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Police to probe allegation that Arvind Kejriwal accepted Rs 2 crore 

Sacked Delhi minister Kapil Mishra alleged he was an "eyewitnessto colleague Satyendra Jain handing over Rs 2 crore to Kejriwal. A day after the Aam Aadmi Party dismissed sacked Delhi minister Kapil Mishra's allegations against Arvind Kejriwal of taking money as "baseless", the Delhi Lieutenant Governor Anil Baijal has forwarded the complaint to the Anti-Corruption Bureau. The ACB has been instructed to submit its report within seven days. Kapil Mishra also said he would share all "evidence" in connection with the alleged water tanker scam, including that against two close aides of the chief minister, with the Anti-Corruption Branch on Monday. Mishra also claimed that a "few AAP members" have told him that Kejriwal has made up his mind to "sack (Health Minister) Satyendar Jain" by the coming Wednesday. In his earlier press conference, Mishra alleged he was an "eyewitness" to Jain handing over Rs 2 crore to Kejriwal. Mishra said he would be at the ACB office at 11 am on Monday. He questioned the "inaction" over a report submitted by him to Kejriwal in August 2015 on the alleged Rs 400 crore water tanker scam during the tenure of the Sheila Dikshit government. Deputy Chief Minister Manish Sisosia scoffed at Mishra's charges. "Is there any proof? These are not allegations, they are jokes,"

PM Modi 'looks forward' to working with Emmanuel Macron

 "Congratulations to @EmmanuelMacron fr an emphatic victory in the French Presidential election. #Presidentielle2017," Modi tweeted. Prime Minister Narendra Modi today congratulated Emmanuel Macron on being elected as the President of France and said he looked forward to working closely with him to further strengthen the bilateral relations. "Congratulations to @EmmanuelMacron fr an emphatic victory in the French Presidential election. #Presidentielle2017,"

Oil prices rise on expectation of output cut extension

 The rise came after steep falls last week on the back of ongoing high supplies from countries that aren't participating in the cuts, including the United States where output is soaring Oil prices rose on Monday on a growing conviction that an OPEC-led production cut initially scheduled to end in June would be extended to cover all of 2017, although a relentless increase in U.S. drilling activity is seen capping gains The rise came after steep falls last week on the back of ongoing high supplies from countries that aren't participating in the cuts, including the United States where output is soaring. Traders said the victory of Emmanuel Macron in the French presidential elections against far-right Marine Le Pen also supported oil prices as it raised hopes of a more stable European economy. Brent crude futures, the international benchmark for oil prices, were at $49.85 per barrel at 0020 GMT on Monday, up 75 cents, or 1.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $46.87 per barrel, up 65 cents, or 1.4 percent from the last close. The market is becoming more confident that the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, who pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year in order to prop up the market, will extend the deal to cover all of 2017. 

Govt aims record 273MT foodgrain output in 2017-18 

The country is likely to produce an all-time high 273 million tonnes (MT) of foodgrain in the 2017-18 crop year starting July and maintain 4 percent farm growth, anticipating a good monsoon. The country is likely to produce an all-time high 273 million tonnes (MT) of foodgrain in the 2017-18 crop year starting July and maintain 4 percent farm growth, anticipating a good monsoon. Foodgrain production is estimated to touch a record 271.98 MT in the current year (July-June) on the back of good rains after two years of drought, according to the second estimate of the agriculture ministry. "Foodgrain production target for next year is set at record 273 million tonnes," Agriculture Minister Radha Mohan Singh said while addressing a two-day national conference that is discussing sowing strategy for the coming kharif season. Southwest monsoon is forecast to be normal which will help achieve the desired target, he said without disclosing the season-specific production targets. It may be noted that 50 percent of the foodgrain output comes from both kharif (summer) and rabi (winter) seasons. Kharif crops are normally sown in around 72 million hectares. 

NITI's 3-year agenda suggests key reforms to bolster economy 

Niti Aayog in its three-year draft action agenda today suggested a host of reforms in taxation, agriculture and energy sectors with the objective of accelerating growth and increasing employment opportunities. Niti Aayog in its three-year draft action agenda today suggested a host of reforms in taxation, agriculture and energy sectors with the objective of accelerating growth and increasing employment opportunities. The draft agenda, released by Niti Aayog Vice Chairman Arvind Panagariya today, also underlined the need for recalibrating the role of the government by limiting its involvement in activities that do not serve a public purpose. Among other things, the Aayog has also suggested the closure of loss-making CPSEs and strategic disinvestment in 20 state-owned companies. 

Tax agriculture income, says NITI Aayog member Debroy 

NITI Aayog member Bibek Debroy today made a strong case for taxing agriculture income, an opinion contrary to the government's stated position. NITI Aayog member Bibek Debroy today made a strong case for taxing agriculture income, an opinion contrary to the government's stated position. In addition, the member of the government's top think tank also suggested that exemptions on personal income tax should be removed to increase tax base from the current about 37 million in the country of 1.3 billion of people. "On expanding the base on the personal income tax side, other than elimination of exemptions, is to also tax rural sector, including agriculture income above certain threshold," Debroy said in a press conference. Taxing agriculture income is a politically sensitive issue and successive governments have refrained from doing so. As recent at March 22, Finance Minister Arun Jaitley had assured Parliament: "Agriculture income is not taxed and will not be taxed" 

China policymakers bullish on economy, cite strong Q1 GDP, stable yuan

 Speaking at a G20 summit meeting of the world's top economies in Washington last week, finance minister Xiao Jie said an increasing number of positive signs were seen in the Chinese economy in the first quarter gross domestic product Policymakers in China are pushing a bullish message on the world's second-biggest economy after a solid first quarter, pointing to a slow down in capital outflows and a stable yuan after a selloff last year stoked fears of instability. Speaking at a G20 summit meeting of the world's top economies in Washington last week, finance minister Xiao Jie said an increasing number of positive signs were seen in Chinese economy in the first quarter gross domestic product report. China is confident of reaching the government's 6.5 percent GDP growth target this year, Xiao said in a notice published on the Ministry of Finance's website on Saturday. Separately, People's Bank of China (PBOC) adviser Sheng Songcheng said the improving economy has been matched by a stable yuan, with signs that capital is starting to return to China

Ensure free and fair trade practices for global recovery: 
 
FM Global economic outlook has changed for the better with some silver linings finally emerging, Jaitley said at the meeting of the International Monetary and Financial Committee (IMFC). Monetary policy stance of advanced economies and increasing protectionism were among the reasons for weak confidence in the global economic recovery, Finance Minister Arun Jaitley has said, while calling for efforts to ensure free and fair trade practices Global economic outlook has changed for the better with some silver linings finally emerging, Jaitley said at the meeting of the International Monetary and Financial Committee (IMFC). Jaitley noted that this momentum was expected to strengthen in 2017 based on gradual improvement in economic conditions in advanced economies, particularly in the US, as well as due to the pick-up in growth in some large emerging markets.

Protectionism will hurt global economy, people welfare: 

Jaitley "Questions are raised today in certain quarters about the global compact, which we have developed over the years- multilateralism driving the rule-based flow of goods and services- to deliver growth, development and poverty reduction for all and achievement of global public good. Increasing trade protectionism will hurt the global economy and welfare of people, Finance Minister Arun Jaitley has warned. "Questions are raised today in certain quarters about the global compact, which we have developed over the years- multilateralism driving the rule-based flow of goods and services- to deliver growth, development and poverty reduction for all and achievement of global public good. The attempt to change the discourse from opening up and focusing on competitive advantage to increased protectionism will only hurt the global economy and welfare of people, Jaitley said in his address to the World Bank Development Committee. "We need to bond together and renew our compact to protect the World from falling into spiral of slow economic growth, rising inequality and irreversibly altered climate, conflict and fragility," said the Finance Minister

India must work on raising its global trade share:

 Panagariya India needs to focus on domestic policies to step up its share in global trade to 4-5 percent from the current 1.7 percent and not get perturbed by what is happening in the US, NITI Aayog Vice-Chairman Arvind Panagariya said today. India needs to focus on domestic policies to step up its share in global trade to 4-5 percent from the current 1.7 percent and not get perturbed by what is happening in the US, NITI Aayog Vice-Chairman Arvind Panagariya said today. He offered a simple solution to bump up India's share in global merchandise exports, saying "what matters more is what we do in India". The global merchandise export is USD 16-17 trillion. He suggested that the effort should be to raise India's pie, irrespective of increase or decrease in global trade. "What happens to the size of global merchandise exports, whether it remains at USD 16 trillion or goes up to USD 18-19 trillion, is of less consequence.

Digital payments could negatively affect luxury goods industry:

 Survey About 68 percent of the respondents to the survey, said cashless transactions would pose a huge challenge to the luxury industry. While digital payments may be a boon&for various industries such as e-commerce, it could lead to a setback in the luxury goods industry,  according to a new Luxury Connect report. About 68 percent of the respondents to the survey said cashless transactions would pose a huge challenge to the luxury industry. The respondents included top-level executives across various segments of the luxury sectors and store managers of leading brands "Luxury is typically dependent on cash transactions to meet its high value – high ticket customers. It will be even more difficult initially to convert clients towards, cashless transactions," 

India has few arrows in its quiver to fight a trade war with the US 

At the receiving end of the protectionism are countries like India and China, the latter being the shopfloor of the world. India is hit on another front as it is the largest outsourcing play in the IT space. A global slowdown has led to a rise in unemployment in various countries. This in turn is leading to populist measures with political parties the world over seeking to protect jobs at home; this is especially true in the developed world. Right-wing parties have capitalised on the move by coming to power stoking fears of job losses. The Brexit vote was all about jobs on account of immigration and so was Donald Trump’s winning the US presidency. At the receiving end of the protectionism are countries like India and China, the latter being the shopfloor  of the world. India is hit on another front as it is the largest outsourcing play in the information technology space. President Trump’s move to put hurdles in issuance of H1-B visas was the first step that directly hit Indian IT companies. However, the original stance has been somewhat diluted after companies in the US realised that that are few in-house talents in place to take over from Indian professionals, at least at the same price point Not happy protecting employment in the United States, 

Yogi Adityanath follows PM Modi, bans lal batti in UP from today

 In an order issued by the Chief Minister's office said the use of blue and red beacon lights by ministers and officials was being ended from Friday. However, they would be allowed on the escort vehicles. Two days after the union cabinet put an end to use of red beacon lights in all vehicles, Uttar Pradesh Chief Minister Yogi Adityanath in a midnight missive ordered the same with immediate effect across Uttar Pradesh. In an order issued by the Chief Minister's office said the use of blue and red beacon lights by ministers and officials was being ended from Friday. However, they would be allowed on the escort vehicles.

Govt's startup fund invested Rs 623.5 cr in 17 venture capital firms last year

 Nearly 17 local venture capital (VC) funds were sanctioned Rs 623.50 crore in the year to March, from the government’s ambitious Fund-of-Funds, set up to fund VCs that could, in turn, invest in early stage companies or start-ups. Nearly 17 local venture capital (VC) funds were sanctioned Rs 623.50 crore in the year to March, from the government’s ambitious Fund-of-Funds, set up to fund VCs that could, in turn, invest in early stage companies or start-ups. According to a data released by the Small Industries Development Bank of India (Sidbi) and Department of Industrial Policy and Promotion (DIPP), the first full-year analysis of the fund-of-funds reveals that the VCs that managed to grab a share of the fund invested in nearly 62 start-ups during the year. The fund-of-funds saw limited takers since its launch in January 2016, mostly due to the slow and fairly complicated procedure of raising and deploying funds by VCs. With Sidbi acting as a limited partner to the VCs, these 62 start-ups managed to garner roughly raised Rs 186.84 crore in FY17.

Tata Steel board approves raising Rs 9,000 cr via debt securities 

"The Board of Directors...based on the review and pursuant to the existing shareholders approval, approved issue of debt securities of up to Rs 9,000 crore in the form either of Non-Convertible Debentures on private placement basis or Foreign Currency or Rupee Denominated Bonds or a combination thereof in one or more tranches," the company said in a filing. board has given its approval for issuing debt securities worth up to Rs 9,000 crore to meet working capital requirements and general corporate purposes. "The Board of Directors...based on the review and pursuant to the existing shareholders approval, approved issue of debt securities of up to Rs 9,000 crore in the form either of Non-Convertible Debentures on private placement basis or

Nasscom hopes to overcome visa issue

 Replying to query on the latest announcements curbing skilled job visas by Australia and the US, he said there is a rising trend of "protectionism" globally and anti-globalisation. Immigration-related issues facing the IT sector http://aceinvestmentadvisory.comemployees are just operational concerns for the companies and the industry is taking steps to overcome them, said industry body Nasscom president R Chandrashekhar. Replying to query on the latest announcements curbing skilled job visas by Australia and the US, he said there is a rising trend of "protectionism" globally and anti-globalisation. "All of these are big changes that are happening beyond just policy changes of individual governments and the industry has been taking several steps to cope with them. The domestic IT industry has transformed many times in the past. These are operational challenges. "The immigration related issues are some of the operational challenges which they face today. It is just one more dimension of the economic and technological challenges. We believe that the industry is capable of once again transforming to the extent needed based on these shifts," Chandrashekhar told reporters on the sidelines of an event here.

Notes ban: ED attaches Rs 12 cr assets in Sekhar Reddy case

 The Enforcement Directorate (ED) has attached assets worth Rs 12 crore of two accused in connection with its money laundering probe against sand mining baron J Sekhar Reddy and others post demonetisation. The Enforcement Directorate (ED) has attached assets worth Rs 12 crore of two accused in connection with its money laundering probe against sand mining baron J Sekhar Reddy and others post demonetisation. Officials said the agency issued a provisional attachment order here attaching the assets of Ashok Jain and Mahaveer Hirani under the provisions of the Prevention of Money Laundering Act (PMLA).

Deadline for deposits under income declaration scheme extended till April 30 

The PMGKY, which opened on December 17, 2016, provided a last chance to holders of undisclosed income to come clean by paying tax and penalty. The scheme closed on March 31. The government and the Reserve Bank of India on Wednesday gave time till April 30 for "commensurate deposits" by people who have declared their unaccounted income under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) that allowed parking money in non-interest bearing deposits for four years. The extension of time till April 30 has also been given to banks for uploading details into the RBI's E-Kuber system. The PMGKY, which opened on December 17, 2016, provided a last chance to holders of undisclosed income to come clean by paying tax and penalty. The scheme closed on March 31. In a press release, the RBI said, "It has now been decided by the Government of India, in case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before March 31, to allow extension of time till April 30 for banks to upload details into RBI's E-Kuber system and for depositors to make commensurate deposits, if not already done."

India, Nepal to deepen cooperation in security, trade, energy 

Talks on a range of issues were held between the two neighbouring countries during the ongoing visit of Nepalese President Bidya Devi Bhandari. India and Nepal will further deepen cooperation in key areas like security, trade, investments and energy, the Ministry of External Affairs said. Talks on a range of issues were held between the two neighbouring countries during the ongoing visit of Nepalese President Bidya Devi Bhandari. Bhandari, who is on a visit to India from April 17-21, held talks with her Indian counterpart Pranab Mukherjee, Vice President Hamid Ansari, Minister for Home Affairs Rajnath Singh, External Affairs Minister Sushma Swaraj and Finance and Defence Minister Arun Jaitley. A statement by the MEA said, the Indian leadership reiterated its support to ongoing efforts of the Nepal government in moving constitution implementation process forward through dialogue and taking all sections of its society on boardBoth the sides, the MEA said, noted that Indo-Nepal relations derive their strength and salience from shared history, common cultural ethos, and long years of close and intense people-to-people contacts facilitated by open borders. 

RBI asks banks to review telecom sector; FinMin official wants

 Trai to do its job properly Indian telecom players are burdened with debt, which is likely to increase due to the ongoing tariff war and consolidation in the sector. The Reserve Bank of India (RBI) has raised concern over the banks' loans to the telecom companies and has asked the lenders to consider making provisions for standard assets in this sector at higher rates so that necessary resilience is built in the balance sheets. "The telecom sector is reporting stressed financial conditions, and presently interest coverage ratio for the sector is less than one, Board of Directors of the banks may review the telecom sector latest by June 30, 2017," a circular released by the central bank

PM calls NITI Aayog Governing Council meet on Sunday 

The council, with all chief ministers on board, will also discuss 3-year action plan and 7-year development strategies. Prime Minister Narendra Modi has convened a meeting of NITI Aayog's Governing Council on Sunday to deliberate on the 15-year road map for development. The council, with all chief ministers on board, will also discuss 3-year action plan and 7-year development strategies. "The Governing Council meeting is being scheduled on April 23. The agenda of the meeting is being finalised. The council is likely to deliberate on three-year action plan prepared by the NITI Aayog," a source said. Since the government has done away with five-year plans with effect from April 1, 2017, it is imperative that the new three-year action plan is put into place at the earliest to guide various central ministries, departments and states to achieve the goal envisaged in the 'Vision 2030' document, the source added. The 12th Five-Year Plan, which was the last of its kind in the series, was terminated on March 31, 2017. The new three-year plan will also provide in detail the government's expenditure classification on the basis of capital and revenue categories.

BigBasket in talks for possible merger with Grofers India:

 If the merger goes through, SoftBank Group , which is an existing investor in Grofers', will participate in a $60 million to $100 million funding round in the merged company, the report added. India's online grocery delivery service BigBasket and smaller rival Grofers India Pvt. Ltd. have begun talks on a possible merger, Indian newspaper Mint reported on Wednesday, citing sources. If the merger goes through, SoftBank Group , which is an existing investor in Grofers', will participate in a $60 million to $100 million funding round in the merged company, the report added.

Working on data protection framework: Govt to SC 

A comprehensive data protection framework may be put in place by this year end and the TRAI is working on it, the government today told the Supreme Court A comprehensive data protection framework may be put in place by this year end and the TRAI is working on it, the government today told the Supreme Court. The government told the apex court that there would be a regulatory mechanism in place on data protection, likely by Diwali in October, and the Telecom Regulatory Authority of India (TRAI) was actively pursuing a framework of this nature. Stating this, Attorney General Mukul Rohatgi urged a five-judge constitution bench, headed by Justice Dipak Misra, to defer the hearing in the WhatsApp privacy policy matter by a couple of months so that the government can come out with the law on data protection"The government is actively mulling over a comprehensive data protection framework," Rohatgi told the bench, which also comprised Justices A K Sikri, Amitava Roy, A M Khanwilkar and M M Shantanagoudar. Senior advocate Harish Salve, appearing for the petitioners, told the bench that there was no regulation in place and there should be privacy of data or information shared by the users on social networking or instant messaging platforms.

PM calls for 'long jump' to push socio-economic transformation 

Reaffirming his commitment to development, Modi stressed on ‘P2 G2’ (pro-people proactive good governance) agenda for the BJP and its governments in his address to the party's national executive during which he rejected the EVM row as another "unsustainable" product of "manufacturing factories" of opposition parties. Prime Minister Narendra Modi called for taking a "long jump" towards building a new India by 2022 as he insisted on socio-economic transformation dominating the national discourse in the same way as independence did Mahatma Gandhi's talk Reaffirming his commitment to development, Modi stressed on ‘P2 G2’ (pro-people proactive good governance) agenda for the BJP and its governments in his address to the party's national executive during which he rejected the EVM row as another "unsustainable" product of "manufacturing factories" of opposition parties "Our aim should not be change of government but transformation of society," the Prime Minister said. He called for making India a happy and prosperous nation and a leading country in the world by 2022 for which the pace of progress needed to be quickened. "It's time for taking a long jump towards building a new India and rewrite history.

BJP on mission mode for 2019, sets new targets

 On the concluding day of the two-day National Executive meet, the BJP political resolution indicated that it would focus on adding new socio-groups into its fold even as Prime Minister Narendra Modi tried to attract some in the Muslim community, especially women and the poor. Keeping its thrust on development agenda, the BJP has embarked on a mission to retain power in 2019, fine-tuning its strategy to woo the poor and a section of Muslims to expand its base. On the concluding day of the two-day National Executive meet, the BJP political resolution indicated that it would focus on adding new socio-groups into its fold even as Prime Minister Narendra Modi tried to attract some in the Muslim community, especially women and the poor. Dubbing Triple Talaq a "bad social practice", Modi said such things can be ended by social awakening but stressed that the Bharatiya Janata Party didn't want a conflict on this issue. Modi's observation came at his concluding remarks. 

PM Modi to inaugurate many projects in Gujarat today 

Modi is slated to inaugurate Kiran Multi Super Speciality Hospital and Research Centre, built by a private trust, in the city tomorrow morning. Prime Minister Narendra Modi, who arrived here yesterday on a two-day visit to his home state Gujarat, will have a packed schedule today with the inauguration of a series of projects. Modi is slated to inaugurate Kiran Multi Super Speciality Hospital and Research Centre, built by a private trust, in the city tomorrow morning. He would then go to Hira Bourse SEZ at Icchapur in the district to inaugurate a diamond polishing unit of Hari Krishna Export Private Limited. From there, the Prime Minister will go to Bajipura village in Tapi district to inaugurate a cattle feed plant and ice-cream plant of Sumul Dairy, and lay foundation stone for dairy products plant at Nava Pardi. He will also address a large gathering there.

Operation Clean Money II: I-T sleuths to probe over 60,000 black money hoarders 

The I-T department has used advanced data analytics to identify suspect cash deposits before launching the latest edition of the operation The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money' which was launched today with an aim to detect black money generation post demonetisation. The Central Board of Direct Taxes (CBDT), policy-making body of the department, said it has detected undisclosed income over Rs 9,334 crore between the period of November 9, 2016 till February 28 this year. The notes ban was announced

Now, earn Rs 10 for every person you refer to the BHIM app 

Notably, the PM had recently expressed gratitude to the people saying over the last few months the country had witnessed an atmosphere in which people in large numbers participated in the digital payment, the 'Digidhan' movement. Prime Minister Narendra Modi on Friday suggested an easy way for youngsters to make a quick buck this summer vacation. He said for every person you introduce to the BHIM app, you will get a cash back of Rs 10. "If you refer a mere 20 people a day to the app, you can earn Rs 200," he said. Notably, the PM had recently expressed gratitude to the people saying over the last few months the country had witnessed an atmosphere in which people in large numbers participated in the digital payment, the 'Digidhan' movement. Pushing for a less-cash economy, PM Narendra Modi said the government's 'DigiDhan' movement for digital payment is a step towards curbing the menace of corruption. While paying rich tributes to Dr B R Ambedkar on his 126th birth anniversary at the 

Facebook Messenger crosses 1.2 bn monthly active users

 In July last year, Facebook had said it had 1 billion users of Messenger, its messaging service on the social networking platform. Facebook's Messenger today said it has crossed 1.2 billion monthly active users milestone with the addition of about 200 million new users in last eight months. "We now have over 1.2 billion people actively using Messenger every month," Facebook Head of Messenger David Marcus said in a post on the social networking platform. In July last year, Facebook had said it had 1 billion users of Messenger, its messaging service on the social networking platform

Govt nod for refund of Rs 2,700 cr claims under export scheme 

The decision was taken at the Cabinet meeting chaired by Prime Minister Narendra Modi here. The Cabinet today approved a proposal for refund of Rs 2,700-crore claims to exporters under an export promotion initiative 'Target Plus Scheme' in pursuance of a Supreme Court judgement. The decision was taken at the Cabinet meeting chaired by Prime Minister Narendra Modi here The Cabinet "approved the implementation of Supreme Court's judgement dated October 27, 2015, regarding Target Plus Scheme (TPS) 2004-09 "The revenue implication under the TPS arising from the Supreme Court's judgement is about Rs 2,700 crore," the commerce ministry said in a statement. It said the benefit will be extended to all the applicant exporters eligible as per provisions of the initially notified TPS for the year 2005-06. The claims, under the scheme, which were denied as a result of a retrospective notification will now be settled as per direction of the Supreme Court, it added.

Modi effect working? Investment guru Jim Rogers is unhappy about exiting India

 As the Sensex and Nifty scale new highs, hedge fund manager and investment guru Jim Rogers regrets his decision to exit India in 2015. As the Sensex and Nifty scale new highs, hedge fund manager and investment guru Jim Rogers regrets his decision to exit India in 2015. Two years ago, he sold off his holdings in Indian companies on the belief that Prime Minister Narendra Modi-led NDA government didn’t fulfil investor expectations. Rogers lauded the Modi government’s ability to turn around things and markets producing record rally. He admitted that his exited Indian companies based on his learnings from Modi’s policies as chief minister of Gujarat. “Yes, I am impressed, and I see that the markets are at an all-time high, currency is going up—they are making new highs without me, and that does not make me happy,” he told Rogers, however, doesn’t want to enter India at the moment. 

LIC's new premia growth jumps 26% to Rs 1.2 trillion in FY17 

Total new business premium, including pension and group business, rose to Rs 1.22 trillion in FY17, a growth of 25.8 per cent from around Rs 97,000 crore a year ago, a senior LIC official told PTI here. Driven by sudden surge in single premium policy sales and falling interest rates, total new business premium of LIC rose 25.8 per cent to Rs 1.22 trillion in FY17 from around Rs 97,000 crore in the previous year However, the state-run insurance behemoth witnessed degrowth in terms of policies during the year under Total new business premium, including pension and group business, rose to Rs 1.22 trillion in FY17, a growth of 25.8 per cent from around Rs 97,000 crore a year ago, a senior LIC official told PTI here.New business on the individual basis zoomed 47 per cent to Rs 37,800 crore from Rs 25,700 crore a year ago. New business on the individual basis jumped 122 per cent from the projected target of Rs 31,000 crore in FY17. Interestingly, target was the same for the previous fiscal too.

Indian state refiners to revise fuel price in 5 cities daily from May 1:

 To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said. India's state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme, industry sources said To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said. State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets State refiners - retail outlets in the country The three have upto 200 fuel stations in the five cities, the sources said. The roll out of "daily dynamic pricing" in five cities will help them identify the problems ahead of a nationwide roll out of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter. 

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IndiGo ties with Australian institute to train pilot cadets 

The initial tie-up is for two years and can be renewed later and the training will be conducted at the FTA's facility at the Parafield Airport in South Australia. Private budget carrier stock pricequote/transport-logistics/inter globeaviation partnered with Australian flight training institute, Flight Training Adelaide (FTA), to provide training to its pilot cadets. The initial tie-up is for two years and can be renewed later and the training will be conducted at the FTA's facility at the Parafield Airport in South Australia. Mentored by IndiGo, successful candidates will receive licence from both Australian air safety regulator, CASA as well as the aviation watchdog DGCA, IndiGo said in a release. These cadet pilots upon graduation will return to India for flight licence conversion and absorbed as junior first officers (JFOs) with IndiGo, it added. FTA has extensive experience in conducting cadet pilot training for airlines worldwide over the last more than three decades. 

RBI slaps fine on City Union Finance, Hinduja Leyland Finance 

The regulator had conducted scrutiny of sample loan accounts of Shriram City Union Finance during November 2015 and found it to be in violation of various provisions of Fair Practices Code guidelines. The Reserve Bank has imposed a penalty of Rs 20 lakh on Shriram City Union Finance and Rs 5 lakh penalty on Hinduja Leyland Finance for violating fair practices code guidelines. The regulator had conducted scrutiny of sample loan accounts of Shriram City Union Finance during November 2015 and found it to be in violation of various provisions of Fair Practices Code guidelines. The RBI said it served a show cause notice to the company and also called for a personal hearing, but response to the notice was not satisfactory.

Govt asks PSU banks to finalise wage revision before November 1

 In a communication to CEOs and MDs of the state-owned banks, the ministry advised them to initiate the steps for smooth conclusion of next wage revision of the employee within the The finance ministry has asked the heads of public sector banks to finalise the modalities for timely implementation of the next pay revision from November. There are 21 public sector banks, post merger of six lenders with SBI, in the country. They together employ about 8 lakh people. In a communication to CEOs and MDs of the state-owned banks, the ministry advised them to initiate the steps for smooth conclusion of next wage revision of the employee within the time-frame. "However, it is seen that several banks are yet to proceed in the matter," it said, requesting the PSBs to "look into the matter and conclude the next wage revision prior to the effective date of November 1, 2017".

Centre launches 350 projects for affordable housing scheme 

The move comes a day after the Prime Minister's Office (PMO) held a meeting with private real estate developers with a focus to remove "bottlenecks" to ensure private sector participation in the government's ambitious 'Housing-for-all by 2022' programme. The government launched over 350 projects to build about two lakh houses with a private sector investment of Rs 38,000 crore, a first major initiative of corporates in the Centre's affordable housing scheme. The move comes a day after the Prime Minister's Office (PMO) held a meeting with private real estate developers with a focus to remove "bottlenecks" to ensure private sector participation in the government's ambitious 'Housing-for-all by 2022' programme. Housing and Urban Poverty Alleviation (HUPA) Minister M Venkaiah Naidu launched the housing projects at a function at Gandhinagar in Gujarat. The Confederation of Real Estate Developers' Associations of India (CREDAI) members will invest over Rs 38,000 crore to build these houses. 

Centre launches 350 projects for affordable housing scheme

 The move comes a day after the Prime Minister's Office (PMO) held a meeting with private real estate developers with a focus to remove "bottlenecks" to ensure private sector participation in the government's ambitious 'Housing-for-all by 2022' programme. The government launched over 350 projects to build about two lakh houses with a private sector investment of Rs 38,000 crore, a first major initiative of corporates in the Centre's affordable housing scheme. The move comes a day after the Prime Minister's Office (PMO) held a meeting with private real estate developers with a focus to remove "bottlenecks" to ensure private sector participation in the government's ambitious 'Housing-for-all by 2022' programme. Housing and Urban Poverty Alleviation (HUPA) Minister M Venkaiah Naidu launched the housing projects at a function at Gandhinagar in Gujarat. The Confederation of Real Estate Developers' Associations of India (CREDAI) members will invest over Rs 38,000 crore to build these houses.

Four dead in Sweden truck attack, driver at large

 Pictures taken at the scene showed a large blue truck with a mangled undercarriage smashed into the Ahlens department store. A massive manhunt was underway for the driver of a stolen truck that ploughed into a crowd outside a busy department store in central Stockholm, killing four and injuring 15, Swedish police said. A national police chief, Stefan Hector, said the police's "working hypothesis is that this is a terror attack." One man was arrested in connection with the attack but the driver remained at large, police said. Prime Minister Stefan Lofven, who cut short a visit in southwestern Sweden to return to Stockholm, said he had strengthened the country's border controls. "Terrorists want us to be afraid, want us to change our behaviour, want us to not live our lives normally, but that is what we're going to do. So terrorists can never defeat Sweden, never," he said. If confirmed as a terror attack, it would be Sweden's first such attack with a deadly outcome. Pictures taken at the scene showed a large blue truck with a mangled undercarriage smashed into the Ahlens department store. Witnesses described scenes of terror and panic. One witness identified only as Dimitris told the Aftonbladet daily the truck came "out of nowhere.

PM Modi hails India's jump to 40th spot in tourism rankings

 According to the World Economic Forum (WEF) report, India stood at 40th position this year. It has improved over 52nd rank in 2015 and 65th in 2013. Prime Minister Narendra Modi today said India's jump of 12 places to the 40th rank in the global travel and tourism competitiveness list by WEF reflects the importance the government gives to the sector. According to the World Economic Forum (WEF) report, India stood at 40th position this year. It has improved over 52nd rank in 2015 and 65th in 2013 Last 4 years have seen a total jump of 25 places in the world travel and tourism index. Reflects the importance Govt. is giving to tourism. "Great news for tourism sector. @wef Travel & Tourism Competitiveness Report ranks India at 40th (from 65 in 2013) on Travel & Tourism Index," Modi said in a series of tweets. Addressing a conference here, Tourism Minister Mahesh Sharma hailed India's improvement in the travel and tourism rankings.

Sheikh Hasina visit: New rail passenger service to be announced 

Hasina arrived here today on a four-day visit to India during which agreements in different areas, including the rail sector, are expected to be firmed up, strengthening Indo- Bangla ties. Launch of a new passenger service, making Maitree Express fully air-conditioned and facilitation by Indian Railways for launching a container train service are announcements likely to be made during PM Narendra Modi's meeting with his Bangladeshi counterpart Sheikh Hasina here. Hasina arrived here today on a four-day visit to India during which agreements in different areas, including the rail sector, are expected to be firmed up, strengthening Indo- Bangla ties. 

New quality norms for cellular services soon: 

Trai Telecom regulator Trai today said it will bring out in the next few weeks its order on the revised quality of service norms for mobile services, including benchmarks for newer technologies like VoLTE. Telecom regulator Trai today said it will bring out in the next few weeks its order on the revised quality of service norms for mobile services, including benchmarks for newer technologies like VoLTE. "On quality of service norms and parameters, on how to redefine them, what should be the values, the granularity... should the call quality be measured at the level of service area, or towers, or district... on all those issues, we had held consultations and we will take a decision in a few weeks," Trai Chairman R S Sharma said. Sharma, who was speaking to reporters on the sidelines of a Ficci event, said the decision will come in the form of a regulation or order by Trai. 

US employment growth seen slowing as warm weather boost fades 

Non farm payrolls probably increased by 180,000 jobs last month, according to a Reuters survey of economists, near 2016's 187,000 monthly average job growth. The unemployment rate is forecast to be unchanged at 4.7 percent. US job growth likely slowed in March after unseasonably mild weather boosted hiring over the prior two months, but the pace of gains should underscore the economy's strength despite a recent slowdown in economic growth. Nonfarm payrolls probably increased by 180,000 jobs last month, according to a Reuters survey of economists, near 2016's 187,000 monthly average job growth. The unemployment rate is forecast to be unchanged at 4.7 percent. The Labor Department will release its closely watched employment report on Friday. Readings in line with expectations would reinforce views the economy's fundamentals remain solid despite gross domestic product appearing to have slowed to around a 1.0 percent annualized growth pace in the first quarter after rising at a 2.1 percent rate in the final three months of 2016. 

Reliance Jio free services to impact telecos Q4 FY'17 earnings:

 Moreover, the RJio's extended free services for prime members till June, may also continue to keep the performance of telecom companies muted for the first quarter (April-June) of the current fiscal, according to ICICI Securities' latest earnings preview of the sector. Billionaire Mukesh Ambani's Reliance Jio on March 31 announced it had notched an unprecedented 72 million paid subscribers, and extended its deadline to April 15 for migrating other subscribers to its paid offer. It had further sweetened the deal by announcing a 'complimentary offer' for three months to those who pay Rs 303 prior to April 15, thus offering data at rock-bottom prices. Paid tariff plan will kick-in only in July. Jio launched the inaugural free voice and data plan in September last year, and in December extended the freebies till March 31, 2017, much to the ire of other operators who alleged that such freebies not only hit their profitability and disrupted the market but were also against the regulations. 

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Former Infosys top executive defends Narayana Murthy, says board has let down founders 

"The present Infosys' Board has let down its founders and lost credibility to continue. Its members should be replaced with new people," Balakrishnan said on Wednesday, two days after the company justified giving Rao a 70 per cent wage hike even after cofounder N.R. Narayana Murthy opposed it in private. Board is under fire again. This time from its former Board Member V. Balakrishnan for letting down its founders by giving a whopping wage hike to Chief Operating Officer U.B. Pravin Rao. "The present Infosys' Board has let down its founders and lost credibility to continue. Its members should be replaced with new people," Balakrishnan said on Wednesday, two days after the company justified giving Rao a 70 per cent wage hike even after cofounder N.R. Narayana Murthy opposed it in private. Backing Murthy for raising the red flag at a time when the Indian IT industry was facing lot of pressure due to global headwinds, he said the present Board had lost moral courage by favouring executives and ignoring employees. 

Former Infosys top executive defends Narayana Murthy, says board has let down founders 

"The present Infosys' Board has let down its founders and lost credibility to continue. Its members should be replaced with new people," Balakrishnan said on Wednesday, two days after the company justified giving Rao a 70 per cent wage hike even after cofounder N.R. Narayana Murthy opposed it in private. Board is under fire again. This time from its former Board Member V. Balakrishnan for letting down its founders by giving a whopping wage hike to Chief Operating Officer U.B. Pravin Rao. "The present Infosys' Board has let down its founders and lost credibility to continue. Its members should be replaced with new people," Balakrishnan said on Wednesday, two days after the company justified giving Rao a 70 per cent wage hike even after cofounder N.R. Narayana Murthy opposed it in private. Backing Murthy for raising the red flag at a time when the Indian IT industry was facing lot of pressure due to global headwinds, he said the present Board had lost moral courage by favouring executives and ignoring employees. "What moral courage the Board will have to face the employees after denying them similar favour.

After UP waiver, farmers in other states stop paying off loans 

Bankers' worst fears about the impact of the Uttar Pradesh government's decision to grant farm loan waivers are already coming true. After UP waiver, farmers in other states stop paying off loans" Bankers' worst the impact of the Uttar Pradesh government's decision to grant farm loan waivers are already coming true, as a few farmers in other states have already halted paying installments on existing farm loans. On Tuesday, UP Chief Minister Yogi Adityanath fulfilled the Bharatiya Janata Party's election promise by waiving farm loans totalling Rs 36,359 crore. The decision is expected to benefit at least 2.15 crore small and marginal farmers in the state. On the face of it, the decision may not directly impact the banks’ balance sheets as the state government will compensate the banks on the defaulted payments. However, public sector banks are not too happy given that it has already started impacting the credit discipline of borrowers. A senior executive of a large public sector bank.

ABB Group acquires Austrian machine automation firm Through the acquisition

 ABB expands its leadership in industrial automation and will be uniquely positioned to seize growth opportunities resulting from the fourth industrial revolution, ABB said in a statement.ABB Group acquires Austrian machine automation firm" ABB Group today announced the acquisition of Austria-based B&R, a solution provider in the automation of machines, for an undisclosed amount. Through the acquisition, ABB expands its leadership in industrial automation and will be uniquely positioned to seize growth opportunities resulting from the fourth industrial revolution.

Crop insurance drives general premiums past Rs 1 lakh crore 

A source in the industry said that crop insurance has contributed 40-45 percent to the entire general insurance industry The general insurance industry has crossed Rs 1 lakh crore in premiums backed by strong growth in the retail segments of motor and health insurance, said sources Further, the government's crop insurance scheme - Pradhan Mantri Fasal Bima Yojana - has also contributed a large portion of the premium collections, with a source in the industry saying that crop insurance has contributed 40-45 percent to the entire general insurance industry. The official figures for premium collection have not yet been released by the regulator. Crop insurance, according to the insurance industry, has seen the government has put in about Rs 20,000 crore in the form of premium. 

How development can help Kashmiris choose tourism over terrorism

 One way of nudging Kashmiri youth along the peaceful path could be development, as seen in this clip from the film The Unreserved, which chronicles the lives of people who travelled in the general compartment of trains. Visiting Jammu and Kashmir on Sunday, Prime Minister Narendra Modi had a message for the state’s youth – choose between tourism and terrorism. “I want to tell the misguided youth of Kashmir, realise the power of a stone,” Modi said. “On the one hand, there are some youth who pelt stones, on the other hand, there are young men from the same Kashmir who carve stones to build infrastructure.” One way of nudging Kashmiri youth along the peaceful path could be development, as seen in this clip from the film The Unreserved which chronicles the lives of people who travelled in the general compartment of trains. The video shows a Kashmiri youth travelling in a train shortly after the railway network reached Kashmir for the first time.

254 dead in Colombia mudslides, including 43 children

 Santos, who traveled to the southern town to personally oversee relief operations, warned the toll could keep climbing. Devastating mudslides in the Colombian town of Mocoa killed at least 254 people, 43 of them children, President Juan Manuel Santos said, in yet another sharp rise in the death toll. Santos, who traveled to the southern town to personally oversee relief operations, warned the toll could keep climbing. "Unfortunately, these are still preliminary figures," he wrote on Twitter. "We offer our prayers for all of them. We send our condolences and the entire country's sympathies to their families." Survivors described gruesome scenes in the remote southern town, as rescuers kept up a bleak search for victims in the muck and debris. Covered in mud, 38-year-old Marta Gomez told of going to search for her missing niece -- and making a chilling find instead.

Mobile wallets, biometric modes of payments to replace cards' 

Mobile wallets and biometric modes of payments will replace debit and credit cards in the next three to four years, NITI Aayog CEO Amitabh Kant said today Mobile wallets and biometric modes of payments will replace debit and credit cards in the next three to four years, NITI Aayog CEO Amitabh Kant said today. "Physical banking in India is almost dead and it is adopting pervasive technologies with such an accelerated pace that in next three to four years, the digital transactions would move through mobile wallet and biometric modes completely replacing debit and credit cards," Kant said. In the last two-and-a-half years, the government has announced several reform measures that resulted in attracting healthy FDI, Kant said at an event organised by the PHD Chamber here. "Our foreign direct investment (FDI) has increased by 60 percent in the last two years. 

EY to launch its first artificial intelligence centre in India

 EY’s AI Center will bring together teams of multi-disciplinary practitioners, combining expertise in AI, robotics etc. along with domain experience in sectors. Ernst and Young (EY), the leading global professional services organisation, on Friday announced its plans to enhance its suite of automation and artificial intelligence offerings with the opening of its first Artificial Intelligence (AI) Center in India. The AI Center resonates with EY’s purpose of “building a better working world”, by helping businesses to accelerate innovation and leverage on emerging technologies to operate more efficiently, manage risk and inspire confidence. Milan Sheth, Partner – Advisory Services and Technology Sector Leader, EY India,

Apple's initiative in Bengaluru for iOS app developers 

"iOS is...the foundation for iPhone and iPad, and the App Accelerator in Bengaluru will provide specialised support for developers, including tools and best practices to hone their skills and transform the design, quality and performance of their apps on the iOS platform," a company release said. "Apple's initiative in Bengaluru for iOS app developers" Indian developers and enable them to transform the design and performance of their apps on its mobile operating system iOS. "iOS is...the foundation for iPhone and iPad, and the App Accelerator in Bengaluru will provide specialised support for developers, including tools and best practices to hone their skills and transform the design, quality and performance of their apps on the iOS platform," a company release said. The App Accelerator in Bengaluru, which is the home of India's start-up scene, will inspire the next generation of Indian developers, the company said. "Each week

Bitcoin: A revolutionary idea, but is it bulletproof?

 In the 1990s, entry of personal computing provided individuals and groups to communicate and interact anonymously, without the fear of state censorship. The idea, now known as the Internet, created an opportunity for the free flow of information and virtually erased the concept restrictive sovereign borders. Numerous ventures sprung out and many decimated during the 'Dotcom crash', but Internet still stayed relevant and gained significance. Such is the case now that a life without Internet is unimaginable —the idea of free exchange of information is bulletproof. Ove past decade, another idea with immense potential for disrupting the society germinated and is growing roots.

'Mobile wallets, biometric modes of payments to replace cards' 

Mobile wallets and biometric modes of payments will replace debit and credit cards in the next three to four years, NITI Aayog CEO Amitabh Kant said today. Mobile wallets and biometric modes of payments will replace debit and credit cards in the next three to four years, NITI Aayog CEO Amitabh Kant said today. "Physical banking in India is almost dead and it is adopting pervasive technologies with such an accelerated pace that in next three to four years, the digital transactions would move through mobile wallet and biometric modes completely replacing debit and credit cards," Kant said. In the last two-and-a-half years, the government has announced several reform measures that resulted in attracting healthy FDI, Kant said at an event organised by the PHD Chamber here.

Samsung Galaxy S8 and the sad state of smartphones 

Devices from the stables of Apple, Samsung, LG, HTC, among others sure make great companions, are they really the "innovations" as the companies dub them to be? After the exploding Galaxy Note 7 fiasco, Samsung needed a smartphone that could thrust it back into reckoning and inspire confidence in customers. The company's answer —  Samsung Galaxy S8 that was unveiled on Wednesday — marks the progression in smartphones, but isn't a technological marvel. Barring Bixby, Samsung's virtual assistant, the Galaxy S8 is just an upgrade. It may not necessarily mean that the smartphone wouldn't give you bang for the buck, but the Samsung Galaxy S8 is the latest indicator of a malaise that the smartphone industry is dealing with

Ericsson partners IIT Delhi for 5G technology in India

Telecom gear maker Ericsson has signed an agreement with IIT Delhi to jointly work on a programme for 5G technology development in India. Telecom gear maker Ericsson has signed an agreement with IIT Delhi to jointly work on a programme for 5G technology development in India "Ericsson and the Indian Institute of Technology Delhi (IIT Delhi) have signed a memorandum of understanding to jointly roll out a '5G for India' programme," Ericsson said in a statement. Under the agreement, Ericsson will set up a Centre of Excellence with a 5G test bed and incubation centre at IIT Delhi and use this facility to drive the development of the country's 5G ecosystem. The first series of tests under this programme are due to begin in the second half of 2017 and will place India on par with other developed countries in terms of 5G network and application deployment.

T-Fiber project to be completed by mid-2018:

 KTR Telangana Fiber Grid (T-Fiber) project, aimed at providing Internet connection to every household in Telangana, will be completed by mid-2018, state IT Minister K T Rama Rao said today. Fiber project to be completed by mid-2018: KTR" Telangana Fiber Grid (T-Fiber) project, aimed at providing Internet connection to every household in Telangana, will be completed by mid-2018, state IT Minister K T Rama Rao said today. "We are laying 47,000 kms of fiber optic network, (which is) in addition to BharatNet programme. We are laying optical fiber cables along with 'Mission Bhagiratha' pipelines to provide drinking water," Rao said at an event here. Telangana Fiber Grid (T-Fiber) is envisioned to establish a state-of-the-art network infrastructure to facilitate the realisation of 'Digital Telangana' objective by piggybacking on Drinking Water Project – Mission Bhagiratha.

Each one of us owes debt of Rs 54,000.

 Here's how According to a Finance Ministry report, per capita debt (calaculated on basis of Union Government debt) is at Rs 53,796 as on March 31, 2016, as against Rs 49,270 on March 31, 2015. Each one of us has a debt of Rs 54,000. Wondering how? Here’s the answer. The government borrows funds from external agencies for development purposes, which it divides by the total number of citizens to get the per capita debt. Since the funds borrowed are for the people and hence, the government calculates per person average cost. And this is the debt that comes on each person’s head. According to a Finance Ministry report, per capita debt (calculated on basis of Union Government debt) is at Rs 53,796 as on March 31, 2016, as against Rs 49,270 on March 31, 2015. Analysts expect that the debt figure will only rise each year as the country’s development model is based on borrowing. In a reply to a question asked in Parliament on March 10, Minister of State for Finance Arjun Ram Meghwal said that per capita debt has risen by 9.2 percent in per capita total debt (internal and external debt) as on 31st March 2016.

India may question its poor ranking in World Bank's ease of doing business index 

The government believes the methodology may not have truly reflected many reforms, particularly in tax rates and administration, hammering down the overall rankings and creating an impression that India continues to remains a dodgy place to do business in The government may contest some of the conclusions of the World Bank’s Ease of Doing Business rankings that places India at a lowly 130 among 190 countries. The government believes the methodology may not have truly reflected many reforms, particularly in tax rates and administration, hammering down the overall rankings and creating an impression that India continues to remain a dodgy place to do business in. For instance, the World Bank placed India at 172 in the “payment of taxes” parameter in the latest report released in October 2016, according to which Indian businesses are required to pay an average of 25 number of taxes. A survey-based report by the industry department, however, found that Indian businesses actually pay 9 (nine) number of taxes. Likewise, the World Bank has given India a score of 4.3 out of 100 for the indicator ‘post-filing index’, which is based on components such as the time to comply with VAT or GST, corporate income tax audit.