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.

‘Poised to play big role on world stage’

Economic Affairs secretary Subash Chandra Garg explains how the government has been able to achieve a position that was due long ago. Garg spoke to Financial Chronicle.

How do you see this rating upgrade working in favour of India? Are you expecting other rating agencies, Fitch and S&P, to follow suit?

Oil Bomb

When the unprecedented purge within the Saudi royal family began early this month, there was a party in one of the offices of a leading global oil producer.

The quiet celebrations virtually went unnoticed in the din created by the action taken by crown prince Mohammed bin Salman against corruption in which not only 200 prominent Saudi citizens were arrested, but more than 11 princes were put behind bars, virtually debarring the royalty in the world’s most important Islamic republic.

'Startup policy can make entrepreneurship more comprehensive'

Startup India and Make in India programmes can make entrepreneurship more comprehensive by channelising energy from all elements of the ecosystem, including from entrepreneurs to investors, Union Minister Piyush Goyal has said.

Betting on the huge potential of the startup policy, the railway and coal minister said it has made youth a job creator rather than a job seeker.

He was speaking at an event organised by the New Delhi Chapter of Entrepreneurs' Organisation yesterday.

India may not have to wait 13 yrs for next upgrade: SBI report

With the government committed to fiscal consolidation, India might not have to wait for 13 long years for next sovereign upgrade by a rating agency, a SBI research report said today.

The US-based Moody's this morning upgraded India's sovereign credit rating by a notch to 'Baa2' with a stable outlook. The upgrade comes after a gap of 13 years.

Finance Minister Arun Jaitley has termed the upgrade as a "belated recognition" of reforms in the last few years, and vowed to continue them while maintaining fiscal discipline.

Toyota Kirloskar brings in electric vehicles to AmAravati

Auto major Toyota Kirloskar Motors has come forward to introduce its latest electric vehicles in Amaravati, the upcoming capital of Andhra Pradesh. A memorandum of understanding (MoU) was signed in Amaravati in the presence of Andhra Pradesh IT Minister Nara Lokesh and managing director of Toyota Kirloskar Akito Tachibana.

At $44.8b, Mukesh Ambani’s is Asia’s richest family, Lee’s 2nd

The Mukesh Ambani family is the richest in Asia as its net worth rose $19 billion to $44.8 billion, toppling the Lees of the Samsung empire, to claim the numero uno position, Forbes said.

Despite dropping to the second spot, Korea’s Lee family still saw its wealth soar by $11.2 billion to $40.8 billion this year as shares of Samsung Electronics moved up 75 per cent over the past year.

NSE Algo case gets murkier as I-T raids ex-top executives

In a dramatic manoeuvre which began late on Wednesday and spilled over to Thursday, the Department of Income Tax began to ceaselessly raid the premises of former top bosses of the NSE, as also the brokers named in the controversial co-location issue. This move came a day after the new management of NSE submitted two separate audit reports on the misuse of co-location facility for algorithm (algo) or high frequency trading (HFT) which allowed preferential access to a select cartel of brokers colluding with exchange officials.

Govt mulls tax discount for online payments

Consumers making payments for goods and services using debit/credit cards or through other online modes could get a 2 per cent discount on the payable goods and services tax (GST), as the government is considering the incentive to boost digital payment. This will include a 1 per cent concession on the central goods and services tax (CGST) and another 1 per cent on the state GST. Going by the proposal, a consumer would have to pay a GST of 16 per cent where the product is in the 18 per cent slab, provided he/she chooses to pay digitally.

UP set for record 10 mt sugar production

Uttar Pradesh, India’s largest sugar producing state, is all set to hit a record 10 million tonnes (mt) production this season.

Mills have so far produced three times more sweetener than last year with better recovery.

Until November 15, mills had produced 5.7 lakh tonnes of sugar this season compared to 1.9 lakh tonnes in the year-ago period, said Deepak Guptara, secretary of the Uttar Pradesh Sugar Mills Association. The recovery (sugar produced from sugarcane) is at 9.53 per cent this year so far as against 9.14 per cent in 2016-17, he said.