Plan and Policy

Plan & Policy

SC questions sudden removal of Alok Verma

The Supreme Court on Thursday reserved its judgment on the removal of Alok Verma as the CBI director by the government following a feud between him and deputy special director Rakesh Asthana. The government had intervened after the two warring officers levelled serious charges of corruption against each other. Verma was sent on leave in October, along with his deputy Asthana.

Jet Airways seeks $350m soft loan from Etihad

Cash-strapped Jet Airways has sought a soft financing of $350 million from its investment partner Etihad Airways, as it continues to hold discussions with the latter to offload additional stake in the carrier, revealed an airline source on Thursday.

UPA ministers under ED lens over Airbus deal

Some of the ministers in the UPA government could be in trouble. The Enforcement Directorate (ED) is expected to summon them in connection with an alleged scam involving a purchase contract of Airbus aircraft for Air India. The names of the ministers, however, have not been disclosed by the investigating agency yet.

The ministers are under ED’s lens over the purchase of 43 aircraft by public sector carrier Air India from French aerospace giant Airbus.

Financial constraints force NHAI to crawl

Highway construction has started losing the initial momentum with risk-averse PSU banks limiting lending to the sector. This threatens execution of dozens of road projects besides the government missing its FY19 target.

1 killed, 3 hurt in blast in IISc Bangalore lab

A suspected cylinder blast killed a 32-year old technician and injured three others during an experiment in the aero-dynamics laboratory of the Indian Institute of Science (IISc) here on Wednesday.

Four technicians of a private start-up company were involved in some experiment at the laboratory when an explosion occurred suddenly at around 2.20 pm, they said. 

Tyres exports to cross Rs 12,000 crore this year

Tyre exports from In­d­ia are expected to cr­o­ss Rs 12,000 crore for the first time this fiscal after having clocked a turnover of Rs 6,314 crore in the first half of the year.

Tyre exports have been gr­owing for the past three years. From Rs 8,824 crore in year 2015-16, tyre exports fr­om India went up to Rs 9,658 crore in 2016-17 and cr­ossed the 10K crore mark for the first time to stand at Rs 11,180 crore in 2017-18, industry body automotive tyre manufacturers association (ATMA) said.

Ministry proposes import duty cuts on more EV parts

The heavy industries mi­­­­nistry has proposed red­u­c­ing customs duty on pa­rts of electric vehicles wh­i­ch are currently not exempted from import ta­riff to the department of revenue, said senior officials.

To boost pr­­­­­oduction of electric vehi­cles (EVs) in the count­ry, the ministry has also su­ggested defining semi knocked down and completely knocked down kits used for streamlining of customs duty.

PMI shows strong rise in business activity: Garg

The PMI data for November shows overall strong increase in business activity as well as demand and should augur well for economic growth in October-December quarter, economic affairs secretary Subhash Chandra Garg said on Wednesday.

The Nikkei India Composite PMI Output Index — that maps both the manufacturing and services sector — rose to 54.5 in November, pointing to the fastest expansion in private sector activity since October 2016, data released on Wednesday showed.

The Composite PMI Output Index in October was at 53.

Services activity sees quickest growth since July

The country’s services sector activity in November expanded at the quickest pace since July, driven by new work orders and favourable market conditions, which in turn led to a continued rise in jobs, a monthly survey said on Wednesday.

The seasonally adjusted Nikkei India services business activity index rose to a four-month high of 53.7 in November, from 52.2 in October, as firms highlighted factors such as favourable market conditions and sales growth that boosted activity.