Economics

Group faces allegations of bank loan fraud involving Rs. 8,100 crore. The Interpol is yet to issue Red Notices against Chetan and Nitin Sandesara, promoters of the Vadodara-based Sterling Biotech Limited group which faces allegations of bank loan fraud involving Rs. 8,100 crore. The Enforcement Directorate, which is pursuing a …

Domestic air passenger traffic rose 6.19% in June over the year-ago period, with local carriers flying 12.02 million passengers in the month, show the monthly data from regulator Directorate General of Civil Aviation. The uptick in June follows a marginal under 3% growth in May, ferrying 12.18 million passengers. But …

Indian banks not in a position to provide enough capital to small businesses, says official The government is in talks with foreign lenders to provide $14.5 billion in credit to millions of small firms, two officials said. The government is in discussions with multiple foreign lenders, including Germany’s state-owned development …

Some domestic players trying to get customs duty hiked: association “The growth in imports of medical devices is being purposely exaggerated by a section of the domestic manufacturers to suit their agenda of seeking a hike in customs duty,” noted a release issued by the Medical Technology Association of India …

Amid a push for electric vehicles, Oil Minister Dharmendra Pradhan on Friday said India will continue to rely on petrol and diesel for running automobiles, and needs to expand its oil refining capacity by 80%. “EV is a priority but the incremental requirement of fuel will have to be met …

Bill says 75% surplus meant for Centre In what could spark the souring of ties between the Centre and the Securities and Exchange Board of India (SEBI), the Finance Ministry has refused pleas from the capital markets regulator to amend the provision that mandates that about 75% of its surplus …

Bank eyes presence in south, west The proposed merger with Gruh Finance will enable Bandhan Bank to achieve better geographical balance, said the bank’s MD and CEO Chandra Shekhar Ghosh. Addressing a press meet, he said that the bank was trying to increase its presence in States where it was …

The NCLT has given a go-ahead to the government to prosecute Deloitte and BSR Associates for their failure to detect and report the scams that took place across the now bankrupt IL&FS Group and 21 other entities, when they were the auditors of IL&FS Financial Services. The NCLT, in an …

Power and Renewable Energy Minister R.K. Singh on Thursday approved the proposal for early regulatory approvals of transmission schemes identified for 66.5 GW of renewable energy projects by designating them ‘projects of national importance’. “As the gestation period of renewable energy (RE) projects is much shorter in comparison to the …

‘It sold 3G chipsets at below cost of production’ In yet another European Union (EU) move against a U.S. tech giant, the bloc’s antitrust chief on Thursday fined chipmaker Qualcomm $271 million, accusing it of “predatory pricing” to drive a competitor out of the market. EU Antitrust Commissioner Margrethe Vestager …

Regulator says the plan will undermine its autonomy The government’s proposal to transfer surplus money with the Securities and Exchange Board of India (SEBI) to the Consolidated Fund of India (CFI) has met with a strong opposition from the regulatory body. The capital markets regulator feels that the proposal would …

India likely to consume 1.8 lakh crore units by 2025, says CII One of the key requirements for a $5-trillion economy is an investment of about Rs. 5 lakh crore in the power transmission sector over the next few years, in order to cater to the 1.8 lakh crore units …

India may have to revise downwards what is considered its “potential” rate of growth from 7-8% to bring expectations more in line with reality, former Chief Economic Adviser (CEA) Arvind Subramanian has argued in a paper. This paper comes as a follow-up to the one Mr. Subramanian published last month, …

Companies won’t be hit, she says The increase in tax on high net worth individuals, announced in the Union Budget, will not result in an outflow of Foreign Portfolio Investments (FPIs), Finance Minister Nirmala Sitharaman informed the Lok Sabha on Thursday. The higher tax will only apply to individuals and …

To ensure funding needs of Defence The Union Cabinet has approved expanding the terms of reference of the Fifteenth Finance Commission to address the funding requirements for defence and internal security as also extending its term to November 30, 2019. “The Union Cabinet has approved the proposed amendment to enable …

Stress on time-bound resolution, financial creditors’ voting The Union Cabinet on Wednesday approved amendments to the Insolvency and Bankruptcy Code, placing a greater emphasis on more time-bound resolution and laying down voting rules of the financial creditors. “The Union Cabinet today approved the proposal to carry out seven amendments to …

Jalan committee report expected within the next fortnight; consensus on decision unlikely The Bimal Jalan Committee on treatment of Reserve Bank of India’s reserves is likely to recommend a transfer of a specified quantum of RBI reserves to the government over two or three tranches over the next few years, …

The demographic change India is going through, coupled with the banking infrastructure being put in place, stands to greatly increase savings in the country, Chief Economic Adviser Krishnamurthy Subramanian said on Tuesday. Mr. Subramanian also said India needs to move out of the mindset of being apologetic for profit, as …

Regulator probing alleged fund siphoning by promoters The ongoing regulatory probe into the alleged siphoning off of funds by the promoters of Leel Electricals, formerly Lloyd Electric and Engineering Ltd., is getting delayed as the company officials are allegedly not cooperating in the forensic audit process, which has been mandated …

Industry will witness many landmark disruptions, says MRF Tyre major MRF Ltd. expects the current year to be a tumultuous one for the auto sector on account of various regulatory changes and the switch over to BS-VI norms. “The next six months would see a volatile auto sector on account …