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  • Two militants involved in Wednesday's attack on security forces in J-K's Banihal town arrested: Police.


Stimulus package to revive sagging economy on cards

Appropriate action will be taken at right time, says Jaitley22 Sep 2017 | 12:14 AM

NEW DELHI: The government is likely to announce a stimulus package for reviving growth amid a sputtering economy which will include measures to boost private sector investments.

[ + read story ]

Sanjeev Sharma

Tribune News Service

New Delhi, September 21

The government is likely to announce a stimulus package for reviving growth amid a sputtering economy which will include measures to boost private sector investments. Finance Minister Arun Jaitley today said there is problem of private investment and the government is seized of the issue. “Very soon you will hear from us”, Jaitley said speaking at the investor summit organised by JP Morgan.

He said from day one, this is a proactive government. “We are analysing the economic indicators and appropriate action will be taken at right time”, he said. The Finance Minister has held meetings with the Railways and Commerce Ministers and other government officials on the economic situation amid calls for a stimulus to boost growth which has been going down for past few quarters.

Signalling that real estate may be brought under GST, the Finance Minister said “As far as bringing more items under GST is concerned, I think real estate is most easy to bring in”.

As far as farm loan waiver by states is concerned, the Finance Minister said they have to find their own resources for this purpose.

There are growing calls for a stimulus package for the disruption-hit economy with several measures being floated, including the government spending more and expanding the fiscal deficit.

Meanwhile, the government today announced a new Public Private Partnership (PPP) Policy to promote private investments in affordable housing.

The new policy for affordable housing allows extending a Central assistance of up to Rs 2.50 lakh per each house to be built by private builders even on private lands.

Minister of Housing and Urban Affairs Hardeep Singh Puri announced the policy at an event organised by industry body NAREDCO in Mumbai. Puri said the policy seeks to assign risks among the government, developers and financial institutions, besides leveraging under-utilised and unutilised private and public lands towards meeting the Housing for All target by 2022.

He exhorted private developers to seize the investment opportunities in affordable housing in the prevailing enabling environment.

The two PPP models for private investments in affordable housing on private lands include extending central assistance of about Rs 2.50 lakh per each house as interest subsidy on bank loans as upfront payment under the credit linked subsidy component of Pradhan Mantri Awas Yojana (Urban). Under the second option, a Central assistance of Rs 1.50 lakh per each house to be built on private lands would be provided, in case the beneficiaries do not intend to take bank loans.

Shareholders approve Tata Sons’ move to become private entity

22 Sep 2017 | 12:14 AM

MUMBAI: Tata Sons, the promoter of the $105-billion cars-to-software group, today won shareholders’ nod to convert itself into a private limited company, limiting in effect Cyrus Mistry family’s ability to sell their stake to outsiders.

Tata Motors unveils compact SUV Nexon at Rs 5.85 lakh

Tata Motors unveils compact SUV Nexon at Rs 5.85 lakh

22 Sep 2017 | 12:14 AM

MUMBAI: Tata Motors today launched its much-awaited maiden compact SUV Nexon, with killer prices starting at Rs 5.85 lakh for the petrol variant and at Rs 6.85 lakh for diesel version (ex-showroom Delhi).

S&P cuts China’s credit rating

22 Sep 2017 | 12:14 AM

BEIJING: Standard & Poor’s slashed China’s credit rating today over warnings that its ballooning debt had raised “economic and financial risks”.

Google buys part of HTC biz for $1.1 bn

Google buys part of HTC biz for $1.1 bn

22 Sep 2017 | 12:14 AM

NEW DELHI: Tech giant Google today said it has signed an agreement with HTC to buy part of the Taiwanese company’s smartphone business for $1.1 billion.

FDI in textiles up three-fold, claims Irani

22 Sep 2017 | 12:14 AM

JAIPUR: Union Textiles Minister Smriti Irani today said FDI in the textile sector has tripled since the beginning of the current financial year and in FY 2016-17 it marked $690 million.

Portal working normally at peak hours, says GSTN

22 Sep 2017 | 12:14 AM

NEW DELHI: The Goods and Services Tax Network (GSTN) said on Thursday the filing of returns on GST portal peaks during day time and the portal is functioning smoothly during peak hours.

Google to buy part of Taiwan smartphone maker HTC for $1.1 billion

Google to buy part of Taiwan smartphone maker HTC for $1.1 billion

21 Sep 2017 | 7:50 PM

TAIPEI: Taiwan’s struggling smartphone maker HTC has said it would sell part of its smartphone business to Google for $1.1 billion as the US giant looks to take greater control of its hardware business. Google will take on half of HTC’s research staff — about 2,000 people — many of whom have already been working on the Silicon Valley firm’s Pixel handset, as well as intellectual property (IP) licensing.

Gold plunges Rs 250 after US Fed policy move

Gold plunges Rs 250 after US Fed policy move

21 Sep 2017 | 3:57 PM

NEW DELHI: Gold lost its edge on Thursday by tumbling Rs 250 to Rs 30,500 per 10 grams because of a rising dollar on stronger probability of a rate hike by the US Federal Reserve this year.

Measures to revive private investment to be announced soon: Jaitley

Measures to revive private investment to be announced soon: Jaitley

21 Sep 2017 | 3:58 PM

NEW DELHI: The government will soon announce measures to revive private investments, which have been weak to boost growth in the economy.

Briefly

SEBI revokes ban on 114 entities

21 Sep 2017 | 12:31 AM

NEW DELHI: Markets regulator SEBI has revoked trading ban imposed on 114 entities, which had come under the scanner for alleged manipulation and misuse of stock market platform for tax evasion, saying it did not find any adverse evidence against them.

SBI Life IPO subscribed 9% on Day 1

21 Sep 2017 | 12:29 AM

NEW DELHI:The initial share sale offer of SBI Life Insurance Company was subscribed 9% on the first day of the three-day bidding today, stock exchanges data showed.

Centre to exit three ITDC hotels

21 Sep 2017 | 12:29 AM

NEW DELHI:The Union Cabinet today approved several decisions, including withdrawing from three more ITDC hotels, rationalisation and merger of government printing presses, proposal for revision of cost norms at an enhanced cost of Rs 12,000 crore for nutrition programme under ICDS scheme and 78 days productivity bonus for non-gazetted railway employees.

Tata Steel, ThyssenKrupp to merge European operations

Tata Steel, ThyssenKrupp to merge European operations

21 Sep 2017 | 12:33 AM

NEW DELHI:Tata Steel today said it has signed an agreement with German steel giant ThyssenKrupp to merge their steel operations in Europe in a 50:50 joint venture company.

M&M buys Turkish tractor firm for Rs 735 cr

21 Sep 2017 | 12:29 AM

MUMBAI:Mahindra & Mahindra (M&M) today said it has signed pacts with Turkey-based Erkunt group to acquire its tractor manufacturing and foundry businesses for about Rs 735 crore, which will help to enhance its product portfolio.

Jaitley hints at measures to boost growth, rules out cut in fuel prices

Jaitley hints at measures to boost growth, rules out cut in fuel prices

21 Sep 2017 | 12:32 AM

NEW DELHI:Finance Minister Arun Jaitley today hinted at a package of measures to boost the economy, while virtually ruling out any cut in duties on petroleum products to check the spike in fuel prices.

Sensex ends flat in cautious trade ahead of Fed’s outcome

20 Sep 2017 | 4:05 PM

MUMBAI: The benchmark BSE Sensex ended flat at 32,400.51 points after a range-bound trade as investors awaited the US Federal Reserve’s policy decision for further direction.

Call connect rate cut will benefit only new players: Airtel, Vodafone

Call connect rate cut will benefit only new players: Airtel, Vodafone

20 Sep 2017 | 1:38 PM

NEW DELHI: Leading telecom operators Bharti Airtel and Vodafone has slammed the regulator TRAI’s decision to reduce call connect charges, saying that the move will benefit only one operator and worsen the financial health of stressed industry.

Trai slashes call connect charge to 6 paise/minute

Trai slashes call connect charge to 6 paise/minute

20 Sep 2017 | 9:38 AM

NEW DELHI:In a move that may result in lower call charges, telecom regulator Trai today slashed the rate paid by an operator for termination of mobile call on a rival network to 6 paise a minute, from the current 14 paise. Trai said the new call termination charge will be applicable from October 1, and will be completely eliminated from January 1, 2020.

Govt makes names of 55,000 debarred directors public

20 Sep 2017 | 12:46 AM

NEW DELHI:Intensifying its crackdown on shell companies and their operators, the government has made public names of over 55,000 directors linked to such firms to ensure they do not get associated with similar roles again.

Fast-track GST refund work, say exporters

20 Sep 2017 | 12:46 AM

NEW DELHI:Fearing that a staggering Rs 65,000 crore could get stuck in GST refunds, exporters today asked the government to fast-track the refund process and avoid further deterioration in their “liquidity situation”.

M&M unveils driverless tractor

M&M unveils driverless tractor

20 Sep 2017 | 12:46 AM

NEW DELHI:Mahindra & Mahindra (M&M) today showcased its first ever driverless tractor which it plans to introduce commercially next year.

Govt proposes voluntary reporting of income, tax

20 Sep 2017 | 12:46 AM

NEW DELHI:The government has proposed to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by certain taxpayers, namely companies and tax audit cases on a voluntary-compliance basis.

Ireland woos Punjab industry

Ireland woos Punjab industry

20 Sep 2017 | 12:46 AM

CHANDIGARH:Ireland is emerging as a preferred investment destination post-Brexit, especially for those looking to expand their operations across the European Union.

Markfed hails OTS scheme

20 Sep 2017 | 12:46 AM

CHANDIGARH: Markfed Chairman Amarjit Singh Samra has welcomed the Punjab Government’s one-time settlement (OTS) scheme for defaulter rice millers of Punjab.

Tata Sons ups stake in TGBL, Tata Chem

20 Sep 2017 | 12:46 AM

NEW DELHI:Tata Sons today raised stakes in Tata Chemicals and TGBL, buying for about Rs 1,600 crore the shares held by the two firms in each other so as to reduce cross-holdings among the group firms.

RBI sets rupee reference rate at 64.1769 against dollar

19 Sep 2017 | 3:11 PM

MUMBAI: The Reserve Bank of India on Tuesday fixed the reference rate of the rupee at 64.1769 against the US dollar and 77.0187 for the euro.

India-born Silicon Valley executive joins Twitter

India-born Silicon Valley executive joins Twitter

19 Sep 2017 | 12:54 PM

NEW YORK: India-born Sriram Krishnan, a former top executive from Facebook and Snap, has been hired by Twitter as its senior director of product.

Nifty hits fresh high of 10,178.95, Sensex up 100 points

19 Sep 2017 | 9:57 AM

MUMBAI: The Nifty advanced by around 26 points or 0.25 per cent to scale a new high of 10,178.95 while the Sensex rallied over 100 points in opening on Tuesday on the back of persistent buying by domestic institutional investors amid positive Asian cues.

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