The Centre had set up a Commission under former Reserve Bank of India Governor Bimal Jalan to suggest steps to rationalise subsidy and help the government in effectively bringing down the fiscal deficit.
The Sensex ended down 134 points at 28,559 and the Nifty ended 35 points lower at 8,554
Here's the full text of President Ram Nath Kovind's customary address to the joining sitting of Parliament on the first day of the budget session.
Modi's hopeful rhetoric has not yet turned into concrete policy reform
Lack of new investments may undermine higher consumption
RBI Governor Raghuram Rajan on Tuesday kept the repo rate unchanged 6.50 per cent.
Under constant attack from his political opponents, the public and the media, he is said to have withdrawn into a shell, says Anita Katyal
A rightly chosen ULIP can be a competitive investment, but the investor needs to ensure that his relationship manager has put him ahead of the commissions that the product pays, says Anil Rego, CEO, Right Horizons.
Analysts cautious on outlook, expect earnings to remain under pressure over medium term.
Following is the full text of Prime Minister Narendra Modi's address from the ramparts of the Red Fort on the 73rd Independence Day.
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Prime Minister Narendra Modi has asked NITI Aayog to frame policies to propel India into the next century.
"Getting straight to business. PM @narendramodi just concluded a fruitful interaction with top energy sector CEOs at a Roundtable meeting in #Houston. Discussion focussed on working together for energy security and expanding mutual investment opportunities between India & US," MEA Spokesperson Raveesh Kumar said in a tweet.
One should appreciate the sagacity and audacity of JRD and Nani Palkhivala in founding TCS on April 1, 1968. At that time there was no Microsoft or Intel, SAP or Accenture, much less Google.
They needed a person who could build and execute their vision: A frontiersman; a problem solver and an institution builder. It was their and India's good fortune that Faqir Chand Kohli more than measured up to their requirements and indeed laid the foundation to take TCS to unimaginable heights and to the giant success that it is today. Shivanand Kanavi salutes the incomparable F C Kohli, who passed into the ages last week.
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The two companies have received most of the required regulatory approvals, including clearances from the European Commission and the US Department of Justice.
Finnish firm Nokia, which is selling its devices and services business to Microsoft, will pay the software giant 37.9 million euros (about $51.2 million) if the handset maker's shareholders oppose the deal.
Critics argue that much more could have been done and that the government was slow to react to many events.
'Some of the policies NITI Aayog has taken, we feel lean towards the corporates.' 'In a democracy, when you are making a policy decision, you are expected to take the views of all the stakeholders.'
The failure to reform has meant that there is no buzz about job opportunities, or about urban opportunities enticing young people off the farms. And it is this failure that has contributed to the widespread disappointment that threatens to make the next general elections closer than expected, says Mihir S Sharma.
Former chairman of the UIDAI Nandan Nilekani, elucidates how Aadhaar could become the spine for alternative banking and could replace government services with cash benefits.
'Today, if the international community is seeking space, if not place, here, then the message is not unclear in any which way. 'It does not reflect well on the nation's standing in the international arena, where human rights issues go a long way in building bilateral relations and benefiting from international cooperation, more than any aspect of politics and diplomacy,' N Sathiya Moorthy.
Several speakers noted that Budget carried the weight of expectations.
Another year of strong performance by these export-oriented sectors likely as US economy revives and rupee is expected to be under pressure.
UK environment minister Lord de Mauley hosted a round-table meeting here with representatives of mango and vegetable importers and exporters from the UK and India, Deputy Indian High Commissioner to the UK Virendra Paul, and senior regulators from Defra and the Food and Environment Research Agency.
India needs a place where all regulators could gather and function as in a war room.
The system envisaged under the FRDI Bill, if implemented properly, would help improve the efficiency of capital allocation without harming consumers, and without risking the stability of financial firms, says Ajay Shah.
As the pandemic unfolded, the India-China relationship has come under severe stress. To restore normalcy, agreements between the two countries must be respected scrupulously in their entirety. Where the Line of Actual Control is concerned, any attempt to unilaterally change the status quo is unacceptable, declares External Affairs Minister Dr Subrahmanyam Jaishankar.
Many see Nirma's Lafarge deal as some kind of second coming for the Patels.
Against a turbulent and uncertain background, Budget 2017-18 hewed a steady, forward-looking course, says Shankar Acharya, former chief economic adviser to the government.
The new rail and road cargo service launched on Friday, linking Guangdong, Tibet and Nepal, aims to boost trade with the South Asian neighbour as China pushes forward its Belt and Road (Silk Road) initiative, state-run Xinhua news agency reported on Saturday.
The new MSP would worsen, rather than rectify, the two most pressing problems of Indian agriculture: Wastage of water from all sources and a tendency towards monocropping, says Shreekant Sambrani. On the other hand, a simple-minded recourse to them without a host of supporting measures could well exacerbate not just agriculture, but the overall economy as well, says Shreekant Sambrani.
Every psychiatrist and psychologist Rediff.com spoke to said one thing: Avoid news channels and social media.
Royal Bank of Scotland and JP Morgan were also fined over attempts to rig currency benchmarks in a year-long probe that has put the largely unregulated $5 trillion-a-day market on a tighter leash, with dozens of dealers suspended or fired.
The government has formed a four-member panel of secretaries to suggest a new gas pricing mechanism.
He said the short term macroeconomic priorities of the RBI continue to focus on bringing down inflation towards the government-set target of 4 per cent
Oil Minister M Veerappa Moily approved continuation of the existing rate of $4.2 per million British thermal units until the new government, which will be in place in May, decides on implementation of the new price formula.
From Lalit K Jha Washington, May 15 (PTI) Alleging that recent trade policies of India are jeopardising its trade ties with the US, a Washington-based think tank has recommended the Congress to suspend trade benefits for New Delhi. "To be clear, a strong, growing, and collaborative trade relationshi ...
The RBI governor believes corruption ca be fought by streamlining the system.
'We don't know how much the Pay Commission outflow will be.'
As Narendra Modi and his ministers vigorously campaign for a shift to a cashless society, Rediff.com's Syed Firdaus Ashraf reports on what is really happening on the ground.
Yes. Whilst public expenditure is kicking in, the key reason is the decline in private investment
