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ADB lowers India growth to 7 per cent in FY 2020

UNI New Delhi The Asian Development Bank on Thursday lowered India’s growth forecast for 2019-20 to 7 per cent from 7.2 per cent estimated earlier over concerns about fiscal shortfall. “The growth outlook for India has been cut to 7.0 per cent in 2019 and 7.2 per cent  in  2020 because the fiscal 2018 outturn fell short,” said the development …

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Sensex ends 85 points higher; Yes Bank cracks 5%

PTI Mumbai Extending gains for the third consecutive session, market benchmark BSE Sensex rose 85 points Wednesday, driven by gains in banking and IT stocks. After a volatile session, the 30-share index settled 84.60 points or 0.22 per cent higher at 39,215.64. It swung 203 points intra-day, hitting a high of 39,284.73 and a low of 39,081.14. The broader NSE …

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UK wants India raise its first international sovereign bond in London

UNI London UK Prime Minister Theresa May has voiced the hope that India would raise its first ever international sovereign bond this year in London’s capital market and the growing business links between the two countries would create jobs and prosperity from Manipur to Manchester. She also said new immigration rules after the UK left the European Union would help …

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‘Mutual interest of India, US to have smooth trading relationship’

PTI New York It is in the mutual interest of India and the US to have a smooth trading relationship and they can find ways to deal with some of the “minor speed bumps”, Indian Ambassador to the US, Harsh Vardhan Shringla said, amid bilateral trade frictions. Trade tensions between India and the US have been rising with President Donald …

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Banks bad loans down at ` 9.34 lakh cr at FY19-end: Sitharaman

PTI New Delhi Total bad loans of commercial banks declined by Rs 1.02 lakh crore to Rs 9.34 lakh crore in the 2018-19 fiscal on the back of steps taken by the government, Finance Minister Nirmala Sitharaman said Tuesday. The government has instituted a comprehensive 4R’s strategy for recognition of non-performing assets (NPAs) transparently, resolution and recovery of value from …

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India, UK to boost trade in food, healthcare

UNI London India and the UK have launched three new working groups to surmount barriers to bilateral trade in food and drink, life sciences and healthcare, and digital and data services. These working groups, to be run by the UK India Business Council with business chambers CII and FICCI, will identify  solutions to the key issues faced in each sector …

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GST cripples horse racing industry

UNI Hyderabad The GST (Goods and Service Tax) has crippled the horse racing industry both at Hyderabad and in the country, according to Hyderabad Race Club chairman Surrender Reddy. Addressing a press conference here on Monday night, he said that the government had imposed 28 per cent GST on horseracing compared to the average 7.5 per cent betting tax as …

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‘All companies have to meet minimum public float of 25%’

New Delhi: All listed companies will have to meet the minimum public shareholding norms by August 2020, Finance Secretary Subhash Chandra Garg said on Friday. “All companies to have 25% minimum public shareholding by August 2020”, Garg said at an event by CII on Budget.  DIPAM secretary Atanu Bhattacharya who was also there said 14 PSU companies do not meet …

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Forex reserves rises to $429.91 billion

Mumbai: India’s foreign exchange reserves increased by $2.232 billion during the week ended July 5, official data showed on Friday. According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves rose to $429.911 billion from $427.678 billion reported for the week ended June 28. India’s forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing …

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Ex-partners plan to rapidly expand India presence to shore-up market share

New Delhi: Lured by the prospects of the Indian market, many of Jet Airways’ partner airlines have decided to deploy their own capacity to the country. Till recently, Jet carried significant international traffic in and out of India. In over 20 years of existence, it had formed strategic alliances with some of the world’s leading airlines such as Delta. It …

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