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Sensex falls 162 pts as PSU banks rebound Markets dropped for the second day on Wednesday as inflation worry resurfaced following comment of the new US Federal Reserve chairman Jerome Powell. The 30-share Sensex tanked 162.35 points, or 0.47%, to close at 34184.04, while the broader Nifty fell 61.45 points, or 0.58% to close at 10492.85. Banking stocks led by private banks took a hit after the finance ministry set a 15-day deadline for banks to take pre-emptive action on operational and technical risks, However, after days of losing streak, PSU banks ended positive with the Nifty PSU Bank index closing 0.71% higher. The fraud-hi Punjab National Bank bounced back, gaining 3%. On the broader market, though the BSE Mid cap index dropped 0.23%, the smallcap index rose 0.21%. The Business Standard, New Delhi, 01st March 2018

India replaces China as world's fastest growing economy, GDP growth at 7.2% in Q3 Economy poised to move in a faster lane, recovering from the disorderly effects of demonetisation and GST. The Indian economy grew at 7.2 percent in October-December 2017, and will likely expand 6.6 percent in 2017-18, latest official estimates said on Wednesday, amid strong revival signs in consumption spending and investment activity. The economy is poised to move into a faster lane, swiftly recovering from the disorderly effects of demonetisation and the goods and services tax (GST). The rebound in India’s “real” inflation-adjusted gross domestic product (GDP) growth from 6.5 percent in the previous quarter (July-September) will likely help regain its lost status as the world’s fastest growing major economy outpacing China, which grew 6.8 percent in October-December 2017. Latest estimates broadly mirror the trends seen in high frequency indicators like corporate income and industrial outp

 GDP expands 7.2% in Oct-Dec as dust settles over GST roll-out Economic growth recovered to a five-quarter high of 7.2 per cent during October-December, backed by strong manufacturing and investment activity as the disruption caused by the goods and services tax (GST) bottomed out. The robust third-quarter performance led to a marginal upward revision in the second advance estimate for 2017-18 to 6.6 per cent from 6.5 per cent in the first estimate, though it was still lower than the 6.75 per cent projected by the Economic Survey Gross domestic product (GDP) growth has been revised up to 6.5 per cent for the second quarter against 6.3 per cent estimated earlier. Growth stood at 6.8 per cent for the third quarter of 2016-17, which was the period of demonetisation. India overtook China’s 6.8 per cent growth in October-December after a three-quarter gap, regaining its status as the world’s fastest-growing major economy Bibek Debroy, chairman, Economic Advisory Council to the Prime

15th Finance Commission will need to define populism: Chairman NK Singh The 15th Finance Commission, set up to recommend the devolution of central pool taxes to states as well as a fiscal consolidation roadmap for government finances, will require to define what constitutes a "populist" measure in order to fulfil its terms of reference, Commission Chairman NK Singh said on Wednesday.  At an interaction here with editors along with some members of the Commission, including former Economic Affairs Secretary Shaktikanta Das, the Chairman also pointed out some unique terms of reference of the current Finance Commission arising from the abolition of the Planning Commission and the roll out of the Goods and Services Tax (GST) last year.  "The 15th Finance Commission will recommend on creating measurable monitoring criteria on states' performance on parameters like ease of doing business, on government programmes like Make In India and populist policies," Singh s

EPFO makes online claims must for PF withdrawals above Rs 10 lakh Retirement fund body EPFO has made it mandatory to file online claims for provident fund withdrawals above Rs 10 lakh, taking another step towards becoming a  paperless organisation. The Employees Provident Fund Organisation (EPFO) has also made it mandatory to file online claims for withdrawals of above Rs 5 lakh under the Employees Pension Scheme 1995. Under the pension scheme, there is a provision of part withdrawal of pension, commonly known as commutation of pension money. At present, EPFO subscribers have the  option of filing online as well as manual claims for provident fund withdrawal as also for pension.The decision was taken at a meeting chaired by Central Provident Fund Commissioner on January 17, 2018, an official said. The Business Standard, New Delhi, 28th February 2018

India Inc's avg salary hike to be 9.4% this yr: Survey Employees in India are likely to get an average salary hike of just 9.4 per cent this year, same as last year, while key talent are expected to get appraisals of as much as 15.4 per cent as companies increase focus on performanceHR consultancy Aon Hewitt's annual Salary Increase Survey, that analysed data across more than 1,000 companies from over 20 industries, said the average salary for India Inc stands at 9.4 per cent this year. A on believes average pay increases in India will remain between 9.4-9.6 per cent. As per the survey, companies in India gave an average pay increase of 9.3 per cent during 2017, marking a departure from the double digit increments given by organisations since the inception of this study.Even as salary hike remained at the same level on a year-on-year basis, India continues to lead the Asia-Pacific region.China is expected to dole out a salary raise of 6.7 per cent, Philippines 5.8 per cen

Single GST rate can't work at the moment; compliance to be made simpler: FM He said that being the reason, the government started with multiple rates and was now moving towards rationalisation Union Finance Minister Arun Jaitley on Tuesday said that India being a "significantly tax non-compliant" country, with wide socio-economic diversities, it cannot have a single GST rate in near future. However, he said, the government was moving towards rationalisation of the Goods and Services Tax (GST) structure, which would pick up more pace once tax compliance improves."India has been a significantly tax non-compliant country.And therefore, the compliance standards in India have to be first improved."Also, in a society like India where you still have a significant population which is deprived or below the poverty line, a single (GST) rate can't work," Jaitley said at "India-Korea Business Summit" here. He said that being the reason, the government