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IMF, WB forecast 6.4 per cent growth for India in 2015

The IMF and the World Bank on Tuesday forecast an identical 5.6 percent growth rate for India this year and a higher 6.4 percent in 2015, citing renewed confidence in the market due to a series of economic reforms pursued by the new Government. “Growth in India is expected to rise to 5.6 percent in 2014 and pick up further ...

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India”s biz confidence up sharply after new govt

India Inc has shown uptick in business confidence post the formation of Narendra Modi-led government with key industry surveys showing marked improvement in investor perception during the July-September quarter. While the survey by industry body Ficci showed business confidence at a 15-quarter high, the CII poll indicated a sharp improvement in business confidence. The CII Business Confidence Index shot up ...

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Mayaram leaves for US tonight to attend IMF-WB meetings

Finance Secretary Arvind Mayaram will leave for US tonight to participate in annual meetings of the IMF and the World Bank scheduled for October 10-12. “Finance Secretary Arvind Mayaram will leave for US today to attend the annual meetings of IMF and World Bank,” a senior finance ministry official said. Finance Minister Arun Jaitley, who has not been keeping good ...

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SBI to have dedicated SME branches to up coverage

The nation’s largest lender State Bank of India, which is flush with liquidity as large corporates are holding back investments, is focusing on increasing its SME loan book by opening dedicated branches across the country. “Earlier, we had sourcing teams and branches for SMEs, and sanction was done after being appraised by the SME city credit cell, that is a ...

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J-K govt announces tax sops to flood-affected businessmen

The Jammu and Kashmir government has announced a slew of concessions to flood-affected businessmen with a view to give immediate succour to the community and bring economic activities back on track. The relaxations were considered after detailed meeting with the State Economic Reconstruction Forum (SERF), a trade body formed in the aftermath of the floods, by Chief Minister Omar Abdullah ...

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Punjab raises tax on diesel, cold drinks, cigarette

People will have to pay more for diesel, aerated drinks and cigarette in Punjab with SAD-BJP led state government raising Value Added Tax (VAT) on these products. In a notification issued on October 1, Punjab Excise and Taxation department has increased VAT rate on diesel (other than premium diesel), cold drinks (including aerated drinks, soda) and Cigarette and Cigar by ...

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OilMin sets up panel on delays in ONGC’s gas discovery

The Petroleum Ministry has set up a committee headed by DGH to inquire into the reasons for delay in developing gas discoveries in ONGC’s Krishna Godavari basin KG-D5 block. The three-member committee will be headed by B N Talukar, Director General of Directorate General of Hydrocarbons, and will have the financial advisor and a director from the ministry. The panel ...

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Microsoft bets big on tablets in India

Software giant Microsoft is placing big bets on tablets to drive adoption of its Windows 8.1 platform on smart devices in the country. The US-based firm, which acquired devices and services business of Nokia earlier this year, expects Windows-powered tablets to do especially well in segments like educational institutions and small and medium businesses (SMBs). “Previously, there were devices that ...

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Govt sets up Swachh Bharat Kosh to get funds from cos, others

Government has set up a Swachh Bharat Kosh to attract funds from corporates and individuals to improve sanitation facilities, particularly in schools. “Swachh Bharat Kosh (SBK) has been set up to attract Corporate Social Responsibility (CSR) funds from corporate sector and contributions from individuals and philanthropists,” an official statement said. Prime Minister Narendra Modi today launched the country’s biggest-ever cleanliness ...

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Sensex ends 62 pts lower, RIL down by 1.96 per cent

The BSE benchmark Sensex on Wednesday closed 62 points lower due to profit-booking ahead of long week-end amid reports that India’s manufacturing sector in September expanded at the slowest pace in nine months. The 30-share Sensex after moving in a tight range for the major part of the session ended 62.52 points, or 0.23 percent, lower at 26,567.99. The 50-share ...

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