Category Archives: Economy

Union Budget 2018 to be presented on February 1

The Budget Session of Parliament will begin on January 29, and the Budget for 2018-19 will be presented by the Finance Minister on February 1. It will extend till April 6, said Parliamentary Affairs Minister Ananth Kumar said on Friday. The Presidential address by Ram Nath Kovind will be delivered on Continue reading

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Invest in Bitcoins at own risk: Govt.

The ministry of finance on Friday cautioned people against the risks of investing in virtual currencies such as Bitcoin that are not backed by government fiat, and compared them with Ponzi schemes.

This follows a crackdown by the South Korean government on trading of Bitcoins which led to a 8% drop in its value on Thursday. Currently, the value of Bitcoin is around $15,000. The rapid rise in the value of the virtual currency this year has attracted the attention of not just speculators but also unsophisticated retail investors who often do not understand the risks involved. The virtual currency was valued at $1,012.4 on Continue reading

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SEBI to finalise new norms for advisers, credit rating agencies

MUMBAI: The board of the Securities and Exchange Board of India (Sebi) will consider and approve on December 28 as many as 17 reforms, including new norms for credit rating companies and investment advisers, according to two people with direct knowledge of the development.

“We are re-looking all regulations and ensuring that all circulars are captured in regulations,” Ajay Tyagi, chairman of Sebi, said at a December 20 event.

The Sebi board will also discuss the issue of disclosure of loan defaults and publish a discussion paper on it.

In August, Sebi had mandated that listed firms disclose all loan defaults within Continue reading

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Indian Railway passengers may soon pay less for premium trains tickets

Rail passengers may soon pay less for tickets on premium trains such as the Shatabdi, Rajdhani and Duronto during the off-season or even otherwise when the trains are not fully booked, railway minister Piyush Goyal said in an interview.

Indian Railways moved to a flexi-fare system for these trains in 2016, but this only saw fares moving in one direction — up. For instance, fares would rise 10% after 10% of the seats were sold. The move helped Indian Railways, which made an additional ₹540 crore from it between September 2016 and August 2017, according to media reports. Continue reading

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Israel PM Benjamin Netanyahu in India from January 14

NEWDELHI: Israeli Prime Minister Benjamin Netanyahu is scheduled to arrive in India for a threeday visit on January 14 as the two countries work towards a free trade agreement.

The two countries are also working on a proposal for the Heron TP, medium-altitude, long-endurance, unmanned aerial vehicle (UAV) developed by Israel Aerospace Industries (IAI) to meet multiple mission needs of the Indian armed forces.

Upon his arrival, Netanyahu will be received by Prime Minister Narendra Modi in Ahmedabad, like he did China’s Xi Jinping and Japan’s Shinzo Abe. Continue reading

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There could be 370,000 millionaires in India in 2022-says wealth report

LONDON: India has 340,000 people in the top 1% of global wealth holders accounting for a 0.7% share, including 1,820 with wealth over $50 million and 760 having more than $100 million, according to a new global wealth report released Tuesday.

The Zurich-based financial services major Credit Suisse estimates there could be 370,000 millionaires in India in 2022.

Since the financial crisis broke in 2008, the report says global wealth has grown by 27%. In the 12 months to mid-2017, it grew at a faster pace than in recent years, with mean wealth per adult reaching a record high.

“The United States continued its unbroken spell of gains since the financial crisis, bolstered by strong market conditions. It added $8.5 trillion to the stock of global wealth, which is half of the wealth generated globally over the 12 months to mid-2017.”

In percentage terms, India’s stock of household wealth during the period grew at 10.1%, although its addition to total global wealth was limited to $451 billion.

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AirAsia India offers base fare at Rs 99 for domestic travel and rs. 444 fr International

The Malaysian Budget carrier AirAsia on Sunday announced a discount sale, offering passengers one-way base fare at Rs 99 for a domestic journey across its Indian JV airline network and Rs 444 for international flights under a limited period offer.

However, the travel period under the offer, for which the bookings commence on Sunday night, will be between May next year and January 2019, as per an airline statement on Sunday.
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India set to purchase  111 naval utility helicopters

NEWDELHI: India set to purchase  111 naval utility helicopters (NUHs) on Tuesday, with the defence ministry approving a ₹21,738-crore project to replace the Navy’s outdated fleet of French-designed Chetak choppers.

The government’s defence acquisition council (DAC), headed by defence minister Nirmala Sitharaman, has taken this decision at a time when the Navy is struggling to bridge capability gaps and a majority of its 140 war suppliers ships are operating without utility helicopters.

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India got high ranking on ease of business index

A number of policy reforms has helped India significantly improve its business climate, an annual World Bank index showed on Tuesday, burnishing Prime Minister Narendra Modi’s reformist credentials that could help him win big-ticket investments.

For the first time, India jumped a record 30 places to 100 in the Ease of Doing Business report for 2018, which is an influential 190 country barometer of competitiveness that many businesses likely consider for investment decisions. Continue reading

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China plans a 1,000-km tunnel to divert water of river Brahmaputra

BEIJING: Top scientists backed by the ruling Communist Party of China are working on a plan to drain the Yarlung Tsangpo (Brahmaputra) river near the Indian border and divert the water through a 1,000-km tunnel, the world’s longest, to arid Xinjiang.

The Tsangpo flows into India through Arunachal Pradesh as the Siang before becoming the Brahmaputra in Assam — the source livelihood for millions in the country’s northeast.

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