New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

Tweak minimum bid clause to keep coal auction going:Steel Secy

With the deferment of recent coal mine auction on account of insufficient bids, the steel ministry said there was a need to alter the clause stipulating at least three bids for each block and that the coal ministry is consulting CVC to work out a mechanism on the same.

Govt to launch pension plan with 8% fixed rate

The NDA government will launch a pension scheme for senior citizens with a guaranteed 8 per cent interest. It could well become a flagship plan similar to the Ujjwala gas connection for poor.

Finance minister Arun Jaitley will launch the pension scheme on Friday in which the elderly will get monthly 8 per cent fixed rate of interest on their savings. It can be purchased offline as well as online through the Life Insurance Corporation (LIC) of India.

The LIC has been given the sole privilege to operate this scheme, the finance ministry said in a statement.

Jio to raise Rs 20,000 cr from RIL via rights issue

Reliance Jio Infocomm, the closely held telecom arm of Mukesh Ambani-led Reliance Industries, said it plans to raise Rs 20,000 crore from a rights offer. After plowing a little less than Rs 2 lakh crore into starting a national fourth-generation (4G) mobile network, the fresh round of funding will help Jio challenge competitors with its free-for-life voice calls and dirt-cheap data services. Jio is offering 400 crore non-cumulative optionally convertible preference shares (OCPS) at Rs 50 each to RIL, according to a stock exchange filing.

Kovind pips Meira race for Raisina

Ram Nath Kovind was elected as India’s 14 President as an overwhelming 65.65 per cent of the elected representatives voted in his favour making him a clear winner against opposition’s nominee Meira Kumar who got support of 34.35 percent voters.

India on track to grow at 7.4%: ADB

The Asian Development Bank (ADB) on Thursday retained India’s growth projection at 7.4 per cent for the current financial year even as it raised the forecast for developing Asian region to 5.9 per cent.

In a supplement to its Asian Development Outlook (ADO) 2017 report, ADB revised the forecast for developing Asia from 5.7 per cent earlier. For 2018, it was raised from 5.7 per cent to 5.8 per cent.

For India, it maintained the growth forecasts at 7.4 per cent for 2017-18 and 7.6 per cent for 2018-19.