49 PM

About 6,500 Pak nationals operating as terrorists in Afghanistan: UN report

About 6,500 Pakistani's are operating as terrorist ranks in Afghanistan, posing a significant threat to the peace, stability and security of the war-torn country and South Asia region, stated a UN Security Council report.

 

The report released by Analytical Support and Sanctions Monitoring Team, concerning the Taliban and other associated individuals and entities, published in the EU Chronicle, stated that the fighters trained by Pakistan-based terror outfits such as Tehrik-e-Taliban Pakistan, Jaish-e-Mohammed (JeM) and Lashkar-e-Taiba (LeT) act as advisers, trainers and specialists in improvised explosive devices in Afghanistan, ANI reported.

 

The presence of such terrorists poses a complex challenge for the Taliban to prove its credibility as a counter-terrorism partner in the war-torn country. Furthermore, Pakistan's ambitions for Afghanistan and the support of its Inter-Intelligence Services (ISI) to Pak based terrorist organisations, as per the UN report implies that it too wants to be included in the race for control.

 

Pakistan Prime Minister Imran Khan, in July 2019, on his three-day official visit to Washington, admitted to American lawmakers that successive governments in his country previously had not told the truth to the United States, in particular over the past 15 years where forty different militant groups were operating in Pakistan.

5:36 PM

Latest News LIVE: China continues military build-up along LAC near Eastern Ladakh

Even as India and China continue to talk, the Chinese have continued the build-up all along the Line of Actual Control (LAC) including the Finger area where they have strengthened themselves with more positions and constructions, ANI reported.

 

The Chinese Army started its build up along the LAC in Eastern Ladakh sector from May 4 and deployed more than 10,000 troops along with heavy artillery, armoured regiments and defence batteries. "In the Finger area along the Pangong Tso lake, the Chinese have continued to indulge in heightened military activities like deployment of troops and construction," a source told ANI.

 

The Indian side claims the areas up to Finger 8 but the Chinese Army during the recent face-offs have been blocking Army patrols from going beyond Finger 4.

 

The Chinese side has been aggressively trying to bring newer areas under its control in the Finger area, the sources said. In the Galwan river area, where the violent face-off took place between the two armies resulting in a high number of deaths on both sides, the Chinese have built some of their structures after the clash, the sources said.

 

An observation post-like structure of the Chinese removed by the Indian Army troops on June 15-16 night has also come up again near the Patrolling Point 14, they said. The build up on the Indian positions PP-15, PP-17 and PP-17A also continues to exist as the Chinese have been using a road, which moves close to Indian patrolling points from its side, to send both men and equipment urgently to the Indian side.

5:26 PM

OBC Commission's tenure extended by 6 months, says Prakash Javadekar

The Union Cabinet on Wednesday decided to extend the tenure of the OBC Commission by six months, Union minister Prakash Javadekar said. He said the panel was tasked to make various recommendations related to Other Backward Classes, but its work was affected due to the coronavirus outbreak.

 

Among other things, the panel was also mandated to examine the issue of sub-categorisation within the Other Backward Classes. Now its tenure has been extended till January 31, 2021.

5:17 PM

LIVE updates: Ladakh orders ban on use of plastic water bottles in govt offices, other institutions

As a step to realise the long term goal of 'carbon neutral Ladakh', the Union Territory administration has ordered a complete ban on the use of plastic water bottles and other plastic made objects in government offices and other institutions, an official spokesman said on Wednesday.

 

The target and timeline for phased ban would be 100 percent of plastic bottles by July 15 and 100 percent of plastic files and folders by July end, the spokesman said, quoting an order issued by Commissioner Secretary Finance and General Administration Department, Ladakh, Rigzian Sampheal on Tuesday.

 

The spokesman said all government offices, boards, corporations, autonomous bodies or units, educational institutions including universities would dispense with the use of plastic water bottles in their respective offices and make alternate arrangements for safe drinking water that does not generate plastic waste, PTI reported.

 

He said the order directed for necessary initiatives and steps to ensure a total ban on the use of plastic bottles, plastic folders and similar plastic made objects by the end of July in all government offices, while alternative eco-friendly measures be implemented and substitutes made of biodegradable materials be used for all purposes.