India’s drug prices regulator calls for better oversight of private hospitals

India’s drug prices regulator calls for better oversight of private hospitals

India’s drug pricing authority called for better regulation of the country’s massive private healthcare industry on Friday to ensure government efforts to cut prices benefit patients. To cut the cost of procedures such as angioplasty and knee surgery, India’s National Pharmaceutical Pricing Authority (NPPA) has dramatically reduced prices of knee implants and cardiac stents in recent months. The move has been hailed as a major effort by Indian Prime Minister Narendra Modi to make healthcare affordable, but it has been met with stiff resistance from healthcare providers. Several hospitals across…

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Govt seeks asset valuer for Air India stake sale

Govt seeks asset valuer for Air India stake sale

As the government prepares to peg a price tag to Air India for its stake sale, it has invited applications for an asset valuer for the national carrier as well as its subsidiaries and overseas offices. The Union Cabinet has given its in-principal approval for disinvestment of the debt-laden Air India and has constituted a group of ministers to chart out the future course of action. According to the tender document floated by civil aviation ministry, the asset valuer will have to carry out the valuation of land, buildings, aircraft,…

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Paytm Mall eyes sales worth $500 million during festive season

Paytm Mall eyes sales worth $500 million during festive season

Paytm Mall on Wednesday said it expects to facilitate sales worth $500 million during the festive season through its platform. Like its rivals Amazon India and Flipkart, Paytm Mall is also offering a sale on its platform between September 20-23. “We are well on our way to achieve half a billion dollar of sales this festive season. We are giving a number of offers and discounts to consumers during the festive season,” Paytm Mall Chief Operating Officer Amit Sinha told PTI. Early this year, Alibaba-backed Paytm had spun off Paytm Mall…

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Indian economy to grow at lower rate in 2017-18 due to demonetisation: Paris-based think tank

Indian economy to grow at lower rate in 2017-18 due to demonetisation: Paris-based think tank

Indian economy is projected to grow at a lower than expected rate of 6.7 per cent this fiscal due to the “transitory effects” of demonetisation and the GST implementation, according to Paris-based think tank OECD. The Organisation for Economic Cooperation and Development (OECD) has also revised downwards its estimate for the country’s growth in next financial year (2018-19) to 7.2 per cent. For this period, the GDP expansion was pegged at 7.7 per cent in June. In 2017-18, India’s growth is forecast to be 6.7 per cent compared to June…

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‘Ease of doing biz’ is not ‘ease of making money’: Steel minister

‘Ease of doing biz’ is not ‘ease of making money’: Steel minister

Steel minister Chaudhary Birender Singh on Tuesday said India needs to raise per capita consumption of the commodity, while asking the industry to play ethical by differentiating between ‘ease of doing business’ and ‘ease of making money’. It is not just the duty of the government or the steel ministry in specific, each one has a role to play, he said at KATM conference on raw materials for steel and power here. He was speaking on the key role society has to play with regard to various issues be it…

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67 of total 671 selected startups receive tax benefits so far, says minister

67 of total 671 selected startups receive tax benefits so far, says minister

The government has extended tax benefits to 67 startups so far with a view to promoting budding entrepreneurs in the country, minister of state for commerce and industry CR Chaudhary said on Tuesday. In January 2016, Prime Minister Narendra Modi had unveiled a slew of incentives to boost start-up ecosystem, offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus to fund them. “3,576 startups have been recognised as on September 7 and tax benefits have been given to…

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SBI Life to launch India’s first billion-dollar IPO in seven years

SBI Life to launch India’s first billion-dollar IPO in seven years

SBI Life Insurance Co will launch next week what will be India’s first billion-dollar initial public offering since 2010, paving the way for a record-setting year for IPOs in the country. SBI Life, a unit of top Indian lender State Bank of India (SBI), will open the share sale to the public on Sept. 20 and close it on Sept. 22, according to a filing. The shares, that will begin trading Oct. 3 will be sold in a price range of 685-700 rupees apiece, raising as much as 84 billion…

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Indian retail may grow to Rs 85 lakh crore by 2021: Report

Indian retail may grow to Rs 85 lakh crore by 2021: Report

Indian retail industry, growing at 10 per cent, may almost double to Rs 85 trillion (lakh crore) by 2021 steered by consumer data and technology disruptions, says a joint report by Ficci and Deloitte. According to the report, consumer data and technology disruptions will drive retail and FMCG sectors towards a new phase of growth where consumer experience will be the focal concern for all retailers and brands. “Consumer retail forms an integral part of the industry with current estimated size of more than Rs 45 trillion. It is further…

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169 stores to continue under McDonald’s brand: Vikram Bakshi

169 stores to continue under McDonald’s brand: Vikram Bakshi

Vikram Bakshi, the estranged partner of McDonald’s, on Thursday said the 169 outlets he runs in north and east India will continue to operate under the US brand. McDonald’s, which had last month terminated franchise pact that essentially meant the 169 outlets cannot use its trademark, said it would enforce its legal right to refrain Bakshi from using its intellectual property. The National Company Law Appellate Tribunal (NCLAT) today refused any interim relief to Bakshi, who had sought a stay on franchise termination by the US-based fast food chain major….

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