The ministry had permitted ministries and departments to issue such 'Letters of Comfort' in 2017. Many infrastructure ministries such as the Railways had been using these letters even though the instrument itself does not have legal sanctity.
The index of eight core industries rose 5.8% in February compared with 4% in the month before and -3.3% in February last year.
Facing widespread discontent from its pilots — whose Covid time pay cuts continue — after giving ESOPS worth several crores to management brass, IndiGo has decided to partially restore their salaries from Friday April 1. They will first get a 8% hike and then another 6.5% from November 1, 2022, if there are no further flight disruptions for reasons like Covid or geopolitical tensions.
India's electricity shortage from March 1 to March 30 was its worst since October, a Reuters analysis of government data shows. A surge in power demand in March has forced India to cut coal supplies to the non-power sector and put on hold plans for some fuel auctions for utilities without supply deals due to a slump in inventories. read more
You can now ride in the iconic London black cab in India, albeit in an electric avataar. The London Electric Vehicle Company (LEVC) has brought the TX electric shuttle to India earlier this year for around Rs 80 lakh-1 crore and so far has sold 8-10 of these iconic vehicles.
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year.
Equity indices logged their best month since August 2021 with the benchmark BSE sensex scaling over 3,000 points or 4.13 per cent in March. The performance comes in the back of a ragging war between Russia and Ukraine that has spooked stock markets globally, forcing investors to move to safe haven assets.
"In order to mitigate the inconvenience to the taxpayers ... a window of opportunity has been provided to the taxpayers upto 31st of March, 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions," the apex direct taxes body said in statement late Wednesday. The CBDT has issued a notification to this effect.
The new payments system will likely be installed at the headquarters of both the RBI and the VEB, the latter also known globally as the State Development Corporation.
India will more than double the price of natural gas from Friday for the first half of this fiscal year, reflecting a surge in global prices, two sources familiar with the matter said, further stoking inflation in Asia's third largest economy.
In her reply to the finance and appropriation bills in the Rajya Sabha on Tuesday, Nirmala Sitharaman highlighted the utilisation of the various cesses.
Shares of India's Tata Coffee surged up to 12% on Wednesday after parent Tata Consumer Products said it would streamline its coffee business by merging the company with itself. Tata Consumer said the plantation business of Tata Coffee would be demerged into Tata Consumer Products' beverages and foods unit, which is known for brands like "Tata Tea" and "Tetley".
Shares of Reliance Industries Limited on Wednesday jumped nearly 2 per cent with its market valuation going past Rs 18 lakh crore mark. The market heavyweight stock climbed 1.94 per cent to settle at Rs 2,673 apiece on the BSE. During the day, it jumped 2.51 per cent to Rs 2,688.
There has been a surge in summons to top management of companies by GST authorities requiring CFOs or CXOs to be mandatorily present in person for hearings.
Sitharaman defended the 137-day hiatus in fuel price revision, saying the disruption in supply chains and the resultant increase in global oil prices due to the war in Ukraine was a "couple of weeks" phenomenon.
A delegation from Egypt will visit India in the first week of April to facilitate wheat imports as part of efforts to secure supplies and tide over shortages at one of the world's biggest importers of the staple, government sources said.
"Jammu and Kashmir will be a success story to watch out for. UAE investors are keen to invest in J&K. The state has some offerings which are unmatched. Tourism is one sector that has huge opportunities," Goyal said.
Finance minister Nirmala Sitharaman on Tuesday defended the 137-day hiatus in fuel price revision, saying the disruption in supply chains and the resultant increase in global oil prices due to the war in Ukraine was a "couple of weeks" phenomenon resulting in the record hike in petrol and diesel prices in last 8 days.
Domestic ratings agency Icra on Tuesday cut its FY23 real GDP growth estimate by a sharp 0.8 per cent to 7.2 per cent, primarily driven by the fallout of Russian invasion of Ukraine. Its chief economist Aditi Nayar attributed the downward revision to elevated commodity prices and also fresh supply chain issues arising from the conflict in Ukraine.
Adopting the same template would mean the GCC nations may largely extend their market access to Indian goods and services barring specific items that have cultural and religious sensitivities of the region.
India's economy is poised for sustained high growth in the coming years, he said, while flagging another Covid-19 wave and the Russia-Ukraine as possible risks.
Multiple ministries are in discussions to devise a plan to export wheat amid high prices and tight supplies because of the conflict.
The free trade agreement between India and the UAE has opened huge opportunities and businesses of both countries should look at taking the bilateral trade to $250 billion by 2030, commerce and industry minister Piyush Goyal said on Monday.
Tesla Inc will seek investor approval to increase its number of shares to enable a stock split in the form of a dividend, the electric-car maker said on Monday, sending its shares up about 5%. The plan came as the company suspended its Shanghai factory amid Covid-19-related lockdown measures and its artificial intelligence head took a sabbatical as the company aims to achieve full self-driving capability this year.
A Delhi court on Monday allowed the CBI to collect the handwriting sample of former managing director and chief executive officer of National Stock Exchange (NSE) Chitra Ramkrishna in connection with the NSE co-location case. Special Judge Sanjeev Aggarwal also extended Ramkrishna's judicial custody till April 11.
China's state-run Sinopec Group has suspended talks for a major petrochemical investment and a gas marketing venture in Russia, sources told Reuters, heeding a government call for caution as sanctions mount over the invasion of Ukraine.
Several insurance companies and private equity investors have shown interest in bidding for Reliance Capital's businesses. In particular, they are eyeing RCap's stakes in its life and non-life insurance companies.
The strong revival in travel has now led to industry biggies — who had laid off staff during Covid — poaching from each other to meet the increased demand. This phenomenon is being witnessed by both airlines and hotels, with the former trying their best to stop losing crew to Gulf carriers.
The ministry is setting up a dedicated 'trade promotion body' to drive overall promotion strategy, export targets, and execution to achieve $2 trillion in exports by 2027. "The exercise to set the target for the next fiscal is on and should be complete in a month," an official told ET.
"The exercise to set the target for the next fiscal is on and should be complete in a month," an official told ET. The ministry has started talks with commodity boards, export promotion councils and Indian embassies abroad for next year's export plan.
The proposals are aimed at ensuring high returns for provident fund subscribers and they come after the EPFO cut the interest rate for 2021-22 to 8.10%, the lowest in four decades.
The commerce ministry has proposed the repeal of decades-old laws on rubber and introduced new legislation that seeks to address the challenges faced by the sector and remove some of the archaic provisions of present law to create a conducive environment for businesses.
"Total original cost of implementation of the 1,565 projects was Rs 21,86,542.05 crore and their anticipated completion cost is likely to be Rs 26,59,914.61 crore, which reflects overall cost overruns of Rs 4,73,352.56 crore (21.65% of original cost)," the ministry's latest report for February 2022 said.
An LNG shipload was received on March 25 and its payment will be due in early April. There is no indication that the payment for this cargo will be in a currency other than US dollar, sources said. "So far, the US dollar payment continues without any problem," another source said. "Gazprom has so far not communicated anything to GAIL about change in payment mode."
Petrol and diesel prices were hiked yet again on Sunday- the fifth increase in six days. Petrol will now be dearer by 50 paise a litre and diesel by 55 paise a litre. In Delhi, petrol will now cost Rs 99.11 per litre while diesel rates have gone up to Rs 90.42. Four increments of 80 paise each, and the latest hike on Sunday means petrol will now cost Rs 3.70 more and diesel Rs 3.75 more per litre as compared to prices a week back.
The minister was speaking at 93rd Annual General Meeting of the ICAR Society here, according to an official statement.
eliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed company.
mid criticism over hikes in prices of petrol and diesel in recent days, finance minister Nirmala Sitharaman on Friday argued that it was the war in Ukraine that had forced an increase in pump prices, while maintaining that the government did not burden the people with additional taxes during Covid, when 32 countries across the globe had raised levies.
Reliance Group chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed company. "Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order," Reliance Power said in a BSE filing.
Payroll data from the Ministry of Statistics and Programme Implementation, released on Friday, show the net new subscriber addition under the EPFO in January at 1.52 million, or 20.6% more than the previous month's addition of 1.26 million. Net new subscribers under ESIC fell by 16.2% to 1.28 million from 1.53 million in December 2021.
Telecom company Bharti Airtel will acquire a 4.7 per cent stake in Indus Towers from Vodafone Group for about Rs 2,388 crore, according to a company filing. The transaction will be executed at a price of Rs 187.88 per share.
Executive director of GAIL, Sanjay Kumar, has taken over as the managing director of Indraprastha Gas Ltd (IGL), the country's largest natural gas distribution company operating CNG and PNG services in 30 districts across three states and the national capital.
Finance minister Nirmala Sitharaman will in all propose 39 changes to the Finance Bill, which will be taken up for consideration and passage in the Lok Sabha on Friday, an official privy to the development told ET.
Recently, state governments of Rajasthan and Chhattisgarh have reverted to the old pension scheme where current revenues fund pension benefits.
In a virtual meeting held on Thursday, union minister for commerce, industries and food Piyush Goyal assured exporters that the railways would provide better connectivity to the ports and ensure enough availability of railway rakes for wheat exports, said people who attended the meeting.