Maoists attack Odisha railway station to oppose 

Modi visit Around 15-20 Maoists stormed Doikalu railway station under Sambalpur Division shortly after mid-night and ransacked the station master's office, Chief Public Relations Officer of East Coast Railway (ECoR), J P Mishra said. Maoists attacked a railway station in Odisha's Rayagada district early today, triggered a blast and put up posters protesting against the proposed visit of Prime Minister Narendra Modi to the state next month. Around 15-20 Maoists stormed Doikalu railway station under Sambalpur Division shortly after mid-night and ransacked the station master's office, Chief Public Relations Officer of East Coast Railway (ECoR), J P Mishra said. The ultras pulled out station master S K Parida and triggered an explosion in the station premises. Parida and a token porter Gobind Hikaka were also detained by them for a brief period, he said.

ACT Fibernet does a Google Fiber in India; launches 

1Gbps broadband service in Hyderabad At Rs 5,999 per month, a user can download data up to 1TB at 1Gbps under fair usage policy (FUP), which is faster than even transferring data from a USB drive Hyderabad, the Pearl City of India, has now become the country's first "Giga city". ACT Fibernet, which claims to be the largest non-telco and third-largest internet service provider in India, has launched 1Gbps wired broadband internet service in the city. With its first Giga speed broadband, Hyderabad has catapulted its internet speed to 400 times the national average, which still hovers around 2.5Mbps

Donald Trump set for action on trade gaps with China, India and others 

The announcement, which would come just days ahead of Trump's first meeting with his Chinese counterpart Xi Jinping, is widely seen as targeting China. Donald Trump set for action on trade gaps with China, India and others" President Donald Trump is set to sign executive orders instructing his administration to examine the cause of trade imbalances with over 15 countries, including China and India. The announcement, which would come just days ahead of Trump's first meeting with his Chinese counterpart Xi Jinping, is widely seen as targeting China. However, Commerce Secretary Wilbur Ross, during his interaction with White House reporters, insisted that the executive order expected to be signed today is not just about China. It is about all major countries with which the United States has significant trade deficit. Reading out the list of countries with which the US has significant trade deficit, Ross also named India down the line with a trade deficit of USD 24 billion.

On the eve of Brexit, Qatar pledges over $6 billion in investment in Britain

 The wealthy Gulf state has 40 billion pounds of investments in the United Kingdom, including high-profile London landmarks like the Shard skyscraper, Harrods department store, The Savoy hotel and a stake in the Canary Wharf financial district. Qatar pledged 5 billion pounds ($6.3 billion) of investment in Britain on Monday in a show of support for the world's fifth-largest economy just two days before Prime Minister Theresa May triggers formal Brexit talks. The wealthy Gulf state has 40 billion pounds of investments in the United Kingdom, including high-profile London landmarks like the Shard skyscraper, Harrods department store, The Savoy hotel and a stake in the Canary Wharf financial district. While the June 23 referendum vote to leave the European Union took many investors and chief executives by surprise, Qatar's top financial players used an investment conference in London to pledge support for Brexit Britain. 

Saudi, Jordan sign deal on USD 3 billion in Jordan investments 

The Petra news agency says the agreements were signed after a meeting late yesterday between Saudi King Salman and Jordan's King Abdullah II Jordan's state media say public and private sector officials from Saudi Arabia and Jordan have signed 15 economic agreements, including establishing a joint fund that will launch an estimated USD 3 billion worth of investments in Jordan The Petra news agency says the agreements were signed after a meeting late yesterday between Saudi King Salman and Jordan's King Abdullah II. Planned projects include reconstruction and rehabilitation of a north-south highway in Jordan and setting up a power plant on Jordan's eastern border. Saudi Arabia has been one of Jordan's main financial backers. Jordan has faced an economic downturn, with sluggish growth, rising public debt and high unemployment. 

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UP CM Yogi Adityanath a handful for PM Modi in Uttar Pradesh

 Gone is the fiery anti-Muslim rhetoric and promotion of Hindu supremacy for which the saffron-robed 44-year-old is known, and in its place is a message of social inclusion more akin to Modi's language since sweeping to power in 2014 Since Prime Minister Narendra Modi stunned the political establishment by promoting a hardline Hindu priest to one of the country's most powerful positions, Yogi Adityanath has sounded more statesman than rabble-rouser. Gone is the fiery anti-Muslim rhetoric and promotion of Hindu supremacy for which the saffron-robed 44-year-old is known, and in its place is a message of social inclusion more akin to Modi's language since sweeping to power in 2014. "

Govt still looking at ways to accommodate Apple's tax concession demands: 

Although the Finance Ministry has prima facie rejected the demands of the US-based technology major, senior executives of the company met an inter-ministerial group recently to deliberate upon the issue. The government is working on certain options to accommodate demands related to tax and duty concessions sought by iPhone maker Apple for setting up a manufacturing unit in India. Although the Finance Ministry has prima facie rejected the demands of the US-based technology major, senior executives of the company met an inter-ministerial group recently to deliberate upon the issue. The group discussed at length the demands of the company, sources said, adding that the government is trying to find ways through which certain support measures could be extended to the American firm. Sources also said the company is asking for concessions as it wants to bring in its supply chain or component makers to the country as Apple cannot source inputs locally. The company also wants duty exemptions on the products to be bought from special economic zones (SEZs).

Japanese manufacturers brace for possible US import tax: 

Poll In response, they are thinking of cutting costs, increasing production and procurement in the United States and raising U.S. product prices, but those steps would offset only some of the impact, the monthly Reuters Corporate Survey found "Japanese manufacturers brace for possible US import tax: Japanese manufacturers are wary of a possible U.S. border tax, with just over half expecting profits to take a hit if the United States slaps a 20 percent levy on imports, a Reuters poll showed on Monday. In response, they are thinking of cutting costs, increasing production and procurement in the United States and raising U.S. product prices, but those steps would offset only some of the impact, the monthly Reuters Corporate Survey found. The United States is the top destination for Japanese shipments. The House Republicans' proposal to tax imports at 20 percent could hurt Japan's vital automobile, electronics and other exporters. "We'd have to consider setting up production facilities in the United States," wrote a manager at a rubber company. "But in the longer term, it could lead to a shift away from the U.S. for the manufacturing industry as a whole." In the monthly survey, conducted March 7-21 for Reuters by Nikkei Research, 51 percent of the 129 manufacturers that responded said earnings would be affected.

UK manufacturers urge PM May to drop threat of no 

Brexit deal May plans to trigger the two-year Brexit process on Wednesday and she has warned the other 27 EU countries that no deal would be better than a bad deal. Britain's manufacturers told Prime Minister Theresa May on Monday to drop her threat that she might take the country out of the European Union without a new trade deal, saying they would bear the brunt of trade barriers with the EU. May plans to trigger the two-year Brexit process on Wednesday and she has warned the other 27 EU countries that no deal would be better than a bad deal. "The idea of being able to walk away empty-handed might be a negotiating tactic, but it would in reality deliver a risky and expensive blow," Terry Scuoler, chief executive of EEF, Britain's manufacturing lobby, said. "The rhetoric from the UK government needs to focus instead on achieving a deal that will work for the UK and the EU." May has decided to make control over immigration her priority for Brexit, and has conceded that Britain must give up its membership of the EU's single market and customs union in order to achieve that.

HSBC plans to add as many as 1,000 new employees to its

 Chinese retail banking and wealth management arm this year, the business's regional head said, most of them in the Pearl River Delta, the heart of the bank's growth strategy in China. If that target is hit, the new additions will mean HSBC will have hired twice as many people as it did last year for this part of the business. They will join an existing team for this unit of 2,400 employees in the world's second-largest economy. HSBC has made the southern Pearl River Delta region - home to 11 industrial cities that are set to fuse into one megalopolis - its focus in China, betting on its growth and its own Hong Kong heritage. This region already has an economy larger than Indonesia's and is shifting from a manufacturing base to a tech powerhouse. But since the strategy to reinvigorate profit growth after years of restructuring was announced in 2015, China's economic growth has slowed, delaying the bank's plans. HSBC makes more than half of its profit in Asia, the bulk of it in Hong Kong and China. "As of this point, we are very pleased with the progress in the Pearl River Delta. We certainly aren't taking any backward steps," Kevin Martin, HSBC's Asia Pacific head of retail banking and wealth management, told Reuters.

 Egypt's ousted president Hosni Mubarak left a military hospital today

 Where he had spent much of his six-year detention, his lawyer said. Mubarak had been cleared for release earlier this month after a top court finally acquitted him of involvement in protester deaths during the 2011 revolt that ousted him. "Yes," his lawyer Farid al-Deeb told AFP when asked if Mubarak had left the hospital today Mubarak was accused of inciting the deaths of protesters during the 18-day revolt, in which about 850 people were killed as police clashed with demonstrators. He was sentenced to life in 2012 in the case, but an appeals court ordered a retrial which dismissed the charges two years later. Egypt's top appeals court on March 2 acquitted him of involvement in the killings. In January 2016, the appeals court upheld a three-year prison sentence for Mubarak and his two sons on corruption charges. But the sentence took into account time served. Both of his sons, Alaa and Gamal, were freed. Yesterday, a court ordered a renewed corruption investigation into Mubarak for allegedly receiving gifts from the state owned Al-Ahram newspaper. Meanwhile several key activists in the 2011 uprising are now serving lengthy jail terms, and rights groups say hundreds of others have been forcibly disappeared.

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Highlighting India's growing solar capacity, 

UN chief Antonio Guterres has said the world is moving towards a green economy at a time when "unprecedented" climate change is posing a threat to development. "Around the world, over half of new power generation capacity now comes from renewables. In Europe, the figure is more than 90 per cent. In the US and China, new renewable energy jobs now outstrip those created in the oil and gas industries. Globally, over 8 million people work in the renewables sector," UN Seretary General Guterres said. He was addressing a UN General Assembly High-Level action event yesterday aimed at invigorating political momentum on climate change, highlighting its deep links to the UN 2030 Agenda on Sustainable Development "This year, Saudi Arabia announced plans to install 700 megawatts of solar and wind power. 

Twitter explores subscription-based option for first time 

Like most other social media companies, Twitter since its founding 11 years ago has focused on building a huge user base for a free service supported by advertising. Last month it reported it had 319 million users worldwide. Twitter Inc is considering whether to build a premium version of its popular Tweetdeck interface aimed at professionals, the company said on Thursday, raising the possibility that it could collect subscription fees from some users for the first time. Like most other social media companies, Twitter since its founding 11 years ago has focused on building a huge user base for a free service supported by advertising. Last month it reported it had 319 million users worldwide. But unlike the much-larger Facebook Inc, Twitter has failed to attract enough in advertising revenue to turn a profit even as its popularity with U.S. 

AIADMK symbol confusion: OPS gets electric pole, Sasikala gets hat"

 The OPS faction of the AIADMK will get an ‘electric pole’ as its symbol while the Sasikala faction has been allotted an ‘hat’ by the Election Commission, which froze the mother party’s iconic 2-leaves symbol on Wednesday night. To add to the confusion, the OPS faction will be called Puratchi Thalaivi AIADMK while VK Sasikala’s faction will be called Amma AIADMK. ‘Puratchi Thalaivi’ means revolutionary leader in Tamil and was a superlative used for Jayalalithaa. A day after the Election Commission froze the AIADMK 'Two Leaves’ symbol both O Panneerselvam and Sasikala factions were scrambling to get a symbol of their choice. The two sides were also battling to inherit Jayalalithaa’s legacy, trying to add Amma to the name of their faction. The bypoll would mark two electoral debuts. 

PM Modi says India stands with UK following London terror attack"

 Prime Minister Narendra Modi today expressed sadness over the London terror attack and said India stands with the UK at this difficult moment. "Deeply saddened by the terror attack in London. Our thoughts and prayers are with the victims and their families," Modi said in a tweet. Five people were killed and nearly 40 injured when a terrorist suspect mowed down pedestrians on a bridge and stabbed a police officer close to the British parliament complex in an incident inspired by "international terrorism". Those dead included the assailant and the policeman he stabbed.

Finance ministry calls banks to discuss new facility to drain cash:

 The finance ministry has called bankers into a meeting on Friday to discuss setting up a new facility to absorb surplus cash in the banking system, according to a letter sent to all heads of lenders seen by Reuters on Thursday. The finance ministry wants to discuss implementing a new framework called a "standing deposit facility" that would drain the surplus cash at a rate lower than the repo rate without the need for any collateral, the letter said. The proposal on draining surplus cash through such a facility had previously been mooted by the Reserve Bank of India. Banks have seen a surge in cash deposits after Prime Minister Narendra Modi last year banned higher-value note bills 

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"US defends move to ban laptops, cameras as cabin baggage"

 The US today defended its move to ban large electronic devices like laptops and cameras as cabin baggage on US-bound planes from 10 foreign destinations, mostly in Muslim-majority countries, citing concerns over terrorists' interest in targeting commercial flights. Passengers travelling to the US from these airports in eight countries cannot carry cameras and laptops as cabin baggage under a new Trump administration order. Being implemented for an indefinite period of time, the new security measures apply to 10 specific airports -- Queen Alia International Airport (AMM), Cairo International Airport (CAI), Ataturk International Airport (IST), King Abdul-Aziz International Airport (JED), King Khalid International Airport (RUH), Kuwait International Airport (KWI), Mohammed V Airport (CMN), Hamad International Airport (DOH), Dubai International Airport (DXB) and Abu Dhabi International Airport (AUH) "Remember that these are 10 airports of last point of departure to the US out of 250 that come here. Part of it is to provide appropriate notification to the host country, to the host airlines, and give them opportunity to get those procedures in place," White House Press Secretary Sean Spicer told reporters at his daily news conference. "I'm not going to comment any further about the security measures that have been taking place or are taking place Implementing something of this nature in that timeframe is pretty darn quick," Spicer said in response to a question.

World Water Day 2017: 63 million in India do not have access to clean water"

 India has the maximum number of people - 63 million - living in rural areas without access to clean water, according to a new global report released to mark World Water Day tomorrow. This is almost the population of the United Kingdom, said "Wild Water", a report on the state of the world's water. Lack of government planning, competing demands, rising population and water-draining agricultural practices are all placing increasing strain on water, said the WaterAid's Without access to clean water, 63 million people are living in rural areas in India. Diseases such as cholera, blinding trachoma, malaria and dengue are expected to become more common and malnutrition more prevalent, it said.Rural communities dependent on farming to make a living will struggle to grow food and feed livestock amid soaring temperatures, and women - typically responsible for collecting water - may have to walk even greater distances during prolonged dry seasons, the report forewarned. Describing India as one of the world's fastest growing economies, it said ensuring water security for the growing population is one of the main challenges facing the country. According to India's official Ground Water Resources Assessment, more than one-sixth of the country's groundwater supply is currently overused. 

Cash transactions proposed to be capped at Rs 2 lakh Earlier, while presenting

 The Budget on February 1, Finance Minister Arun Jaitley had proposed the cap to be Rs 3 lakh with effect from April 1. The 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 parties like TMC, BJD and RSP protested against the introduction of the amendments to 40 Acts, saying it was being done in the form of "back-door entry". The amendments to the laws like Companies Act, Employees Provident Fund, Smuggling and Foreign Exchange Act, TRAI Act and Information Technology Act, have been moved with an aim of making the functioning of tribunals more efficient by merging the smaller ones and reducing their numbers from 40 to 12. The objections by the opposition parties were overruled by Speaker Sumitra Mahajan who ruled that the 'incidental provisions' involved in the amendments constitute a 'Money Bill' and therefore can be considered as part of the FinanceBill. 

Russian defence cos keen on tech transfer, JVs with Indian firms" 

A number of Russian defence firms has broadly agreed to facilitate speedy repair and overhaul of Russian-origin military platforms in India and manufacture their spare parts through joint venture and technology transfer with Indian companies. It has been a long-standing grievance of armed forces that the supply of critical spares and equipment from Russia takes a long time affecting maintenance of military systems procured from that country. Indian defence firms held extensive deliberations with Russian giants for technology transfer and manufacturing of some parts and components of Russian-origin military systems in India and sources said the talks were fruitful. Their talks took place during course of a conference on March 18 and 19 here on deepening defence engagement between the two countries. It was attended by more than 100 Russian and over 150 Indian industry representatives. In a statement, the Defence Ministry said Russian firms showed keen interest in taking 'Make in India' further by involving Indian firms in the process of providing after-sales support of Russian origin equipment to the Indian Armed Forces through long-term supply agreements, repair, overhaul and manufacturing of some spare parts and components. 

Demonetisation has got huge support, says Govt citing poll 

Demonetisation will help boost GDP and the higher growth will lead to social and income equity in the country, Minister of State for Finance Arjun Ram Meghwal said in the Lok Sabha. He was replying to a debate as the House passed the Supplementary Demand for Grants for 2016-17 and Demand for Grants for 2017-18 of various ministries as required to complete the budgetary exercise Buoyed by the recent poll victories, the government asserted that demonetisation had got a huge public support as it has dealt a heavy blow to the shadow economy which was to the tune of 33.7 percent. Demonetisation will help boost GDP and the higher growth will lead to social and income equity in the country, Minister of State for Finance Arjun Ram Meghwal said in the Lok Sabha. He was replying to a debate as the House passed the Supplementary Demand for Grants for 2016-17 and Demand for Grants for 2017-18 of various ministries as required to complete the budgetary exercise. Meghwal, in his speech, rejected the opposition criticism of the government’s performance and said the slew of initiatives taken by the Modi government had pushed growth and was ensuring welfare of all sections of the society Listing the schemes and programmes launched since 2014, he said, “Are these mere slogans? These are not mere slogans. This is actual work done.” He said all the schemes like ‘Digital India’, ‘Make-in- India’ and ‘Start-Up India’ are going to benefit people and perk up growth.

"Modi's initiatives to keep up investor, consumer sentiment; pays to own expensive

 Stocks in India: CLSA" India is the most interesting long-term equity story in Asia and emerging markets, even with its weak conventional macroeconomic indicators, writes Chris Wood of CLSA in the Greed & fear report. Wood does not see the investment cycle picking up soon, mainly due to strained corporate balance sheets and overcapacity across sectors. However, he is hopeful that the initiatives of Narendra Modi-led government will continue to drive consumer and investor sentiments. And that makes a case for owning Indian equities despite their expensive valuations, according to Wood. Modi’s win in Uttar Pradesh has further cemented Greed & fear’s overweight stance on the country. CLSA has a 24 percent allocation in the Asia Pacific ex-Pacific relative-return portfolio. ‘Key man’ risk is the biggest threat to the Indian stock market, which has been the case since Narendra Modi came to power in 2014. However, foreign investor interest is returning now, especially after the UP win,says Wood. FIIs net sold close to Rs 22,000 crore of equities from October last year through February this year. For March, so far, they have net bought over Rs 16,000 crore of shares. Also, the renewed weakness in crude prices is a positive to an oil importing nation like India, says the report. After showing some strength earlier this calendar, crude has slipped below USD 50/barrel. The production cut by some OPEC members has been neutralised by a steady stream of supply from US oil producers who continue to add capacity.

"Vijay Mallya's $20mn 'Sky Mansion' is ready, but will he get possession?"

 It's a residence fit for a king and the erstwhile King of Good Times, Vijay Mallya, has got it readied -- except he may not be able to move in himself. A 35-storey skyscraper in Bengaluru built under a joint venture between United Breweries Holdings Ltd and Prestige Estates Projects Ltd, has a 40,000 square feet penthouse atop it, complete with a helipad and surrounding with a 360-degree view platform, The rough value of the 'Sky Mansion' is around USD 20 million but the embattled industrialist -- whose Kingfisher Airlines defaulted on a huge loan and who has been staying out of the country despite directives -- may lose the apartment. In the legal battle that has ensued since Kingfisher the debt recovery tribunal in Bengaluru ruled in favour of the airline's largest lender, and allowed banks to start the process of recovering the Rs 6,203.35 crore owed by the carrier.

FII flow, earnings growth hopes pushing up market; not exposed to telecom:

 Nilesh Shah expects DIIs to be net buyers of Rs 75,000 crore to Rs 1 lakh crore in calendar year 2017. He does not have a direct exposure to telecom due to pricing war which is going on. ‘Get Rich’? Experts’ advice on ways to multiply wealth"Want to ‘Get Rich’? Experts’ advice on ways to multiply wealth Higher inflows from foreign institutional investors (FIIs), along with domestic investors has reflected in the sharp run up in the market. “From November 8 to January 31, domestic investors were buying. FIIs were also buying (in this market) from February 1,” Nilesh Shah, Managing Director, Kotak Mahindra Asset Management Company, told This buying is driven by a hope of (increase in) earnings growth and that is what is reflected in prices.

BSNL, MTNL merger to help both firms: BSNL CMD CMD

 Anupam Shrivastava has said the combination will be "advantageous" for both the state-owned telecom firms but issues pertaining to debt and Amid renewed push for  A Parliamentary panel report has pointed out that the Telecom Department is planning to place the merger proposal before the Cabinet by June. The Standing Committee on Information Technology last week had said: "On the plan for merger of BSNL and MTNL, the same would be taken to Cabinet before June." Earlier, a top-level meeting at the Telecom Department last month discussed the possibility of merging both the entities that are facing financial stress due to increasing competition in the sector. "There is synergy between BSNL and MTNL. There is no doubt about it, especially when we look at the enterprise and mobile business segments," Shrivastava told PTI when asked if he favours the merger. Per se, he said, it would be "advantageous" to the two organisations 

Infosys abstains from applying for H1B visas for junior employee 

 Domestic IT companies have been trying to come to terms with the protectionist measures being implemented by the US and are aligning their operations to lessen their dependence on H-1B visas. Infosys is in talks with its clients to bring both the work done by junior employees and such staffers to India, according to the report. Also, the company hasn’t raised fresh visa requests for candidates in systems engineer and senior systems engineer posts. Infosys declined to comment on ET’s story.

Yogi Adityanath was today sworn in as the 21st 

"Yogi Adityanath sworn in as UP CM" "Yogi Adityanath sworn in as UP CM" Priest-turned politician and controversial mascot of hardline Hindutva, Yogi Adityanathwas today sworn in as the 21st chief minister of Uttar Pradesh and the fourth from the saffron party, ending its 15-year hiatus BJP state unit chief Keshav Prasad Maurya and party's BJP state unit chief Keshav Prasad Maurya and party's national vice president Dinesh Sharma were sworn in as cabinet ministers by Governor Ram Naik at a grand ceremony at Kanshiram Smriti Upvan here. They will assist 44-year-old Adityanath as as deputy chief ministers. Interestingly, none of the three is a legislator in UP.

Food, drink giants plot fightback as India looks to tighten rule

 According to officials, Prime Minister Narendra Modi's administration has begun to look closely at policy proposals under discussion since at least 2015, raising concerns over the possible impact on the $57 billion sector. Several food and drink multinationals and trade groups met in recent weeks to discuss how to lobby more effectively against Indian proposals for higher taxes and stricter labelling rules on fatty or sugary foods, sources familiar with the talks said.According to officials, Prime Minister Narendra Modi's administration has begun to look closely at policy proposals under discussion since at least 2015, raising concerns over the possible impact on the $57 billion sector. Alarmed by rising rates of obesity and diabetes, India plans to frame draft rules within a month requiring manufacturers to display the fat, sugar and salt content of products on packaging. It is aso considering a nationwide "fat tax" for so-called "junk foods", a senior government official said, although that is unlikely to be rolled out in the near term. trade groups in New Delhi to coordinate efforts and urge the government to resist pressure from health advocates, according to an industry source aware of the meeting. The attendees, who felt their efforts to push back had been too piecemeal, talked about forming a core group to unify their message when engaging the government, the source said. PepsiCo and Nestle in India did not comment directly on the meeting or its outcome.

World Bank approves $210 mn for West Bengal gram panchayats

 The state's support under the Institutional Strengthening of Gram Panchayat Program Phase II (ISGPP-II), will support all 3,342 GPs in the state to effectively utilize these funds that is being provided to them under the inter-governmental fiscal transfer system, the bank said in a release. The World Bank has approved a loan of USD 210 million to strengthen gram panchayats (GPs) across the state of West Bengal to better utilize the discretionary funds that are now available to them. Following the recommendations of the 14th Finance Commission and fourth State Finance Commission, aggregate fund flows to these GPs, the lowest tier of rural local governments, would more than double by 2020. The state's support under the Institutional Strengthening of Gram Panchayat Program Phase II (ISGPP-II), will support all 3,342 GPs in the state to effectively utilize these funds that is being provided to them under the inter-governmental fiscal transfer system, the bank said in a release. 

GST closer to reality as Council clears final two bills

 With all five draft laws now being given the green signal by the Council, they will next be sent to the Cabinet for approval and subsequently to Parliament, which is currently in session, for the final nod. The Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley, on Thursday approved the remaining two crucial supplementary bills — State GST (SGST) and Union Territory GST (UTGST) - moving the proposed July 1 implementation of the country's biggest tax reform closer to reality "The Council has granted formal approval to all five legislations," said Finance Minister Arun Jaitley after the Council's 12th meeting on Monday. Final drafts of the three other bills — Integrated GST (IGST), Central GST (CGST) and Compensation bill — had been cleared by the Council in its previous meetings. With all five draft laws now being given the green signal by the Council, they will next be sent to the Cabinet for approval and subsequently to Parliament, which is currently in session, for the final nod. Consent from both Lok Sabha and Rajya Sabha would conclude the legislative requirement for the rollout of the new indirect tax regime. 

China's factory output rose 6.3 percent in 

January-February from the same period a year earlier, while fixed-asset investment grew 8.9 percent, both beating expectations. Analysts polled by Reuters had predicted factory output would growth 6.2 percent in the first two months this year, picking up from December's 6.0 percent as demand for manufactured goods improves at home and abroad.asset investment growth of 8.2 percent, quickening from 8.1 percent in the whole of 2016 Growth of private investment quickened to 6.7 percent from 3.2 percent last year, the National Bureau of Statistics said on Tuesday, suggesting an improved appetite from private firms to invest after a sharp loss of momentum in the last few years

The total value of currency notes in

 Circulation has come down by a quarter to Rs 11.73 lakh crore post demonetisation, Parliament was informed today The value had steadily risen to March 31, 2016 since March-end 2014. There were Rs 16.41 lakh crore worth currency notes in circulation as on March 31 last year, which has come down to Rs 11.73 lakh crore as on March 3, 2017, Minister of State for Finance Arjun Ram Meghwal said in a written reply in the Lok Sabha. "The reduction in notes in circulation is due to demonetisation of specified bank notes," he said. As on March 31, 2014, there were Rs 12.82 lakh crore worth of notes in circulation, which went up to Rs 14.28 lakh crore till March 31, 2015 and further to Rs 16.41 lakh crore at the end of March 2016.

Toshiba has delayed the release of its earnings results again, sending

 Its shares diving more than eight per cent, as it said it needed more time to investigate a possible accounting fraud at its loss-hit US nuclear unit. Japanese media reports said the troubled firm would push back its financial results for another month, fanning fears the stock could be delisted from the Tokyo exchange. Toshiba later issued a statement confirming it had filed a request with regulators for a deadline extension to April 11, the second delay for October-December results originally due in mid-February. If the latest application is rejected, Toshiba will need to submit an earnings statement within eight business days, which would be on March 27, or face an embarrassing delisting. The troubled industrial giant's shares tumbled 8.10 per cent to 197.5 yen (USD 1.72) by the break. Japan's leading Nikkei business daily, quoting an unnamed source, said regulators would likely grant the request, but expressed reservations over the length of the extension. "If you look at today's fall (in the stock price), market players are already pricing in a delisting," said Mari Iwashita, chief market strategist at SMBC Friend Securities. Toshiba president Satoshi Tsunakawa will hold a news conference later in the day to address the announcement.

Uttar Pradesh: Mulayam was right, Akhilesh-Rahul alliance couldn't take off 

 They say well begun is half done. The voters of UP affirmed that the boys of UP were half baked. The Samajwadi Party-Congress alliance in Uttar Pradesh began quite well with the two ‘UP ke ladke’ — Chief Minister Akhilesh Yadav and Congress Vice-President Rahul Gandhi — clad in white kurtas and black jackets making a joint public appearance at the Taj Hotel in Lucknow on January 29, 2017. They say well begun is half done. The voters of UP affirmed that the boys of UP were half baked. What went wrong with the alliance? Why did it lack the punch of the potent Nitish-Lalu combine in Bihar of just 2 years ago? Let’s start with “Friendly fights” — a euphemism for SP and Congress putting up candidates in the same constituency and neither “UP boy” being able to rein in their party. SP patriarch Mulayam Yadav refused to campaign for alliance candidates, his sole appearances reserved for his brother Shivpal Yadav, who is estranged from Akhilesh. And Priyanka Gandhi, perhaps the biggest crowd puller for Congress, postponed her campaign in the family pocket boroughs of Rae Bareli and Amethi, because of the “friendly fights”. 

Five hill districts of U'khand to be declared drought-hit 

 Deficient rains coupled with poor irrigation facilities have resulted in 5 out of 13 districts of Uttarakhand being declared as "drought-hit" Five hill districts of Ukhand to be declared drought-hit Five out of 13 districts of Uttarakhand located in the hills will soon be declared drought-hit, a senior official said today. Almora district in Kumaon belt is the worst hit with 1,343 hectares of irrigated land and 24,000 unirrigated land affected by drought. Other hill districts in the grip of a drought are Pithoragarh, Nainital, Rudrapur and Pauri, Chief Secretary of Uttarakhand, Shatrughna Singh, said. Efforts are underway to declare a total of 74,000 hectares of land spread over five hill districts of Uttarakhand as drought-hit, he said. Deficit rains this season coupled with poor irrigation facilities have created drought-like situation in the hills of Uttarakhand, Singh said.

Uttarakhand fire: Affected areas down by over 70%, says NDRF

 A squad of over 135 personnel of this special force are deployed in Uttarakhand as part of multiple firefighting teams to combat the raging fire in the jungles of Uttarakhand that have destroyed about 2,269 hectares of jungles in several districts and claimed at least seven lives till now. Uttarakhand fire: Affected areas down by over 70%, says NDRFLatest satellite imageries of Uttarakhand have reported that the forest fire has gone out in over 70 percent of the affected areas, even as the NDRF has deployed over 130 personnel to tackle the massive blaze. "We have been informed that fresh images from satellite has shown that the effective area under fire in Uttarakhand has come down to 110-115 locations from the earlier about 427. "It is expected that these figures will be brought down to 50-60 in the next few days by the combined forces fighting to douse the jungle fire," NDRF Director General O P Singh told PTI. He said the images from the sky were taken on April 29-30 and this has now given hope to all the agencies combating the fire that it will be contained soon. The Director General said the NDRF men are also working to save animals who could have been trapped in the blazing fire. A squad of over 135 personnel of this special force are deployed in Uttarakhand as part of multiple firefighting teams to combat the raging fire in the jungles of Uttarakhand that have destroyed about 2,269 hectares of jungles in several districts and claimed at least seven lives till now. 

Govt releases draft rules for m-wallets, smart cards 

 The draft IT (Security of Prepaid Payment Instruments) Rules 2017 have been designed to ensure adequate integrity, security and confidentiality of electronic payments effected through PPIs. Govt releases draft rules for m-wallets, smart cards The government has released draft guidelines for transactions made through prepaid payment instruments (PPIs) like mobile wallets, smart cards and paper vouchers and also sought feedback from various stakeholders. The draft IT (Security of Prepaid Payment Instruments) Rules 2017 have been designed to ensure adequate integrity, security and confidentiality of electronic payments effected through PPIs. "With the government promoting cashless economy and boost being given to various digital payment systems, a need is felt to develop a framework for security of various PPIs operating in the country," it said. The Ministry of Electronics and Information Technology (MeitY) has formulated the draft rules for security of prepaid payment instruments under provisions of IT Act 2000, it added.

Railways to reduce water consumption by 20%

Besides, the cooperation with the UN body aims to concretise an action plan for the development of green technology and also to set up waste management centres at all major railway stations.Railways to reduce water consumption by 20% Indian Railways joined hands with United Nations Environment Programme to draw out a roadmap for achieving 20 per cent reduction in water consumption at rail establishments. Besides, the cooperation with the UN body aims to concretise an action plan for the development of green technology and also to set up waste management centres at all major railway stations. Welcoming the partnership with UNEP, Railway Minister Suresh Prabhu said "The priority in railways is to reduce the carbon footprints which will help public at large". 

Huge potential exists to boost trade with Africa: Nirmala 

 There was a "good increase in trade but opportunities do exist. The newer sectors in which we can have greater interaction, engagement and productive relationship are renewable energy, pharmaceuticals and healthcare," the Commerce and Industry Minister said. Huge potential exists to boost trade with Africa: Nirmala Tapping the potential in renewable energy, pharma and healthcare can boost economic ties between India and Africa, Union Minister Nirmala Sitharaman said. She said the two-way trade between India and Africa increased to USD 56.69 billion in 2015-16 from USD 51.67 billion in 2010-11. There was a "good increase in trade but opportunities do exist. The newer sectors in which we can have greater interaction, engagement and productive relationship are renewable energy, pharmaceuticals and healthcare," the Commerce and Industry Minister said. She added that both sides can collaborate for joint research in order to combat pandemics such as HIV AIDS. Sitharaman said currently the global trade scenario is dim but it also throws big opportunities for businesses of India and Africa.

Defence budget inadequate, allocation should go up:

 Panel Coming down hard on the government for meagre increase in allocation for armed forces in the last few years, the Parliamentary Standing Committee on Defence said the outlay cannot even fulfill the basic requirements of the armed forces. Defence budget inadequate, allocation should go up: Panel The defence budget of Rs 2.81 lakh crore for next fiscal is woefully inadequate for modernisation of the armed forces and may affect military preparedness, a parliamentary panel said, strongly pitching for boosting the allocation. Coming down hard on the government for meagre increase in allocation for armed forces in the last few years, the Parliamentary Standing Committee on Defence said the outlay cannot even fulfill the basic requirements of the armed forces. The Committee said it was in agreement with the Defence Ministry that the marginal growth of budgetary allocation is not at all sufficient and the Finance Ministry must consider increasing the funds for modernisation of the services. 

Ambitious new bankruptcy code may take yrs to clean up debt mess

 The measure marks a vital step towards completing India's quarter-century-old transition from socialism to a market economy that has so far been unable to adequately address what to do when companies fail. Ambitious new bankruptcy code may take yrs to clean up debt mess A long-awaited Indian bankruptcy code may soon win parliamentary approval, but struggling creditors – above all state banks trying to recover USD 100 billion in bad loans – shouldn't start celebrating just yet. The measure marks a vital step towards completing India's quarter-century-old transition from socialism to a market economy that has so far been unable to adequately address what to do when companies fail. For Prime Minister Narendra Modi's drive to 'Make in India', encouraging new investment depends on unburdening creditors of old ones that have failed. The stakes are high: India has the world's fastest growing big economy, but is not creating enough new jobs. Bankers back the new bankruptcy code, which would impose debt deadlines on failed firms and foresees up to five years in jail for debtors who conceal property or defraud creditors. "This will speed up the process," said R.K. Gupta, an executive director at State-run Bank of Maharashtra .

India performing well as compared to other nations:

 UN expert The United Nations Economic and Social Survey for Asia and the Pacific-2016 report, released yesterday, said that the Indian economy is projected to expand by 7.6 percent in 2016-17 and grow further to 7.8 percent in 2017-18, mainly on the back of domestic consumption demand aided by steady employment and a relatively low inflation. India performing well as compared to other nations: UN expert With India projected to grow at 7.8 percent in 2017-18, a UN expert said cautious macro economic policy, reduced inflation and some structural reforms have helped the country perform relatively well in an environment of global economic slowdown. The United Nations Economic and Social Survey for Asia and the Pacific-2016 report, released yesterday, said that the Indian economy is projected to expand by 7.6 percent in 2016-17 and grow further to 7.8 percent in 2017-18, mainly on the back of domestic consumption demand aided by steady employment and a relatively low inflation. Economic Affairs Officer in the UN Department of Economic and Social Affairs, Sebastian Vergara told reporters at the launch of the report here that several demographic and structural factors are responsible for India performing in a "relatively very good way" as compared to economic growth in other countries. "The macro-economic policy in recent years has been cautious, especially in the fiscal side. 

Indian IT industry contributes immensely to US economy:

 NASSCOM Chandrashekhar was here this week leading a delegation of IT industry body to engage with members of the new US administration on issues like clampdown on work visas and flow of skilled manpower between the two nations Indian IT industry contributes immensely to US economy: NASSCOM The debate in the US over H-1B visas has become a political and emotive issue as there is a "yawning gap" between the facts and perception, IT industry body NASSCOM has said, contending that Indian IT firms contribute immensely to the US economy and jobs creation. "This narrative has been going on for a while now that Indian IT workers come to the US and that they take away jobs, that in general they simply displace American workers and that these are low-paid, not even necessarily high-skilled people who are actually taking away jobs from better paid and skilled American workers," NASSCOM president R Chandrashekhar told PTI.

Food Corporation to start year without excess stock: 

 The Food Corporation of India (FCI) plans to start the new procurement season for wheat without any excess inventory, reports the Financial Express. The Food Corporation of India (FCI) plans to start the new procurement season for wheat without any excess inventory, reports the Financial Express. To stabilise the prices of grain FCI was aggressive in selling its stock to bulk purchasers in the market which has led to this situation. On April 1, the FCI is expected to have an inventory of around 6.6 million tonne, same as the buffer stock prescribed. 

Curtains for FIPB soon as govt to ready new system in 2-3 weeks

 FM Arun Jaitley had announced in the budget for 2017-18 the government’s intent to replace FIPB with a new system to ease FDI rules and remove procedural delays The government will finalise a Cabinet note in the next two to three weeks defining a new mechanism to approve overseas investment applications and hasten fund flows, bringing down the curtains on the two decade-old Foreign Investment Promotion Board (FIPB). FIPB, an inter-ministerial body, is the current nodal agency responsible for processing of foreign direct investment (FDI) proposals. Finance Minister Arun Jaitley had announced in the Budget for 2017-18 the government’s intent to abolish the FIPB and replace it with a new system as part of the government’s broader strategy to ease FDI rules, remove procedural delays and the turn India into a global investment hotspot. "A Cabinet note will be finalised in two-three weeks and a mechanism for approving investment proposal will be created," a source said on the condition of anonymity. The meeting held on February 21, in all probability, was the last FIPB meeting for clearing foreign investment proposal, a source told Moneycontrol. However, pending investment proposals would definitely be taken care of and processed, the source said, adding that the new procedure would look into them. FIPB, comprising officials from department of revenue, economic affairs and department of industrial policy and promotion (DIPP), among others is currently consulting concerned sectorial ministries, which attract maximum FDI.

Exempt low-cost housing from service tax under GST: Naidu 

 Naidu, who is also the Minister of Housing and Urban Poverty Alleviation, also asked states to waive stamp duty for affordable housing projects and rationalise it for others. Exempt low-cost housing from service tax under GST: Naidu Urban Development Minister M Venkaiah Naidu pitched for exempting affordable housing from service tax under the GST regime so that prices for low-cost homes do not rise. Naidu, who is also the Minister of Housing and Urban Poverty Alleviation, also asked states to waive stamp duty for affordable housing projects and rationalise it for others. Addressing the realtors' body CREDAI event, he assured that the GST (Goods and Service Tax) would not lead to rise in prices and certainly not for the affordable housing segment. "Currently affordable housing is exempt from service tax. My ministry has already taken up with the Ministry of Finance the need to continue with this exemption under the GST," Naidu said. The affordable housing has been given infrastructure status in the Budget and this would go a long way in placing more cash in the hands of home buyers and acting as catalyst for the development of such projects in the market, he said. Naidu said the ministry has also recommended that the real estate sector should be taxed at a rate "which is revenue neutral and not at a higher tax rate". 

Bajaj putting out misleading info on safety std of Polo: 

VW Volkswagen's statement comes a day after Global NCAP had hit out at Bajaj Auto for making 'misleading' claims of better safety standards of the company's quadricycle Qute than some popular compact cars sold in India based on crash test results done by the UK-based vehicle safety group. Bajaj putting out misleading info on safety std of Polo: VW German carmaker Volkswagen today hit out at Bajaj Auto for putting out "misleading" information regarding Global NCAP safety rating for its premium hatch Polo saying the statement issued by the two-wheeler major is "incorrect and without merit". Volkswagen's statement comes a day after Global NCAP had hit out at Bajaj Auto for making 'misleading' claims of better safety standards of the company's quadricycle Qute than some popular compact cars sold in India based on crash test results done by the UK-based vehicle safety group. On Thursday, Bajaj Auto had said "...in a recent Euro NCAP report, the Bajaj Qute was accorded a 1 (one) star rating, superior to the 0 (zero) star rating of popular cars including the VW Polo, Ford Figo, Hyundai i10, Maruti Alto, and Tata Nano." Rebuffing Bajaj Auto's claims, Volkswagen India said in a statement:

Maruti Suzuki launches Baleno RS at Rs 8.69 lakh

 The Baleno RS is powered by a 1.0 litre Boosterjet Direct Injection Turbo Charged engine. Volkswagen Polo GT TSI and Fiat Abarth Punto as rivals to the new Maruti model The country’s largest car maker Maruti Suzuki has launched the souped-up version of its premium car Baleno christened Baleno RS at Rs 8.69 lakh (introductory price, ex-showroom, Delhi). The Baleno RS is powered by a 1.0 litre Boosterjet Direct Injection Turbo Charged engine, which according to the company delivers 20 percent more power and 30 percent more torque than a 1.2 litre naturally aspirated petrol engine seen on the regular Baleno. The Baleno RS enters a very niche segment of the car industry having very few direct competitors. The segment, which has Volkswagen Polo GT TSI and Fiat Abarth Punto as rivals to the new Maruti model, is concentrated on delivering a richer driving experience than the regular model. Managing Director and CEO, Maruti Suzuki India (MSIL), Kenichi Ayukawa said, “With the 1.0 litre Boosterjet Maruti Suzuki marks its entry in the high performance segment. Baleno RS is for the performance enthusiasts who seek more power, throttle response and excitement in their day-to- day driving.” While the regular Baleno, which has become a runaway hit for Maruti Suzuki selling more than 150,000 units in nearly 17 months, has a peak power of 84ps the Baleno RS delivers peak power of 101ps.

Asia will dominate 21st century: MoS Finance Meghwal 

The 21st century will belong to Asia and India is going to take lead in shaping the outcomes in the continent, Union Minister of State for finance Arjun Ram Meghwal today said. Asia will dominate 21st century: MoS Finance Meghwal The 21st century will belong to Asia and India is going to take lead in shaping the outcomes in the continent, Union Minister of State for finance Arjun Ram Meghwal today said. He said the 19th century was Europe's and the 20th was that of America, and now its the turn of Asia. "I feel the 21st century will belong to Asia and India will lead," he said at an Assocham award function here He said the country's growth story is not being recognised well. "Have you seen Miss Universe beauty awards? You would have seen that a girl who is the most beautiful among all the contestants does not get the award but somebody else wins who might not be that beautiful. What could be the reason? 

States on board for July 1 GST roll out: 

The much-awaited Goods and Services Tax (GST) is all set to be implemented by the stated deadline of July 1 as all states have agreed, reports quoting Economic Affairs Secretary Shaktikanta Das. Error loading player: No playable sources found The much-awaited Goods and Services Tax (GST) is all set to be implemented by the stated deadline of July 1 as all states have agreed, quoting Economic Affairs Secretary Shaktikanta Das. The GST Council, led by Finance Minister Arun Jaitley, will be meeting twice over the next few days, once on March 4 and 5 and thereafter, in mid-March for finalisation of laws. However, it remains to be seen whether all the laws are brought into the Budget session of the Parliament starting March 9. In its 10th meeting in February, the GST Council had finalised the Draft Compensation Bill, and cleared the final draft of the anti-profiteering clause to ensure benefit of lower taxes gets shared with consumers. 

Pradhan Mantri Suraksha Bima Yojana logs 100 million enrollments 

The personal accident policy offers a cover of Rs 2 lakh for a premium of only Rs 12 per annum M Saraswathy (more) Special Correspondent, Moneycontrol | The government’s personal accident scheme Pradhan Mantri Suraksha Bima Yojana (PMSBY) has almost touched 100 million enrollments. This plan, which was launhced in May 2015, was an extension of the Jan Dhan Yojana. As on March 1, the scheme covered 99.1 million lives. The personal accident policy offers a cover of Rs 2 lakh for a premium of only Rs 12 per annum. To make it affordable for everyone, the policy premiums have also not been revised despite insurers requesting a revision. Jan Dhan Yojana’s aim was to provide bank accounts to all Indians while Jan Suraksha aims to get all Indians under the insurance net. PMSBY has seen a substantially higher number of enrollments than the term insurance policy Jeevan Jyoti Bima Yojana. The latter has seen 30.8 million enrollments as of March 1, 2017. Insurers said that this is not only because PMSBY was cheaper but also because accidental deaths are higher in the country. This scheme also covers death or disability resulting from natural calamities. While death due to suicide is not covered, that from murder is. 

AirAsia India aims for international skies; to expand fleet 

The airline has plans to expand its fleet to 14 Airbus A 320 planes by October from the current 8. Once it has 20 aircraft in its fleet then it qualifies to fly international as per regulations.  AirAsia India a joint venture between the Tatas and Malaysia's AirAsia Berhad plans to fly international by next year. AirAsia India which is in the midst of a court case about foreign control and investment had earlier in February received a tacit approval from the DGCA. The aviation regulator DCGA had ruled the Brand Licencing Agreement (BLA) of AirAsia India does not violate the " substantial ownership and effective control " norms. “The issues continue but the DGCA ruling on the brand license agreement was quite in our favour. We have always maintained it. It’s not new to us, it’s probably new to the competition,” AirAsia India chief executive Amar Abrol said at a media roundtable in Delhi on Thursday. “We are again getting ready for the second wave of growth.” Currently, from its two bases in Delhi and Bengaluru it operates 58 flights per day to 13 domestic airports. The airline also has plans to expand its fleet to 14 Airbus A 320 planes by October from the current 8. Once it has 20 aircraft in its fleet then it qualifies to fly international as per regulations. Abrol also said that a new team would be coming to work on the international plans, as reported in Live Mint .

India, Uganda to expand cooperation in energy sector

 Vice President Hamid Ansari, on the second day of his visit to Uganda, held talks with President Yoweri Museveni at the State House and reviewed the "entire gamut" of bilateral cooperation. India, Uganda to expand cooperation in energy sector India and resource-rich Uganda agreed to expand cooperation in the energy sector and training of personnel for space programme and peaceful use of atomic energy. Vice President Hamid Ansari, on the second day of his visit to Uganda, held talks with President Yoweri Museveni at the State House and reviewed the "entire gamut" of bilateral cooperation. "We reviewed the entire gamut of our bilateral ties. We remain committed to working together in trade, investment, development cooperation, agriculture, IT, defence cooperation domains," Ansari said during a joint press conference with President Museveni. 

Liquidity will drive mkt even as economy weak: Ajay Srivastava 

 Ajay Srivastava of Dimensions expects major consolidation in the non-banking financial companies (NBFC) space in the medium-term. Smaller NBFCs in the industry can gain on these potential M&A opportunities, he added. Ajay Srivastava (more) CEO, Dimensions Corporate Finance Services Pvt Ltd | Error loading player: No playable sources found Liquidity will continue to drive the market higher going ahead as the rally in the global markets continues, said Ajay Srivastava, CEO at Dimensions Corporate Finance Services. 

Ambitious new bankruptcy code may take yrs to clean up debt mess 

The measure marks a vital step towards completing India's quarter-century-old transition from socialism to a market economy that has so far been unable to adequately address what to do when companies fail. Ambitious new bankruptcy code may take yrs to clean up debt mess A long-awaited Indian bankruptcy code may soon win parliamentary approval, but struggling creditors – above all state banks trying to recover USD 100 billion in bad loans – shouldn't start celebrating just yet. The measure marks a vital step towards completing India's quarter-century-old transition from socialism to a market economy that has so far been unable to adequately address what to do when companies fail. For Prime Minister Narendra Modi's drive to 'Make in India', encouraging new investment depends on unburdening creditors of old ones that have failed. The stakes are high: India has the world's fastest growing big economy, but is not creating enough new jobs. Bankers back the new bankruptcy code, which would impose debt deadlines on failed firms and foresees up to five years in jail for debtors who conceal property or defraud creditors. "This will speed up the process," said R.K. Gupta, an executive director at State-run Bank of Maharashtra .

DeMo to cut tax avoidance, corruption; credit positive: 

Moody's Besides, it said, the country remains resilient to economic disruption and the worst of the liquidity crunch has passed, which should support a rebound in consumption and investment. DeMo to cut tax avoidance, corruption; credit positive: Moodys Demonetisation will be credit positive for India as it is likely to reduce tax avoidance and corruption, Moody's Investors Service said today. Besides, it said, the country remains resilient to economic disruption and the worst of the liquidity crunch has passed, which should support a rebound in consumption and investment. The US-based agency however projected growth to slow to 6.4 percent in the January-March quarter, from 7 percent in the previous three months. "Looking ahead, we expect remonetisation to continue at a similar pace," Moody's said in its report on demonetisation. "We continue to believe that in the medium term demonetisation will strengthen India's institutional framework by reducing tax avoidance and corruption. It should also result in efficiency gains through greater formalisation of economic and financial activity, which would help broaden the tax base and expand usage of the financial system. 

Demonetisation: Premium properties, land worst

 Affected Priyansh Jain, a textile merchant from New Delhi, has an independent three-storeyed property in upmarket Pitampura locality. He has a large joint family and is now looking to sell his property and relocate to R Priyansh Jain, a textile merchant from New Delhi, has an independent three-storeyed property in upmarket Pitampura locality. He has a large joint family and is now looking to sell his property and relocate to a bigger house. However, over the last one year, he has seen a drastic fall in property rates. “What was selling for Rs 20 crores at one point of time in 2015, was in the range of Rs 8-10 crores, in 2016. The recent demonetisation has added to the problems of the property market it seems,” says Jain. The situation seems similar in other metro cities and tier-2 cities. Take for example the case of Mumbai’s upmarket Bandra region, where high-end properties have seen a correction of more than 10%. “Given that old currency notes are no longer valid, home buyers/investors using unaccounted wealth to carry out transactions in cash, are facing a tough time and developers accepting cash components are facing a higher liquidity crunch than those accepting all payments through cheque/ bank transfer,” says Anuj Puri, former head of JLL India. Regions and segments that have been worst hit by demonetisation

India factory activity expands at a slightly faster pace in Feb

 The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, rose to 50.7 in February from 50.4 in January. That beat a Reuters poll median of 50.3 and was the highest level since November. India factory activity expands at a slightly faster pace in Feb Indian factory activity expanded for a second straight month in February, while an increase in raw material costs pushed firms to raise prices at the fastest rate in nearly three and a half years, a business survey showed on Wednesday. The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, rose to 50.7 in February from 50.4 in January. That beat a Reuters poll median of 50.3 and was the highest level since November. Readings above 50.0 signal an expansion in activity. "Indian manufacturers benefited from recovering demand and raised production volumes.

Trade Unions urge members to boycott Pepsi,Coca-Cola items in TN V.

 Thyagarajan, Manager of Annai Pazhamudhir Cholai, "We have stopped selling videshi brands like Coke and Pepsi since Jallikattu protest. We want to promote local brands." Trade Unions urge members to boycott Pepsi,Coca-Cola items in TN Some Trade Unions have asked their members not to sell Pepsi and Coca-Cola products from March 1 in Tamil Nadu citing reason that it's time to promote home grown brands. They alleged that these companies are exploiting the water bodies in Tamil Nadu to manufacture aerated drinks. V. Thyagarajan, Manager of Annai Pazhamudhir Cholai, "We have stopped selling videshi brands like Coke and Pepsi since Jallikattu protest. We want to promote local brands." There are 20 lakh shops affiliated with nine trade unions and most of the shops affiliated to these unions have decided not to sell the brands starting today.