Economy

Rupee hits 3-week low of 65.31, tumbles 38 paise

The rupee on Thursday slumped by 38 paise to close at more than 3-week low of 65.31 against the American currency on month-end dollar demand from importers and some banks in view of firm greenback overseas. The rupee resumed lower at 65.15 per dollar as against the last closing level of 64.93 at the Interbank Foreign Exchange Market and dropped ... Read More »

GST, bankruptcy code important reforms for India, says World Bank

The World Bank on Wednesday said introduction of Goods and Services Tax (GST) and bankruptcy code were crucial reforms for India to implement. World Bank Country Director Onno Ruhl hoped that the Indian Parliament would pass the GST bill and also the bankruptcy code in the ensuing winter session. The GST’s beneficial impact would be seen in 2018 if the ... Read More »

Trade, terror and climate top agenda in India-Africa summit

Starting his day with holding talks with Zimbabwe’s President Robert Mugabe, Prime Minister Narendra Modi met 19 African heads of states in an unprecedented marathon diplomatic effort which saw him pitching strongly for UN reforms, joint action against terrorism and enhancing the cooperation. “Together with External Affairs Minister Sushma Swaraj, the prime minister and his cabinet colleague met 31 African ... Read More »

Delhi braces for the chill as temperature drops

Delhiites woke up to a chilly morning with strong winds forcing many to pull out their light woollens. The mercury settled at below the 30 degrees Celsius-mark, at least five degrees below normal for this time of the season. The maximum temperature was recorded at 26.3 degrees Celsius and minimum 17.5 degrees Celsius, both at Aya Nagar, south of the ... Read More »

Invest in Africa for resources and growth, says Sushma Swaraj

Indian companies must invest in African countries as they offer resources and growth opportunities that can be a win-win situation for both sides, External Affairs Minister Sushma Swaraj said today. Sharing her experience after meeting visiting foreign ministers of African nations, Swaraj said countries in that continent offer immense business and investment opportunities for India. “Nowhere is the impact of ... Read More »

Maharashtra government looking to borrow loans at 4 per cent interest

Reeling under debt of over Rs 3 lakh crore, the Maharashtra government is contemplating to take loans at 4 per cent interest from foreign nations for developmental purposes, state Finance Minister Sudhir Mungantiwar has said. The total debt increased to Rs 3.18 lakh crore in March 2015, from Rs 1.24 lakh crore in March 2005. The salary amount that the ... Read More »

Festival advance for Maharashtra govt employees hiked to Rs 10,000

Keeping in view guidelines of the Centre, the Maharashtra government has decided to increase the festival advance of non-gazetted employees to Rs 10,000. The advance, which was earlier Rs 5,000, will cover nine major festivals – Diwali, Ramzan Id, Christmas, Parsi New Year, Rosh Hoshnaa (Jewish new year), Buddha Jayanti, Independence Day, Republic Day and Sanvatsari (last day of Jain’s ... Read More »

Need to be patient for policies to reflect on ground, says Chanda Kochhar

It will need “a lot of patience” for the real impact of the Modi government’s economic policies to be seen on the ground in a “complex country” like India, top banker Chanda Kochhar said on Tuesday. Her comments come a day after BJP leader Arun Shouriesaid that the “policies are same” of the present government when compared to the previous ... Read More »

India aspires to grow faster, eyes Africa: Finance Minister Arun Jaitley

India wants its economy to grow much faster, Finance MinisterArun Jaitley said on Tuesday,  at the five-day India-Africa Forum Summit (IAFS) which commenced in New Delhi on Monday. “India today aspires to grow much faster. We are not satisfied with present growth rates,” Jaitley told a seminar at the IAFS to which all of the continent’s 54 countries have been ... Read More »

NDA government is Congress plus a cow, says Arun Shourie

In a sharp attack on the NDA government lead by Prime Minister Narendra Modi, BJP leader Arun Shourie today contended that it believes that managing economy means “managing the headlines” and that people had started recalling the days of former PM Manmohan Singh. “Doctor Singh (Manmohan Singh) ko log yaad karne lag gaye hain (People have started recalling the days ... Read More »