ECONOMY & NATION


Giving a clear message that controversy is no substitute for good work, Prime Minister Narendra Modi on Tuesday removed his one-time handpicked high-profile Smriti Irani from the crucial Human Resource Development Ministry and gave her the responsibility of the low-profile Textiles...

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The union cabinet which met here on Tuesday with Prime Minister Narendra Modi in the chair approved the interest subvention scheme for farmers for 2016-17.   "The government has earmarked a sum of Rs18,276 crore for this purpose. This will help farmers getting short term crop loan...

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Strong manufacturing industry lifted Indian economy while business activity in the service sector rose at its second lowest rate in the current 12-month period of growth in June, key macroeconomic data showed on Tuesday.   The Nikkei India composite PMI (purchasing managers' index)...

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Saddled with huge unsold inventory, the number of new launches across eight cities in the housing market reduced by nine per cent in the last six months, real estate consulting firm Knight Frank India said on Tuesday.   "New launches reduced by nine per cent in six months from 117,200...

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New Delhi : Minister of State Prakash Javadekar was sworn in as a cabinet minister on Tuesday as Prime Minister Narendra Modi brought about major changes in his ministry.   In a solemn function at Rashtrapati Bhavan, others who joined his ministry as Ministers of State included Faggan...

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Amit Kapoor (IANS) 05 July 2016
Logistics forms the backbone of domestic and international trade in any economy and is a critical factor for competitiveness. Besides providing employment and movement of goods, an efficient logistical network enables increases in the speed of doing business.   A pertinent question is...

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Private equity investments in India, excluding the real estate sector, added up to $5.8 billion in the first six months (H1) of the calendar year 2016, nearly 46% less than $10.6 billion recorded during the same period last year, an online research platform said on Monday.   "On the...

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The Supreme Court on Monday said that it will examine whether a lawmaker could have stakes in an entity that has business transactions with the government.   Telling the petitioner, retired bureaucrat S.N.Shukla, that the issue needs to examined, the bench of Justice J. Chelameswar...

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Moneylife Digital Team 04 July 2016
Actual and announced investment slowed significantly in first quarter (Q1) of FY17, pulled lower by the private sector. Investment in projects under implementation across sectors also slowed in Q1-FY17 with the value of stalled projects remaining near an all-time high while there was no...

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Two- and three-wheeler major Bajaj Auto on Monday reported a 4% decline in its total sales for June.   According to the company, its total sales during the month under review stood at 316,969 units from an off-take of 331,317 units during the corresponding month of...

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Leading human resources services firm TeamLease Services Ltd on Monday announced acquiring ASAP Info Systems Ltd for Rs67 crore through its subsidiary.   "The transaction, which will be accretive to our earnings per share (EPS), will be funded from internal resources by August,"...

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Despite the intended focus on low-income population, the bulk of which resides in rural areas, the loan portfolio of non-banking microfinance companies that touched an all-time high last year, is heavily skewed in favour of India's urban quarters, fresh data shows.   According to...

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The Madras High Court on Monday directed the Central Bureau of Investigation (CBI) to probe the transport of Rs570 crore in three containers and its seizure near Tiruppur in Tamil Nadu in May 2016.   The court ordered the CBI to take action as per law if it finds sufficient material...

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There were few takers of office space in leading eight cities of India in the first half of 2016 owing to slow take-up of space by the IT and BFSI industry, though the second half of the year looks promising, a study said.   "The first half of the year has been a mixed bag for the key...

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Prime Minister Narendra Modi is all set to reshuffle his council of ministers on Tuesday, a government official announced on Monday.   "Cabinet expansion tomorrow (Tuesday) at 11 a.m.," Principal spokesperson and Director General of Press Information Bureau, Frank Noronha said in a...

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Moneylife Digital Team 01 July 2016
The manufacturing Purchasing Managers' Index or PMI rebounded to 51.7 in June from 50.7 in May. The upturn is significant when compared to the average 0.5-point decline between May and June over the last 10 years. Moreover, it reinforces our view that the weakness in the preceding two months...

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Moneylife Digital Team 01 July 2016
ICICI Bank Ltd has evoked its strategic debt restructuring (SDR) provision in Jaypee Associates Ltd (JAL). According to Religare Capital Markets Ltd, so far lenders have evoked SDR in 24 companies with a total debt of Rs2 lakh crore, including Rs70,000 crore (consolidated) for...

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Moneylife Digital Team 01 July 2016
While clarifying that the pre-2005 banknotes are still valid, the Reserve Bank of India (RBI) said from 1 July 2016 such notes can be exchanged only at its select offices across the country. Earlier, the central bank had said such notes could be exchanged at identified bank branches and RBI...

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The Indian Air Force (IAF) on Friday inducted two Tejas Light Combat Aircraft (LCA) into its 'Flying Daggers' 45 Squadron here.   Southern Air Command Air Officer Commanding-in Chief Air Marshal Jasbir Walia received the certified documents of the indigenous fighters from state-run...

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India's fiscal deficit during April-May at Rs 2.28 lakh crore touched 42.9% of the Budget estimates for fiscal 2016-17, as compared to the 37.5% it had reached in the same period a year ago, government data showed on Thursday.   As per the Controller General of Accounts, the deficit,...

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