Hyderabad: Farmers who turned millionaires overnight face prospect of losing lakhs
Several farmers who sold their land in the Amaravati Capital Region in 2013-14 were left holding a lot of cash in their bank lockers. They are now hunting for friends and relatives who can accommodate deposits up to Rs 2.5 lakh in their bank accounts without attracting a penalty. Bank officials at Vijayawada, Mangalagiri, Thullur […]
Why govt’s demonetisation move may fail to win the war against black money
The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by income-tax data. Cash recovery has been less than 6% of the undisclosed income seized from tax evaders, shows […]
UP govt clears Patanjali Ayurved’s Rs2,000 crore investment
New Delhi: The Uttar Pradesh government has approved yoga guru Ramdev-promoted Patanjali Ayurved Ltd’s (PAL) Rs2,000 crore food park in Greater Noida and around 450 acres of land on the Yamuna Expressway will be allocated for the unit. “Earlier this week, the Uttar Pradesh cabinet has approved PAL’s Rs2,000-crore project in the state, which includes […]
PepsiCo to launch five products by early next year
New Delhi: Beverages and snacks firm PepsiCo India will launch up to five products by early 2017, intensifying its focus on nutrition and building a healthier portfolio of products. “We are moving as an organization towards creating a healthier portfolio… we have been working on developing products after understanding the local food palette and need […]
Reliance Jio 4G Speed Slowest in India, Shows Trai Data; Jio Blames Daily Data Limit of Welcome Offer
Reliance Jio entered the market with the aim of democratising Internet access in India by offering a 4G-only network that caters to the masses courtesy low-cost plans. However, it turns out the Jio 4G network offers the slowest download speeds in the country among the top 5 telecom operators. According to data by Telecom Regulatory Authority of […]
Engineers India, Gazprom to prepare India-Russia gas pipeline blueprint
NEW DELHI: India and Russia on Saturday assigned their respective domestic companies—Engineers India Ltd and Gazprom PJSC—to jointly study and prepare a blueprint for laying a gas pipeline between the two countries, said an oil ministry statement in New Delhi. The move is part of India’s plan to enhance the use of natural gas in its […]
Consumers and Retailers Warned about Counterfeit Food Products from India
FLUSHING, NY: Because of a huge influx of unauthorized food and other products from India, US retailers and consumers alike are being warned to be especially vigilant when purchasing products from the country. More than half of all the snack products that were tested and then blocked from sale in the US in 2015 were from […]
Global gold prices set to get Indian festive season boost
Gold prices are tumbling worldwide, but demand during the festive season in India may soon come to their rescue, as the festival of Diwali is set to prompt investors to take advantage of the recent correction. Dhanteras, the first day of Diwali, falls on 28 October this year. Indians tend to make high-end purchases, and […]
Reliance Jio 4G claims it crossed 16 million subscribers in first month
Reliance Jio has announced today that the the network has created a world record by crossing 16 million in total subscribers during the first month of operations. Reliance Jio rolled out its full 4G services to the public on September 5, and became open to most smartphone brands that the SIMs were not compatible with during the […]
Tata Global Beverages: in search of tea drinkers
A presentation that Tata Global Beverages Ltd made last week to US-based investors gave a spring to its share briefly, before it cracked along with the market in the aftermath of India’s “surgical strike” across the border. After gaining 5% mid-week, it closed the week ended 30 September below the previous week’s close. One item […]
Vedanta pays over $2 billion in royalties, taxes to India in FY16
NEW DELHI: Mining giant Vedanta Resources has paid more than $2 billion (over Rs.3,300 crore) in taxes, royalties, licence fees and other payments to India in the last financial year ended March 2016. In total, the firm led by billionaire Anil Agarwal has paid about $ 2.18 billion in taxes, royalties, licence fees and other payments to […]
Marriott, Starwood combined entity to open 80 hotels in India in 3 years
MUMBAI: Marriott International Inc, which on Friday completed acquisition of Starwood Hotels and Resorts, said the combined entity in India would open around 80 hotels in the next three years, taking the total number of hotels it operates to around 160 in the country. Both the hotel chains currently operate seven brands each with a total […]
Boeing gets $81m US contract to supply 22 harpoon missile systems to India
The Unites States department of defence awarded Bowing a 81 million dollar contract for the supply of 22 Harpoon missile systems to India. A US defense department release said the weapon manufacturer is being given $81,271,024 (Rs 542 crore approximately) for firm-fixed-price modification to a previously awarded firm-fixed-price contract meant for the procurement of 22 Lot […]
Indian firms’ foreign investment fell 84% in August at $399 million
Mumbai: Indian firms’ overseas direct investment fell 84% to $399.06 million in August, data from Reserve Bank of India showed. Indian companies had made an investment of $2.47 billion in the markets abroad during the same period last year. Compared to July this year, direct investments in August were down by 82.6%. The investments were in […]
India and Pakistan: A tale of two economies
Ankit Mital Karachi is a brown city. It’s not just the arid landscape that dominates it. In part it is the male version of the ubiquitous national dress—salwar-kameez—worn in pastel shades. Mostly, it is the colour of the public and commercial architecture, betraying signs of an economic boom that was aborted by the early 1990s, […]
Charity targets spinning mills in India, Bangladesh to end slavery in fashion industry
NED DELHI: One of the most effective ways to curb forced labour in the garment industry is to target cotton spinning mills, where workers can provide valuable information about the source of material in the fashion supply chain, an anti-slavery charity said on Friday. The apparel industry has come under pressure to improve factory conditions and […]
Swadeshi style: Yoga guru Ramdev’s Patanjali company to make jeans
You may soon be able to stretch and bend in a pair of “swadeshi” denim that yoga guru Ramdev’s multi-crore company, Patanjali, will manufacture and sell. He announced on Sunday his company will soon venture into the apparel market, making both traditional and modern clothes for men and women, as part of an ambitious expansion […]
Madhya Pradesh CM Shivraj Singh Chouhan back from US tour; MoUs worth Rs 2,400 crore signed
The US-based companies are expected to invest more than Rs 2,400 crore in Madhya Pradesh, especially in the infotech sector thus generating a large number of jobs, Chief Minister Shivraj Singh Chouhan has said. “Of the Rs 2,400 crore, Rs 1,000 crore is expected to be invested in the IT sector by US companies, according […]
ED attaches Vijay Mallya’s assets worth Rs6,630 crore
Mumbai: In a fresh round of action against Vijay Mallya, the Enforcement Directorate (ED) on Saturday attached properties worth Rs6,630 crore in connection with its money laundering probe. On its official Twitter handle the investigative agency said, “ED attaches further properties worth Rs6,630 Crores (Mkt Value) of Vijay Mallya in bank fraud case . Total attachment […]
IT Blues: Why are Indian infotech firms losing steam?
Bengaluru: A few months can make all the difference. On 15 April, Infosys Ltd, which had clawed its way back to almost being the bellwether of the $150 billion Indian information technology (IT) services business that it once was, announced an upbeat forecast for 2016-17. It projected constant currency growth in revenue of between 11.5% and […]
