National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

Indian shares edged lower on Monday with both the benchmark 30-share BSE Sensex and the broader 50-share NSE Nifty 50 maintaining losses, following their Asian peers as overall investor sentiment remains subdued due to escalating US-China trade tensions.&nbsp

The market breadth was on decline with 809 shares have advanced, 1721 shares declined, and 143 shares are unchanged.

Tata Motors, HPCL, BPCL, L&T, ICICI Bank, Coal India, and Power Grid are the top losers on the indices.

Expect IT space, all other sectoral indices ended lower with 0.4 percent to 2 percent cut.

The market breadth was on decline with 809 shares have advanced, 1721 shares declined, and 143 shares are unchanged.

Indian shares edged lower on Monday with both the benchmark 30-share BSE Sensex and the broader 50-share NSE Nifty 50 maintaining losses, following their Asian peers as overall investor sentiment remains subdued due to escalating US-China trade tensions. The market breadth was on decline with 809 shares have advanced, 1721 shares declined, and 143 shares are unchanged. Tata Motors, HPCL, BPCL, L&T, ICICI Bank, Coal India, and Power Grid are the top losers on the indices. Expect IT space, all other sectoral indices ended lower with 0.4 percent to 2 percent cut.

Nifty ends below 10,800; Sensex down 219 points

Almost a year into providing platform for tax collection, GST Network is now developing applications and tools for tax officers to help analyse data of their assessees and check possible evasion, a senior official said.

GST Network (GSTN), the company handling the technology backbone for Goods and Services Tax, has over the last 11 months provided a platform for businesses to file their returns and pay taxes every month.

GSTN Chief Executive Prakash Kumar said the next focus of the company will be on providing data analytics and improving user interface on the GSTN portal, besides developing backend system for assessment, audit, appeal and advance ruling for 27 states.

"'We are working on the analytics part. We have already started sharing with tax officers simple analytics on differences between GSTR-3B and GSTR-1, GSTR-3B and GSTR-2A. This is a broad state-wise data generated by GSTN, based on which the officers can look into the returns filed by taxpayers in his jurisdiction and spot mismatches," Kumar told PTI in an interview.

GSTN currently only provides support to tax officers (on data analysis). And gradually we are providing them tools so that they can do it themselves... We are in the process of developing an application for Commissioners to generate data without any external help, he added.

He said the tools would enable tax officers to do the analysis themselves. "We have started work on it, We had even showed the functionality to state officers. We will be slowly releasing the tools over the next few months," Kumar added.

GSTN is also working to improve its user interface by providing systematised error messages with 'error numbers'. Once a taxpayers sees a particular error number pop up on the screen, he can call the GSTN help desk for solutions.

"Now the error message also says what has gone wrong and what you need to do to correct that. It will show a particular error number, which helps the GSTN helpdesk person to quickly identify the error that the taxpayer is committing and can guide him accordingly," Kumar said.

Since the roll out of the GST from July 1, 2017, GSTN has handled 11.5 crore returns and processed 376 crore invoices.

Currently, over 1.11 crore businesses are registered under the GST regime, of which 63.76 lakh have migrated from the erstwhile service tax and VAT regime, and 47.72 lakh are new registrants. As many as 17.61 lakh businesses have opted for composition scheme under GST.

Kumar further said that GSTN has been sending Management Information System (MIS) reports to tax officers 27 states which are categorised as model 2 states for better understanding of taxpayers in their jurisdiction.

"We have provided 27 different MIS report for model 2 states. The tax officers get to see their own jurisdiction data, who their assessees are, return filed, taxes paid. The report has daily, monthly revenue collection list in the jurisdiction, ward-wise collection list, registration details, taxpayers with outstanding liability, disposal of cases, among other things," he said.

Based on the broad data mining by GSTN, tax officers have started analysing cases where there are instances of mismatch and have been sending scrutiny notices to taxpayers whose summary sales returns GSTR-3B did not match with final returns GSTR-1 or with system generated purchase returns GSTR-2A.

Besides, many tax payers have got notices for utilising input tax credit (ITC) for payment of most of the GST liability and have been asked to explain reasons within a stipulated time. Also some notices have been sent for claiming less IGST input tax credit while filing sales returns as against the credit claims auto-generated by the GSTN.

On taxpayers getting notices for utilisation of ITC for GST payment, EY Partner Abhishek Jain said, "While these could be genuine cases for quite a number of businesses for reasons like low margins and large transitional credit pool, these notices

could help check on utilisation of any ingenuine credits. Also, these could help detect fake credits claimed, if any".&nbsp 
&nbsp

GSTN Chief Executive Prakash Kumar said the next focus of the company will be on providing data analytics and improving user interface on the GSTN portal, besides developing backend system for assessment, audit, appeal and advance ruling for 27 states.

Almost a year into providing platform for tax collection, GST Network is now developing applications and tools for tax officers to help analyse data of their assessees and check possible evasion, a senior official said. GST Network (GSTN), the company handling the technology backbone for Goods and Services Tax, has over the last 11 months provided a platform for businesses to file their returns and pay taxes every month. GSTN Chief Executive Prakash Kumar said the next focus of the company will be on providing data analytics and improving user interface on the GSTN portal, besides developing backend system for assessment, audit, appeal and advance ruling for 27 states. "'We are working on the analytics part. We have already started sharing with tax officers simple analytics on differences between GSTR-3B and GSTR-1, GSTR-3B and GSTR-2A. This is a broad state-wise data generated by GSTN, based on which the officers can look into the returns filed by taxpayers in his jurisdiction and spot mismatches," Kumar told PTI in an interview. GSTN currently only provides support to tax officers (on data analysis). And gradually we are providing them tools so that they can do it themselves... We are in the process of developing an application for Commissioners to generate data without any external help, he added. He said the tools would enable tax officers to do the analysis themselves. "We have started work on it, We had even showed the functionality to state officers. We will be slowly releasing the tools over the next few months," Kumar added. GSTN is also working to improve its user interface by providing systematised error messages with 'error numbers'. Once a taxpayers sees a particular error number pop up on the screen, he can call the GSTN help desk for solutions. "Now the error message also says what has gone wrong and what you need to do to correct that. It will show a particular error number, which helps the GSTN helpdesk person to quickly identify the error that the taxpayer is committing and can guide him accordingly," Kumar said. Since the roll out of the GST from July 1, 2017, GSTN has handled 11.5 crore returns and processed 376 crore invoices. Currently, over 1.11 crore businesses are registered under the GST regime, of which 63.76 lakh have migrated from the erstwhile service tax and VAT regime, and 47.72 lakh are new registrants. As many as 17.61 lakh businesses have opted for composition scheme under GST. Kumar further said that GSTN has been sending Management Information System (MIS) reports to tax officers 27 states which are categorised as model 2 states for better understanding of taxpayers in their jurisdiction. "We have provided 27 different MIS report for model 2 states. The tax officers get to see their own jurisdiction data, who their assessees are, return filed, taxes paid. The report has daily, monthly revenue collection list in the jurisdiction, ward-wise collection list, registration details, taxpayers with outstanding liability, disposal of cases, among other things," he said. Based on the broad data mining by GSTN, tax officers have started analysing cases where there are instances of mismatch and have been sending scrutiny notices to taxpayers whose summary sales returns GSTR-3B did not match with final returns GSTR-1 or with system generated purchase returns GSTR-2A. Besides, many tax payers have got notices for utilising input tax credit (ITC) for payment of most of the GST liability and have been asked to explain reasons within a stipulated time. Also some notices have been sent for claiming less IGST input tax credit while filing sales returns as against the credit claims auto-generated by the GSTN. On taxpayers getting notices for utilisation of ITC for GST payment, EY Partner Abhishek Jain said, "While these could be genuine cases for quite a number of businesses for reasons like low margins and large transitional credit pool, these notices could help check on utilisation of any ingenuine credits. Also, these could help detect fake credits claimed, if any".

GSTN designing tools for taxmen to analyse data to check evasion

A recent study has revealed that over 120 million Indian consumers are expected to shop online this year.

As per an ASSOCHAM-Resurgent joint study, online shopping is expected to clock annualised growth of 115 percent this year, aided by fast-increasing data consumption and improvement in logistics, along with a number of offers presented by e-commerce platforms.

In the previous year, the study noted that as many as 108 million consumers did online shopping, with mobile phones becoming the preferred choice of device for e-commerce sales. The frequency of purchase was higher for categories like apparels & accessories (54 percent), beauty and personal care (43 percent) products, in comparison to electronics (33 percent), it added.

"Since the base is still quite low, there is a huge scope for growth year on year for quite some time. With an improvement in logistics and more and more delivery channels, the online shopping is bound to grow. No wonder, a huge amount of foreign investment is coming in the sector. It has become a multi-billion investment business. Investment in back-end delivery channels, brand building, consumer research and building trade partners would be the key drivers," said ASSOCHAM Secretary General, D S Rawat.

Online ticket buyers were also seen to be more comfortable with the use of debit cards (23 percent), credit card (17 percent) and cash on delivery (58 percent). For regular internet users - cash on delivery was the most preferred mode of payment (74 percent), followed by debit card (18 percent) and credit card (5 percent), the study noted.

In terms of motivators to shop online, the consumers' highlighted cash back guarantee as the number one benefit, ability to give cash on delivery, fast delivery, great deals and access to branded products.

However, there were some drawbacks highlighted by shoppers the number one factor being the inability to touch and try the goods before purchase, along with the fear of faulty products, fear of posting their personal and financial details online and the inability to bargain.

The study also highlighted a surge in the number of people shopping on smartphones across India with tier II and III cities displaying increased dominance.

In the previous year, the study noted that as many as 108 million consumers did online shopping, with mobile phones becoming the preferred choice of device for e-commerce sales

A recent study has revealed that over 120 million Indian consumers are expected to shop online this year. As per an ASSOCHAM-Resurgent joint study, online shopping is expected to clock annualised growth of 115 percent this year, aided by fast-increasing data consumption and improvement in logistics, along with a number of offers presented by e-commerce platforms. In the previous year, the study noted that as many as 108 million consumers did online shopping, with mobile phones becoming the preferred choice of device for e-commerce sales. The frequency of purchase was higher for categories like apparels & accessories (54 percent), beauty and personal care (43 percent) products, in comparison to electronics (33 percent), it added. "Since the base is still quite low, there is a huge scope for growth year on year for quite some time. With an improvement in logistics and more and more delivery channels, the online shopping is bound to grow. No wonder, a huge amount of foreign investment is coming in the sector. It has become a multi-billion investment business. Investment in back-end delivery channels, brand building, consumer research and building trade partners would be the key drivers," said ASSOCHAM Secretary General, D S Rawat. Online ticket buyers were also seen to be more comfortable with the use of debit cards (23 percent), credit card (17 percent) and cash on delivery (58 percent). For regular internet users - cash on delivery was the most preferred mode of payment (74 percent), followed by debit card (18 percent) and credit card (5 percent), the study noted. In terms of motivators to shop online, the consumers' highlighted cash back guarantee as the number one benefit, ability to give cash on delivery, fast delivery, great deals and access to branded products. However, there were some drawbacks highlighted by shoppers the number one factor being the inability to touch and try the goods before purchase, along with the fear of faulty products, fear of posting their personal and financial details online and the inability to bargain. The study also highlighted a surge in the number of people shopping on smartphones across India with tier II and III cities displaying increased dominance.

More than 120 million Indians expected to shop online this year

The mega-merger deal of Idea Cellular and Vodafone India may not meet the expected June 30 timeline as the telecom department is looking to raise a fresh demand of around Rs 4,700 crore, a source said.

The demand will be raised from Vodafone India before its merger with Idea Cellular.

"Vodafone India had merged its all arm into one company and there are dues of around Rs 4,700 crore related to one-time spectrum charges (OTSC) on the company. DoT will ask Vodafone to either clear dues or furnish bank guarantee before merger with Idea," an official source told PTI.

In 2015, Vodafone had merged its four subsidiaries Vodafone East, Vodafone South, Vodafone Cellular and Vodafone Digilink with Vodafone Mobile Services, which is now called Vodafone India.

DoT at that time has asked Vodafone to clear OTSC dues worth Rs 6,678 core but the company challenged it in court. Following Supreme Court order, Vodafone had paid only Rs 2,000 crore to get the deal cleared.

The telecom minister Manoj Sinha is learnt to have asked DoT (Department of Telecommunications) to take legal opinion whether a demand regarding OTSC dues can be sought from Vodafone India.

"The DoT has received legal opinion which affirms that a demand can be raised from Vodafone," the source said.

The official said that final amount is still being worked out, which may involve interest as well and it is likely to be raised next week.

"DoT is working on fresh demand expeditiously and may issue it next week. The demand note will have to be drafted meticulously and there are lot of complexity involved. Therefore, DoT needs some time," the officer said.

The demand will be in addition to bank guarantee of around Rs 2,100 crore that DoT will seek from Idea for OTSC dues.

Both Idea and Vodafone were expecting the merger deal to create India's largest telecom company to be completed by June 30, 2018.

The merger company is proposed to be named as Vodafone Idea Limited if approved by shareholders of Idea Cellular. It is estimated to have over 40 crore mobile customers from day 1 and 41 per cent revenue market share.

Vodafone Group and existing promoters of Idea will hold 45.1 and 26 per cent of the equity share capital of the merged company, respectively and the balance 28.9 per cent will be held by the public shareholders.

The demand will be raised from Vodafone India before its merger with Idea Cellular

The mega-merger deal of Idea Cellular and Vodafone India may not meet the expected June 30 timeline as the telecom department is looking to raise a fresh demand of around Rs 4,700 crore, a source said. The demand will be raised from Vodafone India before its merger with Idea Cellular. "Vodafone India had merged its all arm into one company and there are dues of around Rs 4,700 crore related to one-time spectrum charges (OTSC) on the company. DoT will ask Vodafone to either clear dues or furnish bank guarantee before merger with Idea," an official source told PTI. In 2015, Vodafone had merged its four subsidiaries Vodafone East, Vodafone South, Vodafone Cellular and Vodafone Digilink with Vodafone Mobile Services, which is now called Vodafone India. DoT at that time has asked Vodafone to clear OTSC dues worth Rs 6,678 core but the company challenged it in court. Following Supreme Court order, Vodafone had paid only Rs 2,000 crore to get the deal cleared. The telecom minister Manoj Sinha is learnt to have asked DoT (Department of Telecommunications) to take legal opinion whether a demand regarding OTSC dues can be sought from Vodafone India. "The DoT has received legal opinion which affirms that a demand can be raised from Vodafone," the source said. The official said that final amount is still being worked out, which may involve interest as well and it is likely to be raised next week. "DoT is working on fresh demand expeditiously and may issue it next week. The demand note will have to be drafted meticulously and there are lot of complexity involved. Therefore, DoT needs some time," the officer said. The demand will be in addition to bank guarantee of around Rs 2,100 crore that DoT will seek from Idea for OTSC dues. Both Idea and Vodafone were expecting the merger deal to create India's largest telecom company to be completed by June 30, 2018. The merger company is proposed to be named as Vodafone Idea Limited if approved by shareholders of Idea Cellular. It is estimated to have over 40 crore mobile customers from day 1 and 41 per cent revenue market share. Vodafone Group and existing promoters of Idea will hold 45.1 and 26 per cent of the equity share capital of the merged company, respectively and the balance 28.9 per cent will be held by the public shareholders.

Idea-Voda merger likely to get delayed over DoT's fresh demand of Rs 47 bn

A spurt of first-time entrepreneurs is driving growth of franchise industry in India, which is pegged to touch around USD 150 billion in size in the next five years, according to a top official of Franchise India.

With a lot of professionals, especially from IT background, choosing the franchise route to entrepreneurship in the last four to five years, the industry has witnessed a year-on-year growth of 30-35 per cent, according to the firm which is an integrated franchise solution company.

As the Indian market continues to grow, 25 per cent of all the brands in franchise mode is expected to be global as compared to about 13 per cent at present.

"Franchise industry in India is today estimated to be at USD 47-48 billion. This is growing at 30-35 per cent year-on-year," Franchise India chairman Gaurav Marya told PTI.

India is already the second largest franchise market in the world after the US with about 4,600 operating franchises and 1.5 lakh franchisees, he added.

When asked about its prospects in the next five years, he said, "This industry would grow to at least about USD 140-150 billion."

While franchising has been there for the last 20 years, it is only in the last four to five years in which it has "seen a dramatic transition" because of change in franchise buyer profile, Marya said.

"Today, 35 per cent of all franchise buyers are first timers in business. They have never done business before and so it is a gateway to entrepreneurship for them," he said, adding that earlier franchising was mainly done by people who were already doing some business.

He further said there is a trend of professionals, mostly from IT and technology background especially in Chennai, Bengaluru and Pune, shifting from their jobs to enter franchise industry.

"IT slowdown has actually helped the franchise industry in India," Marya said.

Another change that has been witnessed in the industry is the growth of 'operator franchisees'.

Earlier, when people would buy a franchise they put other people to run the business and did not get involve in day-to-day operations but now it is changing as people who have bought a franchise are directly involved in the running of the business, he said.

Also helping the growth of franchising is the advent of financing in the industry with peer-to-peer lending and other modes of finance available.

"In time to come, out of every three franchises, one would be financed," Marya said.

With an aim to further enhance the growth of the industry, Franchise India and Frabglobal, an international market entry specialist, are co-hosting Master Franchise Show 2018 here at the Capital from June 23-24.

Over 200 international exhibitors from various sectors such as education, food and beverages, speciality retail, fashion and lifestyle, health and wellness, real estate and licensing are taking part in the show.&nbsp

As the Indian market continues to grow, 25 per cent of all the brands in franchise mode is expected to be global as compared to about 13 per cent at present.

A spurt of first-time entrepreneurs is driving growth of franchise industry in India, which is pegged to touch around USD 150 billion in size in the next five years, according to a top official of Franchise India. With a lot of professionals, especially from IT background, choosing the franchise route to entrepreneurship in the last four to five years, the industry has witnessed a year-on-year growth of 30-35 per cent, according to the firm which is an integrated franchise solution company. As the Indian market continues to grow, 25 per cent of all the brands in franchise mode is expected to be global as compared to about 13 per cent at present. "Franchise industry in India is today estimated to be at USD 47-48 billion. This is growing at 30-35 per cent year-on-year," Franchise India chairman Gaurav Marya told PTI. India is already the second largest franchise market in the world after the US with about 4,600 operating franchises and 1.5 lakh franchisees, he added. When asked about its prospects in the next five years, he said, "This industry would grow to at least about USD 140-150 billion." While franchising has been there for the last 20 years, it is only in the last four to five years in which it has "seen a dramatic transition" because of change in franchise buyer profile, Marya said. "Today, 35 per cent of all franchise buyers are first timers in business. They have never done business before and so it is a gateway to entrepreneurship for them," he said, adding that earlier franchising was mainly done by people who were already doing some business. He further said there is a trend of professionals, mostly from IT and technology background especially in Chennai, Bengaluru and Pune, shifting from their jobs to enter franchise industry. "IT slowdown has actually helped the franchise industry in India," Marya said. Another change that has been witnessed in the industry is the growth of 'operator franchisees'. Earlier, when people would buy a franchise they put other people to run the business and did not get involve in day-to-day operations but now it is changing as people who have bought a franchise are directly involved in the running of the business, he said. Also helping the growth of franchising is the advent of financing in the industry with peer-to-peer lending and other modes of finance available. "In time to come, out of every three franchises, one would be financed," Marya said. With an aim to further enhance the growth of the industry, Franchise India and Frabglobal, an international market entry specialist, are co-hosting Master Franchise Show 2018 here at the Capital from June 23-24. Over 200 international exhibitors from various sectors such as education, food and beverages, speciality retail, fashion and lifestyle, health and wellness, real estate and licensing are taking part in the show.

First-time entrepreneurs propel Indian franchise business; industry pegged at $150 bn in 5 years

For the second straight year, Infosys co-founder N R Narayana Murthy stayed away from company's Annual General Meeting here.

"He (Murthy) is out of country," his close aide told a section of the media here.

Non-Executive Chairman Nandan Nilekani participated in the 37th AGM of Infosys.

Last year too, Murthy and other co-founders including Nilekani, S Gopalakrishanan, S D Shibulal and K Dinesh had stayed away for the first time from the AGM on June 24, 2017.

They remained absent amidst serious differences over governance issues with some of the Board's previous members and its first non-founder Chief Executive Officer Vishal Sikka.

Infosys faced months of protracted standoff between its founders led by Narayana Murthy and the previous management over issues of corporate governance and compensation to former executives.

The tussle had led to the sudden resignation of the then CEO Vishal Sikka in August last year, followed by R Seshasayee and some other directors.

Infosys co-founder Nilekani was then brought in as Chairman, followed by appointment of Salil Parekh as CEO.

In April this year, Infosys announced that it has put Skava and Panaya on sale. Parekh, 53, joined Infosys on January 2 from Capgemini where he was a member of the Group Executive Board.

In his first letter to company's shareholders ahead of the AGM, Parekh said the company is positioning its capabilities to help navigate its clients next across the different dimensions of the journey.

Interestingly, the AGM also marks the company's 25th year of going public in 1993 when its shares were listed on the BSE.

Infosys faced months of protracted standoff between its founders led by Narayana Murthy and the previous management over issues of corporate governance and compensation to former executives

For the second straight year, Infosys co-founder N R Narayana Murthy stayed away from company's Annual General Meeting here. "He (Murthy) is out of country," his close aide told a section of the media here. Non-Executive Chairman Nandan Nilekani participated in the 37th AGM of Infosys. Last year too, Murthy and other co-founders including Nilekani, S Gopalakrishanan, S D Shibulal and K Dinesh had stayed away for the first time from the AGM on June 24, 2017. They remained absent amidst serious differences over governance issues with some of the Board's previous members and its first non-founder Chief Executive Officer Vishal Sikka. Infosys faced months of protracted standoff between its founders led by Narayana Murthy and the previous management over issues of corporate governance and compensation to former executives. The tussle had led to the sudden resignation of the then CEO Vishal Sikka in August last year, followed by R Seshasayee and some other directors. Infosys co-founder Nilekani was then brought in as Chairman, followed by appointment of Salil Parekh as CEO. In April this year, Infosys announced that it has put Skava and Panaya on sale. Parekh, 53, joined Infosys on January 2 from Capgemini where he was a member of the Group Executive Board. In his first letter to company's shareholders ahead of the AGM, Parekh said the company is positioning its capabilities to help navigate its clients next across the different dimensions of the journey. Interestingly, the AGM also marks the company's 25th year of going public in 1993 when its shares were listed on the BSE.

Narayana Murthy stays away from Infosys AGM for second straight year

French President Emmanuel Macron likened rising nationalism and anti-migrant sentiment in Europe to a kind of “disease”. watch video to know more:

French President calls nationalism a disease

The benchmark BSE Sensex got off to a lower start on Friday, tracking a sell-off in global markets amid escalating trade war worries.

The 30-share index, which had lost 114.94 points in the previous session, fell by another 50.91 points, or 0.14 per cent, to 35,381.48 in early trade.&nbsp

Capital goods, realty, infrastructure, power, healthcare and metal stocks showed weakness, falling by up to 0.35 per cent.

The NSE Nifty also was quoting lower by 5.20 points, or 0.05 per cent, at 10,735.90.

Major losers included Coal India, Reliance Industries, Asian Paints, SBI, Adani Ports, Sun Pharma, IndusInd Bank, Yes Bank, PowerGrid, Bajaj Auto, Maruti Suzuki and HDFC Bank, declining up to 1.40 per cent.

According to traders, sustained selling by participants in line with a weak trend at other Asian markets following overnight losses at the Wall Street amid investor concerns about the trade dispute between the US and China dampened trading sentiments here.

Meanwhile, India will raise customs duty on 29 products, including almond, walnut and pulses, imported from the US as a retaliatory action against the tariff hike by Washington.

The duty hike would come into effect from August 4, the Finance Ministry said in a notification.

In Asia, Hong Kong's Hang Seng was down 0.15 per cent and Shanghai Composite shed 0.70 per cent in early trade today. Japan's Nikkei too fell 0.74 per cent.

The US Dow Jones Industrial Average ended 0.80 per cent lower yesterday.

The 30-share index, which had lost 114.94 points in the previous session, fell by another 50.91 points, or 0.14 per cent, to 35,381.48 in early trade

The benchmark BSE Sensex got off to a lower start on Friday, tracking a sell-off in global markets amid escalating trade war worries. The 30-share index, which had lost 114.94 points in the previous session, fell by another 50.91 points, or 0.14 per cent, to 35,381.48 in early trade. Capital goods, realty, infrastructure, power, healthcare and metal stocks showed weakness, falling by up to 0.35 per cent. The NSE Nifty also was quoting lower by 5.20 points, or 0.05 per cent, at 10,735.90. Major losers included Coal India, Reliance Industries, Asian Paints, SBI, Adani Ports, Sun Pharma, IndusInd Bank, Yes Bank, PowerGrid, Bajaj Auto, Maruti Suzuki and HDFC Bank, declining up to 1.40 per cent. According to traders, sustained selling by participants in line with a weak trend at other Asian markets following overnight losses at the Wall Street amid investor concerns about the trade dispute between the US and China dampened trading sentiments here. Meanwhile, India will raise customs duty on 29 products, including almond, walnut and pulses, imported from the US as a retaliatory action against the tariff hike by Washington. The duty hike would come into effect from August 4, the Finance Ministry said in a notification. In Asia, Hong Kong's Hang Seng was down 0.15 per cent and Shanghai Composite shed 0.70 per cent in early trade today. Japan's Nikkei too fell 0.74 per cent. The US Dow Jones Industrial Average ended 0.80 per cent lower yesterday.

Sensex starts on negative note, falls 51 points

Oil prices rose more than 1 per cent on Friday as OPEC tried to agree a deal to increase output to compensate for losses in production at a time of rising global demand.

Benchmark Brent crude was up $1.05 a barrel at $74.10 by 0925 GMT US light crude was 80 cents higher at $66.34.

The Organisation of the Petroleum Exporting Countries is meeting in Vienna together with non-OPEC oil producers to discuss output policy.

Saudi Arabia and Russia want to raise output, but some other OPEC members, including Iran, have opposed this.

Analysts expect OPEC to announce an increase in production of 500,000 to 600,000 barrels per day (bpd), which would help ease tightness in the oil market but would not be enough to create a glut.

"Any deviation from this figure is likely to generate a market response," said Warren Patterson, commodities strategist at Dutch bank ING in Amsterdam. "A more relaxed policy will push Brent towards $70 a barrel, while restrictive measures will support crude oil back towards $80."

Oil prices have been on a roller-coaster ride over the last few years, with the international marker, Brent, trading above $100 a barrel for several years until 2014, dropping to almost $26 in 2016 and then recovering to over $80 last month.

The most recent price rally followed an OPEC decision to restrict supply in an effort to drain global inventories.

The group started withholding supply in 2017 and this year, amid strong demand, the market tightened significantly, triggering calls by consumers for higher supply.

Falling production in Venezuela and Libya, as well as the risk of lower output from Iran as a result of US sanctions, have all increased market worries of a supply shortage.

Another big uncertainty for oil is the escalating dispute between the United States and its trading partners, which could hit US crude oil exports to China.

Asian shares hit a six-month low on Friday as tariffs and the US-China trade battle start taking their toll.

If a 25 percent duty on US crude imports is implemented by Beijing, American oil would become uncompetitive in China, forcing it to seek buyers elsewhere.

Chinese buyers are already starting to scale back orders, with a drop in supplies expected from September.

"If China's import demand dries up, more than 300,000 bpd of US crude will have to find a new destination," energy consultancy FGE said.

Oil prices have been on a roller-coaster ride over the last few years, with the international marker, Brent, trading above $100 a barrel for several years until 2014, dropping to almost $26 in 2016 and then recovering to over $80 last month

Oil prices rose more than 1 per cent on Friday as OPEC tried to agree a deal to increase output to compensate for losses in production at a time of rising global demand. Benchmark Brent crude was up $1.05 a barrel at $74.10 by 0925 GMT US light crude was 80 cents higher at $66.34. The Organisation of the Petroleum Exporting Countries is meeting in Vienna together with non-OPEC oil producers to discuss output policy. Saudi Arabia and Russia want to raise output, but some other OPEC members, including Iran, have opposed this. Analysts expect OPEC to announce an increase in production of 500,000 to 600,000 barrels per day (bpd), which would help ease tightness in the oil market but would not be enough to create a glut. "Any deviation from this figure is likely to generate a market response," said Warren Patterson, commodities strategist at Dutch bank ING in Amsterdam. "A more relaxed policy will push Brent towards $70 a barrel, while restrictive measures will support crude oil back towards $80." Oil prices have been on a roller-coaster ride over the last few years, with the international marker, Brent, trading above $100 a barrel for several years until 2014, dropping to almost $26 in 2016 and then recovering to over $80 last month. The most recent price rally followed an OPEC decision to restrict supply in an effort to drain global inventories. The group started withholding supply in 2017 and this year, amid strong demand, the market tightened significantly, triggering calls by consumers for higher supply. Falling production in Venezuela and Libya, as well as the risk of lower output from Iran as a result of US sanctions, have all increased market worries of a supply shortage. Another big uncertainty for oil is the escalating dispute between the United States and its trading partners, which could hit US crude oil exports to China. Asian shares hit a six-month low on Friday as tariffs and the US-China trade battle start taking their toll. If a 25 percent duty on US crude imports is implemented by Beijing, American oil would become uncompetitive in China, forcing it to seek buyers elsewhere. Chinese buyers are already starting to scale back orders, with a drop in supplies expected from September. "If China's import demand dries up, more than 300,000 bpd of US crude will have to find a new destination," energy consultancy FGE said.

Oil prices rise as OPEC meets

The Sensex rebounded over 257 points to close at 35,689.60 while the NSE Nifty went past the 10,800-mark in volatile trade today, with institutional investors lending crucial support.

Sentiment was buoyed after data showed that foreign portfolio investors (FPIs), who had been net sellers for the past several sessions, were back to buying mode on the domestic bourses yesterday.

FPIs bought shares worth a net Rs 1,126.75 crore, while domestic institutional investors (DIIs) picked up equities to the tune of Rs 663.57 crore yesterday, provisional data showed.

The 30-share Sensex, after a negative opening, slipped further to the day's low of 35,344.49, but staged a strong comeback in the latter part of the session. It finally finished 257.21 points, or 0.73 per cent higher at 35,689.60.

The NSE Nifty, after shuttling between 10,710.45 and 10,837, ended at 10,821.85, up 80.75 points, or 0.75 per cent.

Both the Sensex and Nifty posted fifth straight weekly gains, rising 67.46 points, or 0.19 per cent, and 4.15 points, or 0.04 per cent, respectively.&nbsp;

FPIs bought shares worth a net Rs 1,126.75 crore, while domestic institutional investors (DIIs) picked up equities to the tune of Rs 663.57 crore yesterday, provisional data showed

The Sensex rebounded over 257 points to close at 35,689.60 while the NSE Nifty went past the 10,800-mark in volatile trade today, with institutional investors lending crucial support. Sentiment was buoyed after data showed that foreign portfolio investors (FPIs), who had been net sellers for the past several sessions, were back to buying mode on the domestic bourses yesterday. FPIs bought shares worth a net Rs 1,126.75 crore, while domestic institutional investors (DIIs) picked up equities to the tune of Rs 663.57 crore yesterday, provisional data showed. The 30-share Sensex, after a negative opening, slipped further to the day's low of 35,344.49, but staged a strong comeback in the latter part of the session. It finally finished 257.21 points, or 0.73 per cent higher at 35,689.60. The NSE Nifty, after shuttling between 10,710.45 and 10,837, ended at 10,821.85, up 80.75 points, or 0.75 per cent. Both the Sensex and Nifty posted fifth straight weekly gains, rising 67.46 points, or 0.19 per cent, and 4.15 points, or 0.04 per cent, respectively.

Sensex closes at 257 points in see-saw trade

America's new protectionist trade policies make good on President Donald Trump's campaign pledges but come at significant risks. What are the strengths and weaknesses of his trade offensive?

A longstanding trade beef&nbsp;

On the campaign trail, Trump pledged to put "America First" and denounced free trade pacts as job killers destroying the American industrial base. With the approach of mid-term elections in November, Trump may be seeking to reassure his political base that he has kept his promises.

"Donald Trump is not constrained by the establishment," Edward Alden, a trade expert at the Council on Foreign Relations, told AFP. "He continues to puzzle foreign leaders but if you look at what he said during his campaign and for many years before that none of this is a surprise. He is doing precisely what he said he is going to do."

What are its strengths?&nbsp;

China accounts for about half of the soaring US trade deficit in goods (last year the goods trade gap with China stood at a record $375.2 billion). This leaves China far more exposed to Trump's tariffs than vice versa. Last year, the United States exported $130.4 billion in goods to China but imported $505.6 billion.

What are the unknowns?&nbsp;

By announcing tariffs on $50 billion in Chinese imports and threatening tariffs on up to $400 billion more, Trump is testing an unprecedented, no-holds-barred strategy whose consequences remain unknown.

"It will be challenging for both sides to find a way to de-escalate these tensions while saving face and before trade and investment flows between the two countries take a sizable hit," said Eswar Prasad, professor of trade policy at Cornell University.

Prasad says that given the damage that could occur, "there is still hope that the United States and China will pull back from the brink of an open trade war."

What are the economic risks?&nbsp;

The 25 per cent US duties on $50 billion of Chinese goods and 10 per cent on a further $200 billion -- and counter-measures announced by China -- could shave 0.3 per cent of Chinese GDP growth and 0.2 per cent from that of the United States between 2019-2020, according to Oxford Economics.

"It will not be easy for the US to identify $200 billion worth of Chinese imports that it can levy tariffs on without hurting US companies and/or consumers, given the strong involvement of US companies in a large share of China's exports to the US," Oxford's chief Asia economist Louis Kuijs said in a research note.

Who supports this policy?&nbsp;

Trump faces increasingly vocal opposition from across the political spectrum and business world, including from within his own Republican Party.

Texas Congressman Kevin Brady, chairman of the powerful House Ways and Means Committee, has expressed concern for industry, farmers, workers and consumers, which he says stand to be affected by Trump's trade policies.

Are there foreign policy risks?&nbsp;

Trump is relying on China's help to succeed in his efforts to de-nuclearize North Korea.

"He wants a personal relationship with the (leader) of North Korea. He announced he's made good progress. I think he feels he doesn't really need China at this point," said Alden.

Nevertheless, North Korean leader Kim Jong Un travelled Tuesday to China for the third time since March.

Kim briefed Chinese President Xi Jinping on his recent talks with Trump in Singapore, underscoring China's role in the effort to unwind North Korea's nuclear program.

By announcing tariffs on $50 billion in Chinese imports and threatening tariffs on up to $400 billion more, Trump is testing an unprecedented, no-holds-barred strategy whose consequences remain unknown

America's new protectionist trade policies make good on President Donald Trump's campaign pledges but come at significant risks. What are the strengths and weaknesses of his trade offensive? A longstanding trade beef On the campaign trail, Trump pledged to put "America First" and denounced free trade pacts as job killers destroying the American industrial base. With the approach of mid-term elections in November, Trump may be seeking to reassure his political base that he has kept his promises. "Donald Trump is not constrained by the establishment," Edward Alden, a trade expert at the Council on Foreign Relations, told AFP. "He continues to puzzle foreign leaders but if you look at what he said during his campaign and for many years before that none of this is a surprise. He is doing precisely what he said he is going to do." What are its strengths? China accounts for about half of the soaring US trade deficit in goods (last year the goods trade gap with China stood at a record $375.2 billion). This leaves China far more exposed to Trump's tariffs than vice versa. Last year, the United States exported $130.4 billion in goods to China but imported $505.6 billion. What are the unknowns? By announcing tariffs on $50 billion in Chinese imports and threatening tariffs on up to $400 billion more, Trump is testing an unprecedented, no-holds-barred strategy whose consequences remain unknown. "It will be challenging for both sides to find a way to de-escalate these tensions while saving face and before trade and investment flows between the two countries take a sizable hit," said Eswar Prasad, professor of trade policy at Cornell University. Prasad says that given the damage that could occur, "there is still hope that the United States and China will pull back from the brink of an open trade war." What are the economic risks? The 25 per cent US duties on $50 billion of Chinese goods and 10 per cent on a further $200 billion -- and counter-measures announced by China -- could shave 0.3 per cent of Chinese GDP growth and 0.2 per cent from that of the United States between 2019-2020, according to Oxford Economics. "It will not be easy for the US to identify $200 billion worth of Chinese imports that it can levy tariffs on without hurting US companies and/or consumers, given the strong involvement of US companies in a large share of China's exports to the US," Oxford's chief Asia economist Louis Kuijs said in a research note. Who supports this policy? Trump faces increasingly vocal opposition from across the political spectrum and business world, including from within his own Republican Party. Texas Congressman Kevin Brady, chairman of the powerful House Ways and Means Committee, has expressed concern for industry, farmers, workers and consumers, which he says stand to be affected by Trump's trade policies. Are there foreign policy risks? Trump is relying on China's help to succeed in his efforts to de-nuclearize North Korea. "He wants a personal relationship with the (leader) of North Korea. He announced he's made good progress. I think he feels he doesn't really need China at this point," said Alden. Nevertheless, North Korean leader Kim Jong Un travelled Tuesday to China for the third time since March. Kim briefed Chinese President Xi Jinping on his recent talks with Trump in Singapore, underscoring China's role in the effort to unwind North Korea's nuclear program.

The question marks over Donald Trump's trade policies

Benchmarks snapped their two-session falling streak to finish with smart gains on Thursday, spurred by bargain hunting in recently-battered metal and bank stocks amid a rebound in global equities.

The BSE Sensex vaulted almost 261 points to close at 35,547.33, while the broader NSE Nifty climbed 61.60 points to 10,772.05.

Index heavyweight Reliance Industries topped the gainers' list in the Sensex pack, spurting 2.44 per cent to a record closing high of Rs 1,019.95.

Asian and European stocks bounced back, reversing some of their recent losses following escalating trade tensions between the US and China.

The 30-share Sensex stayed in the green throughout and hit the day's high of 35,571.37 on a flurry of buying. It finally ended at 35,547.33, up 260.59 points, or 0.74 per cent.

The gauge had lost 335.40 points in the previous two sessions, tracking a sell-off across global markets after the US and China reignited their trade dispute.

The broader NSE Nifty climbed 61.60 points, or 0.58 per cent, to close at 10,772.05. Intra-day, it shuttled between 10,781.80 and 10,724.05.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 653.68 crore while foreign portfolio investors (FPIs) sold equities to the tune of Rs 1,324.92 crore yesterday, as per provisional data.&nbsp

"Despite trade tensions, the market traded in a positive note by snapping two days of downtrend on the back of positive global peers.&nbsp

"Rupee gained as oil price remained low ahead of OPEC meeting on Friday. Bank Nifty outperformed due to a slide in 10-year yield after RBI's announcement of open market purchase. The continuing uncertainty on trade tariff is likely to cap gains," said Vinod Nair, Head of Research, Geojit Financial Services.

Other prominent index gainers included IndusInd Bank 2.27 per cent, Vedanta 2.10 per cent, Yes Bank 1.66 per cent, Kotak Bank 1.58 per cent, Tata Steel 1.52 per cent, HDFC Bank 1.50 per cent and HDFC Ltd 1.25 per cent.

However, ONGC fell 1.24 per cent, Coal India 0.92 per cent, ITC Ltd 0.90 per cent, Wipro 0.59 per cent, L&T 0.54 per cent and Infosys 0.06 per cent.

Sectorally, the BSE metal index emerged as the best performer by rising 1.09 per cent, followed by bankex 1.04 per cent, realty 0.83 per cent, power 0.63 per cent, consumer durables 0.53 per cent, auto 0.45 per cent and healthcare 0.32 per cent.

FMCG, capital goods, oil and gas, PSU and IT indices ended in the red, falling up to 0.36 per cent.

The broader markets too were in better shape as investors accumulated stocks available at attractive levels. The BSE small-cap index rose 0.27 per cent, while the mid-cap index gained 0.23 per cent.

Major Asian indices closed higher as investors assessed US-China trade dynamics. Japan's Nikkei advanced 1.24 per cent, Hong Kong's Hang Seng rose 0.77 per cent, while Shanghai Composite Index climbed 0.27 per cent. 
In the Eurozone, key indices such as Paris CAC 40 and Frankfurt's DAX were up by 0.37 per cent and 0.52 per cent in their early deals. London's FTSE too jumped 1.27 per cent.

Index heavyweight Reliance Industries topped the gainers' list in the Sensex pack, spurting 2.44 per cent to a record closing high of Rs 1,019.95.

Benchmarks snapped their two-session falling streak to finish with smart gains on Thursday, spurred by bargain hunting in recently-battered metal and bank stocks amid a rebound in global equities. The BSE Sensex vaulted almost 261 points to close at 35,547.33, while the broader NSE Nifty climbed 61.60 points to 10,772.05. Index heavyweight Reliance Industries topped the gainers' list in the Sensex pack, spurting 2.44 per cent to a record closing high of Rs 1,019.95. Asian and European stocks bounced back, reversing some of their recent losses following escalating trade tensions between the US and China. The 30-share Sensex stayed in the green throughout and hit the day's high of 35,571.37 on a flurry of buying. It finally ended at 35,547.33, up 260.59 points, or 0.74 per cent. The gauge had lost 335.40 points in the previous two sessions, tracking a sell-off across global markets after the US and China reignited their trade dispute. The broader NSE Nifty climbed 61.60 points, or 0.58 per cent, to close at 10,772.05. Intra-day, it shuttled between 10,781.80 and 10,724.05. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 653.68 crore while foreign portfolio investors (FPIs) sold equities to the tune of Rs 1,324.92 crore yesterday, as per provisional data. "Despite trade tensions, the market traded in a positive note by snapping two days of downtrend on the back of positive global peers. "Rupee gained as oil price remained low ahead of OPEC meeting on Friday. Bank Nifty outperformed due to a slide in 10-year yield after RBI's announcement of open market purchase. The continuing uncertainty on trade tariff is likely to cap gains," said Vinod Nair, Head of Research, Geojit Financial Services. Other prominent index gainers included IndusInd Bank 2.27 per cent, Vedanta 2.10 per cent, Yes Bank 1.66 per cent, Kotak Bank 1.58 per cent, Tata Steel 1.52 per cent, HDFC Bank 1.50 per cent and HDFC Ltd 1.25 per cent. However, ONGC fell 1.24 per cent, Coal India 0.92 per cent, ITC Ltd 0.90 per cent, Wipro 0.59 per cent, L&T 0.54 per cent and Infosys 0.06 per cent. Sectorally, the BSE metal index emerged as the best performer by rising 1.09 per cent, followed by bankex 1.04 per cent, realty 0.83 per cent, power 0.63 per cent, consumer durables 0.53 per cent, auto 0.45 per cent and healthcare 0.32 per cent. FMCG, capital goods, oil and gas, PSU and IT indices ended in the red, falling up to 0.36 per cent. The broader markets too were in better shape as investors accumulated stocks available at attractive levels. The BSE small-cap index rose 0.27 per cent, while the mid-cap index gained 0.23 per cent. Major Asian indices closed higher as investors assessed US-China trade dynamics. Japan's Nikkei advanced 1.24 per cent, Hong Kong's Hang Seng rose 0.77 per cent, while Shanghai Composite Index climbed 0.27 per cent. In the Eurozone, key indices such as Paris CAC 40 and Frankfurt's DAX were up by 0.37 per cent and 0.52 per cent in their early deals. London's FTSE too jumped 1.27 per cent.

Sensex soars 261 points on value-buying, global rebound

China's commerce ministry on Thursday accused the United States of being temperamental over bilateral trade issues, and warned that the interests of U.S. workers and farmers ultimately will be hurt.

China believes its previous trade negotiations with the United States were constructive, but because the U.S. government is being unpredictable and challenging, Beijing has had to respond in a strong manner, commerce ministry spokesman Gao Feng said.

President Donald Trump threatened on Monday to hit $200 billion of Chinese imports with 10 percent tariffs if Beijing retaliates against his previous announcement to target $50 billion in imports. The United States has alleged that China is stealing U.S. intellectual property, a charge denied by Beijing.

Washington's accusations of forced tech transfers are a distortion of reality, and China is fully prepared to respond with "quantitative" and "qualitative" tools if the U.S. releases a new list of tariffs, Gao said.

Financial markets are worried of an open trade conflict between the world's two biggest economies after three rounds of high-level talks since early May failed to reach a compromise on U.S. complaints over Chinese practices and a $375 billion trade deficit with China.

A Sino-U..S. trade war could disrupt global supply chains for the tech and auto industries, sectors heavily reliant on outsourced components, and derail world growth.

China said it will impose additional tariffs on 659 U.S. goods, with duties on 545 of them to kick in on July 6, after Trump said Washington will impose tariffs on $50 billion of Chinese products.

The U.S. goods affected on July 6 include soybeans, fruit, meat products such as pork, autos, as well as marine products.

Beijing has yet to announce an activation date for its tariffs on the remaining 114 U.S. products, which include crude oil, coal and a range of refined fuel products.

China will take action to defend its interests, and U.S. unilateralism will ultimately damage the interests of its own workers and farmers, Gao told reporters.

Beijing could hit back at U.S. firms listed on the Dow Jones Industrial Average if Trump keeps exacerbating tensions with China over trade, state-controlled Chinese tabloid The Global Times said on Thursday.

The Dow, which counts Boeing Co, Apple Inc and Nike Inc among its constituents, ended down 0.17 percent on Wednesday. The 30-stock share index has declined 0.25 percent year-to-date.

White House trade adviser Peter Navarro, who views China as a hostile economic and military power, said on Tuesday that Beijing had more to lose from a trade war.

China imported $129.89 billion of U.S. goods last year, while the United States purchased $505.47 billion of Chinese products, according to U.S. data.

Washington's accusations of forced tech transfers are a distortion of reality, and China is fully prepared to respond with "quantitative" and "qualitative" tools if the U.S. releases a new list of tariffs

China's commerce ministry on Thursday accused the United States of being temperamental over bilateral trade issues, and warned that the interests of U.S. workers and farmers ultimately will be hurt. China believes its previous trade negotiations with the United States were constructive, but because the U.S. government is being unpredictable and challenging, Beijing has had to respond in a strong manner, commerce ministry spokesman Gao Feng said. President Donald Trump threatened on Monday to hit $200 billion of Chinese imports with 10 percent tariffs if Beijing retaliates against his previous announcement to target $50 billion in imports. The United States has alleged that China is stealing U.S. intellectual property, a charge denied by Beijing. Washington's accusations of forced tech transfers are a distortion of reality, and China is fully prepared to respond with "quantitative" and "qualitative" tools if the U.S. releases a new list of tariffs, Gao said. Financial markets are worried of an open trade conflict between the world's two biggest economies after three rounds of high-level talks since early May failed to reach a compromise on U.S. complaints over Chinese practices and a $375 billion trade deficit with China. A Sino-U..S. trade war could disrupt global supply chains for the tech and auto industries, sectors heavily reliant on outsourced components, and derail world growth. China said it will impose additional tariffs on 659 U.S. goods, with duties on 545 of them to kick in on July 6, after Trump said Washington will impose tariffs on $50 billion of Chinese products. The U.S. goods affected on July 6 include soybeans, fruit, meat products such as pork, autos, as well as marine products. Beijing has yet to announce an activation date for its tariffs on the remaining 114 U.S. products, which include crude oil, coal and a range of refined fuel products. China will take action to defend its interests, and U.S. unilateralism will ultimately damage the interests of its own workers and farmers, Gao told reporters. Beijing could hit back at U.S. firms listed on the Dow Jones Industrial Average if Trump keeps exacerbating tensions with China over trade, state-controlled Chinese tabloid The Global Times said on Thursday. The Dow, which counts Boeing Co, Apple Inc and Nike Inc among its constituents, ended down 0.17 percent on Wednesday. The 30-stock share index has declined 0.25 percent year-to-date. White House trade adviser Peter Navarro, who views China as a hostile economic and military power, said on Tuesday that Beijing had more to lose from a trade war. China imported $129.89 billion of U.S. goods last year, while the United States purchased $505.47 billion of Chinese products, according to U.S. data.

China warns Washington's trade actions will hurt US workers, farmers

Oil prices fell on Thursday as crude exporters in OPEC appeared to be nearing a deal to increase production.

Benchmark Brent crude dropped $1.76 a barrel, or 2.3 per cent, to a low of $72.98 before recovering a little to $73.54, down $1.20, by 1215 GMT. US light crude was $1.00 lower at $64.71.&nbspBrent reached a 3-1/2-year high above $80 a barrel last month but has fallen steadily in recent weeks as Saudi Arabia, de facto leader of OPEC, has signalled it intends to raise production to stabilise prices.

The Organization of the Petroleum Exporting Countries holds its biannual meeting in Vienna on Friday and is widely expected to agree to pump more, possibly supported by some other producers outside OPEC, including Russia.

Iran had been expected to oppose any rise in crude output, but it has now signalled it may support a small increase.

"We need to release supply to the market," Saudi Arabian Energy Minister Khalid al-Falih told reporters in Vienna. "How much oil do we need? ... around 1 million (barrels per day, bpd) probably."

Falih said the oil market had now rebalanced and his aim was to prevent a shortage of crude in future that could squeeze the market.

Harry Tchilinguirian, head of oil strategy at French bank BNP Paribas, told Reuters Global Oil Forum he expected OPEC and Russia to agree a compromise that would see a small increase in global oil production.

"It would seem that an aggregate increase in production for OPEC+ of between 500,000 bpd and 1 million bpd is the range that is being considered," Tchilinguirian said.

OPEC, together with other key producers including Russia, started withholding output in 2017 to prop up prices, but a tightening market has led to calls by consumers for more supplies.

Looming over all financial markets is an escalating trade dispute between the United States and its other major trading partners, particularly China.

Washington and Beijing have both threatened punitive tariffs on each other's exports, including US&nbspcrude oil.

China on Thursday cancelled a trip to West Virginia by executives from China Energy Investment Corp to discuss a planned $83.7 billion investment in the state and called Washington's behaviour "capricious".

In another escalation, India on Thursday joined China and the European Union by increasing duties on various commodities imported from the United States.

But oil prices have found some support from global demand, which has been increasing strongly this year.

US&nbsprefineries processed a seasonal record of 17.7 million bpd of crude oil last week, the Energy Information Administration (EIA) said on Wednesday.

Commercial U.S. crude inventories dropped by 5.9 million barrels in the week to June 15, to 426.53 million barrels, the EIA said.

US refineries processed a seasonal record of 17.7 million bpd of crude oil last week

Oil prices fell on Thursday as crude exporters in OPEC appeared to be nearing a deal to increase production. Benchmark Brent crude dropped $1.76 a barrel, or 2.3 per cent, to a low of $72.98 before recovering a little to $73.54, down $1.20, by 1215 GMT. US light crude was $1.00 lower at $64.71.&nbspBrent reached a 3-1/2-year high above $80 a barrel last month but has fallen steadily in recent weeks as Saudi Arabia, de facto leader of OPEC, has signalled it intends to raise production to stabilise prices. The Organization of the Petroleum Exporting Countries holds its biannual meeting in Vienna on Friday and is widely expected to agree to pump more, possibly supported by some other producers outside OPEC, including Russia. Iran had been expected to oppose any rise in crude output, but it has now signalled it may support a small increase. "We need to release supply to the market," Saudi Arabian Energy Minister Khalid al-Falih told reporters in Vienna. "How much oil do we need? ... around 1 million (barrels per day, bpd) probably." Falih said the oil market had now rebalanced and his aim was to prevent a shortage of crude in future that could squeeze the market. Harry Tchilinguirian, head of oil strategy at French bank BNP Paribas, told Reuters Global Oil Forum he expected OPEC and Russia to agree a compromise that would see a small increase in global oil production. "It would seem that an aggregate increase in production for OPEC+ of between 500,000 bpd and 1 million bpd is the range that is being considered," Tchilinguirian said. OPEC, together with other key producers including Russia, started withholding output in 2017 to prop up prices, but a tightening market has led to calls by consumers for more supplies. Looming over all financial markets is an escalating trade dispute between the United States and its other major trading partners, particularly China. Washington and Beijing have both threatened punitive tariffs on each other's exports, including US&nbspcrude oil. China on Thursday cancelled a trip to West Virginia by executives from China Energy Investment Corp to discuss a planned $83.7 billion investment in the state and called Washington's behaviour "capricious". In another escalation, India on Thursday joined China and the European Union by increasing duties on various commodities imported from the United States. But oil prices have found some support from global demand, which has been increasing strongly this year. US&nbsprefineries processed a seasonal record of 17.7 million bpd of crude oil last week, the Energy Information Administration (EIA) said on Wednesday. Commercial U.S. crude inventories dropped by 5.9 million barrels in the week to June 15, to 426.53 million barrels, the EIA said.

Oil prices fall as OPEC nears deal to raise production

India has increased customs duty on 29 products, including pulses and iron and steel products, imported from the US as a retaliatory action against the tariff hike by Washington.

The duty hike would come into effect immediately for 28 products, while for artemia, a kind of shrimp, the rate hike would be effective from August 4, the finance ministry said in a notification.

With the United States adopting protectionist policies and hiking import duties, a trade war like situation has emerged. The European Union has decided to levy higher import duties on a variety of US products and a similar action is being contemplated by China.

As per the finance ministry notification, the import duty on chickpeas, Bengal gram (chana) and masur dal has been increased to 70 per cent from 30 per cent earlier, while that on lentils has been hiked to 40 per cent from 30 per cent.

Shelled almonds imported from the US will now attract import duty at Rs 120/kg as against Rs 100/kg earlier. Almonds in shell will attract import duty at the rate of Rs 42/kg as against Rs 35/kg.

Import duty on walnut in shell will attract customs duty at the rate of 120 per cent as against 30 per cent earlier. While apples will attract import duty of 75 per cent as against 50 per cent earlier.

The duty on boric acid has been hiked to 17.50 per cent, while the same on phosphoric acid has been raised to 20 per cent from 10 per cent each earlier.

Import duty on diagnostic reagents has been doubled to 20 per cent, while binders for foundry moulds has been hiked to 17.5 per cent.

Flat-rolled products on iron has been raised to 27.50 per cent from 15 per cent earlier, while certain flat-rolled products on stainless steel would now attract 22.50 per cent duty as against 15 per cent earlier.

Duty on Artemia, a kind of shrimp, has been raised to 30 per cent with effect from August 4.

Last week, India had submitted to the WTO a list of 30 items on which it proposed to raise customs duty by up to 50 per cent.

In the notification, there is no mention of duty hike on a motorcycle with engine capacity of over 800cc.

As per the list India submitted to the WTO, it had proposed to hike customs duty on specified motorcycles, which primarily include Harley Davidson and Triumph, to 50 per cent.

For automobiles and earth moving equipment, SIM socket/other mechanical items (metal) for use in the manufacture of cellular mobile phones, the duty has been hiked to 25 per cent from 15 per cent earlier.

Deloitte India Partner M S Mani said that on several products such as pulses the increase is very steep (30 per cent to 70 per cent), while for iron and steel products, the increase is at least 50 per cent of the existing rate (from 15 to upwards of 22.5 per cent).

"The increase in the customs duties on goods originating from the USA was expected, but the magnitude of the increases would have been unexpected. These increases would make the domestic products cheaper compared to imports and lead to domestic manufacturing/demand pick-ups as a corollary," Mani said.

The decision to hike duties is in retaliation to the unilateral increase in tariff by the US on certain steel and aluminium products earlier this year which had tariff implication of $241 million on India.

The duty hike by India would have equivalent tariff implications for the US.

On March 9, US President Donald Trump imposed heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war.&nbsp;

India has said the duty imposed by the US has affected steel exports by $198.6 million and aluminium shipments by $42.4 million.

India has also dragged the US to the World Trade Organisation's (WTO) dispute settlement mechanism over the imposition of import duties on steel and aluminium.

India exports steel and aluminium products worth about $1.5 billion to the US every year.

India's exports to the US in 2016-17 stood at $42.21 billion, while imports were $22.3 billion.&nbsp;

The import duty on chickpeas and Bengal gram has been increased to 60 per cent, lentils hiked to 30 per cent

India has increased customs duty on 29 products, including pulses and iron and steel products, imported from the US as a retaliatory action against the tariff hike by Washington. The duty hike would come into effect immediately for 28 products, while for artemia, a kind of shrimp, the rate hike would be effective from August 4, the finance ministry said in a notification. With the United States adopting protectionist policies and hiking import duties, a trade war like situation has emerged. The European Union has decided to levy higher import duties on a variety of US products and a similar action is being contemplated by China. As per the finance ministry notification, the import duty on chickpeas, Bengal gram (chana) and masur dal has been increased to 70 per cent from 30 per cent earlier, while that on lentils has been hiked to 40 per cent from 30 per cent. Shelled almonds imported from the US will now attract import duty at Rs 120/kg as against Rs 100/kg earlier. Almonds in shell will attract import duty at the rate of Rs 42/kg as against Rs 35/kg. Import duty on walnut in shell will attract customs duty at the rate of 120 per cent as against 30 per cent earlier. While apples will attract import duty of 75 per cent as against 50 per cent earlier. The duty on boric acid has been hiked to 17.50 per cent, while the same on phosphoric acid has been raised to 20 per cent from 10 per cent each earlier. Import duty on diagnostic reagents has been doubled to 20 per cent, while binders for foundry moulds has been hiked to 17.5 per cent. Flat-rolled products on iron has been raised to 27.50 per cent from 15 per cent earlier, while certain flat-rolled products on stainless steel would now attract 22.50 per cent duty as against 15 per cent earlier. Duty on Artemia, a kind of shrimp, has been raised to 30 per cent with effect from August 4. Last week, India had submitted to the WTO a list of 30 items on which it proposed to raise customs duty by up to 50 per cent. In the notification, there is no mention of duty hike on a motorcycle with engine capacity of over 800cc. As per the list India submitted to the WTO, it had proposed to hike customs duty on specified motorcycles, which primarily include Harley Davidson and Triumph, to 50 per cent. For automobiles and earth moving equipment, SIM socket/other mechanical items (metal) for use in the manufacture of cellular mobile phones, the duty has been hiked to 25 per cent from 15 per cent earlier. Deloitte India Partner M S Mani said that on several products such as pulses the increase is very steep (30 per cent to 70 per cent), while for iron and steel products, the increase is at least 50 per cent of the existing rate (from 15 to upwards of 22.5 per cent). "The increase in the customs duties on goods originating from the USA was expected, but the magnitude of the increases would have been unexpected. These increases would make the domestic products cheaper compared to imports and lead to domestic manufacturing/demand pick-ups as a corollary," Mani said. The decision to hike duties is in retaliation to the unilateral increase in tariff by the US on certain steel and aluminium products earlier this year which had tariff implication of $241 million on India. The duty hike by India would have equivalent tariff implications for the US. On March 9, US President Donald Trump imposed heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war. India has said the duty imposed by the US has affected steel exports by $198.6 million and aluminium shipments by $42.4 million. India has also dragged the US to the World Trade Organisation's (WTO) dispute settlement mechanism over the imposition of import duties on steel and aluminium. India exports steel and aluminium products worth about $1.5 billion to the US every year. India's exports to the US in 2016-17 stood at $42.21 billion, while imports were $22.3 billion.

India hits back at Donald Trump's tariffs, raises import duties on agriculture, steel products

Facebook’s Instagram service is loosening its restraints on video in an attempt to lure younger viewers away from YouTube when they’re looking for something to watch on their smartphones.

The expansion announced Wednesday, dubbed IGTV, will increase Instagram’s video time limit from one minute to 10 minutes for most users. Accounts with large audiences will be able to go as long as an hour.

Video will be available through Instagram or a new app called IGTV. The video will eventually give Facebook more opportunities to sell advertising.

When you log in to IGTV, it will automatically begin playing vertical videos from people you follow, along with personalized recommendations from elsewhere in Instagram. The app is now available on&nbsp;iOS&nbsp;and&nbsp;Android.

Instagram CEO Kevin Systrom said the app was designed to make it easier to find and watch videos on the mobile phone.

He noted that most video apps require you to search or browse through a directory — as opposed to television, where you simply turn it on and start watching. IGTV, on the other hand, will simply start playing video the moment you open it.

&nbsp;Instagram doesn’t currently allow video ads, but Systrom said it eventually will. When the ads come, Instagram intends to share revenue with the videos’ creators — just as YouTube already does.

“We want to make sure they make a living because that is the only way it works in the long run,” Systrom said.

The initiative comes as parent company Facebook struggles to attract teens, while also dealing with&nbsp;a scandal&nbsp;that exposed its leaky controls for protecting users’ personal information.

&nbsp;

The expansion announced Wednesday, dubbed IGTV, will increase Instagram’s video time limit from one minute to 10 minutes for most users

Facebook’s Instagram service is loosening its restraints on video in an attempt to lure younger viewers away from YouTube when they’re looking for something to watch on their smartphones. The expansion announced Wednesday, dubbed IGTV, will increase Instagram’s video time limit from one minute to 10 minutes for most users. Accounts with large audiences will be able to go as long as an hour. Video will be available through Instagram or a new app called IGTV. The video will eventually give Facebook more opportunities to sell advertising. When you log in to IGTV, it will automatically begin playing vertical videos from people you follow, along with personalized recommendations from elsewhere in Instagram. The app is now available on iOS and Android. Instagram CEO Kevin Systrom said the app was designed to make it easier to find and watch videos on the mobile phone. He noted that most video apps require you to search or browse through a directory — as opposed to television, where you simply turn it on and start watching. IGTV, on the other hand, will simply start playing video the moment you open it. Instagram doesn’t currently allow video ads, but Systrom said it eventually will. When the ads come, Instagram intends to share revenue with the videos’ creators — just as YouTube already does. “We want to make sure they make a living because that is the only way it works in the long run,” Systrom said. The initiative comes as parent company Facebook struggles to attract teens, while also dealing with a scandal that exposed its leaky controls for protecting users’ personal information.

Instagram unveils new video service in challenge to YouTube

From living off money collected by her 4-year old daughter to spending at least 50 percent more on eating out and shopping, Indian housewife Ruth Timmy Verghese says she's had a sharp lifestyle turnaround in the last few months.

The 32-year-old said she had to break into her daughter's piggy bank to meet household expenses when India suddenly pulled most high-denomination currency notes out of circulation in November two years ago.

"We're more confident to spend now on shopping and eating out than we were a year or two back because now our income flow has stabilised," said Verghese, referring to income from her husband's advertising job and his freelance work. "How long can we hold off fulfilling our happiness?"

Like Verghese, many other middle income Indians are splashing cash on beauty salons, shopping, movies and eating out as the economy normalises after disruptions from two big events - demonetisation and the introduction of a new goods and services tax (GST) last year.

This surge in expenditure is pushing core inflation higher and could keep overall consumer price inflation well above the Reserve Bank of India's 4.7 percent target by March 2019, raising odds that the RBI may raise rates more than once in coming months.

While markets have already priced in one rate hike in the months ahead, further hikes could put a damper on growth as Asia's third-largest economy goes into an election year.

Santosh Shetty, the owner of Mumbai's Satish Restaurant & Bar, said business had declined by 50 percent after the implementation of demonetisation and GST, but had returned to normal since January despite both raw material and menu prices rising.

"The raw material cost has gone up for all items for us, from vegetables to chicken, mutton, eggs and spices by 15-25 percent, accordingly we have also raised our menu prices," he said. "Customers are willing to pay higher rates as they know that prices are rising everywhere."

The expenditure boom is not just in cities.

Conglomerate Hindustan Unilever, which has a deep rural reach and whose sales are often taken as a barometer for rural demand, has seen strong growth in personal care and home care products in the March quarter over last year.

With a good monsoon forecast this year, farm incomes are likely to rise, economists say.

INFLATION LANDMINE

Economists note that while the surge in consumer spending helped India post robust 7.7 percent growth in the March quarter, it is also a potential inflation landmine.

India's May headline inflation rose to a four-month high of 4.87 percent, driven by 6.20 percent core inflation that excludes food and fuel. Within the core figure, recreation and amusement inflation, which has been on an uptrend since January, rose to an annual 4.93 percent in May. Personal care inflation rose for the third straight month to 5.61 percent.

These, along with items including transport, clothing and household services, comprise nearly 40 percent to the inflation basket, making it a concern for the RBI, which raised its policy rate for the first time in over four years in early June.

"Core inflation has recovered from the troughs hit after the twin shocks of demonetisation and GST," said A. Prasanna, chief economist at ICICI Securities Primary Dealership.

"If core CPI momentum picks up and underlying inflation sustains around 5 percent, there could be a risk of the monetary policy committee raising rates more steeply than expected," he said, adding he expects another rate hike by October along with shift to a tightening stance.

The so-called demonetisation and GST implementation had hit businesses and households with wage growth slowing to 6 percent in April-June 2017 from 10 percent a year ago. It also sent the consumer confidence index for the year ahead sliding to 114.7 in November 2017 - its lowest level&nbsp;in four years, RBI data showed.

However, 2018 is looking a lot rosier.

Wages have risen an average of 7-8 percent and the consumer confidence index for the year ahead also improved to 118.4 in May. Consumer goods companies, including automobiles, have seen strong demand.

Passenger vehicle sales rose by an annual 19.6 percent in May from 7.5 percent in April despite rising fuel prices. In June 2017, auto sales were down 11.2 percent from a year ago.

"The fact is there is demand and so these companies have pricing power," said Saion Mukherjee, head of equity research, India at Nomura.

"Higher volumes in consumer discretionary companies, especially autos, staples are flowing into higher margins."

GROWTH HEADWINDS

However, property prices remain muted, due to a huge overhang of unsold houses keeping a lid on prices.

Meanwhile, risks loom from high oil prices and tighter financing conditions with rising interest rates.

Further rate hikes will add to higher costs of borrowing and stifle growth at a time when Prime Minister Narendra Modi is looking for a boost ahead of general elections due by May.

"Often a rate hike is equated with credibility," said Siddhartha Sanyal, chief India economist at Barclays.

"But the impact of rate hikes in India can be more direct on growth than on inflation. Rate hikes tighten financing conditions and often impact growth, but large part of the CPI basket like food, healthcare, education is relatively less sensitive to interest rates."

As Indians finally splash cash after demonetisation & GST, inflation has risen. That has led to the speculation that the RBI may raise interest rates more than once in coming months

From living off money collected by her 4-year old daughter to spending at least 50 percent more on eating out and shopping, Indian housewife Ruth Timmy Verghese says she's had a sharp lifestyle turnaround in the last few months. The 32-year-old said she had to break into her daughter's piggy bank to meet household expenses when India suddenly pulled most high-denomination currency notes out of circulation in November two years ago. "We're more confident to spend now on shopping and eating out than we were a year or two back because now our income flow has stabilised," said Verghese, referring to income from her husband's advertising job and his freelance work. "How long can we hold off fulfilling our happiness?" Like Verghese, many other middle income Indians are splashing cash on beauty salons, shopping, movies and eating out as the economy normalises after disruptions from two big events - demonetisation and the introduction of a new goods and services tax (GST) last year. This surge in expenditure is pushing core inflation higher and could keep overall consumer price inflation well above the Reserve Bank of India's 4.7 percent target by March 2019, raising odds that the RBI may raise rates more than once in coming months. While markets have already priced in one rate hike in the months ahead, further hikes could put a damper on growth as Asia's third-largest economy goes into an election year. Santosh Shetty, the owner of Mumbai's Satish Restaurant & Bar, said business had declined by 50 percent after the implementation of demonetisation and GST, but had returned to normal since January despite both raw material and menu prices rising. "The raw material cost has gone up for all items for us, from vegetables to chicken, mutton, eggs and spices by 15-25 percent, accordingly we have also raised our menu prices," he said. "Customers are willing to pay higher rates as they know that prices are rising everywhere." The expenditure boom is not just in cities. Conglomerate Hindustan Unilever, which has a deep rural reach and whose sales are often taken as a barometer for rural demand, has seen strong growth in personal care and home care products in the March quarter over last year. With a good monsoon forecast this year, farm incomes are likely to rise, economists say. INFLATION LANDMINE Economists note that while the surge in consumer spending helped India post robust 7.7 percent growth in the March quarter, it is also a potential inflation landmine. India's May headline inflation rose to a four-month high of 4.87 percent, driven by 6.20 percent core inflation that excludes food and fuel. Within the core figure, recreation and amusement inflation, which has been on an uptrend since January, rose to an annual 4.93 percent in May. Personal care inflation rose for the third straight month to 5.61 percent. These, along with items including transport, clothing and household services, comprise nearly 40 percent to the inflation basket, making it a concern for the RBI, which raised its policy rate for the first time in over four years in early June. "Core inflation has recovered from the troughs hit after the twin shocks of demonetisation and GST," said A. Prasanna, chief economist at ICICI Securities Primary Dealership. "If core CPI momentum picks up and underlying inflation sustains around 5 percent, there could be a risk of the monetary policy committee raising rates more steeply than expected," he said, adding he expects another rate hike by October along with shift to a tightening stance. The so-called demonetisation and GST implementation had hit businesses and households with wage growth slowing to 6 percent in April-June 2017 from 10 percent a year ago. It also sent the consumer confidence index for the year ahead sliding to 114.7 in November 2017 - its lowest level in four years, RBI data showed. However, 2018 is looking a lot rosier. Wages have risen an average of 7-8 percent and the consumer confidence index for the year ahead also improved to 118.4 in May. Consumer goods companies, including automobiles, have seen strong demand. Passenger vehicle sales rose by an annual 19.6 percent in May from 7.5 percent in April despite rising fuel prices. In June 2017, auto sales were down 11.2 percent from a year ago. "The fact is there is demand and so these companies have pricing power," said Saion Mukherjee, head of equity research, India at Nomura. "Higher volumes in consumer discretionary companies, especially autos, staples are flowing into higher margins." GROWTH HEADWINDS However, property prices remain muted, due to a huge overhang of unsold houses keeping a lid on prices. Meanwhile, risks loom from high oil prices and tighter financing conditions with rising interest rates. Further rate hikes will add to higher costs of borrowing and stifle growth at a time when Prime Minister Narendra Modi is looking for a boost ahead of general elections due by May. "Often a rate hike is equated with credibility," said Siddhartha Sanyal, chief India economist at Barclays. "But the impact of rate hikes in India can be more direct on growth than on inflation. Rate hikes tighten financing conditions and often impact growth, but large part of the CPI basket like food, healthcare, education is relatively less sensitive to interest rates."

Eating out and salon treatments: A policy dilemma for RBI

India increased duties on a slew of farm products, steel and iron imported from the United States, a government notice said, joining the European Union and China in retaliatory action against President Donald Trump's tariff hikes on steel and aluminum.

India's move came a day after the EU's decision to charge higher import duties on a range of US&nbsp;products.

In tariff rates issued late on Wednesday, India's commerce ministry named some varieties of apples, almonds, chickpeas, lentils, walnuts and artemia that would carry higher import taxes. Most of these are purchased from the United States.

India also raised duties on some grades of iron and steel products. Last month, India launched a complaint at the World Trade Organisation against the United States over the steel and aluminum duties after it failed to win an exemption.

It also gave a list of products to the WTO that it said could incur higher tariffs.

An official from the steel ministry said at the time that the new tariffs were intended to show displeasure at the U.S. action. Some of the new Indian rates will take effect immediately while the others would go into force on August 4.

Rising trade tensions between the United States and some major economies have threatened to derail global growth.

China on Thursday warned that the interests of US&nbsp;workers and farmers will be hurt by Washington's intent to impose higher tariffs on some imported products.

In tariff rates issued late on Wednesday, India's commerce ministry named some varieties of apples, almonds, chickpeas, lentils, walnuts and artemia that would carry higher import taxes. India also raised duties on some grades of iron and steel products

India increased duties on a slew of farm products, steel and iron imported from the United States, a government notice said, joining the European Union and China in retaliatory action against President Donald Trump's tariff hikes on steel and aluminum. India's move came a day after the EU's decision to charge higher import duties on a range of US products. In tariff rates issued late on Wednesday, India's commerce ministry named some varieties of apples, almonds, chickpeas, lentils, walnuts and artemia that would carry higher import taxes. Most of these are purchased from the United States. India also raised duties on some grades of iron and steel products. Last month, India launched a complaint at the World Trade Organisation against the United States over the steel and aluminum duties after it failed to win an exemption. It also gave a list of products to the WTO that it said could incur higher tariffs. An official from the steel ministry said at the time that the new tariffs were intended to show displeasure at the U.S. action. Some of the new Indian rates will take effect immediately while the others would go into force on August 4. Rising trade tensions between the United States and some major economies have threatened to derail global growth. China on Thursday warned that the interests of US workers and farmers will be hurt by Washington's intent to impose higher tariffs on some imported products.

India hits back at US with higher import duties on farm, steel products

The BSE Sensex rebounded over 130 points in opening trade today, reversing its two-session losing streak on value-buying in select blue-chips amid a strengthening rupee.

Overseas, mixed trend at other Asian markets also influenced trading sentiments here.

The rupee recovered from its nearly one-month low by strengthening 32 paise to 68.06 against the US dollar in early trade today.

The 30-share BSE index was trading higher by 130.41 points, or 0.37 per cent, to 35,417.15 in early trade today.

The gauge had lost 335.40 points in the previous two sessions, tracking a sell-off across global markets after the US and China reignited their trade dispute.

The NSE Nifty too rose by 39.45 points, or 0.37 per cent, to 10,749.90.

All sectoral indices, led by healthcare, realty and auto, were in the positive zone, rising up to 0.93 per cent.

Major gainers were Axis Bank, Vedanta, M&M, Bharti Airtel, Bajaj Auto, Tata Steel, Infosys, IndusInd Bank, Yes Bank, Sun Pharma, HDFC Ltd and RIL, rising up to 1.77 per cent.

Domestic institutional investors (DIIs) bought shares worth a net Rs 653.686 crore while foreign portfolio investors (FPIs) sold equities to the tune of Rs 1,324.92 crore yesterday, as per provisional data.

Among other Asian bourses, Japan's Nikkei was up by 0.16 per cent, Hong Kong's Hang Seng inched up 0.03 per cent, while Shanghai Composite Index fell 0.19 per cent in early trade.

The US Dow Jones Industrial Average ended 1.15 per cent lower yesterday.

 
&nbsp;

The rupee recovered from its nearly one-month low by strengthening 32 paise to 68.06 against the US dollar in early trade today.

The BSE Sensex rebounded over 130 points in opening trade today, reversing its two-session losing streak on value-buying in select blue-chips amid a strengthening rupee. Overseas, mixed trend at other Asian markets also influenced trading sentiments here. The rupee recovered from its nearly one-month low by strengthening 32 paise to 68.06 against the US dollar in early trade today. The 30-share BSE index was trading higher by 130.41 points, or 0.37 per cent, to 35,417.15 in early trade today. The gauge had lost 335.40 points in the previous two sessions, tracking a sell-off across global markets after the US and China reignited their trade dispute. The NSE Nifty too rose by 39.45 points, or 0.37 per cent, to 10,749.90. All sectoral indices, led by healthcare, realty and auto, were in the positive zone, rising up to 0.93 per cent. Major gainers were Axis Bank, Vedanta, M&M, Bharti Airtel, Bajaj Auto, Tata Steel, Infosys, IndusInd Bank, Yes Bank, Sun Pharma, HDFC Ltd and RIL, rising up to 1.77 per cent. Domestic institutional investors (DIIs) bought shares worth a net Rs 653.686 crore while foreign portfolio investors (FPIs) sold equities to the tune of Rs 1,324.92 crore yesterday, as per provisional data. Among other Asian bourses, Japan's Nikkei was up by 0.16 per cent, Hong Kong's Hang Seng inched up 0.03 per cent, while Shanghai Composite Index fell 0.19 per cent in early trade. The US Dow Jones Industrial Average ended 1.15 per cent lower yesterday.

Sensex opens in green on value-buying, up 130 points

Despite adverse impact on GST implementation, India saw a 20 per cent increase in both the number of dollar millionaires and their wealth in 2017 to emerge as the fastest growing market for high net population, a report said today. The report, which comes amid growing concerns over social ramifications of asymmetry in wealth distribution, said the number of high net worth individuals grew 20.4 per cent to 2.63 lakh people, while their collective wealth grew 21 per cent to over $1 trillion. "India was the fastest-growing market globally," the report by French tech firm Capgemini said.

The country's growth on both the number of HNIs and wealth is faster than the global average of 11.2 per cent and 12 per cent, respectively, the report by French tech firm Capgemini said. The US, Japan, Germany and China are the biggest HNI markets in the world, it said, adding that the show in 2017 has increased India's ranking to 11th. An HNI is defined as one who has investable assets of over $1 million, it said. One of the major reasons for the growth was an over 50 per cent surge in market capitalisation during the year, along with an average 4.8 per cent increase in realty prices and the 6.7 per cent GDP expansion, which is faster than the world.

There was an adverse effect on wealth due to the implementation of Goods and Services Tax in July, but the report called it "transitory". Other factors, like the monetary policy being steady, impact of demonetisation wearing off and higher savings rate helped in wealth creation, it said. It can be noted that in January, a study had stated that the top 1 per cent of the over 1.2 billion population had cornered 73 per cent of the overall wealth generated during the year. Besides, 67 crore Indians comprising the population's poorest half saw their wealth rise by just 1 per cent, as per the survey released by the international rights group Oxfam ahead of the annual World Economic Forum had said.

Despite adverse impact on GST implementation, India saw a 20 per cent increase in both the number of dollar millionaires and their wealth in 2017 to emerge as the fastest growing market for high net population, a report said today

Despite adverse impact on GST implementation, India saw a 20 per cent increase in both the number of dollar millionaires and their wealth in 2017 to emerge as the fastest growing market for high net population, a report said today. The report, which comes amid growing concerns over social ramifications of asymmetry in wealth distribution, said the number of high net worth individuals grew 20.4 per cent to 2.63 lakh people, while their collective wealth grew 21 per cent to over $1 trillion. "India was the fastest-growing market globally," the report by French tech firm Capgemini said. The country's growth on both the number of HNIs and wealth is faster than the global average of 11.2 per cent and 12 per cent, respectively, the report by French tech firm Capgemini said. The US, Japan, Germany and China are the biggest HNI markets in the world, it said, adding that the show in 2017 has increased India's ranking to 11th. An HNI is defined as one who has investable assets of over $1 million, it said. One of the major reasons for the growth was an over 50 per cent surge in market capitalisation during the year, along with an average 4.8 per cent increase in realty prices and the 6.7 per cent GDP expansion, which is faster than the world. There was an adverse effect on wealth due to the implementation of Goods and Services Tax in July, but the report called it "transitory". Other factors, like the monetary policy being steady, impact of demonetisation wearing off and higher savings rate helped in wealth creation, it said. It can be noted that in January, a study had stated that the top 1 per cent of the over 1.2 billion population had cornered 73 per cent of the overall wealth generated during the year. Besides, 67 crore Indians comprising the population's poorest half saw their wealth rise by just 1 per cent, as per the survey released by the international rights group Oxfam ahead of the annual World Economic Forum had said.

India sees 20% rise in dollar millionaires despite GST impact: Report

Seoul-based virtual currency exchange Bithumb has been hacked and 35 billion won ($31.51 million) worth of virtual currency held at the exchange stolen, the exchange said on Wednesday.

Just 12 minutes after they suspended their deposit system, they announced that they were going to suspend&nbsp;all&nbsp;deposit and withdrawal services due to an over $30 million hack from wallets. Bithumb said: "[Notice for the suspension of all deposit and withdrawal service] We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet."

The exchange said it will "make up for the lost cryptocurrencies" with the exchange's own coins, and has moved all users' assets into safe "cold wallets".

A Bithumb official could not be immediately reached by Reuters for further comment.

Bithumb said in a notice on its website that it has stopped all trading after ascertaining 'some cryptocurrencies worth about 35 billion won have been seized between late yesterday and early morning today'

Seoul-based virtual currency exchange Bithumb has been hacked and 35 billion won ($31.51 million) worth of virtual currency held at the exchange stolen, the exchange said on Wednesday. Just 12 minutes after they suspended their deposit system, they announced that they were going to suspend all deposit and withdrawal services due to an over $30 million hack from wallets. Bithumb said: "[Notice for the suspension of all deposit and withdrawal service] We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet." The exchange said it will "make up for the lost cryptocurrencies" with the exchange's own coins, and has moved all users' assets into safe "cold wallets". A Bithumb official could not be immediately reached by Reuters for further comment.

South Korea cryptocurrency exchange Bithumb hacked, $32 million in coins stolen

Tripura Deputy Chief Minister Jishnu Dev Varma presented a Rs 16,387.21 crore tax-free budget for the financial year 2018-19.

Tabling the budget on the first day of the assembly session on Tuesday, Dev Varma, who holds the Finance portfolio, said that there is no deficit in the budget.

The Minister, however, proposed an increase of sales tax on petrol by two per cent and on diesel and piped natural gas by one per cent each.

Besides, the new Bharatiya Janata Party (BJP) led alliance government levied a cess on a turnover at the rate of two percent on the three fuels.

The first budget of the BJP government also marginally increased road tax, except for three-wheelers and electric vehicles.

In the budget which has a 14.62 per cent increase over the revised estimates of last fiscal (2017-18), he announced eight new schemes while broadening scope many ongoing schemes and projects.

Varma proposed four new B-Ed Colleges would be set up in the state to provide pre-service training to the teachers.

He also proposed to constitute the Tripura Infrastructure and Investment Fund Board to boost industrialization in the state beside single window system for all necessary clearances to set up industrial units and for all approvals.

The Chief Minister further announced that several awards would be introduced soon to encourage meritorious youths in the field of education, sports and culture, to recognise outstanding work of the civil servants and to boost the quality education by teachers.

"The BJP government would launch new pension schemes for the new state government employees who would join in the government service from July this year," Varma added.

He further said that the state government has decided to distribute free smartphones to college students studying undergraduate degree in the government degree colleges.

A lump-sum amount of Rs 1,000 crore has been earmarked in the budget to implement the recommendation of the Seventh Central Pay Commission (7th CPC) for Tripura government employees.

As per the pre-poll promise of the BJP, the government in March has constituted a three-member expert committee headed by former Assam Chief Secretary P.P. Varma to implement the much-demanded 7th CPC proposals in the state for over 2.15 lakh government employees and pensioners.

Tabling the budget on the first day of the assembly session on Tuesday, Dev Varma, who holds the Finance portfolio, said that there is no deficit in the budget

Tripura Deputy Chief Minister Jishnu Dev Varma presented a Rs 16,387.21 crore tax-free budget for the financial year 2018-19. Tabling the budget on the first day of the assembly session on Tuesday, Dev Varma, who holds the Finance portfolio, said that there is no deficit in the budget. The Minister, however, proposed an increase of sales tax on petrol by two per cent and on diesel and piped natural gas by one per cent each. Besides, the new Bharatiya Janata Party (BJP) led alliance government levied a cess on a turnover at the rate of two percent on the three fuels. The first budget of the BJP government also marginally increased road tax, except for three-wheelers and electric vehicles. In the budget which has a 14.62 per cent increase over the revised estimates of last fiscal (2017-18), he announced eight new schemes while broadening scope many ongoing schemes and projects. Varma proposed four new B-Ed Colleges would be set up in the state to provide pre-service training to the teachers. He also proposed to constitute the Tripura Infrastructure and Investment Fund Board to boost industrialization in the state beside single window system for all necessary clearances to set up industrial units and for all approvals. The Chief Minister further announced that several awards would be introduced soon to encourage meritorious youths in the field of education, sports and culture, to recognise outstanding work of the civil servants and to boost the quality education by teachers. "The BJP government would launch new pension schemes for the new state government employees who would join in the government service from July this year," Varma added. He further said that the state government has decided to distribute free smartphones to college students studying undergraduate degree in the government degree colleges. A lump-sum amount of Rs 1,000 crore has been earmarked in the budget to implement the recommendation of the Seventh Central Pay Commission (7th CPC) for Tripura government employees. As per the pre-poll promise of the BJP, the government in March has constituted a three-member expert committee headed by former Assam Chief Secretary P.P. Varma to implement the much-demanded 7th CPC proposals in the state for over 2.15 lakh government employees and pensioners.

Rs 16,387 crore tax-free budget presented in Tripura

World stocks steadied near three-week lows&nbsp;on Wednesday&nbsp;and Chinese markets bounced after recent sharp falls as expectations grew that policy stimulus by Beijing could temper some of the impact from an escalating Sino-U.S. trade conflict.

The dollar too eased off 11-month highs against a currency basket, Wall Street looked set for a stronger opening and MSCI`s all-country equity index snapped a five-day run of losses, rising 0.3 per cent.

Its rebound was fuelled by a bounce of almost 1 per cent in MSCI`s non-Japan Asian shares off 6-1/2-month lows, following gains in Hong Kong, Seoul and mainland Chinese indexes.&nbsp;

Assets perceived to be safe, such as the yen, Swiss franc and government bonds of Germany and the United States, took a step back after hefty recent rallies.&nbsp;

"I suspect safe-havens such as Bunds and Treasuries could be put to the test as risk sentiment shows signs of stabilising," Commerzbank strategist Rainer Guntermann said.&nbsp;

One catalyst was the expectation, fuelled by a Chinese central bank paper, of cuts to banks` reserve requirement ratios (RRR) to boost market liquidity and loosen monetary conditions. China`s cabinet&nbsp;on Wednesday&nbsp;pledged to use "targeted RRR cuts", with cuts now seen as a matter of time.

After lending financial institutions 200 billion yuan ($31 billion)&nbsp;on Tuesday, it soothed markets further by fixing the yuan rate higher against the dollar, after the currency posted its biggest daily fall in 1-1/2 years.

But worries about a fully fledged trade war between the two biggest world economies remain. Washington is threatening tariffs on $200 billion more of Chinese goods and a White House trade adviser said Beijing was underestimating President Donald Trump`s resolve to impose more tariffs.

Tit-for-tat tariffs would hit world growth, company profits and price stability at a time when several big central banks, notably the US&nbsp;Federal Reserve, are in policy tightening mode.

The Asian gains encouraged European bourses to open higher, with a pan-European index up 0.6 per cent after slumping&nbsp;on Tuesday&nbsp;to two-month lows. European auto shares, a sector highly vulnerable to U.S. tariffs, also rose 0.2 per cent though it has lost 2 per cent this week.

Equity futures for New York`s S&P500, Nasdaq and Dow Jones indexes rose as much as half a per cent.&nbsp;

"At the end of the day, all these circumstances, including trade wars, have been in play for a while, and the market reacts sharply from time to time," said Francois Savary, chief investment officer at Swiss wealth manager Prime Partners.

But Savary cautioned against pushing the equity rally too far: "The framework is set: there is monetary policy tightening, less liquidity, more geopolitical uncertainty and an economic situation which in Europe at least we need to be more cautious about."

Sights on Central Banks

The slightly improved mood lifted yields on 10-year U.S. Treasury notes above 2.9022 per cent, just off 2-1/2-week lows around 2.88 per cent. German yields also inched marginally higher.

Eurozone yields were pushed lower this week on the back of trade tensions, as well as slowing growth momentum across the bloc and a central bank that has pushed back the timing of its first interest rate rise in this cycle by several months.

That has also hit the euro, which slipped 0.25 per cent to the dollar, staying near two-week lows of $1.1528 hit after European Central Bank chief Mario Draghi called for a patient approach to monetary policy.

Draghi spoke at a banking forum in Sintra, Portugal, where he is due to appear again&nbsp;on Wednesday&nbsp;alongside Fed chair Jerome Powell, Bank of Japan Governor Haruhiko Kuroda and Reserve Bank of Australia Governor Philip Lowe.

Britain`s pound struggled near a seven-month low of $1.3151 ahead of a crucial vote in parliament over the country`s European Union withdrawal process.&nbsp;

As the dollar`s rally stalled, emerging currencies such as the Mexican peso and South African rand won some reprieve. But ING analysts told clients that "with the risk to trade firmly in place, we don`t look for a material and long-lasting rebound in higher beta and emerging market currencies".

An early rebound in crude and copper also faded, though Brent futures managed to stay above $75 a barrel before a meeting of the OPEC producers group. OPEC member Iran has said a deal to raise oil output is unlikely.

While most metals prices bounced, copper slipped back to three-week lows after data showed supply remained abundant. U.S. soybean futures managed only a 0.3 per cent rise from decade-lows hit on fears of Chinese import tariffs.

The dollar too eased off 11-month highs against a currency basket, Wall Street looked set for a stronger opening

World stocks steadied near three-week lows on Wednesday and Chinese markets bounced after recent sharp falls as expectations grew that policy stimulus by Beijing could temper some of the impact from an escalating Sino-U.S. trade conflict. The dollar too eased off 11-month highs against a currency basket, Wall Street looked set for a stronger opening and MSCI`s all-country equity index snapped a five-day run of losses, rising 0.3 per cent. Its rebound was fuelled by a bounce of almost 1 per cent in MSCI`s non-Japan Asian shares off 6-1/2-month lows, following gains in Hong Kong, Seoul and mainland Chinese indexes. Assets perceived to be safe, such as the yen, Swiss franc and government bonds of Germany and the United States, took a step back after hefty recent rallies. "I suspect safe-havens such as Bunds and Treasuries could be put to the test as risk sentiment shows signs of stabilising," Commerzbank strategist Rainer Guntermann said. One catalyst was the expectation, fuelled by a Chinese central bank paper, of cuts to banks` reserve requirement ratios (RRR) to boost market liquidity and loosen monetary conditions. China`s cabinet on Wednesday pledged to use "targeted RRR cuts", with cuts now seen as a matter of time. After lending financial institutions 200 billion yuan ($31 billion) on Tuesday, it soothed markets further by fixing the yuan rate higher against the dollar, after the currency posted its biggest daily fall in 1-1/2 years. But worries about a fully fledged trade war between the two biggest world economies remain. Washington is threatening tariffs on $200 billion more of Chinese goods and a White House trade adviser said Beijing was underestimating President Donald Trump`s resolve to impose more tariffs. Tit-for-tat tariffs would hit world growth, company profits and price stability at a time when several big central banks, notably the US Federal Reserve, are in policy tightening mode. The Asian gains encouraged European bourses to open higher, with a pan-European index up 0.6 per cent after slumping on Tuesday to two-month lows. European auto shares, a sector highly vulnerable to U.S. tariffs, also rose 0.2 per cent though it has lost 2 per cent this week. Equity futures for New York`s S&P500, Nasdaq and Dow Jones indexes rose as much as half a per cent. "At the end of the day, all these circumstances, including trade wars, have been in play for a while, and the market reacts sharply from time to time," said Francois Savary, chief investment officer at Swiss wealth manager Prime Partners. But Savary cautioned against pushing the equity rally too far: "The framework is set: there is monetary policy tightening, less liquidity, more geopolitical uncertainty and an economic situation which in Europe at least we need to be more cautious about." Sights on Central Banks The slightly improved mood lifted yields on 10-year U.S. Treasury notes above 2.9022 per cent, just off 2-1/2-week lows around 2.88 per cent. German yields also inched marginally higher. Eurozone yields were pushed lower this week on the back of trade tensions, as well as slowing growth momentum across the bloc and a central bank that has pushed back the timing of its first interest rate rise in this cycle by several months. That has also hit the euro, which slipped 0.25 per cent to the dollar, staying near two-week lows of $1.1528 hit after European Central Bank chief Mario Draghi called for a patient approach to monetary policy. Draghi spoke at a banking forum in Sintra, Portugal, where he is due to appear again on Wednesday alongside Fed chair Jerome Powell, Bank of Japan Governor Haruhiko Kuroda and Reserve Bank of Australia Governor Philip Lowe. Britain`s pound struggled near a seven-month low of $1.3151 ahead of a crucial vote in parliament over the country`s European Union withdrawal process. As the dollar`s rally stalled, emerging currencies such as the Mexican peso and South African rand won some reprieve. But ING analysts told clients that "with the risk to trade firmly in place, we don`t look for a material and long-lasting rebound in higher beta and emerging market currencies". An early rebound in crude and copper also faded, though Brent futures managed to stay above $75 a barrel before a meeting of the OPEC producers group. OPEC member Iran has said a deal to raise oil output is unlikely. While most metals prices bounced, copper slipped back to three-week lows after data showed supply remained abundant. U.S. soybean futures managed only a 0.3 per cent rise from decade-lows hit on fears of Chinese import tariffs.

World shares snap five-day losing streak on China policy expectation

India has virtually abandoned a plan to sell its ailing state carrier Air India after failing to attract buyers, Bloomberg reported on Tuesday, citing people familiar with the matter.

The Indian government plans to focus on improving the carrier's operations and selling its building in Mumbai, ground handling and aircraft maintenance units, according to the report.

The government in March finalised plans to divest a majority stake in Air India and offload about $5.1 billion of its debt, but prospective buyers stayed away, with some citing onerous terms as a reason for their lack of interest.

Air India and the Indian government could not be reached for comment outside business hours.

The Indian government plans to focus on improving the carrier's operations and selling its building in Mumbai, ground handling and aircraft maintenance units, according to the report

India has virtually abandoned a plan to sell its ailing state carrier Air India after failing to attract buyers, Bloomberg reported on Tuesday, citing people familiar with the matter. The Indian government plans to focus on improving the carrier's operations and selling its building in Mumbai, ground handling and aircraft maintenance units, according to the report. The government in March finalised plans to divest a majority stake in Air India and offload about $5.1 billion of its debt, but prospective buyers stayed away, with some citing onerous terms as a reason for their lack of interest. Air India and the Indian government could not be reached for comment outside business hours.

India decides not to immediately revive Air India sale plan

One97 Communications Limited, the company that owns digital payment major, Paytm, announced the appointment of retired Reserve Bank of India (RBI) Deputy Governor, Rama Subramaniam Gandhi, as an advisor.

Prior to holding the position of Deputy Governor, Gandhi had been a career central banker. He was a member of the first Monetary Policy Committee, and also had a three-year secondment to the Securities and Exchange Board of India (SEBI).

Gandhi has also served as the head of two regional offices of the Reserve Bank and held a charge as the Director of the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad. He has over three decades of experience in banking with cross-functional exposure in technology, payment systems, capital markets, securities, forex, money market and International Banking among others.

Besides holding strategic roles in the RBI, Gandhi had also piloted several innovative projects on IT, payment systems, financial literacy, financial inclusion and other developmental initiatives.

"We are truly honoured to welcome Mr&nbsp;Gandhi, a distinguished and seasoned leader, as a guide and mentor to Paytm. Since the beginning of our journey, we have focused on building an organization that has the culture and the resources of serving our customers responsibly. Mr.

Gandhi joins our family, which now includes some of the most distinguished Indian and global leaders in the fields of finance, law, technology and business, all working together to help us achieve this goal," said Paytm Founder and CEO, Vijay Shekhar Sharma.

Prior to holding the position of Deputy Governor, Gandhi had been a career central banker

One97 Communications Limited, the company that owns digital payment major, Paytm, announced the appointment of retired Reserve Bank of India (RBI) Deputy Governor, Rama Subramaniam Gandhi, as an advisor. Prior to holding the position of Deputy Governor, Gandhi had been a career central banker. He was a member of the first Monetary Policy Committee, and also had a three-year secondment to the Securities and Exchange Board of India (SEBI). Gandhi has also served as the head of two regional offices of the Reserve Bank and held a charge as the Director of the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad. He has over three decades of experience in banking with cross-functional exposure in technology, payment systems, capital markets, securities, forex, money market and International Banking among others. Besides holding strategic roles in the RBI, Gandhi had also piloted several innovative projects on IT, payment systems, financial literacy, financial inclusion and other developmental initiatives. "We are truly honoured to welcome Mr Gandhi, a distinguished and seasoned leader, as a guide and mentor to Paytm. Since the beginning of our journey, we have focused on building an organization that has the culture and the resources of serving our customers responsibly. Mr. Gandhi joins our family, which now includes some of the most distinguished Indian and global leaders in the fields of finance, law, technology and business, all working together to help us achieve this goal," said Paytm Founder and CEO, Vijay Shekhar Sharma.

Ex-RBI Deputy Governor R Gandhi joins Paytm

Union Minister for Petroleum and Natural Gas Dharmendra Pradhan said on Wednesday that India will again appeal to the Organisation of the Petroleum Exporting Countries (OPEC) for a reasonable fuel price.

Pradhan told, "Being a consuming country, we always expect a reasonable fuel price. India is consistent on this issue for the last few years and we'll repeat our appeal in the seminar. They're taking us seriously. Four years back, they were just listening to us. In an era of consumerism, India will have its own voice."

Pradhan added that India should get reasonable and inexpensive fuel prices as per requirements.

Highlighting the importance of the OPEC seminar, he further said, "In the era of energy security, this OPEC seminar will play a major role of reassurance for non-disruptive energy supply network."

On Monday, Pradhan said India will raise the issue of the recent fuel price hike at the OPEC meeting.

"The OPEC countries are going to meet in Vienna. India is also going to be a part of it. We will put our points forward. We'll seek responsible crude oil pricing from OPEC and we will ensure that oil prices remain within common man's reach," he told reporters in Delhi.

Pradhan had also pointed out that the less production of oil in the OPEC, reduced value of the Indian rupee in comparison to the US dollar and a hike in crude oil price in the international market were some of the factors affecting fuel prices in India.

As per a release from OPEC, the organisation will host the 7th OPEC International Seminar at the Imperial Hofburg Palace in Vienna, Austria, on June 20-21 under the theme - 'Petroleum - cooperation for a sustainable future'.

The seminar will provide fresh impetus to key petroleum industry issues and challenges, helping to enhance existing avenues of dialogue and cooperation, while stimulating new ones.

It will feature presentations by officials from energy and oil ministries, executives from oil companies and financial firms, and other representatives from international organizations and research institutions, according to the release.

The meeting will seek to reinforce OPEC's longstanding commitment to strive towards a secure and stable market in support of a healthy global economy. It will also highlight the need for continuing promotion of cooperation and dialogue with all oil industry stakeholders, including producers and consumers.

Pradhan told, 'Being a consuming country, we always expect a reasonable fuel price'

Union Minister for Petroleum and Natural Gas Dharmendra Pradhan said on Wednesday that India will again appeal to the Organisation of the Petroleum Exporting Countries (OPEC) for a reasonable fuel price. Pradhan told, "Being a consuming country, we always expect a reasonable fuel price. India is consistent on this issue for the last few years and we'll repeat our appeal in the seminar. They're taking us seriously. Four years back, they were just listening to us. In an era of consumerism, India will have its own voice." Pradhan added that India should get reasonable and inexpensive fuel prices as per requirements. Highlighting the importance of the OPEC seminar, he further said, "In the era of energy security, this OPEC seminar will play a major role of reassurance for non-disruptive energy supply network." On Monday, Pradhan said India will raise the issue of the recent fuel price hike at the OPEC meeting. "The OPEC countries are going to meet in Vienna. India is also going to be a part of it. We will put our points forward. We'll seek responsible crude oil pricing from OPEC and we will ensure that oil prices remain within common man's reach," he told reporters in Delhi. Pradhan had also pointed out that the less production of oil in the OPEC, reduced value of the Indian rupee in comparison to the US dollar and a hike in crude oil price in the international market were some of the factors affecting fuel prices in India. As per a release from OPEC, the organisation will host the 7th OPEC International Seminar at the Imperial Hofburg Palace in Vienna, Austria, on June 20-21 under the theme - 'Petroleum - cooperation for a sustainable future'. The seminar will provide fresh impetus to key petroleum industry issues and challenges, helping to enhance existing avenues of dialogue and cooperation, while stimulating new ones. It will feature presentations by officials from energy and oil ministries, executives from oil companies and financial firms, and other representatives from international organizations and research institutions, according to the release. The meeting will seek to reinforce OPEC's longstanding commitment to strive towards a secure and stable market in support of a healthy global economy. It will also highlight the need for continuing promotion of cooperation and dialogue with all oil industry stakeholders, including producers and consumers.

India to appeal for fair fuel price in OPEC meeting: Petroleum Minister