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Economy / The Economic Times

India to offer production-linked incentives to more sectors, says official

The Cabinet will soon consider approving such incentives for more sectors, Rajiv Kumar, vice chairman of NITI Aayog, a government think-tank told a virtual conference.

30 Oct 2020 12:36 pm
What pundits say about new China 5-yr plan

By Enda CurranEconomists zeroed in on Chinas focus on quality economic growth and its technology ambitions in the 14th five-year plan released Thursday.A communique released after a four-day meeting of the Communist Partys Central Committee gave a broad outline of the plan as well as sketching out a vision for the economy as far as 2035.Heres a look at what economists are saying about the plan:Quality GrowthThe communique implied an aggressive path of economic expansion without mentioning the pa

30 Oct 2020 12:24 pm
Gileads COVID-19 drug is mediocre. It will be a blockbuster anyway.

By Katie ThomasThe United States reached a milestone, of sorts, when last week the Food and Drug Administration approved the first treatment for COVID-19.The drug is called Veklury, although most people know it by its scientific name, remdesivir.On Wednesday, its manufacturer, Gilead Sciences, said that remdesivir, which has been authorized for emergency use since the spring, had brought in $873 million in revenues so far this year and that it was the companys second-best-selling drug in the thi

30 Oct 2020 12:05 pm
AIIMS Bhubaneswar OPD services to reopen from November 2

The OPD was closed from July 10 due to COVID pandemic except for day-care services, radiotherapy, dialysis, trauma and the emergency and lifesaving surgery and IPD services.

30 Oct 2020 11:07 am
Assam Police to seek central agency probe into bomb blast along Mizoram border

There was flare up along the Assam-Mizoram border recently which crippled the movement of trucks and there was additional deployment of forces from the Mizoram side.

30 Oct 2020 10:08 am
India, US hold consultations, agree to work closely at UN Security Council

The two countries also agreed to work closely together given their shared values of democracy, pluralism and rule-based international order.

30 Oct 2020 9:57 am
A timeline of extremist attacks in France in recent years

Paris, Oct 29 (AP) The attack in Nice on Thursday follows a spate of Islamic extremist violence in France in recent years.

30 Oct 2020 9:41 am
Mike Pompeo wraps up anti-China tour of Asia in Vietnam

With just four days left in the campaign in which China has been a central theme, Pompeo was visiting Hanoi on Friday ostensibly to celebrate 25 years of U.S.-Vietnam relations.

30 Oct 2020 9:36 am
Apple sees record quarter sales in India

Apple rolled out the Apple online store in India late September where it has been selling and fulfilling all its products to consumers, although often at higher prices than what they are available in e-commerce marketplaces Amazon and Walmart-owned Flipkart.

30 Oct 2020 8:56 am
Government allows exports under new scheme to boost API production

In the scheme for bulk drugs the government has replaced the criteria of minimum threshold investment with committed investment by the selected applicant.

30 Oct 2020 7:49 am
Most recovered patients retain antibodies for at least 5 months: Study

While most studies so far have found that antibodies to the novel coronavirus go away quickly, this new study conducted at the Icahn School of Medicine at Mount Sinai in New York found the opposite.

30 Oct 2020 7:36 am
RBI board mulls future course for weaker banks

Five banks Central Bank of India, IDBI Bank, Indian Overseas Bank, Uco Bank and Lakshmi Vilas Bank are now under the RBI prompt corrective action (PCA) framework that brings in multiple restrictions aimed at conserving capital of banks and better their loss-absorption capacity.

29 Oct 2020 11:43 pm
Cabinet Committee on Economic Affairs okays higher prices for ethanol

The Cabinet Committee on Economic Affairs (CCEA) has approved higher prices for ethanol produced from various sources for blending with petrol, a move which would give a big boost to the sugar industry and help it clear pending payments of Rs 13,000 crore to cane farmers.

29 Oct 2020 11:39 pm
Opinion polls can learn from last Bihar polls

By Atanu BiswasIt was a debacle for pollsters, when most opinion polls failed to predict a landslide victory in the 2015 Bihar assembly elections for the mahagathbandhan. A majority of them even predicted the wrong winner. The average of 13 opinion poll results showed 113.5 (out of 243) seats for the Janata Dal (United), Rashtriya Janata Dal and Congress combined a whopping 26.5% error, as these parties bagged 178 seats in total. While opinion polls go horribly wrong in numerous elections world

29 Oct 2020 11:25 pm
Non-food bank credit growth decelerated to 5.8% in September

Within industry, credit to food processing, petroleum, coal products & nuclear fuels, leather & leather products, wood & wood products, and paper & paper products registered accelerated growth in September 2020 as compared with the growth in the corresponding month of the previous year.

29 Oct 2020 11:01 pm
Rail station masters to work on empty stomach on Oct 31 protesting sealing in night duty allowance

Around 35,000 station masters across the railway network will work on empty stomach on Saturday to protest the announcement of a sealing in their night duty allowance, the station masters union said on Thursday.

29 Oct 2020 11:01 pm
Yuvraj Singh invests in food brand Ketofys parent company Wellversed Health

The pre-series A investment from Singhs YWC Ventures values the two-and-a-half-year-old startup at Rs 100 crore, said Wellversed Healths cofounder Aanan Khurma. The company plans to use the money primarily to scale its reach of nutrition and food products. Some of the capital will also be used to strengthen the companys supply chain and to get more people enrolled in its health transformation plans.

29 Oct 2020 9:49 pm
No immediate need for GST rate cut: Maruti

NEW DELHI: Maruti Suzuki India, the country's largest car maker, on Thursday said there is no immediate need for GST rate cut on passenger vehicles with demand looking good for the next few months.The auto major, with around 50 per cent of market share in the domestic passenger vehicle segment, said the government can look at the GST relief if demand tapered off in the future.The industry has done pretty well in the second quarter and I don't think that anybody's sales have suffered due to the l

29 Oct 2020 9:48 pm
ServiceNow says India among its fastest growing markets

Mumbai: Digital workflow company ServiceNow which offers a cloud automation platform used for IT service and other functions said that India is one of its fastest growing markets with more companies looking to make the digital shift following the pandemic. The company is looking to accelerate its business from India.The companys third quarter financial results reported earlier this week were better than analyst expectations and were led by a growth in subscription revenue.Arun Balasubramanian, M

29 Oct 2020 9:38 pm
It's raining polls in America, Joe Biden gains where virus surges

A total of 16 national polls that dropped after the second and final Trump - Biden debate show the average has moved only 0.5 pts. A Real Clear Politics poll of polls (post debate only) puts Biden ahead by 7.5 pts nationally. A granular view shows Rasmussen is the only one in that list betting on Trump ahead by 1 point.

29 Oct 2020 9:00 pm
55.69 per cent voter turnout in 1st phase of Bihar assembly elections: Election Commission

As compared to corresponding assembly constituencies which went to poll in the 2015 assembly elections and the 2019 Lok Sabha polls, the turnout this time was higher.

29 Oct 2020 8:49 pm
Samsung India expects 40% growth in smartphone segment in Q4

Samsung India on Thursday said it expects to clock 40 per cent year-on-year growth in value terms in its smartphone business in December quarter on the back of an aggressive lineup of products and initiative to make devices more affordable. Samsung, which has reclaimed the top spot in the Indian smartphone market from Xiaomi after two years, said the company has been bringing in devices straddling across price points to cater to different segments of the markets. We have had a slew of launches t

29 Oct 2020 7:48 pm
Cognizant to give bigger hikes in Q4: CEO

Mumbai | Bengaluru: Cognizant Technology Solutions revenue in the ongoing fiscal year will come in at the high end of its previously guided range of $16.7 billion, despite a challenging year, said CEO Brian Humphries. In an interview with ET, Humphries said the Teaneck, New Jersey-based IT services provider is also refreshing its India focus with an elevated role for the new India managing director and is doubling down on digital deals. Employees will also be given bigger hikes and promotions in

29 Oct 2020 7:28 pm
Fare limits to remain in place for another three months: Civil Aviation Minister

The ministry had on May 21 placed these limits through seven bands, classified on the basis of flight duration, till August 24. Later, it was extended till November 24.

29 Oct 2020 7:17 pm
Govt sweetens Air India deal

New Delhi: As the government further extends the last date for bidding on Air India from October-end to mid-December, the government has decided to sweeten the deal a little to get takers for the national carrier, as COVID impacts aviation across the globe.As part of the new deal, the government allows interested parties to bid for the enterprise value of the airline.Under the new rules, the bid would be on enterprise value. In simple terms, the bidder will have to say how much of debt would the

29 Oct 2020 6:42 pm
Solar tariffs may reach a new record-low once again: Experts

BENGALURU: In a greatly encouraging response, over 5000 MW of bids were received for the 1070 MW solar tender issued by the Solar Energy Corporation of India, which analysts said may lead to record low tariffs. SECI is the nodal agency through which the ministry of new and renewable energy conducts wind and solar auctions.In the bid submission that took place Wednesday, almost all the major developers in the country expressed interest in taking part, sources said. We expect aggressive bidding an

29 Oct 2020 6:24 pm
Govt revises PLI scheme guidelines to boost local production of bulk drugs, medical devices

Post issuance of the detailed guidelines, the department received several suggestions and inputs from the pharmaceutical and medical device industry seeking certain amendments in the schemes to enable effective participation of the industry, the statement said.

29 Oct 2020 6:05 pm
Ceat Tyres eyes export opportunities for speciality tyres in Europe, North America

Tyre maker Ceat is looking at export opportunities for its speciality tyres in Europe and North America, and is also exploring new markets for radial tyres for buses and trucks, a senior company executive said. The RPG Group company, which produce tyres for segments such as two- and three-wheelers, cars, buses, light commercial vehicles (LCVs), trucks and tractors, currently exports its range of products to over 100 countries. The company has six manufacturing plants at Ambernath (for off-highwa

29 Oct 2020 5:43 pm
Mahindra Electric launches new cargo 3-wheeler Treo Zor

Our Treo platform demonstrates our commitment to Aatmanirbhar Bharat through the latest technology and make in India. The Treo Zor will provide a clean, sustainable and affordable solution for last-mile delivery, Mahindra & Mahindra Ltd's MD and CEO Pawan Goenka said at the launch.

29 Oct 2020 5:29 pm
BP pitches for infra sharing with companies like ONGC; sanctity of contract

Speaking at the India Energy Forum of CERAWeek, BP's India head Sashi Mukundan said policy and decision making must support raising domestic oil and gas production by adopting best international practices. He also made a case for offering incentives for doing better than targeted production rather than imposing penalties.

29 Oct 2020 5:27 pm
Hiring activities in retail, e-commerce bouncing back:

Mumbai: The retail segment, which has been badly hit due to the lockdown restrictions, is bouncing back gradually with an uptick in hiring of 15 per cent in September when compared with the previous month, according to a report. However, the hiring activities are still down by 50 per cent compared to the corresponding month a year ago, according to a report by The sector is showing a slow but steady sequential recovery but the sector is likely to bounce back further during the festiv

29 Oct 2020 5:22 pm
Indian environment, highly uncertain and volatile: Carlsberg CEO Cees't Hart

The world's third-biggest brewer said its Indian business at off-trade or retail channel fell 40% in the quarter ended September. Also, many restaurants, bars and pubs that account for nearly a third of beer sales, have either shut or opened last month.

29 Oct 2020 5:00 pm
Govt likely to extend Air India bid deadline to December 14; investors to get flexibility on debt

The flexibility to potential investors on the quantum of the Rs 60,074 crore debt that they want to absorb will replace the current condition of the buyer taking over more than a third of the debt and transferring the rest to a special purpose vehicle.

29 Oct 2020 4:56 pm
Samsung India gets TV import license, can now retrieve 1 lakh TVs stuck in ports

There has been a shortage of TV supplies in October as the government did not grant any subsequent import license to companies like Samsung. It had earlier provided one license which had then allowed Samsung to clear around 50,000 units.

29 Oct 2020 4:34 pm
Govt makes it mandatory for foreign cos operating e-commerce platforms in India to have PAN

An e-commerce operator will be a on-resident who owns, operates or manages digital or electronic facility or platform for online sale of goods or online provision of services or both, the CBDT said in the notification.

29 Oct 2020 4:15 pm
Inside Biden's 50-year career in politics

WASHINGTON: A stalwart of American political life for decades, Joe Biden, 77, has experienced many ups and downs during his long career in Washington, which he hopes to cap by winning the White House on November 3.Active in local politics in Delaware, Biden scored a major surprise aged just 30 when he ousted a well-established Republican senator in the 1972 election.Just few weeks later, Biden's wife and daughter died in a car accident. He thought of resigning to take care of his injured sons Be

29 Oct 2020 3:37 pm
Government hikes ethanol price for doping in petrol by up to Rs 3.34 per litre

The move will help farmers get remunerative price while also cutting down oil imports, I&B Minister Prakash Javadekar said. As much as 10 per cent ethanol is doped in petrol.

29 Oct 2020 3:31 pm
India to prioritise Covid vaccine for front line health workers

While some experts have raised concerns about Indias capability to safely store and transport a potential vaccine, a Niti Aayog member said the nations health workers wont need separate training to handle the inoculations, most of which can be stored at room temperature and will be distributed through already existing systems.

29 Oct 2020 2:59 pm
New plans, IPL to drive growth of Airtel's non-telco businesses: Analysts

Kolkata: Bharti Airtel's home broadband business that recorded the highest growth in the last 22 quarters in the July-September period -- is likely to continue seeing strong traction in the coming months with demand for its new fiber-to-the-home (FTTH) plans likely to rise as vast swathes of India Inc continue working from home, post-Covid, say analysts.The Sunil Mittal-led telco's digital TV business too, they said, would see strong subscriber additions, driven by a combination of the ongoing

29 Oct 2020 2:45 pm
RBI imposes Rs 22 lakh fine on DCB Bank for violating marketing norms

The RBI has...imposed a monetary penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions of directions issued by RBI contained in the circular on 'Marketing/distribution of mutual fund/insurance etc., products by banks' dated November 16, 2009, the RBI order attached with the filing said.

29 Oct 2020 2:42 pm
Rahul Bajajs nephew Anurang Jain buys Rs 39 crore luxury apartment in South Mumbai

This purchase is also among the costliest transactions based on the per sq ft rate of Rs 1.22 lakh paid by the billionaire nephew of Bajaj Auto patriarch Rahul Bajaj. The 3,185-sq ft apartment is on the 7th floor of under-construction project Carmichael Residences spread over half an acre.

29 Oct 2020 2:32 pm
Airtel CEO Gopal Vittal says strategy to win quality customers paying off; bullish on home broadband

NEW DELHI: Bharti Airtel chief executive officer Gopal Vittal said that the telcos strategy to win quality customers is paying off and it is continuing its investments in networks to increase customer experience.We believe our strategy of being relentlessly focussed on winning quality customers is paying off. Our brand is the most aspirational and trusted brand in the country...experience for us is the cornerstone of our strategy. We therefore continue to invest in Experience, Vittal said during

29 Oct 2020 2:24 pm
KKR launches clean energy platform Virescent Infrastructure in India

The launch of Virescent is a meaningful milestone for KKRs Asia Pacific infrastructure strategy amid Indias ambitions to install 175GW of renewable energy capacity by 2022 and 450GW by 2030, said Hardik Shah, Managing Director on KKRs Infrastructure team.

29 Oct 2020 1:57 pm
Commercial flights from Bareilly airport expected to start by December: Airports Authority of India

The release said the AAI is also building a regular terminal building with an area of 2,520 square metre at the Bareilly airport and more than 80 per cent of its construction work has been completed.

29 Oct 2020 1:54 pm
Another wave of infection is major concern for retailers: Survey

The CBRE Asia Pacific Research flash survey of 205 retail clients highlights that 52% of the respondents from India expect sales to return to pre-pandemic levels in more than six months.

29 Oct 2020 1:48 pm
India issues quality control order for some leather goods to restrict cheap imports

The list of goods also includes canvas shoes rubber sole, safety rubber canvas boots for miners, leather safety footwear having direct moulded rubber sole, leather safety footwear with direct moulded polyvinyl chloride (PVC) sole, high ankle tactical boots with PU - rubber sole, and derby shoes.

29 Oct 2020 1:33 pm
With improved leverage, North Korea leader Kim Jong Un awaits US presidential race winner

While Donald Trump boasts of having prevented war and exchanged eautiful letters with Kim, the U.S. president has not wrested a single significant commitment from the North to roll back its weapons of mass destruction programme.

29 Oct 2020 1:25 pm
We were ready to wipe out Pakistan's forward brigades after Balakot: BS Dhanoa

The way he (Pakistan MP) is saying that 'Pair 'kaanp rahe the' (legs were trembling). It is because the military posture was very offensive... God forbid if there are military misadventure on 27th and hit some of our military installations, we were in a position to wipe out their forward brigades. They know what is our capability, he said.

29 Oct 2020 1:14 pm
Suddenly, all eyes are on Indian eGrocery

It looks like Reliance's retail domination dream is about to come face to face with a rival that can match Ambani's financial might rupee for rupee.The Tata Group, one of India's biggest business empires, is reportedly all set to join the battle for India's retail space in what could turn out to be a major challenge to the post-oil road map Ambani has laid out for his group.Tatas are in talks to buy a 50-60% per cent stake in BigBasket, India's largest grocery etailer, for around $1 billion in a

29 Oct 2020 12:05 pm
Procter & Gamble to invest Rs 400 crore to build local vendor partnerships

The maker of Pantene shampoo and Ariel detergent said this is part of its vGROW program that focuses on identifying and collaborating with start-ups, small businesses, individuals or large organizations that can offer innovative solutions.

29 Oct 2020 11:19 am