Amazon becomes first foreign ecommerce firm to enter food retail venture in India

download (3)Source: LiveMint.com, Feb 19, 2018

NEW DELHI: Amazon has rolled out its own food retailing business in India with a pilot in Pune, becoming the first foreign ecommerce firm to stock and sell food items directly to consumers.

“Amazon is now a vendor on Amazon.in and is currently operating in Pune,” said a person familiar with the development. The products are sold by Amazon Retail India Pvt. Ltd.Another person said it will take “at least a quarter” for the ecommerce major to roll out its food retailing business nationwide.

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GST rules set to be simplified further

Source: LiveMint.com, Feb 19, 2018

Federal indirect tax body Goods and Services Tax (GST) Council is set to revamp the return filing process and further liberalize rules to make compliance easier for taxpayers and boost government revenues.

A meeting of central and state government officials in the capital on 27 February will give final shape to the proposal before the council takes it up on 1 March for approval, a person familiar with the development said on condition of anonymity. The 26th meeting of the council will be held through a video conference.

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Mahindra to invest Rs 2,325 cr in Maharashtra; to set up Rs 1700-cr film-based entertainment centre in city

download (2).jpgSource: Financial Express, Feb 18, 2018

Mumbai: The Mahindra Group today announced over Rs 2,300 crore investment in the state in three projects of which as much as Rs 1,700 crore will be spend towards creating an entertainment destination at Kandivali, a northwestern suburb of the megapolis. Addressing the Magnetic Maharashtra investor summit here this evening Mahindra group chairman Anand Mahindra said his software company Tech Mahindra will invest Rs 125 crore to create an all-green tech hub in Nagpur that will create ate least 2,500 jobs. On the Rs 1,700-crore investment announced in the city, Mahindra said, “we are exploring to set up a unique film-centric entertainment destination on our land at Kandivali in the city as Mumbai is the heart of Hindi film industry.

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India and Iran ink nine pacts, including DTA, visa liberalisation

download (1)Source: Business Standard, Feb 18, 2018

New Delhi: Prime Minister Narendra Modi today held “substantive” talks with Iranian President Hassan Rouhani to boost cooperation in key areas of security, trade and energy, after which the two sides inked nine pacts, including one on double taxation avoidance.

The two leaders also deliberated on regional situations during their wide-ranging talks.”Both leaders held substantive & productive discussion on cooperation in trade & investment, energy, connectivity, defence & security & regional issues,” External Affairs Spokesperson Raveesh Kumar tweeted.

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Virgin Hyperloop One enters into framework agreement with Maharashtra government

Source: The Economic Times, Feb 19, 2018

MUMBAI: Come 2024, the travel time between Mumbai, the financial capital of India to Pune, a leading manufacturing & IT hub will be drastically shortened to just 14-25 minutes. What’s more the cost of travel will be pegged at almost the same price as travelling in a cab or airplane, as Richard Branson backed Virgin Hyperloop One signed the framework agreement with the Maharashtra government on Sunday to build a hyperloop between Pune and Mumbai beginning with an operational demonstration track.

Virgin Group Founder and Virgin Hyperloop One chairman Sir Richard Branson announced the framework agreement in the presence of the Prime Minister Narendra Modi and Maharashtra Chief Minister Devendra Fadnavis to initiate the development of the route under the auspices of the Magnetic Maharashtra event.

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Ministry of Railways Announces one of the World’s Largest Recruitment Drive

download.jpgSource: IBEF.org, Feb 16, 2018

New Delhi: Ministry of Railways has announced one of the world’s largest recruitment processes for 89409 posts in Group C Level I (Erstwhile Group D) & Level II Categories. Online applications have been invited for the Group C Level II posts like Assistant Loco Pilots, Technicians (Fitter, Crane Driver, Blacksmith, and Carpenter) and Group C Level I (Erstwhile Group D) posts like Track maintainer, Points man, Helper, Gateman, Porter. This recruitment drive is open for candidates who have passed Class Xth & ITI for Group C Level I posts & Class Xth & ITI or diploma in engineering or a graduation in engineering for Group C Level II posts like Assistant Loco Pilots, Technicians and aspire to join Indian Railways.

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India’s Foreign Trade: January 2018

Source: IBEF.org, Feb 16, 2018

  1. MERCHANDISE TRADE

EXPORTS

Exports during January 2018 have exhibited positive growth of 9.07per cent in dollar terms vis-à-vis January 2017. Exports have been on a positive trajectory since August 2016 to January 2018 with a dip of 1.1 per cent in the month of October 2017.

Exports during January 2018valued at US$ 24383.97 million as compared to US$ 22356.32 million during January 2017. In Rupee terms, exports were valued at Rs.155172.00crore as compared to Rs.152202.70crore during January 2017, registering a riseof 1.95per cent.

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