Category: BUSINESS

The number mobile internet users in India is estimated to touch 478 million by June 2018, buoyed by cheaper smartphones, faster connectivity and affordable services, according to an IAMAI report. The number of mobile internet users stood at 456 million in December 2017, over 17 per cent higher than December 2016, said the report titled ‘Mobile Internet in India 2017’ that also identified young students as being the most prolific consumer of such services. “The number of mobile internet users is estimated to reach 478 million by June 2018… Handset…

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The finance ministry has asked RBI to look into the problems being faced by industry and banks by the abrupt ban on LoUs, and provide some breathing space to them, sources said. Reserve Bank of India this month banned issuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoC), used extensively for trade finance, following the unearthing of Nirav Modi fraud case. Nirav Modi and associates in connivance with some officials of Punjab National Bank (PNB) used LoUs to defrauded the lender of over Rs 13,000 crore. The sources…

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The rupee recovered by 7 paise to 64.90 against the US dollar in opening trade today at the forex market on increased selling of the greenback by exporters amid foreign fund inflows. A lower opening of the domestic equity market weighed on the domestic currency, but dollar’s weakness against other currencies limited the losses, forex dealers said. Yesterday, the rupee had lost 10 paise and slipped to 64.97 against the US currency, cutting short its three-day upmove on bouts of dollar buying by banks and exporters. Meanwhile, on a net…

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वित्त मंत्रालय ने कहा कि भारतीय अर्थव्यवस्था 2025 तक दोगुना होकर 5,000 अरब डॉलर यानी 325,00,000 करोड़ डॉलर पर पहुंच जाने के रास्ते पर आगे बढ़ रही है. हालांकि, मंत्रालय ने कहा कि भारतीय रिजर्व बैंक द्वारा तय मुद्रास्फीति के लक्ष्य कोलेकर कोई खतरा नहीं है. आर्थिक मामलों के सचिव सुभाष चंद्र गर्ग ने कहा, ‘‘ देश सात से आठ प्रतिशत की वृद्धि दर हासिल करने की ओर अग्रसर है. स्टार्ट अप, एमएसएमई तथा बुनियादी ढांचा निवेश पर ध्यान दिए जाने से अर्थव्यवस्था की रफ्तार और तेज की जा सकती…

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The rupee strengthened by 10 paise to 64.91 against the US dollar at the interbank forex market today on sustained selling of the greenback by exporters and banks amid foreign capital inflows. Dealers said dollar’s weakness against a basket of currencies supported the domestic unit. On Friday, the rupee had gained 10 paise to end at 65.01 against the US currency which suffered losses in global markets on intensifying trade war worries. Meanwhile, the benchmark BSE Sensex fell by 60.10 points, or 0.18 per cent, to 32,536.44 in opening trade…

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South Korea and the United States have reached an understanding on revising their free trade agreement (FTA) and on steel tariffs, Seoul’s trade minister said today. “Agreement on the bilateral FTA and steel issues has been reached in principle,” Kim Hyun-chong said on arrival at Incheon International Airport after talks in Washington, Yonhap news agency reported. Some technical issues need to be settled at working level but are likely to be concluded shortly, the minister was quoted as saying. US officials had said Friday an agreement could be announced in…

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A merger of state-run trading firms MMTC and STC is on the cards and the matter is under process, Commerce and Industry Minister Suresh Prabhu has said. “That is something which is already on cards because STC unfortunately has become a sick company. Therefore, there are some measures which are being taken already and this matter is under process,” Prabhu told PTI. He said this while replying to a question whether the government is moving ahead on the proposal to merge Metals & Minerals Trading Corporation of India (MMTC) and…

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Business leaders from Nepal and India today participated in an international entrepreneurship conclave here and discussed the need to establish better connectivity between the two countries to explore new business opportunities. Nepalese Finance Minister Yuvaraj Khatiwada who inaugurated ‘The International Entrepreneurship Conclave-Connect-IN’, said that the conclave provides a platform for the entrepreneurs from both the countries to come together and exchange innovative ideas. “Young and innovative entrepreneurs from both the countries need to come forward with their innovative ideas and the governments of the two countries should play the role…

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After announcing a string of tough trade measures against China, US President Donald Trump has said that Beijing would no longer have a “free reign” like it had been having for many years, which resulted in a massive American trade deficit with it. A day after he initiated a series of tough actions against “unfair” Chinese trade practices, inviting retaliation by Beijing, Trump exuded confidence that the steps would end up with China fairly treating America. “China is going to end up treating us fairly. For many years, they had…

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