Business

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine installments between November 2014 and January 2016.

Pradhan was replying to a query whether the government will cut excise duty on petrol and diesel which have touched their all-time highs.

According to the report by industry body Nasscom and PwC India, the e-commerce market is worth about $35 billion at present.

The development comes after the Jet Airways' pilots' union raised the issue of delay in August salary disbursement in a letter to the company's management.

Traders' body CAIT is opposed to US retail giant Walmart's proposed acquisition of 77 per cent stake in homegrown retailer Flipkart in a USD 16-billion deal.

According to the report, the expenditure incurred on these projects till April 2018 is Rs 6,63,109.75 crore, which is 35.85 per cent of the anticipated cost of the projects.

Yu Xue entered a guilty plea in federal court Friday to a single conspiracy count. The government dropped more than two dozen other pending counts against the researcher as part of the plea.

The results are much better than projections by economists, who had pegged the first quarter growth to be in the 7.5 to 7.6 per cent range.

The combination will have all India revenue market share of 32.2 per cent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.

The proposed strategic stake sale of debt-laden Air India failed to take off in May and the government is now working on ways to revive the fortunes of the airline.

The rupee was trading at 70.45 per dollar, compared with its previous close of 70.10 on Tuesday.

India has identified more than 40 products, including fresh grapes, cotton linters, flue-cured tobacco and alloy steel seamless boiler, where it’s in a position of advantage to replace or capture U.S. trade market share with China.

The BSE Sensex surged over 442 points to close at its life-time high of 38,694.11 and the broader NSE Nifty ended at a fresh record of 11,691.95, rising 134.85 points.

The RBI circular asks banks to identify projects with even a day's default as stressed assets, and conclude resolution proceedings in 180 days. The circular came into effect on March 1 and the 180-day deadline concludes on August 27.

Forex dealers said increased demand for the US currency from importers and its gains against other currencies overseas on expectations of rising US interest rates, put pressure on the rupee.

After the proposed strategic disinvestment of Air India failed to take off in May, the government has been looking at ways to bolster the carrier.