1. Morning News Bulletin: Track Latest News

Morning News Bulletin: Track Latest News

Budget 2018: The Union Budget 2018 clearly recognises the strain on the economy, particularly in the farm and informal sectors, in terms of job creation.

By: | New Delhi | Updated: February 9, 2018 8:12 AM
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Narendra Modi govt clears construction of 1,86,777 affordable houses

The ministry of housing and urban affairs has approved the construction of 1,86,777 more affordable houses under its flagship Pradhan Mantri Awas Yojana (Urban), with an investment of Rs 11,169 crore, a government release said. The central assistance for the same will be Rs 2,797 crore. The approval was given at the 30th meeting of the Central Sanctioning and Monitoring Committee, it said, adding that the total homes sanctioned under PMAY(U) has now gone up to 37,83,392.

Budget 2018 has provided a big boost to MSMEs

Budget 2018: The Union Budget 2018 clearly recognises the strain on the economy, particularly in the farm and informal sectors, in terms of job creation. The two big policy steps—demonetisation (DeMo) and the goods and services tax (GST)—have certainly affected cash-based micro, small and medium enterprises (MSME), and also agricultural credit and trade markets.

Auto Expo 2018: Hybrids first for most carmakers

While electric is certainly the future, majority of car manufacturers believe that hybrid is the bridge which needs to be built in the interim. Simply put, since the infrastructure and ecosystem for hybrid is fully in place, it can start immediately. Barring Tata Motors, which wants to straightaway move from the internal combustion engine (fuel technology) to electric, others like Maruti Suzuki India, Hyundai Motor, and Honda Cars first want to focus on hybrids and gradually move on to electric vehicles.

Competition Commission slaps Rs 136-cr penalty on Google

The Competition Commission imposed a fine of Rs 136 crore on internet giant Google for unfair business practices in the Indian market for online search. After a detailed probe on the complaints filed in 2012, the regulator through a majority order said the penalty is being imposed on Google for “infringing anti-trust conduct”. Google’s specialised search options that lead to its commercial flight unit, prohibitions imposed under the negotiated search intermediation agreements and ranking of universal results prior to 2010 were found to be violating competition norms.

Commerce ministry for higher interest subsidy to exporters

The commerce ministry has asked its finance counterpart to enhance the rate of subsidy from 3 per cent to 5 per cent on credit provided to exporters, a senior official said. Directorate General of Foreign Trade (DGFT) Alok Vardhan Chaturvedi said that in the Union Budget 2018-19, the government has increased allocations for interest equalisation scheme to Rs 2,500 crore from Rs 1,000 crore earlier. Under this scheme, the government provides 3 per cent interest subsidy to all MSME and labour intensive export sectors.

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