Budget 2016: A mere Rs 25,000 cr for bank recapitalisation not enough

Considering the mess that PSU banks are in, it’s surprising that the Finance Minister has allocated a mere Rs 25,000 crore for recapitalising them. This amount may not even be enough to compensate for the quarterly losses of state-owned banks.

Read Full Article Over Here: Budget 2016

An early Budget for Elections 2019

Prime Minister Narendra Modi, given his penchant for abbreviations, might have liked to put it as the new ‘GPS’ or guiding principle of his government in preparation for the 2019 Lok Sabha elections.

It looks as if the Modi government has initiated its re-election strategy a couple of years early with Finance Minister Arun Jaitley’s budget 2016 speech promising Gas (LPG cylinders to below poverty line families), Power (to all un-electrified villages) and Sadak (road connectivity to all villages) by 2018-19.

Ringing Bells starts refunding money to customers

Noida-based Ringing Bells, which has promised to sell smartphones for Rs 251 apiece, has started refunding money to customers due to negative speculation around its claim. Read More

Budget 2016: IMF chief stresses structural reforms

China is not the only economy in need of structural reforms as they are fundamental for the success of every G20 economy, Budget 2016 IMF Managing Director Christine Lagarde said on Friday.

This was clearly recognised in the "G20 2009 framework for strong, stable, and balanced growth", she said at the G20 Finance Ministers and Central Bank Governors Meeting in Shanghai, reports Xinhua.

Google unveils search engine for children: Kiddle

Google has finally launched the much awaited Kiddle, a customised search engine for children. The search giant's new offering will include features like safe search, kid-oriented results, big thumbnails, large fonts, and modified privacy settings.

Entering the search site, one finds Kiddle written in the characteristic colourful Google style, this time set not against the plain white of Google, but a colourful alien planet surface. There is also a red droid alien waiting to answer all your queries.

Why OBC status is not the solution for Jat unemployment

Haryana will take a while, probably few years and couple of thousand crore rupees, to get over the impact of nearly two weeks of agitation by the Jats to press for their demand for quota in government jobs.

But will the inclusion in the OBC category fulfil all their aspirations? Unlikely, if you consider the pace of growth of government jobs in the country. 

Diageo to pay USL chairman Vijay Mallya Rs 500 cr to walk away

Vijay Mallya, who built United Spirits as India’s largest liquor company, has exited the company after he sewed a deal with its majority owner Diageo that absolves him from claims over fund diversion from the liquor firm to other UB group firms, including Kingfisher Airlines.

Read Full Article Over Here: Business Standard News

Rail Budget 2016: Plan size increased by Rs 21,000 cr

The Indian Rail Budget 2016 has fixed a plan size of Rs 1.21 lakh crore for FY2016-17, almost Rs 21,000 crore more than 2015-16, which it hopes to finance largely through extra-budgetary sources such as joint ventures with states, developing new frameworks for PPP etc. as little is expected from the Gross Budgetary Support (GBS). The GBS for FY2017 which has been pegged at Rs 40,000 crore, same as 2015-16. Read More

Rail Budget 2016 Live: Operating ratio at 92% this year, up from 90% last year, says Prabhu

Click Here: Business Standard

An unreserved train ticket for travelling upto 199 km distance will no longer be valid after three hours of purchase of the ticket as railway budget has formulated a new rule to be effective from March 1, Lok Sabha was told today.

Unreserved tickets for distances upto 199 km, the journey has to be started from the originating station within three hours of the issue of tickets or upto the departure of first train for the destination whichever is later, Minister of State forRailway Budget 2016 Manoj Sinha said in a written reply.

Exclusive Photos on Economic Survey 2016

Click here - Photo Gallery - Business Standard.com 

This week promises to be an exciting one, with the Railway Budget to come out on Thursday, followed by the Economic Survey on Friday. Finance MinisterArun Jaitley will announce the general Budget on February 29, Monday.

Read Full Article Over Here : Business Standard News 

Tata Motors' Sanand plant hit by strike

Click Here - Business Standard

At a time when Tata Motors is set to roll out its new hatchback Tiago from Sanand plant in Gujarat, around 400 workers at the site went on a flash strike on Tuesday demanding re-instatement of 28 suspended workers.

JNU row: Umar Khalid, Anirban Bhattacharya surrender to police, questioned for 5 hours

In a dramatic development, Jawaharlal Nehru University students Umar Khalid and Anirban Bhattacharya, who have been booked on charges of sedition, surrendered before Delhi Police late last night following which they were questioned for at least 5 hours.

Earlier during the day, the Delhi High Court had refused to grant them protection from arrest and told them that they will have to surrender and face the law. See This

PNB declares 900 firms as wilful defaulters; owe Rs 11,000 cr

Public sector lender Punjab National Bank (PNB) has declared a list of 904 wilful defaulters, including Winsome Diamonds & Jewellery and Zoom Developers, that owe close to Rs 11,000 crore to the lender.

Delhi-based bank recently declared defunct Kingfisher Airlines and its guarantors United Breweries Holdings and United Spirits chairman Vijay Mallya as wilful defaulters. Kingfisher Airlines owes Rs 1,500 crore to PNB.

Economic Survey 2016: To Make Week Exciting

This week promises to be an exciting one, with the Railway Budget to come out on Thursday, followed by the Economic Survey on Friday. Finance Minister Arun Jaitley will announce the general Budget on February 29, Monday.

The Survey will be read eagerly for not only what it tells about the state of the economy in the year gone by but also as a piece of literature. These are traditionally lead-written by the government's chief economic advisor and under Kaushik Basu, were a delight to read.

Former railway minister Lalu Prasad has already let out his views on what he Economic Survey 2016 expects from the rail Budget. However, minister Suresh Prabhu is unlikely to pay much attention to this.

5 tax reforms India Inc wants from Budget 2016

With Finance Minister Arun Jaitley all set to present the Budget 2016 next week, all eyes are now on the tax reforms promised by Prime Minister Narendra Modi and Jaitley during their interaction with India Inc leaders at the Make-In-India week. Here are some of the top tax reforms Jaitley can look at

Read Full Article Over Here: Business Standard

Air force, DRDO, pleased with Tejas performance at Bahrain

In a milestone for India’s Tejas light-combat aircraft (LCA), two Tejas fighters travelled from India to performed aerobatics at the Bahrain International Air Show (BIAS-2016) from January 21-23.

Business Standard has obtained the first official account of this first international outing, where the Tejas impressed global aerospace experts, taking an important first step towards export in the future. Read More

Hit and run case: SC issues notice to Salman Khan

The Supreme court on Friday issued notice to filmstar Salman Khan on the Maharashtra government's petition challenging a Bombay High Court verdict acquitting him in a 2002 accident case.

Read Full Article Over Here: Business Standard

JNU row: SC refuses to hear Kanhaiya Kumar's bail

The Supreme Court today has refused to hear JNU News Student Union president Kanhaiya Kumar's bail plea, saying he should first go to the high court and follow the legal process.

According to advocate Soli J Sorabjee, Kumar faced security concerns and they feared he could be attacked there. Read More

Freedom 251: Will the alarm bell ring?

The hype over world’s cheapest smartphone, Freedom 251, priced at Rs 251 (US$ 4), has gripped the popular media, especially Twitter and the web world. A smartphone at the cost of a pizza is unheard of, and whether the company, Ringing Bell Pvt. Ltd, will be able to deliver on its promises to consumers, from whom it collected the entire amount four months in advance during the ongoing booking, remains doubtful.

Friendship above ideology: An ex-JNU ABVP alum explains why its leaders revolted

Three leaders of JNU’s ABVP unit have resigned to protest the government’s iron-fisted – and ham-handed – response to the entire row.

Pradeep Narwal, Joint Secretary of the JNU unit of ABVP, Rahul Yadav, president of the ABVP unit of JNU's School of Social Sciences (SSS) and its Secretary Ankit Hans quit Wednesday, saying they could no longer countenance being “mouthpieces” of the government. Read More

Aamir to partner Maharashtra govt

Aamir Khan and his wife Kiran Rao have launched the Paani Foundation, which will partner the Maharashtra government in its efforts to communicate and educate people at the grass root level about water conservation and watershed management.

The Paani Foundation and the government announced the first initiative called the Satyamev Jayate Water Cup, a competition to popularise water conservation and watershed management in the rural areas of the state.

Read Full Article Over Here: Business Standard

Chhattisgarh govt cancels tribal rights over forest lands

Forest rights of tribals over their traditional lands in Ghatbarra village of Surguja district have been taken away by the Chhattisgarh government to facilitate coal mining of Prasa East and Kete Besan coal block.

The block has been allocated to Rajasthan Vidyut Utpadan Nigam Limited (RVUNL) and Adani Minerals Private Limited. The latter is a 100 per cent subsidiary of Adani Enterprises and RVUNL is a Rajasthan government enterprise. Click Here

Kanhaiya Kumar might not have raised anti-national slogans: Security agencies

JNU students' union leader Kanhaiya Kumar, who was arrested on sedition charges, may not have raised anti-national slogans or made an inflammatory speech at the JNU event which is at the centre of a raging controversy, according to inputs from security agencies.

Home Ministry officials have suggested that slapping of the serious charge of sedition against Kumar could be an act of "over enthusiasm" on the part of some Delhi Police officers.

Read Full Article Over Here: Business Standard

Retro tax ghost returns to haunt Vodafone

Just days after Prime Minister Narendra Modi said retrospective taxation was a closed chapter and promised a “transparent, stable and predictable” tax regime, the income tax department has done just the opposite.

In a notice to Vodafone, the tax department said it might seize the British firm’s assets in the country if it failed to pay Rs 14,200 crore in disputed tax.

Read Full Article Over Here: Business Standard

Complete disconnect between Modi government and tax department: Vodafone

The income-tax department has said it may seize the Vodafone Group’s assets in the country if the company doesn’t pay a disputed Rs 14,200-crore ($2.1-billion) tax bill that’s still undergoing international arbitration proceedings, according to a copy of the notice that was sent to the company this month, Bloomberg reported. Click Here

JNU & sedition: Mad in India

“I decline to be utterly impartial as between the fire brigade and fire," said Winston Churchill once. The government of India has now decreed that some students in JNU are the fire while the government itself is the fire brigade. It has now set out to extinguish this fire with all its might.

The Jawaharlal Nehru University in Delhi has become the centre of hot political actions these days with the government of the Republic of India locked in a battle with students who have apparently shouted slogans against India.

Air India to fly Dreamliner on domestic routes

Air India plans to get back its lost status as the king of domestic skies and challenge the competition from IndiGo. The state-owned airline plans to raise its capacity on domestic routes by using wide-bodied Boeing 787 Dreamliner planes on high-capacity routes.

Currently, it uses the narrow-body Airbus A320 on such routes. Simultaneously, the airline will fly the A320s between the Tier-II and Tier-III cities, which experts believe has a huge potential due to the government’s stress on regional route expansion.
Read Full Article Over Here

'Make in India' cultural event in Mumbai

All aspects including sabotage angle will be investigated while ascertaining the cause of the massive fire that gutted the stage during a cultural programme at the Make in India Week event here last night attended by many VIPs, an official said today.

Govt to increase number of e-Seva centres in villages to 250,000

Ravi Shankar Prasad, Communication and Information Technology Minister, said the government was planning to increase number of common service centres in the country while speaking at Make In India Mumbai edition.

Currently, there are 150,000 such centres in the country.

“We want to increase centres to cover 250,000 gram panchayats soon,” said Radha Chouhan, CEO, e-governance, IT.

These centres, she said, will enable “village-level entrepreneur to talk to national-level experts” for guidance, apart from being an e-services distribution point. Chouhan, who followed Prasad at IT and electronics seminar, said the government was also focusing on partnering with private cloud companies to take services online.

Read Full Article Over Here

Make in India week: Probe into fire at venue in Girgaum Chowpatty begins

All aspects including sabotage angle will be investigated while ascertaining the cause of the massive fire that gutted the stage during a cultural programme at the Make in India Week event here last night attended by many VIPs, an official said today.

Fire brigade authority has begun an inquiry into the blaze.

"We will probe all aspects, including finding out if there was a sabotage angle involved," a fire brigade official said.

No casualties were reported as the venue at the Girgaum Chowpatty area was emptied within minutes.

Female Snapdeal employee abducted in Delhi

A 23-year-old female employee of ecommerce company Snapdeal was allegedly abducted on Wednesday night, while she was on her way back home after work.

Media reports, quoting the police say that Dipti Sarna travels from her office in Gurgaon to a bus-stand in Ghaziabad, from where her family members pick her up. On the night of the incident, Sarna was on call with her family, while she was in an auto-rickshaw.

Read Full Article: Snapdeal

Identity theft tops list of frauds, says Experian

Identity theft is the main reason for fraudulent transactions in the financial sector, says a report launched by Experian India.

“In India, identity theft accounts for 77 per cent of the Fraud Cases in Q1 2015. Among various financial products, auto loans, mortgage loans and credit cards have seen the largest number of fraud cases,” added the report.

Next Education acquires firm for computer education

Hyderabad-based Next Education has acquired Indian Institute of Technology, Bombay (IIT-B)-incubated start-up InOpen Technologies for its K-12 computer science product Computer Masti, in an all-cash deal. 

Computer Masti was created jointly by IIT-B and InOpen and has a series of e-books to teach computer science in schools.

Read Full Article: Computer Education

Mukesh Bansal logs out of Flipkart

Mukesh Bansal, who was heading the commerce and advertising business of Flipkart, quit on Wednesday, weeks after the co-founder of the country’s largest e-commerce company, Binny Bansal, became the chief executive officer.

Flipkart also lost another senior executive, Ankit Nagori, its chief business officer.

Read Full Article Click Here 

Vodafone launches 4G in Mumbai on 1,800 MHz

Vodafone, country's second largest telecom operator, launched its fourth generation broadband services in Mumbai. The service was unveiled by chief minister Devendra Phadnavis, a Vodafone customer himself. The company launches its services months after Bharti Airtellaunched its 4G services across 300 towns in India.

At the launch, Chief Minister Phadnavis said mobile was a key aspect of its JAM trinity (Jandhan, Aadhaar, Mobile) which was transforming governance. He said that he would have liked if Vodafone had launched 4G in Mumbai first as it was the commercial capital of the country.

Save for retirement and enjoy tax benefit, too

Increasing life span and high inflation mean that you need to save more to meet your retirement schemes needs. To help you meet this challenge, HDFC Mutual Fund has launched HDFC Retirement Savings Fund, which is both an equity-linked savings scheme (ELSS) and a pension scheme. 

Investments made in this fund will allow you to enjoy tax deduction under Section 80C. The fund comes with a lock-in period of five years. The new fund offer (NFO) will close on February 19.

Cognizant rings alarm bell for Indian IT services players

With Cognizant, which has so far defied the trend of moderate growth in information technology (IT) services sector, projecting lower growth in calendar year (CY) 2016, export-dependant Indian companies have a major reason to worry.

The Nasdaq-listed IT services company on Monday said it expects revenue to grow at 9.9–14.3 per cent, one of its lowest ever, and cautioned about spending cuts by the clients in financial services and healthcare sectors.

It has come as a surprise for many that Cognizant, which was known for best growth among its peers, has given outlook whose lower end trails the overall industry guidance issued by Nasscom. For CY16, Nasscom expects IT services to grow between 10-12 per cent, lower than the previous year.

Odd-even scheme: Delhi govt to assess over 11 lakh responses

Delhi government has received over 11 lakh responses on the future of its car-rationing scheme, as the deadline for public to give their opinion on the issue ended on Monday.

The government received the Odd-even scheme public opinion through emails, missed calls, online forms and suggestions of people whom it reached out to through interactive voice response system.

26/11 attacks planned one year in advance, reveals Headley

Lashkar-e-Taiba terrorist-turned-approver David Coleman Headley revealed in a Special Court that the dastardly 26/11 attacks in Mumbai was planned out over a year in advance by various groups and agencies of Pakistan, here on Tuesday.

Continuing his deposition via videoconferencing before Special Judge G. A. Sanap for the second consecutive day from a US jail, Headley said that in 2006, ISI official Major Pasha and LeT functionary Sajid Mir and others met to discuss plans to set up a business for (him) Headley in Mumbai.

46 days in India and counting...

Frequent foreign visits and increased engagement with the Indian Diaspora have defined Prime Minister Narendra Modi foreign policy initiatives in the first 20 months of his tenure. But Modi is unlikely to be as keen on travelling overseas in 2016.

The PM, given his busy domestic schedule, is yet to travel outside India in 2016. His last foreign visit was to Russia, Afghanistan and Pakistan (December 23-25, 2015). The PM, therefore, has spent an uninterrupted 46 days in India. This is the second longest unbroken stay of Modi in India since he took over as the PM on May 26, 2014.

Regulator chains Free Basics

The telecom regulator on Monday struck down differential pricing for internet services offered by telecom players to mobile users, in a bid to uphold the principles of net neutrality.

This will be a big blow to Facebook’s Free Basics — and other zero-rated platforms such as Airtel Zero — for which the social media giant had launched an aggressive campaign in December last year.

Patanjali Ayurvedic And Herbal Products

Even as Indian FMCG (fast moving consumer goods) companies battle an industry-wide slowdown in growth, many are hitching their wagons to the herbal-organic consumer products category, following in the footsteps of the Baba Ramdev’s Patanjali Ayurved. 

The yoga guru-cum-business czar is not only among the highest advertiser on television today, but by doubling up as brand ambassador for his company, he is increasing awareness for all ayurvedic-herbal products and further opening up the space. 

And companies such as Emami, Hindustan Unilever (HUL), Dabur and Humalaya Drug Company are rebooting their category strategies and investing in new products and making new acquisitions to reap in the promise of the herbal age.