October industrial production grows 9.8%

The country's industrial production grew an impressive 9.8 per cent, year-on-year, in October this year, compared to a contraction of 2.7 in October last year. According to data from the Central Statistics Office, industrial output growth for September this year has been revised upwards to ...

India, Japan sign protocol to amend double taxation avoidance pact

India and Japan today signed a Protocol for amending the existing convention for avoidance of double taxation and prevention of fiscal evasion with respect to income taxes. Revenue Secretary Hasmukh Adhia signed the protocol on behalf of India while Kenji Hiramatsu, Ambassador of Japan signed on beh...

China's Fosun halts trading after reports says its Chairman unreachable

Trading has been suspended in the Hong Kong shares of one of China's biggest private investment conglomerates Fosun International. It comes amid uncertainty over the whereabouts of its chairman, with one report saying Guo Guangchang has been unreachable since noon yesterday. Fosun has inter...

CBI questions Vijay Mallya in loan default case of Rs 900 cr from IDBI bank

CBI today examined UB Group Chairman Vijay Mallya in connection with its probe into alleged loan default of 900 crore rupees taken from IDBI bank. The sources said Mallya was called to agency Headquarters in New Delhi in connection with the case where the team of Banking Securities Fraud Cell carrie...

Honda Cars India to recall 90,210 units of City, Mobilio

Japanese auto major Honda will recall over 90,000 units of its sedan City and multi-purpose vehicle Mobilio in India manufactured between December 2013 to July 2015 to replace fuel return pipe. The recall will affect only the diesel variants of the two models. The company's Indian arm, Hond...

Myanmar inaugurates a new stock exchange

Myanmar has inaugurated a new stock exchange with plans for six companies to start trading in March. Minister of Finance Win Shein said, the Yangon Stock Exchange will initially be open only to Myanmar companies and investors, but planned law changes will eventually allow foreigners to invest in Mya...

GST implementation: Chief Economic Advisor-led Committee lists several risk factors

A Chief Economic Advisor-led Committee has listed several risk factors, including revenue shortfall and re-emergence of trust deficit between the Centre and the states, in implementing the Goods and Services Tax. A report released by the Finance Ministry said, the revenue shortfall could result in a...

No evidence of illegal changes to fuel consumption, emissions figures; Volkswagen

Volkswagen group has said, the problem with the carbon-dioxide emissions in its petrol engine cars is smaller than initially suspected. The German car manufacturer said in a statement that further checks found slight discrepancies in only a few models and there has been no evidence of illegal change...

Oil prices fall to near seven-year low

Fiscal consolidation process on track: Jayant Sinha

Union Minister for State for Finance Jayant Sinha has said that recent macro-economic indicators have shown positive trend and the structural reforms undertaken have started contributing to the sustainable growth. Addressing the first Meeting of State Finance Secretaries in New Delhi yesterday, Mr S...