Page 2665 - Business Finance
Inland Waterways Authority releases standard ship designs for Ganga river
Inland Waterways Authority of India (IWAI) today made public 13 standardised ship designs suitable for large barge haulage on the Ganga river, the government said. "This marks attaining of a critical milestone in the growth of the country's inland water transport sector as it will help overcome the unique navigation challenges river Ganga throws due to its complex river morphology, hydraulics, acute bends, shifting channels, meanders and current," the shipping ministry said in a statement. "It will serve as an enabler for domestic shipbuilding industry working on inland vessels and open huge possibilities for cargo and passenger movement on National Waterway-1," the statement said. The Government is implementing Jal Marg Vikas Project (JMVP) for capacity augmentation of navigation on NW-1-- Varanasi-Haldia stretch--at a cost of Rs 5,369 crore with the technical assistance and investment support of the World Bank. Even as the work on JMVP is going on in full steam, the specially ...
GDP growth a reflection on transformative changes: BJP chief
BJP President Amit Shah on Friday hailed the Modi government for registering 8.2 per cent growth in the first quarter of 2018-19 and said that it was a reflection on the transformative changes being ushered in.
Chidambaram expresses scepticism over GDP growth prospects in coming year
Congress leader and former finance minister P Chidambaram today expressed scepticism over India's GDP growth prospects, saying it would "not be so favourable" in third and fourth quarters, despite the GDP growing at 8.2 per cent in the current fiscal's first quarter. He said the country's growth rate might decline in the third and fourth quarters and be the same as that reported in the last fiscal. "Going forward, the base effect will not be so favourable. And when we reach Q3 and Q4, the rate of growth may decline and the annual growth rate may be more or less like last year's," he said on Twitter. Chidambaram, however, expressed happiness at the quickened rate of growth recorded in the first quarter of current fiscal. "Happy that the rate of growth has quickened, but look at the table once again. Q1 growth rate is based on the lowest base (5.6) in the last 8 quarters," he tweeted. He also gave a tabulated data showing that the GDP was 8.1 per cent in the first quarter of 2016-17, ...
SAIL says dividend for FY18 not possible due to loss
State-run steel maker SAIL has informed the government that it is not in a position to pay dividend for 2017-18 as it suffered a loss of Rs 281 crore in the fiscal, an official said. "When the government which is a major shareholder in SAIL asked the PSU that whether it was giving dividend the steel major said that at present it is not in net profit," the official said. For giving dividend, the company first has to come to profit, the official added. "Being a shareholder, the government will definitely ask the PSU are you going to give dividend? They are not saying that give dividend," the official said further. A SAIL spokesperson said, "Since we were at loss in 2017-18 we not in a position to pay dividend for the fiscal." For the current fiscal, the government expects to garner Rs 52,494 crore as dividend from CPSEs. According to the government guidelines on payment of dividends, the company is required to pay a minimum annual dividend of 30 per cent of Profit After Tax or five per .
Argentina peso stabilizes after central bank increases intervention
BUENOS AIRES/NEW YORK (Reuters) - Argentina's beleaguered peso stabilized in early trade on Friday as the central bank said it would auction a large amount of dollar reserves and investors looked for signs the government would unveil a fiscal package austere enough to calm the markets.
India to exceed 7.5% growth this fiscal: Govt
With 8.2 per cent growth in the first quarter, Indian economy has completed its recovery process and will exceed 7.5 per cent growth rate in fiscal 2018-19, Economic Affairs Secretary Subhash Chandra Garg said on Friday.
RBI cancels the licence of Bhilwara Mahila Urban Co-operative Bank
The RBI has cancelled the licence of Rajasthan-based Bhilwara Mahila Urban Co-operative Bank as it does not have adequate capital and earning prospects. The RBI said it has cancelled the licence of the bank with effect from the close of business on August 31, 2018. "The bank does not have adequate capital and earning prospects. The bank is not in a position to pay its present and future depositors in full as and when their claims accrue," the apex bank said. The affairs of the bank are being conducted in a manner detrimental to the interest of its present and future depositors and no useful purpose would be served by allowing the bank to continue as envisaged in the Banking Regulation Act, it said further. "Consequent to the cancellation of its licence, Bhilwara Mahila Urban Co-operative Bank Ltd, Bhilwara, Rajasthan is prohibited from conducting the business of banking which includes acceptance of deposits and repayment of deposits...with immediate effect," the RBI said. With the ...
Steps taken to attract investments worth Rs 45,000 cr: TN govt
The Tamil Nadu government has taken steps to attract investments worth Rs 45,000 crore in various sectors, state Industries Minister M C Sampath said today. In his inaugural address at the three-day Surface and Coating Expo, organised here by trade body CII, Sampath said Tamil Nadu, with a GDP of 8.03 per cent in 2017-18, was one of the top three industrialised states in the country. "The state is the largest hub for production of automobiles and auto-components, electronic hardware, engineering and textiles and the government has taken steps to attract Rs 45,000 crore worth of investments...", he said. Chairman and chief executive of Heavy Water Board, an industrial unit of the Department of Atomic Energy, U Kamachi Mudali said the paints and coating industry has a business of USD 152 billion in the global market and this was expected to reach USD 175 billion by 2022. "Forty per cent of the business is in Asia-Pacic where China and India are the major contributors," he .
India can take forward trade reforms in service sector: Puri
With 57 per cent of India's GDP contributed by services, the country can take forward trade reforms in the service sector, Union Urban Affairs Minister Hardeep Singh Puri said here.
India preferred destination for global investments: Pradhan
Union Minister Dharmendra Pradhan today said India has emerged as the preferred destination for global investments and none can stop the country from growing further. "Twenty first century belongs to Asian countries. Within Asia, India is the preferred destination for global investments," Pradhan, the Petroleum and Natural Gas Minister said on the Second Day of the 3-day Golden Jubilee Year National Convention of Company Secretaries here. Asserting that nobody can stop the juggernaut of Indias growth story, he said company secretaries will have to play a major role in writing a new chapter in the countrys transformation. Pradhan, who is also the Union Skill Development Minister, gave an exclusive insight into 'Skill Development in India' and said to achieve the vision of 'Skilled India', the National Skill Development Mission is consolidating and coordinating skilling efforts. "It is implementing a streamlined institutional mechanism driven by Ministry of Skill ...
India Inc cheers as economy grows at 2-yr high of 8.2% in Q1
With India's economy growing at a 2-year high of 8.2 per cent in the April-June quarter, industry bodies said today that it was an outcome of reforms undertaken by the government in the last four years, and revival is on track. The GDP growth in the April-June quarter, which cemented India's position as the fastest growing major economy, came on the back of good performance by manufacturing and farm sectors, according to government data released today. "The recovery that is shaping up is broad based and there are clear signs of revival in domestic demand and investments. The double-digit growth in manufacturing comes on back of a low base but does reflect the positive momentum already seen in some of the key lead indicators of economic activity," said Ficci President Rashesh Shah. "The first quarter GDP numbers augur very well for the entire fiscal FY18. While it is early days, the Indian economy seems back to a solid trajectory for further gains in the next few quarters," Assocham ...
Telecom Commission caps network testing period at 180 days
Telecom Commission on Friday approved norms on network testing before the commercial launch of services and capped its duration to a maximum of 180 days.
RBI ban: Fino Payments Bank eyes new streams to make up for
After being barred from opening new accounts by the RBI, Fino Payments Bank is looking at alternative streams to make up for revenue loss and also fears a delay in a planned capital raising exercise, a top official said today. The Reserve Bank of India (RBI) in May had directed the city-based payments bank to halt account opening functions till it modifies its processes to adhere to the regulator's rules on deposit limit, which mandates payments banks to restrict deposits to Rs 1 lakh. "The purpose of the bank is to open accounts. There is some losses because of that. But we are trying to do other things to compensate that loss like becoming more active in CMS (cash management services) activities, business correspondent activities and remittances," its managing director and chief executive Rishi Gupta told reporters here. He said remittances will grow to Rs 1,700 crore this month and will touch Rs 2,000 crore. Gupta said the bank was opening an average of over one lakh
India's GDP growth surges over 8 percent, boost for Modi before election
NEW DELHI (Reuters) - India's annual economic growth surged to a more than two-year high of 8.2 percent in the three months through June, giving Prime Minister Narendra Modi's government a political boost in the final year of his term before elections.
Adroit Infotech acquires two US based companies
As part of its inorganic growth strategy
GDP growth hits 2-yr high of 8.2 pc in Q1
India's economy grew at 8.2 per cent in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors, increasing its lead over China to remain the world's fastest growing major economy. The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 5.6 per cent in the April-June quarter of last fiscal, according to government data released Friday. The size of the GDP in the first quarter of 2018-19 was estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, a growth rate of 8.2 per cent, as per the statement of the Central Statistics Office (CSO). The previous high quarterly GDP growth was recorded in January-March of 2015-16 at 9.3 per cent. The Chinese economy had expanded at the rate of 6.7 per cent in the April-June period this year. India's Gross Value Added (GVA) for the quarter under consideration has been estimated at 8 per cent, up from 5.6 per cent in the year-ago period. The quarterly GVA at constant
Sebi fines five entities Rs 55 lakh for fraud trade
Markets regulator Sebi today slapped a fine totalling Rs 55 lakh on five entities for indulging in irregular trading in shares of CAT Technologies. In an order, Sebi imposed a fine of Rs 25 lakh on Delight Financial Advisors, Rs 10 lakh each on Madanlal Bugaliya and Cherry Cosmetics, Rs 5 lakh each on Basmati Securities and Vinod Amratlal Naai for violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. The Securities and Exchange Board of India (Sebi) during the period from April 2010 to August 2011 examined the alleged violations by the entities regarding the irregular trading in shares of CAT Technologies. After the probe, the market watchdog found that the five entities who were connected to each other had executed synchronised trades, reversal trades and self-trades, the regulator said. Except Basmati Securities, all entities contributed to price rise in the scrip fraudulently by repeatedly placing buy orders with group entities at a price higher than ..
India's rising economic fortunes mean better prospects for common man: Shah
BJP president Amit Shah today credited "transformative changes" ushered in by the Modi government for a 8.2 per cent growth in the economy, a 15-quarter high, and said it will mean better prospects for the common man. In a dig at the preceding UPA government, he said the economy was in a shambles when Prime Minister Narendra Modi took over but an unfazed NDA, the entire cabinet, "single-mindedly" focussed on putting India back on track. BJP leaders, including several Union ministers, posted tweets hailing the increased rate of growth and lauding Modi's leadership for the development. "India's rising economic fortunes mean better prospects for the common man, who will now have more means and opportunities to realise his or her dreams. New India, under PM Modi's leadership, is now empowered more than ever. My compliments to the PM for this stupendous performance," Shah tweeted. The rapidly growing GDP is a reflection on the transformative changes being ushered in by the Modi government,
Core industries' growth slips to 6.6% in July
The growth of eight core industries declined by one per cent to reach 6.6 per cent in July compared to 7.6 per cent in June, 2018.According to the data released by the Ministry of Commerce and Industry, the combined Index of eight core Industries - coal, crude oil, cement, natural gas, fertilisers, steel, electricity and refinery products -- stood at 128.4 in July, 2018.Coal production increased by 9.7 per cent in July this year over the same period last year, with an increase in its cumulative index increased by 12.3 per cent during April to July, 2018-19.Crude Oil production declined by 5.4 per cent on a year-on-year basis, with a decline in its cumulative index by 3.2 per cent. Natural Gas production, too, declined by 5.2 per cent in July this year.Petroleum Refinery production increased by 12.3 per cent in July this year over the same month last year, while its cumulative index increased by 8 per cent. Fertilizer production increased by 1.3 per cent in July this year over the same
1st quarter GDP estimate touches 8.2%
The Central Statistical Office (CSO) on Friday estimated that Gross Domestic Product (GDP) for the first quarter of the year, that is, April to June this year, stands at 8.2 per cent.GDP at constant (2011-12) prices in quarter one of 2018-19 is estimated at Rs.33.74 lakh crore as against Rs.31.18 lakh crore in the same period last year, the data revealed.The figure holds significance as it represents a crucial jump from last year's quarter one growth of 5.6 per cent, indicating superior acceleration in India's growth trajectory.Welcoming the development, Chairman of the Economic Advisory Council to Prime Minister (EAC-PM) Bibek Debroy attributed this positive trend to the continued impetus for structural reforms and effective implementation of ongoing policy initiatives.He further stated that the focus on boosting capital spend in the infrastructure sector and multiple initiatives to provide universal access to basic goods and services has not only contributed to this growth but has ..