The finance minister, Mr Pranab Mukherjee on Tuesday has asked banks to tap the vast opportunity provided by the semi-urban and rural markets by converting savings in these areas into financial assets.

Reliance Industries has told the government that it will not sign contracts to supply gas from its KG-D6 fields beyond 60 million units a day, as it may not be able to sustain higher production.

Economists expect the Reserve Bank to hike its key short-term lending and borrowing rates on July 27 to tame rising inflation, which is already in double-digits.
The Opposition has mounted pressure on the government to rollback fuel prices and curb inflation, but economists said the RBI’s expected move will not be guided by the NDA and Left-sponsored Bharat Bandh on Monday.

The collection of direct taxes during the first quarter of the current fiscal increased by over a full 15 per cent, driven mainly by higher realisation from the corporate sector.
The higher realisation of direct taxes, which mainly include corporate tax and income-tax, went up to Rs 68,675 crore, as against Rs 59,465 crore during the corresponding period last fiscal.

The policy making arm of the telecom department — the Telecom Commission will meet on Wednesday to discuss the recommendations of the Sam Pitroda panel appointed by the Prime Minister, to divest 30 per cent stake in the PSU and voluntary retire around one lakh staff.

The government has come out with a discussion paper on opening the mutli-brand retail to foreign direct investment.
Favouring opening up of the multi-brand retail to foreign investment, the discussion paper said that there was a lack of investment in the logistics of the retail chain sector d

A couple in southwest China’s Chongqing municipality are at loggerheads after the wife refused to have a baby because Argentina lost to Germany in the World Cup.

In her most comprehensive remarks yet on how India views its relationship with Iran, foreign secretary Nirupama Rao said on Monday this was a “fundamental” component of its “Look West” policy.

The monsoon has finally arrived in the national capital, with nearly 60 mm rain recorded in 24 hours since Sunday night. The maximum temperature, in the high 30s and early 40s in the past few days, fell to 32 degrees Celsius on Monday, four degrees below normal. The minimum was 25.5 degrees Celsius, three degrees below normal.

Differences between CPI(M) general secretary Prakash Karat and West Bengal chief minister Buddhadeb Bhattacharjee led to the latter walking out of the party politburo meeting on Sunday evening.