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India, UAE to increase trade by 60%

MUMBAI: Terming their ties as “time- tested”, India and the UAE resolved to further intensify wide-ranging bilateral engagements including in strategic areas of security, defence, energy and decided to come up with an action plan by June to increase bilateral trade by 60% over the next five years. Prime Minister Narendera Modi and Crown Prince of Abu Dhabi Sheikh Mohammed ... Read More »

Airtel profit slumps 54% due to Jio effect

MUMBAI: India’s Bharti Airtel has reported a steep 54% decline in net income for its fiscal third quarter, as the operator grappled with competitive pressure from disruptive new market entrant Reliance Jio Infocomm. Profit for the quarter ending in December fell to 5.04 billion rupees ($74.1 million), with revenue staying flat at 233.36 billion rupees. Revenues from India grew 1.8% ... Read More »

India gears up to ink pact for global customs transit system

NEW DELHI: India is gearing up to sign the Transports Internationaux Routiers (TIR), or the customs convention on the international transport of goods, as it eyes seamless trade connectivity with both Eurasian region and Southeast Asia. This will allow India to take full benefit of International North South Transportation Corridor or INSTC, which enables access to Eurasian region via Iran, ... Read More »

Mumbai Customs detect 3 cases of smuggling gold, tobacco at airport

MUMBAI: Mumbai Customs today detected three cases of smuggling of tobacco and gold at international airport here and arrested one person. In the first case, the Air Intelligence Unit (AIU) of the Customs intercepted two passengers, identified as Vijay Rupapara and Manish Khambani, who were to fly to Lubumbashi via Addis Ababa. “The passengers were attempting to export 5869 pouches ... Read More »

India may reduce personal income tax slabs

MUMBAI: Taxes are anything but certain for Indian Prime Minister Narendra Modi. Faced with a slump in demand after his shock clampdown on cash, he’s expected to lower taxes in the Feb. 1 budget to spur consumption. The risk is that a cut will rob Modi of a short-term revenue spurt, which his administration had been touting as proof of ... Read More »

Gold worth Rs 32L seized, two arrested

NEW DELHI: Customs officials at the IGI airport on Friday seized gold worth Rs 32 lakh and arrested two passengers arriving from Dubai. The seized item was concealed on the sides of the luggage trolley to avoid detection. “A total of 6 cut pieces of a gold bars were found stuck to the sides of the trolley, weighing around 1,200g. ... Read More »

India’s gold jewellery exports jump 35% in December

NEW DELHI: The Indian gold jewellery exports surged higher significantly by nearly 35% year-on-year to $877.0 million (Rs. 5,954.82 Crore) in December 2016. Also, the country’s silver jewellery exports recorded sharp jump by nearly 65% to $ 241.99 million (Rs. 1,643.12 Crore). This is in accordance with the latest official monthly data released by the country’s Gems and Jewellery Export ... Read More »

India containerized shredded scrap import prices stay unchanged

NEW DELHI: India containerized shredded scrap import weekly average prices stayed stable during the first week of January this year, while India’s major plastic scrap prices on the Scrap Register Price Index showed mixed trend. According to the Steel Index, Indian containerized scrap import prices remained flat at $271 a ton CFR Nhava Sheva port during the early week of ... Read More »

Sensex builds on gains, rises 26 points in early trade

MUMBAI: The benchmark Sensex moved up nearly 27 points in early trade on Thursday, extending Wednesday’s gain on sustained buying by participants amid a mixed trend in other Asian markets. The 30-share index rose 26.97 points, or 0.10 per cent, to 27,284.61, with sectoral indices led by oil & gas, consumer durables, capital goods, PSU and healthcare trading higher by ... Read More »

India, Egypt to enhance ties in various fields this year

NEW DELHI: India and Egypt plans to step up their ties this year in many areas, including counter-terrorism, defence, cyber security, agriculture and IT.  “2017 will be very exciting because we are starting on a very strong base of the interactions in 2016,” India’s Ambassador to Egypt Sanjay Bhattacharyya told PTI. Bhattacharya said that exchanges in counter-terrorism field will continue ... Read More »

India’s rough diamond imports drop 4.7% YoY in Dec

MUMBAI: India’s rough diamond imports fell 4.7 percent in December from a year ago to $1.398 billion, a trade body said on Tuesday, as the scrapping of high value currency notes forced many small polishing units to idle their units. India is a global diamond polishing hub where 14 out of every 15 rough diamonds in the world are polished. ... Read More »

India imports 2.7 mln tons wheat so far this fiscal

NEW DELHI: Indian importers have purchased 2.7 million tonnes of wheat from Australia, France and Ukraine so far this fiscal and additional 1.2 million tonnes of grain is expected to arrive by the end of next month. However, traders have not signed any import deals for wheat delivery beyond March as they are sceptical that the government may reimpose customs ... Read More »

India coal imports fell by 25% to 14.31 MT in Dec

NEW DELHI: Coal imports fell by 25% to 14.31 million tonnes in December, due to higher availability of domestic fuel. The country had imported 19.15 million tonnes of coal in December 2015. “Coal import (all type of coals) in December 2016 stood at 14.31 million tonnes (provisional) against 19.15 MT in December 2015,” mjunction, an online procurement and sales platform ... Read More »

Indian exports up 6% to $23.89bn in Dec

NEW DELHI: Signaling a definitive reversal of the continuous decline in Indian exports through most of last year, official data yesterday showed these grew for the fourth month in a row at $23.89bn in December 2016, an uptick of an impressive 5.72% over the $22.59bn in December 2015. The data released by the Commerce Ministry showed the increase of exports ... Read More »

India Dec oil import up 13.4% YOY

NEW DELHI: India imported 13.4 percent more oil in December than a year earlier, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed, with Iran’s share of overall imports touching a pre-sanctions level of 12 percent. India’s oil imports from Iran rose sharply to 546,600 barrels per day (bpd) last month from ... Read More »

Unemployment in India to increase marginally in 2017-18

NEW DELHI: Unemployment in India is projected to witness marginal increase between 2017 and 2018, signalling stagnation in job creation in the country, according to a UN labour report. The United Nations International Labour Organisation (ILO) released its 2017 World Employment and Social Outlook report yesterday, which finds economic growth trends lagging behind employment needs and predicts both rising unemployment ... Read More »

India’s diamond exports to top buyer U.S. seen rising on trump

NEW DELHI: India’s diamond cutters, who polish 14 of every 15 of the world’s gems, are betting on Donald Trump to sustain the expansion of their biggest market in the U.S., even as Asian buying of luxury stones falters. India expects to export 10 percent to 15 percent more polished diamonds to the U.S. in the year beginning April, growth ... Read More »

India’s Bharti Airtel to spend $441 mln to set up payments bank

NEW DELHI: Bharti Airtel Ltd , India’s top wireless carrier, on Thursday unveiled a so-called payments bank, committing an initial investment of 30 billion rupees ($441 million) to build a nationwide network. Airtel Payments Bank is the first among several such niche banks to start operations, after the central bank handed over new permits to bring financial services within the ... Read More »

Oil India plunges 5% as stock turns ex-bonus

NEW DELHI: Shares of Oil IndiaBSE -3.82 % plunged over 5 per cent in Thursday’s trade after the stock got ex-bonus in 1:3 ratio. The stock dropped 5.4 per cent to hit a low of Rs 342.15 on BSE. The company had on January 6 informed about the outcome of posta; ballot/e-voting for the issue. Shareholders of Oil India would ... Read More »

Volkswagen to recall 3.4 lakh vehicles of 13 models in India

NEW DELHI: German car maker Volkswagen (VW) AG will recall as many as 13 models and 3.4 lakh vehicle units in India as per a global recall to replace a software that has come in the eye of the storm as it helped the car maker to pass emission tests. In India, VW used a derivative of its defeat device ... Read More »