While this is much higher than the 6.7 per cent growth clocked in the first quarter of 2014-15, it is muted compared to the 7.5 per cent growth in the January to March quarter of last fiscal.
Somers said it becomes very clear to any observer that in the next several months India's long-awaited GST boll is likely to get cleared, paving way for a more streamlined tax regime.
Indebted developers are cutting staff as they slow work on existing projects and postpone new buildings until they clear a backlog of 700,000 unsold homes.
With India being the net importer of these commodities, there will be positive impact of the development on the economy.
"The fragility of the world economy today is precisely because it has focused on quick-fixes rather than deep reforms, " RBI chief Raghuram Rajan said.
Just a day before that, the ministry also cleared an application by Shandong Tiejun Electric Power Engineering Company Ltd to set up a project office in India.
Kingfisher Airlines, which now owns Deccan Aviation, and Jet Airways India have been ordered to deposit Rs 5 lakh and Rs 25 lakh, respectively.
Holcim and Lafarge had announced a $44 billion dollar alliance to create the largest cement company in April.
Economy stabilised, ‘significant improvement’ can be expected during the current fiscal, says Centre
Retail inflation has halved over the 19 months from double digit levels, giving the RBI scope to ease policy rates to help boost growth.
The rupee's slide comes after China's move to devalue the yuan. It has also sparked fears of a global currency war.
While the Sensex at the BSE was trading around 200 points lower at below 28,000 mark, several India companies that are impacted by Chinese exports are under pressure too.
The GST bill empowers the Centre to impose an additional tax of up to 1 per cent on the inter-state supply of goods and services for two years or more.
Though RBI left the rates untouched, it was suggestive of a better growth prospect, looked to push banks for better transmission of rate cuts and also raised hopes of further rate cuts in future.
PM Narendra Modi's vision includes creating a tax union to slash costs and transport times, and a network of industrial corridors connecting the interior to ports.
In the bi-monthly policy statement, the central bank also said that it awaits greater transmission of its front-loaded past actions, and that it would monitor developments for emerging room for more accommodation.
Although loan offtake has shrunk 3.16 per cent in April-June and stalled projects are yet to see a revival, analysts expect the central bank to wait for more clarity on food prices and cues on a possible US Fed rate hike.
The public sector insurer increased its holding in PSBs in the range of 6.28 to 9.4 percentage points
A policy outlining guidelines is likely to be notified shortly. With this India will become one of the five countries worldwide to have notified regulations for commercial use of drones.
Finance Minister Euclid Tsakalotos signed the order Friday that also includes restrictions for Greece-based traders for an unspecified time period.
The report underlines that the proposed law must strike a balance so that it does not “kill the investment in the sector”.
The meeting comes just days after the finance ministry released a revised draft of the Indian Financial Code that would reduce the central bank’s powers to decide the monetary policy stance.
Greece woke up to widespread tax rises -- on everything from sugar and cocoa to condoms, taxis and funerals
In the last eight months, while CPI (retail inflation) has consistently moved upwards, the WPI (headline inflation) has dramatically contracted.
The proposal is aimed at simplification of FDI policy with a view to attracting foreign investments and also improving ease of doing business in India.
Wholesale Price Index (WPI) based inflation was (-)2.36 per cent in May. It has been in the negative zone since November 2014.
The retail inflation measured in terms of Consumer Price Index (CPI) was at 5.01 per cent in May. The rate of price rise was at 6.77 per cent in June last year.
‘The way to eliminate deprivation is to achieve growth of 8-10% so that jobs are created for all’
McKinsey said firms backed by private equity generally improve their corporate governance by, for example, introducing independent committees for audit and compensation and enhanced board oversight.
But India's GDP growth rate is still expected to surpass China's this year for first time since 1999.
Greece has received nearly 240 billion euros from the European Union and IMF since 2010. The money has allowed it to stay afloat but at a high cost to its population, which has absorbed cuts to pensions, wages and public services.
BSE benchmark Sensex which crashed by 602 points at one stage on Monday staged a partial recovery to end with a loss of 167 points at 27,645.15.
Greece closed its banks and imposed capital controls on Sunday to check the growing strains on its crippled financial system.
Digital India will broadly aim at four things: bridging the digital divide, improving governance, harnessing power in the common man’s hand, and a politically and ideologically neutral campaign.
Raghuram Rajan has asked central banks from across the world to define "new rules of the game."
Govt intends to provide $9 billion to public sector banks towards recapitalisation over the next two fiscal to meet global risk norms and for growth: Finance Secretary Rajiv Mehrishi