PMO asks FM to stick to realistic goals, set GDP target at 9.5-10%

Ahead of the Union Budget on February 1, the Prime Minister’s Office has instructed Finance Minister Nirmala Sitharaman not to set overambitious tax and fiscal deficit targets. According to reports, the ministry in deference to the PMO’s instructions, is likely to set the nominal GDP at 9.5-10% in the FY21 Budget.

Oyo’s an ambitious venture, but can it stop its impending collapse?

In December, 2018 I staye...

SC dismisses telcos’ plea against recovery of ₹1.47 lakh crore

New Delhi: The Supreme Court on Thursday dismissed review petitions of top telecom firms including Bharti Airtel and Vodafone Idea seeking review of its earlier order asking them to pay Rs. 1.47 lakh crore in past statutory dues by January 23.

PMC Bank scam: SC stays HC order allowing shifting of HDIL promoters from jail t...

New Delhi: The Supreme Court on Thursday (January 16) partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative (PMC) Bank scam case, from Mumbai’s Arthur Road Jail to their residence.

ED summons Air Asia executives, CEO Fernandes in PMLA case

New Delhi: The Enforcement Directorate (ED) has summoned senior executives of Air Asia including CEO Tony Fernandes for questioning in connection with a money laundering case, officials said on Thursday (January 15). The agency had registered a case under the Prevention of Money Laundering Act (PMLA) against the airline and its officials in 2018. Offici...

Ghosn’s Japan lawyer quits after client’s flight to Lebanon

Tokyo: One of the Japanese lawyers for former Nissan Chairman Carlos Ghosn has stepped down from that job after Ghosn fled the country.

Sensex crosses 42,000 for first time ever; Nifty hits record high

Mumbai: Market benchmark Sensex on Thursday (January 16) scaled the 42,000 mark for the first time ever and Nifty hit its record peak in opening session tracking positive cues from global equities after the US and China signed an initial trade deal.

Bank unions call strike on Jan 31, Feb 1, to coincide with Budget day

Kolkata: Bank unions on Wednesday called for a two-day countrywide strike on January 31 and February 1 after talks over wage revision with the Indian Banks’ Association failed to arrive at a solution. This would be the second bank strike this month, the first being observed on January 8. Also, this would coincide with the Budget day.

Amazon to invest $1 billion to digitise Indian businesses: Jeff Bezos

New Delhi: Amazon founder Jeff Bezos on Wednesday said the tech giant will invest $1 billion in digitising small and medium businesses in India and aims to export $10 billion worth of ‘Made in India’ goods by 2025. Bezos, while speaking at a company event in the national capital, also said India-US alliance will be the most important in the 21st century.

TOP 5 FOR THE DAY

JP Nadda elected BJP president, takes over from Amit Shah

New Delhi: JP Nadda was elected unopposed as the BJP national president on Monday after he emerged as the only leader in the fray, following the nomination process in which his candidature was endorsed by top party leaders.

Australian Open: Rain postpones Prajnesh’s first round match

Melbourne: India's top-ranked tennis player Prajnesh Gunneswaran's Australian Open first-round match against Japanese Tatsuma Ito has been rescheduled for Tuesday because of rain.

NGO owner Thakur, 18 others convicted in Bihar shelter home case

New Delhi: A Delhi court on Monday (January 20) convicted Brajesh Thakur and 18 others for sexual and physical assault on several girls in a Muzaffarpur shelter home. Brajesh Thakur, who ran the shelter was a former MLA of Bihar Peoples Party (BPP).

New Zealand tour: Rahul to continue dual role, Dhawan’s bid doubtful

Bengaluru: India captain Virat Kohli on Sunday said the team will continue with KL Rahul as the wicketkeeper-batsman "for a while" as he lends massive balance to the side just like his illustrious namesake Rahul Dravid did during 2003 World Cup.

When they came for the children of Shaheen Bagh

So, next time we see the children of Shaheen Bagh chanting azadi, let's not forget that in Bapu's fight for azadi, in his non-violent civil disobedience, men, women, and children took part equally. What do we call a Rajkumari Gupta, who managed to supply firearms during the Kakori conspiracy, with her three-year-old son in tow?

Faultlines

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Thousands flock world-famous Alanganallur Jallikattu, 2 die

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BJP workers deface college graffiti wall in Bengaluru

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In a first, woman leads all-man contingent Army Day parade

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TN local body polls: DMK wins, AIADMK rules

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Maradu flats demolished, Kochi gets back its coast

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What awaits Meghan and Harry as they move away from British royalty?

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Roaring release for Darbar

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Tragedy strikes Urainian airliner

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Asian markets retreat as US, China prepare to sign trade pact

Hong Kong: Asian markets mostly fell on Wednesday (January 15) as investors took their foot off the pedal following weeks of gains, with focus on the signing later in the day of the China-US trade deal. While the mood on trading floors was broadly upbeat as tensions between the economic superpowers ease, analysts warned there will not likely be much more p...

High veggie prices put Modi govt in a new economic soup

In December, retail inflation has been the highest in all of the Narendra Modi era, with prices of vegetables (onions), pulses, fish, and meat rising significantly. The spike in Consumer Price Inflation inflation has been led by three vegetables: ginger, potato and onion.

Michael Patra appointed RBI deputy governor in place of Viral Acharya

The central government has appointed Michael Debabrata Patra as the new deputy governor of Reserve Bank of India (RBI) for a period of three years. Patra will replace Viral Acharya, who left office on July 23, 2019. Reports said Patra, who will be one among the four deputy governors, is likely to handle the monetary policy portfolio, which Achar...

Renault-Nissan president denies reports of potential split

Brussels: The partnership between Renault and Nissan is 'not dead', the alliance’s president has insisted, after reports of a potential split in the wake of the Carlos Ghosn scandal.

Walmart layoffs a course correction in big retailers’ race?

The $386 billion Walmart Inc is facing its moment of truth in India. After being in the country for 11 years, Walmart’s wholesale business which has 28 stores and three fulfilment centres across nine states, isn’t anywhere close to profitability nor is its e-commerce foray, Flipkart. While it is less worried about the fortunes of Flipkart as it ...

ICICI Bank seeks recovery of amounts from Chanda Kochhar

Mumbai: The ICICI bank has approached the Bombay High Court seeking the effect of "termination of appointment" of Chanda Kochhar as its Managing Director and CEO, and also sought recovery of various amounts from her.

Retail inflation at 5-year high of 7.35% in Dec, crosses RBI’s safe level

New Delhi: Retail inflation rose to 7.35% December, highest since July 2014, surpassing the RBI's comfort level, mainly due to the spiralling prices of vegetables as onions were selling costlier. The overall retail inflation based on Consumer Price Index (CPI) was 2.11% in December 2018 and 5.54% in November 2019.

Nusli Wadia withdraws defamation cases, including 3,000 cr damage suit against Ratan ...

New Delhi: Bombay Dyeing Chairman Nusli Wadia on Monday (January 13) withdrew all defamation cases including the ₹3,000 crore suit for damages against Tata group Chairman Emeritus Ratan Tata and others. A bench headed by Chief Justice S A Bobde allowed Wadia to withdraw the petition in the apex court after the court recorded that Tata and others had no int...

Economic slowdown hits jobs sector: SBI report

Mumbai: The economic slowdown has adversely impacted employment generation in the country as nearly 16 lakh less jobs are projected to be created in FY20 compared to 89.7 lakh fresh jobs in FY19, a report said. According to the SBI research report- Ecowrap, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing...

Aggression is best suited inside a boxing ring, Mr Nilekani

Infosys’ appointed legal firm, Shardul Amarchand Mangaldas, reviewed over 2.1 lakh documents from electronic sources and imaged devices; over 8 terabytes of electronic data; conducted 128 interviews with 77 persons; identified 46 custodians for the collection of relevant documents and electronic data over three months and came to the conclusion tha...

Govt to cut 20% wasteful expenses to control fiscal deficit

New Delhi: In a stern move to avoid fiscal downfall, the Union government is set to cut down wasteful expenditure on several items including travel and food by 20 percent.

Won’t support fiscal tightening: Abhijit Banerjee on upcoming Budget

New Delhi: Nobel laureate Abhijit Banerjee on Saturday (January 11) said the fiscal deficit of the country has been breached by a huge margin already and therefore, it won’t be a big deal to breach it any further. Banerjee also spoke about the Centre’s reported plans of cutting down school education budget by ₹3,000 crore.

10 firms to list commercial papers on BSE for ₹5,745 crore issue size

Leading stock exchange BSE on Friday said 10 companies, including Larsen & Toubro Ltd, Sun Pharmaceutical Industries Ltd and BHEL, have filed applications with the bourse to list their commercial papers (CPs) for a total issue size of ₹5,745 crore.

Industrial production index jumps 1.8% in Nov 2019

The Index of Industrial Production (IIP) for the month of November 2019 stands at 128.4, which is 1.8% higher than in the month of November 2018. The cumulative growth for the period April-November 2019 over the corresponding period of the previous year stands at 0.6%. In India, industrial production measures the output of businesses integrated ...

Infosys shares gain nearly 2 pc ahead of earnings

Shares of Infosys on Friday (January 10) rose by nearly 2% ahead of its December quarter earnings announcement due later in the day.

Slowdown continues in auto industry, car sales slump to 1.34% in Dec

New Delhi: Showing no signs of recovery, sales of domestic passenger vehicles clocked a 1.34% decline in December as compared with the year-ago period. The sales dipped to 2,35,786 units last month while during the same period in 2018, it stood at 2,38,753.

Japan urges Ghosn to return as fugitive tycoon defends escape

Tokyo: Japan’s justice minister on Thursday urged Carlos Ghosn to return and make his case in court, after the fugitive former auto tycoon gave an impassioned defence of his decision to jump bail and flee to Lebanon. Ghosn made his first public appearance since his audacious December escape at a combative press conference in Beirut on Wednesday, where ...

Is Indian economy in stagflation with growth rate at a 10-year low?

The Indian economy whose growth rate is estimated to contract by 1.8 per cent in 2019-20, the slowest in 11 years, is looking at tougher times ahead, especially in the backdrop of tensions in Middle East and the related rise in crude oil prices.

Cabinet gives in-principle nod for strategic sale of Neelachal Ispat

New Delhi: The government on Wednesday (January 8) in-principle approved strategic sale of Neelachal Ispat Nigam Ltd (NINL) by allowing six PSU shareholders to sell their stake in the steel company.

Air India sell-off: Viable reserve price holds the key to cut further losses

New Delhi: The Narendra Modi government's renewed effort to privatise loss-laden Air India (AI) will succeed only if the powers-that-be go for "out of the box" solution, moving away from the beaten track of seeking disinvestment as a way to raise funds.