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Finance


The government anticipates completing the merger of three state-owned general insurance companies by 2019-20. The merger of National Insurance Company, United India Insurance Company, and Oriental India Insurance Company was first announced in the Budget 2018-19 and the government intended to finish the process in current fiscal itself. However, as per the interim budget document …

The Shapoorji Pallonji Mistry family, whose interest spans from real estate to consumer goods, has inducted its new generation into the holding company of the 15-decade-old business empire. Pallon Mistry, son of Shapoor Pallonji Mistry, chairman of Shapoorji Pallonji and Co, has been inducted on the board of the group holding company, while his sister …

The country’s biggest carmaker Maruti Suzuki India Friday reported a marginal increase in its sales at 1,51,721 units in January. The company had given 1,51,351 units in January last year, Maruti Suzuki India said in a statement. In the domestic market, the company sold 1,42,150 pieces as against 1,40,600 units in the same month last …

The Mumbai wing of the income tax (I-T) department currently passed an order against Sir Dorabji Tata Trust for exceeding the exemption made available to the trust under the Income Tax Act, three persons told ET. The matter related Rs 2.5 crore paid as salary to the managing trustee R Venkataramanan by the trust for …

Piyush Goyal

Finance Minister Piyush Goyal Friday said the NDA government has organized a transparent auction of natural resources including coal and has “walked the talk”. Presenting the Budget for 2019-20 in the Lok Sabha, Goyal said “we organized a transparent auction of natural resources including coal and spectrum. We have walked the talk”. Goyal stated this …

Consumer electronics and appliances industry players Friday said demand for white goods is anticipated to increase the following measure announced to help farmers and middle class in the Union Budget. The industry gets that sops to the middle class in the Budget, such as tax rebate for income up to Rs 5 lakh and cash …

India’s main opposition Congress Party is promising to set up a minimum income guarantee for the poor if it wins power in an election due by May, alarming some big and small business leaders who are asking: Where will the money come from? The programme – which would be one of the world’s largest schemes …

The two remaining non-government members of the National Statistical Commission (NSC) on Monday aborted the organization citing a lack involvement in key decisions such as the recently-released gross domestic product (GDP) back series, the launch of the new economic census and delay in publishing the employment-unemployment report for 2016-17 despite its approval. NSC is the …

The government has started around 1.25 lakh branches of India Post Payments Bank and soon, it will have operations across over 1.5 lakh locations, Communications Minister Manoj Sinha said Friday. “Department of Posts (DoP) has opened India Post Payments Bank for unbanked and underbanked people. There are lump sum 1.25 lakh branches. Shortly, it will …

The contribution of India Inc’s profitability to the India GDP dipped to a 15-year low in fiscal 2018, thanks mainly to the below-par performance by public sector banks. From a high of 5.5% in 2008, the ratio of corporate profitability to India’s GDP is presently at 2.8% — the same level it was in 2003. …

Top government sources have stated that India is moving ahead to bring back high-value economic offenders from the West Indies. A long-range Air India Boeing has been commissioned to handle this mission. Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) officials will fly to the West Indies to bring these representatives back. Availing of …

A day after the CBI named banking doyen K V Kamath and artificial who’s who of the sector for questioning in the alleged fraud case against former ICICI Bank CEO Chanda Kochhar, union minister Arun Jaitley Friday advised investigating agency to prevent “adventurism” and concentrate only on the bull’s eye. Jaitley, who is recuperating after …