LIVE: IMF projects sharp contraction of 4.5% in Indian economy in FY21

From political crisis in Manipur to monsoon 2020 in India, stay tuned with Business Standard for the latest news of today

11:58 PM

Cabinet approves participation of private sector in space activities

The Cabinet on Wednesday approved participation of the private sector in the entire range of space activities, including planetary exploration missions, Union minister Jitendra Singh said.

The newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, Singh, who is the Minister of State in the Prime Minister's Office, said.

The Department of Space comes under the PMO.

This centre will also hand-hold, promote and guide the private industries in space activities through encouraging policies and a friendly regulatory environment, Singh added. Read full story here...

11:57 PM

Draft e-commerce policy soon, to be stricter on data norms and discount

The government is set to release the second draft of the proposed e-commerce policy soon, which would focus on domestic traders and have more scrutiny on predatory pricing, multiple people in the know said.

While no decision has been taken on the deadline for the final policy, sources said Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Guruprasad Mohapatra is set to hold a review with his team in the next few days to take stock of the draft policy and submit it to the commerce minister.
 

Sources add that the DPIIT is planning its own set of recommendations on data localisation and non-personal data, independent of those laid out in the Personal Data Protection Bill 2019. “Data localisation remains a big concern and despite there being broad government norms on the issue, it would have to be tailor fit for the e-commerce sector,” an official said. Read more...

10:35 PM

Covid-19: WHO sees global cases reaching 10 million-mark next week

World Health Organization Director General Tedros Adhanom said on Wednesday he expected the number of novel coronavirus cases around the world, now at about 9.3 million, to reach 10 million next week.

Tedros also told a news briefing he backed Saudi Arabia's decision to ban pilgrims from abroad from attending the annual Haj pilgrimage to help limit the spread of the virus.

He said WHO was now supporting many countries in dealing with difficulties obtaining oxygen concentrators, devices that boost the flow of oxygen to support the breathing of Covid-19 sufferers.  Read full story here...

10:33 PM

Blackstone sells Embassy Office Parks REIT units for Rs 2,270 crore

Global fund manager Blackstone on Wednesday raised around $300 million (about Rs 2,270 crore) by selling its units in Embassy Office Parks REIT to monetise part of its investment, said sources in the know. Blackstone was targeting to raise up to $257 million (around Rs 1,950 crore), but increased the size of its offer on account of increased demand from institutional investors, sources said.

Sources said the demand was to the tune of $500 million (nearly Rs 3,800 crore) from both current REIT holders and new institutional investors. Foreign institutional investors such as American Balanced Fund, Nomura India Investment Fund, Signature High Income Fund, and others lapped the units. 

Existing investors such as Capital Group, CI Funds, ICICI Prudential also increased their holding in the REIT, sources said. Read full story here...

10:32 PM

Govt has unlocked Covid-19 pandemic, petrol-diesel prices: Rahul Gandhi

Congress leader Rahul Gandhi on Wednesday took a swipe at the Modi government over the increase in fuel prices and the mounting Covid-19 cases in the country, saying it has "unlocked" the coronavirus pandemic and petrol-diesel prices.

Fuel prices were hiked for the 18th day in a row on Wednesday. After an 82-day hiatus, oil companies restarted revising prices in line with costs on June 7.

On Wednesday, the country also saw the highest single-day jump of 15,968 Covid-19 cases and 465 fatalities, taking the infection tally to 4,56,183 and the death toll to 14,476, according to the Union Health Ministry data.

"The Modi government has 'unlocked' the corona pandemic and prices of petrol-diesel," Rahul Gandhi said in a tweet in Hindi. Read full story here...

10:31 PM

Coronavirus cases in Telangana cross 10,000-mark

The number of Covid-19 cases in Telangana crossed 10,000 mark on Wednesday with 891 people testing positive for the virus during the last 24 hours.

 

This is the highest single-day jump in the infections since March 2, when the state had recorded its first case. On Tuesday, the state had reported 879 cases.

 

Telangana became 11th state in the country to cross 10,000 mark but with a tally of 10,444, it overtook Andhra Pradesh, where the cumulative cases rose to 10,331 earlier in the day.

 

With the massive surge this month, Telangana has reported over 7,000 cases in three weeks.

10:30 PM

AgustaWestland case: ED searches ex-Emmar MGF MD Shravan Gupta's premises

The Enforcement Directorate (ED) on Wednesday carried out multiple searches on premises of Shravan Gupta, the former managing director of realty major Emmar MGF, and some others in connection with the AgustaWestland VVIP chopper money laundering case, officials said.

 

Raids are being carried out at nine premises in Delhi, Gurgaon and a few other locations in the National Capital Region, they said.

 

The searches are aimed at collecting evidence in connection with the Rs 3,600-crore VVIP choppers deal case, they said. Read full story here...

8:51 PM

Govt extends deadline for filing I-T returns for FY18-19 by a month till July 31, 2020

8:51 PM

BREAKING: Deadline to link Aadhaar with PAN extended till March 31, 2021

8:50 PM

Pak remains safe haven for terrorists; took 'modest steps' to counter terror financing: US report

Pakistan took "modest steps" in 2019 to counter terror financing and restrain India-focused militant groups from conducting large-scale attacks following the Pulwama attack in February, but it remained a "safe harbor" for regionally focused terrorist groups, the US said on Wednesday.

 

The suspension of US aid to Pakistan, which was announced by President Donald Trump in January 2018, remained in effect throughout 2019, the State Department said.

 

"Pakistan took modest steps in 2019 to counter terror financing and restrain India-focused militant groups from conducting large-scale attacks following the February attack on a security convoy in the Indian state of Jammu and Kashmir linked to Pakistan-based Jaish-e-Mohammed (JeM)," it said.

 

In its Congressional-mandated annual report 2019 Country Reports on Terrorism, the State Department said Pakistan took action against some externally focused groups, including indicting Lashkar e-Taiba (LeT) founder Hafiz Saeed and associates in three separate terrorism financing cases.

8:29 PM

MEA seeks to simplify rules for issuing passports on Passport Sewa Diwas 2020

On the occasion of Passport Sewa Diwas on Wednesday, Minister of State for External Affairs V. Muraleedharan said that the ministry's future endeavour should be to simplify rules and regulations for issuing passports as well as optimize requirement of documents for getting a passport, PTI reported.

 

In the last six years, Muraleedharan said that the MEA has undertaken several important steps in improving the passport delivery systems in the country. The Passport Seva Programme has continued to take rapid strides and has become one of the largest and most acclaimed Mission Mode projects under the National e-Governance Plan of the government.

 

The issuance of passports is one of the most successful citizen-centric activities of the External Affairs ministry. "It is heartening that we issues more than 1 crore passports last year. I congratulate the collective efforts of all of you for the success story of the passport issuance system today," he said.

 

In order to take passport services to the doorsteps of the citizens of our country, Muraleedharan said the MEA has partnered with the Department of Posts to set up Post Office Passport Seva Kendras in the country. As of now, there are 517 passport kendras in the country.

8:25 PM

Karnataka all set to hold SSLC exam amid coronavirus scare

Amid coronavirus scare in the state, the Karnataka Secondary Education Examination Board is all set to hold the Secondary School Leaving Certificate examination or 10th standard exam from Thursday with all precautionary measures in place. The exam was supposed to take place on March 27 but due to the lockdown it was postponed.

 

While a few neighbouring states have given general promotion to the 10th standard students due to coronavirus scare, the Karnataka government decided to hold the exam from June 25 to July 3.

 

"We are taking all precautionary measures to ensure the safety and security of the children in association with the home department and the health department," Karnataka Primary and Secondary Education Minister S Suresh Kumar told reporters on Wednesday.

8:18 PM

208 deaths and 3,890 new cases of Covid-19 reported in Maharashtra today

7:55 PM

Latest News LIVE: India, China hold diplomatic talks to ease border tension

India and China on Wednesday agreed that expeditious implementation of the previously agreed understanding on disengagement of troops from standoff points in eastern Ladakh would help ensure peace and tranquillity in the border areas, the Ministry of External Affairs said. The two sides held diplomatic talks through video conference to explore ways to ease tension along the Line of Actual Control in the eastern Ladakh region.

 

The MEA said the situation in the region was discussed in detail and the Indian side conveyed its concerns over the violent face-off in Galwan Valley on June 15. Twenty Indian Army personnel were killed in the clash.

 

"In this regard, it was emphasised that both sides should strictly respect and observe the Line of Actual Control," the MEA said in a statement.

 

It said the two delegations agreed that the expeditious implementation of the understanding on disengagement would help ensure peace and tranquillity in border areas and the development of a broader relationship between the two countries. The talks were held between Joint Secretary (East Asia) in the Ministry of External Affairs Naveen Srivastava and Director General in the Chinese Ministry of Foreign Affairs Wu Jianghao.

7:43 PM

Cabinet okays additional investment of $121 mn by ONGC Videsh in Myanmar

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved additional investment of $121.27 million by ONGC Videsh Ltd for further development of Block A-1 and A-3 blocks in Myanmar.

 

The CCEA, chaired by Prime Minister Narendra Modi, approved the additional investment for the Shwe oil and gas project in Myanmar blocks, an official statement said.

 

OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), had picked up a stake in the Shwe Project in Myanmar in 2002. The firm has invested $722 million in the project till March 31, 2019. The first gas from the Shwe Project was received in July 2013 and plateau production was reached in December 2014. The project has been generating positive cash flows since FY 2014-15, it said.