Amul’s turnover grows 18% to Rs27,085 crore in FY17
Dairy major Amul on Saturday reported an 18% increase in turnover at Rs27,085 crore for fiscal 2016-17 on an across-the-board sales increase. The turnover of Gujarat Co-operative Milk Marketing Federation (GCMMF), which markets Amul brand of milk and dairy products, has increased by about 3.5 times in the last seven years. Click here to read […]
Sensex rises 16% this fiscal leaving investors richer by Rs 26 trillion
MUMBAI: Benchmark Sensex slipped 27 points on Friday to end at 29,620.50 on the last trading day of 2016-17, but scored a gain of over 16% for the full fiscal during which investors’ wealth grew by over Rs 26 trillion. The broader 50-share index Nifty, which on Friday ended flat at 9,173.75 points, scored even […]
Inaugural Houston India Conference Focuses on ‘Make in India’ Inside Story
By Pramod Kulkarni HOUSTON: Every public policy has an inside story. The inaugural Houston India Conference (HIC) at the Asia Society Texas Center on Friday, March 24, provided an economic and political backdrop behind India’s ‘Make in India’ campaign. The policy insights were provided by leading Indian journalists, Indian and US government officials, and academic […]
Request for Vijay Mallya extradition certified by British govt: MEA
The UK government has acted on India’s request to extradite businessman Vijay Mallya, forwarding India’s letter to a UK district court for possibly issuing an arrest warrant, the foreign ministry said on Friday. “A formal extradition request in respect of Vijay Mallya as per extradition treaty between India and UK was handed over to the […]
India now 3rd largest aviation market in domestic air passenger traffic: Capa
NEW DELHI: India has become the third largest aviation market in terms of domestic passenger traffic, beating Japan, an industry report has said. India’s domestic air passenger traffic stood at 100 million in 2016 and was behind only the US (719 million) and China (436 million), Sydney-based aviation think-tank Capa Centre of Aviation said in […]
Tamil Nadu man deposits Rs 246 crore in account, will pay 45% of it as tax
CHENNAI: More than 200 individuals and companies have deposited unaccounted money to the tune of Rs 600 crore in various bank accounts in Tamil Nadu and Puducherry after demonetisation was announced+ on November 8 last year. Most of the accounts in which such deposits were made are in rural Tamil Nadu, but some are in […]
Indian companies line up Rs20,000 crore IPOs
The initial public offer (IPO) lane is getting busy as companies have lined up initial public offerings worth Rs20,000 crore in the coming months to fund their business expansion and meet working capital requirements. Hudco, NSE, Central Depository Services Ltd, Nakshatra World and Cochin Shipyard are among the names that plan to launch share sale […]
Rupee closes near 17-month high against US dollar
The Indian rupee on Tuesday rebounded and closed near 17-month high against the US dollar. It gained six out of seven trading sessions. The rupee closed at 65.28 a dollar—up 0.12% from its Monday’s close of 65.36. The rupee opened at 65.40 a dollar and touched a high and a low of 65.21 and 65.44, […]
Banks will take Rs27,400 crore hit if BJP sticks to UP farm loan waiver promise: SBI
If the Bharatiya Janata Party (BJP) government in Uttar Pradesh goes ahead with its poll promise of waiving loans to small and marginal farmers, banks will have to take a hit of Rs27,419.70 crore, said a research report. That impact, of course, will be temporary, as the state government will step in to reimburse lenders. […]
Aadhaar to be mandatory for income tax returns, getting PAN
The government on Tuesday proposed making Aadhaar, the unique number issued by the Unique Identification Authority of India, mandatory for filing of income-tax returns as well as for obtaining and retaining the permanent account number (PAN). It also proposed making cash transactions above Rs2 lakh illegal, reducing the limit from the earlier proposed one of […]
Govt moves fresh proposal to cap cash transactions at Rs 2 lakh, instead of Rs 3 lakh
Government on Tuesday moved a fresh proposal to cap cash transactions at Rs 2 lakh instead of Rs 3 lakh as provided in the Budget, as it introduced as many as 40 amendments to the Finance Bill in an ‘unprecedented move’. As the Finance Bill was taken up for consideration in the Lok Sabha, opposition […]
Currency in circulation 30% short of pre-demonetisation levels, shows RBI data
Currency in circulation in India stood at Rs12.45 trillion as on 10 March, showed data from the Reserve Bank of India. Although the pace of remonetisation was quicker in the week to 10 March compared to the two previous weeks, currency in circulation is still at about 70% of pre-demonetisation levels. On 4 November 2016, […]
Mukesh Ambani says expatriate talent should be brought back to India
Days after terming the protectionist bent of the Donald Trump regime as a “blessing in disguise”, Reliance Industries Ltd (RIL) chairman Mukesh Ambani on Saturday said it’s “high time” India promoted reverse brain-drain wherein its brightest talent come back and serve the homeland. “It’s high time that our brightest and the best work for the […]
Suzuki Motor expects India to be 3rd biggest car market by 2020
Suzuki Motor Corporation (SMC) expects India to grow into the third-biggest car market in the world by 2020 and is “determined” to play a big part in that growth. The company, whose arm Maruti Suzuki India commands nearly 50% of the passenger vehicle market in the country, has already started operations at its new plant […]
Petroleum Minister Pradhan Urges Community to Contribute its Talents
By Pramod Kulkarni HOUSTON: Despite the passage of time and long distance from our motherland, members of the Indian commnuity in Houston exhibit a passionate interest in political and economic activities underway in India. It was this attachment that led many to contribute their resources to electoral success of the BJP party led by Prime […]
India Unveils New Licensing Round to Attract Oil & Gas Investments
By Pramod Kulkarni Houston: India has become the world’s third largest energy consumer. While there is considerable oil and gas production underway. India must still import 75% to 80% of its oil consumption. With India’s GDP expected to rise to 8% in 2018, the energy demand is expected to grow even further. As one […]
India’s unemployment rate drops 50% in 7 months on Modi govt’s rural push
NEW DELHI: UP has logged the highest rate of decline in unemployment rate among major states in the period between August 2016 and February this year on the back of Centre’s focus on rural jobs scheme MGNREGA. According to the latest report by SBI Research, a wing of the country’s largest bank, SBI, during this […]
Railways Ministry in talks with 6 global firms for high speed trains
CHENNAI: Discussions by the railway ministry with top six global companies for the launch of very high speed trains in India that can travel at a speed of 600kms per hour were in the advanced stage, Railway Minister Suresh Prabhu said on Saturday. “We called for six top global companies who have technology that can […]
I-T dept attaches assets worth Rs 33cr allegedly amassed by AAP’s Satyendar Jain
The Income Tax department dealt a body blow to the reputation of the Aam Aadmi Party (AAP) by attaching assets allegedly amassed illegally by Satyendar Jain, a senior minister in the Delhi government. The assets attached under the Benami Act include more than 100 bighas of land with investment value of Rs 17 crore and […]
India sets the stage for a clash with US, EU at WTO
If timing is what matters in life as well as global trade negotiations, India could not have asked for a more inauspicious time than now for circulating the draft negotiating text for improving several provisions of the World Trade Organization’s General Agreement on Trade in Services (GATS), according to services experts who spoke to Mint. […]
