Category: Corporate

Air India colonies which are home to over 7,000 residents soon might witness a drastic change. The residents would have to vacate the staff quarters, six months after Airline’s divestment o the property is monetized or whichever happens first.   The ministerial panel formed to work out modalities of the disinvestment took this decision this month. Air India Provident Fund Trust will also be transferred to the Employees Provident Fund Office (EPFO) after divestment.   The Centre has agreed to accept the cost of liquidation loss on account of transfer…

Central bank of India is in no hurry to reverse course on record low interest rates despite mounting worries around inflation, Reserve Bank of India Governor Shaktikanta Das told CNBC. “We are constantly monitoring the situation and we will act at the appropriate time. At the current juncture, we feel that appropriate time has not come,” Das told .   The RBI last slashed its repo rate — the rate at which it lends to commercial banks — in May 2020 and has maintained an accommodative monetary policy stance to…

Absolutely no doubt on the economy has started doing bounce back and it recovers from the Covid-19 pandemic and the government setting ambitious goals to make the country an export hub, says Union Minister of Commerce and Industry, Piyush Goyal, met representatives of India Inc and talked about measures to increase exports.   Goyal noted that the interaction would create a roadmap to build a vibrant and robust industry ecosystem. He said that it is also time to reflect on how to achieve future targets.   He said that India’s…

Flipkart CEO Kalyan Krishnamurthy and Chief Corporate Affairs Officer Rajneesh Kumar met with Finance Minister Nirmala Sitharaman. The Finance Ministry shared a picture of Finance Minister Nirmala Sitharaman meeting with a Flipkart CEO Kalyan Krishnamurthy-led delegation on August 19.    The Flipkart CEO briefed Sitharaman regarding the company’s relationships with sellers, notably SMEs. He also acknowledged Flipkart’s focus on supporting artisans as well as weavers in adopting digital platforms to reach a bigger audience to buy their products, as reported by news agency PTI.   Flipkart on its platform has around 3 lakh…

The Prime Minister, Shri Narendra Modi has said that the launch of Vehicle Scrappage Policy today is a significant milestone in India’s development journey.   While launching the National Automobile Scrappage Policy, the Prime Minister said that this policy is going to give a new identity to the auto sector and to the mobility of New India. This policy will play a big role in the modernization of the vehicular population in the country, removing unfit vehicles from the roads in a scientific manner. He said that modernity in mobility,…

The world’s highest motorable road passes through Umling La Top in Ladakh at a height of over 19,300 feet and connects Chisumle and Demchok villages, located 230km from Leh.   The Border Roads Organization (BRO) has constructed the world’s highest motorable road in the Ladakh region of Jammu and Kashmir, passing through Umling La Top at a height of over 19,300 feet.   During peak summers, temperature hovers around minus 10-20 degrees Celsius, and in winters, it dips to minus 40 degrees. Oxygen level at the altitude is 50% less…

National Agricultural Research System coordinated at the apex level by the Indian Council of Agricultural Research (ICAR)/ Department of Agricultural Research and Education (DARE), comprises of 98 Agricultural Research Institutes, 5 Deemed Universities and 3 Central Agricultural Universities besides 63 State Agricultural Universities, 4 Universities with Agriculture Faculty and 82 All India Coordinated Research Projects (AICRPs)/Network projects mandated for developing, testing and refining new technologies in agriculture sector. To provide information about these technologies to the farmers, Government has established a network of 725 Krishi Vigyan Kendras (KVKs) at district…

The country’s foreign exchange reserves rose by $1.19 billion to reach $582.4 billion as per the RBI data. The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021.   Foreign currency assets (FCAs) witnessed a rise of $1.13 billion to reach $540.58 billion, the data showed. India’s forex reserve had touched a record high of $590.18 billion in the week ended January 29.   In the previous week ended April 9, the forex reserves had surged by $4.344 billion to $581.213 billion. In the…

Union telecommunications and IT minister Ravi Shankar Prasad said, with the sale of 4G spectrum auctions over, operators must focus less on legal battles and more on providing quality services given that the sector has stabilised. Prasad underlined the success of the production-linked incentive (PLI) scheme for smartphones, saying applicants have already produced goods worth Rs 35,000 crore at an investment of Rs 1,300 crore. The minister said, out of the Rs 4 lakh crore amount that we had fixed, the prime band was not auctioned. Yet, we could get…

Public sector banks like State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India and Bank of India will be infusing capital and will have stakes in the bad bank.   These Nine banks and two non-bank lenders are likely to invest ₹7,000 crore as initial capital in the bad bank that was proposed in Budget 2021. Meanwhile, private banks like Axis Bank, ICICI Bank and LIC-owned IDBI Bank are also investing in this bank. ICICI Bank, Axis Bank and Life Insurance Corp of…