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Bank Recapitalisation ‘Historic’, Will Boost Business: Amit Shah

25Oct By Press Trust of IndiaNo Comments

INDIA

Bank Recapitalisation ‘Historic’, Will Boost Business: Amit Shah

Hailing the Centres announcement of Rs 2.11 lakh crore for bank recapitalisation as "historic", BJP chief Amit Shah has said the move will not just give an impetus to businesses, but also provide employment to the youth. सरकारी बैंकों के लिए ₹2.11लाख करोड़ के कैपिटलाइजेशन प्लान को मंजूरी देने के ऐतिहासिक निर्णय पर @narendramodi जी व @arunjaitley जी का अभिनंदन pic.twitter.com/ddhHfURfJE — Amit Shah (@AmitShah) October 24, 2017 He also hailed the announcement on Rs 6.92 lakh crore spending on infrastructure. The BJP national chief congratulated Prime Minister Narendra Modi and Finance Minister Arun Jaitley for the bank recapitalisation decision, terming it as "historic". In a tweet last night, Shah said the "courageous" decision will not only give impetus to businesses but als...

2018 Will Be A Better Year For Indian IT: Report

23Oct By Press Trust of IndiaNo Comments

ANALYSIS

2018 Will Be A Better Year For Indian IT: Report

With the US economy doing well, Indian IT companies can look forward to a better year in 2018 on the back of growing tech spend and demand from clients, according to senior industry figures. Noting that the largest market for Indian IT companies is the US, former CFO of Infosys V Balakrishnan said their ability to grab growth opportunities is critical. "The US economy is doing extremely well. I think they are still growing 2-2.5 per cent, good growth for that economy," he told PTI. "If you look at the Gartner report, they talked about overall IT spend going up by 4-4.5 per cent this year. I think there is growth. The ability of the company to take on growth is critical. I think growth opportunities are there," added Balakrishnan. He said if the world's largest economy is doing well...

Indian Govt Permits Banks To Sell More Small Savings Schemes

20Oct By Press Trust of IndiaNo Comments

INDIA, News

Indian Govt Permits Banks To Sell More Small Savings Schemes

In order to encourage savings, the government has allowed banks, including top three private sector lenders, to accept deposits under various small savings schemes like National Savings Certificate (NSC), recurring deposits and monthly income plan. Until now, most of the small savings schemes were sold through post offices. According to a recent government notification, banks can also sell National Savings Time Deposit Scheme 1981, National Savings (Monthly Income Account) Scheme 1987, National Savings Recurring Deposit Scheme 1981 and NSC VIII issue. As per the notification, all public sector banks and top three in the private sector -- ICICI Bank, HDFC Bank and Axis Bank -- to receive subscription from the expanded portfolios. So far, these banks were allowed to receive subsc...

Flipkart In Talks To Acquire Stake In BookMyShow

16Oct By reutersNo Comments

ACQUISITION

Flipkart In Talks To Acquire Stake In BookMyShow

E-commerce firm Flipkart is in talks for a partnership with online ticketing platform BookMyShow in a bid to build out its services and transaction offering, the Economic Times newspaper reported. The talks are at a preliminary stage and may see Flipkart picking up a significant minority stake in BookMyShow, two people familiar with the discussions told the paper. ALSO READ Metro Cash & Carry To Start Ecommerce For B2B By Dec-End Be Intellectually Honest And Have The Courage To Change Says Apple CEO Tim Cook Flipkart, which secured nearly $2.5 billion in funding from Japan’s SoftBank Group in August, did not respond to a request for comment. BookMyShow, owned by Mumbai-based Bigtree Entertainment Pvt Ltd, was not immediately available...

15Oct By Press Trust of IndiaNo Comments

INDIA

Indian Economy On ‘Very Solid Track’: IMF Chief Lagarde

IMF chief Christine Lagarde has said the Indian economy is on a "very solid track" in the mid-term, days after the International Monetary Fund lowered its growth forecast for the current and the next year. Describing the two major recent reforms in India - demonetisation and Goods and Services Tax (GST) - as a monumental effort, Lagarde said it is hardly surprising that there "is a little bit of a short-term slowdown" as a result. The IMF last week lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts in April and July, attributing it to demonetisation and introduction of the GST. RELATED Indian Government Makes Changes in GST, Relief to SMEs and Exporters It also lowered the country's growth for 2018 to 7....

Aadhaar Helped Indian Govt Save USD 9 Billion: Nandan Nilekani

13Oct By Press Trust of IndiaNo Comments

News

Aadhaar Helped Indian Govt Save USD 9 Billion: Nandan Nilekani

The Indian governments Aadhaar card scheme, which has enrolled more than 1 billion people, has helped the exchequer save about USD 9 billion by eliminating fraud in beneficiary lists, its architect Nandan Nilekani has said here. The system, launched by the previous UPA government, has been "enthusiastically" supported by the current government led by Prime Minister Narendra Modi, and Finance Minister Arun Jaitley, said the 62-year-old non-executive chairman of Infosys, India's second largest software services firm. It has really been a bipartisan thing, Nilekani said while participating in a World Bank panel discussion on Digital Economy for Development yesterday. He said that it is easier for the developing countries to leapfrog by building a right digital infrastructure. Aadh...

10Oct By Press Trust of IndiaNo Comments

INDIA

Indian Govt Weighing Up Apple’s Proposal To Set Up Manufacturing Unit

The government is considering iphone maker Apples proposal for setting up manufacturing unit in India, Union Minister Alphons Kannanthanam said today. Cupertino-based iPhone and iPad manufacturer Apple has sought certain concessions for setting up manufacturing unit in the country. "We would like Apple to come in India (for setting up manufacturing unit) and we are examining Apple's proposal," said the Minister of State for Electronics and IT on the sidelines of an event organised by industry body CII. The company had sought concessions, including duty exemption on manufacturing and repair units, components, capital equipment and consumables for smartphone manufacturing and service/repair for a period of 15 years. The technology major had also asked for relaxation in the mandated 3...

Teamindus is on Right Path, Made Substantial Progress

6Oct By AnkitaNo Comments

News

Teamindus is on Right Path, Made Substantial Progress

Indian team has made "substantial progress" and was in the "right direction" said an international panel of judges from the Google Lunar XPRIZE during visit of the Teamindus office today. TeamIndus is the only Indian team competing for the USD 30 million prize that requires privately funded teams to land their spacecraft on the surface of the moon, travel 500 metres and broadcast high definition video, images and data back to Earth. "I think we have seen very substantial progress...They are heading in the right direction. However, I would say in space you always can expect the unexpected and this team has the ability to tackle the problems," Chairman of the panel Professor Alan Wells told reporters here. TeamIndus will launch its 600 kg spacecraft on board ISROs Polar Satellite Launc...

5Oct By reutersNo Comments

INDIA

Indian Government Considers Exemptions Sought By Apple

The Indian government is considering exemptions sought by Apple Inc for setting up a unit to assemble iPhones, Ramesh Abhishek, the top bureaucrat in the Department of Industrial Policy and Promotion (DIPP), said on Thursday. The department is a part of India’s commerce and industry ministry. Apple has asked federal government officials for a range of tax and policy changes to help build out its iPhone assembly work in India. ALSO READ After Tata, Mahindra & Mahindra Bagged The Electric Car Contract From Indian Government It is seeking permission to open its own retail stores in India where it currently sells iPhones through resellers. India has given Chinese smartphone maker Oppo the go-ahead to open its own single-brand retail stores, boding well for rivals li...

4Oct By reutersNo Comments

BUSINESS

Chinese Smartphones Maker Oppo Cleared To Open Own Stores In India

India has approved smartphones maker Oppo’s request to open single-brand retail stores in the country, paving the way for the Chinese firm to sell directly to consumers and add to its existing wholesale business. The move would help Oppo expand its reach in the world’s third-largest smartphones market, where global giants such as Apple Inc have been trying to gain a foothold. The Foreign Investment Promotion Board approved Oppo Mobiles India Pvt Ltd’s request on Tuesday, according to a notice on the department’s website. ALSO READ Las Vegas Shooting marks the Saddest Day on Twitter: Report The government also approved luxury goods retailer Louis Vuitton’s application to open its own stores in India. India allows foreign firms to sell di...

Tata Motors Bags Rs 1120 Crore Order For Procuring Electric Cars To Government

3Oct By AnkitaNo Comments

INDIA

Tata Motors Bags Rs 1120 Crore Order For Procuring Electric Cars To Government

Tata Motors raises Rs 1120 crore order from Energy Efficiency Services Ltd (EESL) for procuring 10,000 electric cars, which will replace diesel and petrol cars used by government and its departments, an effort to cut fuel consumption and reduce pollution. Tata Motors will supply the electric vehicles (EVs) in two phases-- 500 e-cars in the first phase in November 2017 and the remaining 9,500 EVs in the second phase, EESL said in a statement. The bidding around also saw participation from Mahindra & Mahindra (M&M) and Japanese carmaker Nissan. Mahindra & Mahindra, the other contender, can win part of the order if it matches the bid by Tata Motors. "The vehicle will be provided for Rs 11.2 lakh, which will be inclusive of GST and comprehensive 5-year warranty which is 25 p...

2Oct By reutersNo Comments

INDIA

Smartphones Made in India? Manufacturing Ambition Hits Hurdles

India’s ambitions to become a smartphone-making powerhouse are foundering over a lack of skilled labour and part suppliers along with a complex tax regime, industry executives say. Prime Minister Narendra Modi has championed a manufacturing drive, under the slogan ‘Make in India’, to boost the sluggish economy and create millions of jobs. Among the headline-grabbing details was a plan to eventually make Apple iPhones in India. Three years on, as executives and bureaucrats crowded into a Delhi convention centre for an inaugural mobile congress last week, India has managed only to assemble phones from imported components. While contract manufacturers such as iPhone-maker Foxconn Technology Co and Flextronics Corp have set up base in India, one of the world’s fastest-growing smartpho...