Thursday, February 23, 2017
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FLASH
  • Reports of clashes between rival groups in Rae Bareli Sadar and Mahoba seats in 4th phase of polling in UP


DeMo to lower India’s GDP growth to 6.6%, says IMF

23 Feb 2017 | 12:38 AM

WASHINGTON: India’s growth is projected to slow to 6.6% in 2016-17 fiscal due to the strains that have emerged in the economy as a result of “temporary disruptions” caused by demonetisation, the IMF said today.

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Washington, February 22

India’s growth is projected to slow to 6.6% in 2016-17 fiscal due to the strains that have emerged in the economy as a result of “temporary disruptions” caused by demonetisation, the IMF said today.

In its annual report, however, the International Monetary Fund (IMF) said demonetisation would have only short-term impact on the economy and it would bounce back to its expected growth of more than 8% in the next few years.

The post-November 8, 2016 cash shortages and payment disruptions caused by the currency exchange initiative have undermined consumption and business activity, posing a new challenge to sustaining the growth momentum, the IMF said in its annual country report on India.

“Growth is projected to slow to 6.6% in FY2016/17, then rebound to 7.2% in FY2017/18, due to temporary disruptions, primarily to private consumption, caused by cash shortages,” it said. India’s economy grew at 7.6% in 2015-16. Tailwinds from favourable monsoon, low oil prices and continued progress in resolving supply-side bottlenecks, as well as robust consumer confidence, will support near-term growth as cash shortages ease, the IMF said.

The investment recovery is expected to remain modest and uneven across sectors, as deleveraging takes place and industrial capacity utilisation picks up, the report said.

In their report, the IMF Directors supported the Indian efforts to clamp down on illicit financial flows, but noted “the strains that have emerged” from the currency exchange initiative. “They called for action to quickly restore the availability of cash to avoid further payment disruptions and encouraged prudent monitoring of the potential side-effects of the initiative on financial stability and growth,” the report said.

‘GST adoption could raise growth to over 8%’

The adoption of the GST could help raise India's medium-term GDP growth to over 8% and create a single national market for enhancing the efficiency of the movement of goods and services, the IMF said today. At the same time, it also expressed concerns over the implementation of the Goods and Service Tax (GST). — PTI

CBDT relaxes norms for verification of cash deposits post note ban

23 Feb 2017 | 12:38 AM

NEW DELHI:As part of the ongoing drive to flush out cash deposits made during the demonetisation period, the I-T Department will not carry out any further verification for cash deposits up to Rs 2.

Nadella unveils ‘Project Sangam’, ‘Made for India’ Skype Lite app

Nadella unveils ‘Project Sangam’, ‘Made for India’ Skype Lite app

23 Feb 2017 | 12:38 AM

MUMBAI:In a big push for Prime Minister Narendra Modi's Skill India initiative, Microsoft's Indian-born CEO Satya Nadella on Wednesday launched "Project Sangam" to help the government not only train but also help people get jobs via professional networking website LinkedIn that was acquired by the company last year.

Snapdeal to lay off 600 people

23 Feb 2017 | 12:38 AM

NEW DELHI: We started growing our business much before the right economic model and market fit was figured out.

Jio tariff plans lift RIL shares by 11%

23 Feb 2017 | 12:38 AM

NEW DELHI: RIL stock zoomed 11% to nearly 9-year high today, adding Rs 38,761 crore to its market valuation, after the company’s telecom arm Jio said it will begin charging for data services from April.

Idea of bad bank gaining traction: CEA

23 Feb 2017 | 12:38 AM

NEW DELHI:The idea of setting up a state-owned asset reconstruction company (ARC) or bad bank to deal with mounting NPAs is gaining traction and it needs to be created quickly, Chief Economic Adviser Arvind Subramanian said today.

Wanted Mallya appears in UK for launch of F1 car

Wanted Mallya appears in UK for launch of F1 car

22 Feb 2017 | 10:39 PM

NEW DELHI:Businessman Vijay Mallya, who is wanted in India for Rs 9,000 crore loan default, was today seen at an event in UK promoting a new Formula One car launched by his team Sahara Force India.

India’s growth projected to slow to 6.6% post-demonetisation: IMF

India’s growth projected to slow to 6.6% post-demonetisation: IMF

22 Feb 2017 | 9:25 PM

WASHINGTON: India's growth is projected to slow to 6.6 per cent in 2016-17 fiscal due to the strains that have emerged in the economy as a result of "temporary disruptions" caused by demonetisation, the IMF said on Wednesday.

Gold down Rs 200 on weak global cues, fall in demand

Gold down Rs 200 on weak global cues, fall in demand

22 Feb 2017 | 2:15 PM

NEW DELHI: Gold prices slumped by Rs 200 to Rs 29,750 per 10 gram at the bullion market on Wednesday, tracking a weak trend overseas amid fall in demand from local jewellers.

Snapdeal to lay off 600 people over next few days

Snapdeal to lay off 600 people over next few days

22 Feb 2017 | 12:45 PM

NEW DELHI: SoftBank-backed Snapdeal will lay off around 600 people across its e-commerce, logistics and payments operations over the next few days.

Jio to bill users from April 1

Jio to bill users from April 1

22 Feb 2017 | 12:40 AM

NEW DELHI: Mukesh Ambani-controlled Reliance Jio today announced that it will start charging customers from April 1, but came out with tariff plans which would again be disruptive for the highly competitive Indian telecom market.

Chandra takes over as Tata Sons’ Chairman

Chandra takes over as Tata Sons’ Chairman

22 Feb 2017 | 12:40 AM

NEW DELHI: Natarajan Chandrasekaran today took over as the Chairman of the Tata Group and in his first message cited three strategic priorities for the group, including better shareholder returns, reinforcing a leader’s mindset in group companies and tighter resource allocation.

Priority sector lending: Share of coop, rural banks dips in Haryana

22 Feb 2017 | 12:40 AM

CHANDIGARH: The share of cooperative and regional rural banks (RRBs) in priority sector lending has been steadily declining in Haryana while it has been increasing in case of commercial banks.

Reduced MDR charges on card payments likely

22 Feb 2017 | 12:40 AM

NEW DELHI: The government is working to reduce Merchant Discount Rate (MDR) charges to encourage digital payments, Niti Aayog CEO Amitabh Kant said today.

Nod to FDI proposals worth Rs 12,000 crore

22 Feb 2017 | 12:40 AM

NEW DELHI: Inter-ministerial body FIPB today approved 15 investment proposals, including that of Apollo Hospitals, Hindustan Aeronautics, Dr Reddy's and Vodafone, envisaging foreign investment of Rs 12,200 crore.

Aggrieved by free voice calls of JIO: Vodafone to HC

Aggrieved by free voice calls of JIO: Vodafone to HC

21 Feb 2017 | 4:40 PM

NEW DELHI: Vodafone India on Tuesday told the Delhi High Court that it was aggrieved by the free voice services being provided by Reliance Jio (RJIO) as it violated TRAI’s tariff orders.

Reliance Jio to charge for data from April; calls to remain free

Reliance Jio to charge for data from April; calls to remain free

21 Feb 2017 | 7:52 PM

MUMBAI: Billionaire Mukesh Ambani's telecom unit Jio will begin charging for data services from April but will give steep discounts for a year to over 100 million (10 crore) customers who have come on board within six months of its launch.

Will sustain TCS' growth momentum: CEO Gopinathan

Will sustain TCS' growth momentum: CEO Gopinathan

21 Feb 2017 | 3:49 PM

NEW DELHI: Rajesh Gopinathan, who took charge as chief executive of TCS today, said he and his newly appointed team will ensure sustenance of the company's growth momentum and continuous evolution of its strategy.

TCS okays Rs 16,000-cr share buyback plan

21 Feb 2017 | 12:33 AM

NEW DELHI:Tata Consultancy Services (TCS) today announced Rs 16,000-crore share buyback — biggest in the Indian capital market, as it looks to return surplus cash to shareholders.

BharatQR code launched to push less-cash economy

21 Feb 2017 | 12:33 AM

NEW DELHI:RBI Deputy Governor R Gandhi today launched BharatQR, the world’s first interoperable and low-cost acceptance solution, developed by Mastercard, National Payments Corporation of India (NPCI) and Visa.

Reliance Jio, Uber forge tie-up

21 Feb 2017 | 12:33 AM

NEW DELHI:Reliance Jio Infocomm Ltd and taxi aggregator Uber today announced a strategic partnership aimed at bringing the benefits of Jio Digital Life ecosystem to their users.

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