Former RBI Governor Urjit Patel appointed Vice President of AIIB
NEW DELHI: Former RBI Governor Urjit Patel has been appointed as a Vice President of the Beijing-based multilateral funding institution AIIB, according to sources in the bank on Sunday. India is a founding member of the Asian Infrastructure Investment Bank (AIIB) with the second highest voting share after China. It is headed by former Chinese […]
Jeep India positive about auto sector outlook; to launch new products
NEW DELHI: Jeep India, which posted a robust 130 per cent volume growth last year despite a bumpy ride due to the pandemic, is positive about the outlook for the domestic automobile industry and is set to launch new products this year. Besides, it anticipates the market to grow further notwithstanding concerns over the impact […]
Microsoft CEO Satya Nadella joins Groww as investor, advisor
NEW DELHI: Tiger Global-backed Groww on Saturday said Microsoft chief executive officer Satya Nadella has joined the company as an investor and advisor. “Groww gets one of the world’s best CEOs as an investor and advisor. Thrilled to have @satyanadella join us in our mission to make financial services accessible in India,” Groww’s co-founder and […]
Indian economy to grow 9.2 per cent in 2021-22, surpass pre-Covid-19 level
NEW DELHI: The Indian economy is estimated to grow at 9.2 per cent in the 2021-22 fiscal, surpassing pre-Covid level in actual terms mainly on account of improved performance especially in farm, mining and manufacturing sectors. The improvement in the economy comes over a GDP contraction of 7.3 per cent during 2020-21 due to the […]
With APEDA assistance, Uttar Pradesh’s Purvanchal region emerges as new hub for India’s
NEW DELHI: Working in close collaboration with the Ministry of Commerce & Industry, the Agricultural and Processed Food Products Export Development Authority (APEDA) has taken several initiatives in making landlocked Purvanchal region as a new destination of agri-export activities through development of Varanasi Agri – Export Hub (VAEH). APEDA has identified potential districts of Uttar […]
India’s forex reserves down by USD 1.466 billon to USD 633.614 billion
MUMBAI: The country’s foreign exchange reserves declined by USD 1.466 billion to USD 633.614 billion in the week ended December 31, Reserve Bank of India (RBI) data showed. In the previous week ended December 24, the reserves dipped by USD 587 million to USD 635.08 billion. It touched a life-time high of USD 642.453 billion in […]
CBI registers four separate cases of bank fraud; conducts searches
NEW DELHI: The CBI has booked Ahmedabad-based Electrotherm (India) Ltd and its four directors for allegedly cheating Bank of India to the tune Rs 631.97 crore in connection with credit facilities taken during 2012-16, officials said on Thursday. Besides the company, the agency also named its managing directors/guarantors Shailesh Bhanwarlal Bhandari and Avinash Prakashchandra Bhandari, […]
DPIIT to come out with revised FDI policy to facilitate LIC disinvestment
NEW DELHI: India’s commerce and industry ministry is making changes in the foreign direct investment (FDI) policy to facilitate disinvestment of the country’s largest insurer LIC, after taking views from the finance ministry, a top government official said on Thursday. Anurag Jain, secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), said […]
Adani wins NTPC’s coal supply tender as Narendra Modi government acts to avoid energy crisis
Rajesh Kumar Singh NEW DELHI: Adani Enterprises Ltd. has won a contract to supply overseas coal to India’s top electricity generator as the nation aims to avoid a repeat of last year’s energy crisis, according to people familiar with the matter. Adani, India’s largest trader of imported thermal coal, will deliver 1 million tons to […]
Evasion of customs duty of Rs 653 Cr by Xiaomi India: DRI
Santosh Sharma New Delhi: The Directorate of Revenue Intelligence(DRI) has issued three cause notices to Chinese smartphone maker Xiaomi for demand and recovery of duty amounting of Rs 653 crore for the period of April 2017 to June 30, 2020, under the provisions of the Customs Act, 1962. According to the press statement by DRI, […]
Overall coal production goes up by 6.74 % to 74.78 million ton in December
New Delhi: India’s total coal production increased by 6.74 % to 74.78 Million Ton (MT) during December, 2021 as compared to the same period in 2019. Out of the total production during December last year, Coal India Ltd (CIL) achieved a growth of 3.79% by producing 60.220 MT, a press communique said. Captive blocks registered […]
India’s PM inaugurates new integrated terminal building at Maharaja Bir Bikram Airport in Agartala
NEW DELHI: India’s Prime Minister Narendra Modi inaugurated the New Integrated Terminal Building of Maharaja Bir Bikram (MBB) Airport and launched key initiatives like Mukhyamantri Tripura Gram Samriddhi Yojana and Project Mission 100 of Vidyajyoti Schools. Governor of Tripura, Satyadeo Narain Arya, Chief Minister of Tripura Biplab Kumar Deb, Union Ministers Jyotiraditya Scindia and Smt […]
Post DHFL acquisition, Piramal Capital to open 100 branches
NEW DELHI: Having access to over 10 lakh customers post acquisition of DHFL last year, Piramal Capital & Housing Finance (PCHFL) plans to open 100 branches and expand to 1,000 more cities in coming years. In September 2021, PCHFL completed acquisition of debt-laden Dewan Housing Finance Ltd (DHFL), thereby creating one of the largest housing […]
BMW India sales up 34% to 8,876 units in 2021, highest growth in decade
NEW DELHI: German automaker BMW on Tuesday reported a sales growth of 34 per cent last year over 2020, its highest growth in a decade in India, with a dispatch of 8,876 units. The luxury automaker dispatched 8,236 BMW and 640 Mini units in 2021. Besides, BMW Motorrad sold 5,191 motorcycles last year. The automaker […]
Jammu and Kashmir Police to get American assault rifles, pistols for anti-terror operations
NEW DELHI: Jammu and Kashmir Police personnel will soon get American Sig Sauer assault rifles and pistols to carry out anti-terror operations, officials said. The Army has already equipped its personnel guarding the Line of Control (LoC) with Pakistan and Line of Actual Control (LAC) with China with the state-of-the-art rifles. The Jammu and Kashmir […]
JSPL output grows 9 pc to 5.9 MT in Apr-Dec FY22
New Delhi: Jindal Steel and Power Limited (JSPL) has manufactured 5.904 million tonnes (MT) steel in the April-December period of FY 2021-22, the company said on Tuesday. At 5.904 MT, the output was 9 per cent higher as compared to the production in the same period of the preceding fiscal, JSPL said in a statement. […]