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Drug prices to be slashed as pricing policy comes into effect

From July, more than 300 essential medicines will cost 20 to 25 per cent less, as the new national pricing policy comes into effect. How will this affect us and why are some calling it an eyewash? ...

Life-saving drugs to get cheaper by up to 80 per cent

New Delhi: Prices of 348 medicines, including life-saving drugs, will be cheaper soon by up to 80 per cent as the new Drug Price Control Order has come into effect. Industry experts said the implementation of the new drug policy will lead to slashing of prices of many anti-cancer and anti-infective drugs by 50-80 per cent. According to the website of Department of Pharmaceuticals, the government has notified that the...  

China president takes charge of sweeping economic reforms

Beijing: Chinese President Xi Jinping has taken charge of drawing up ambitious reform plans to revitalise the economy, sources close to the government said, shunning policy stimulus for fear it could worsen local government debt and inflate property prices. A consensus had been reached among top leaders that reforms would be the only way to put the world's second-largest economy on a more sustainable footing, said the sources, who are...  

Income limit of 'creamy layer' hiked to Rs 6 lakh per annum

New Delhi: In a bid to widen the ambit of beneficiaries getting reservation under the OBC quota, the Central government on Thursday enhanced the ceiling for applying the 'creamy layer' restriction on "socially advanced persons". While the income criteria so far was Rs 4.5 lakh per annum, the Union Cabinet today increased it to Rs 6 lakh per annum. The increase in the income limit to exclude the creamy layer...  

Gold slumps by Rs 500 to hit 1-month low at Rs 26,800

New Delhi: Rolling down gold prices dropped to one-month low by losing Rs 500 to Rs 26,800 per 10 grams in the national capital today on heavy selling by stockists driven by weak global trend. This fall was in continuation to a steep fall of Rs 600 on Thursday to hit a level last seen on April 17, after the metal tumbled in overseas markets driven by reports investors cutting...  

Gold falls to three-week lows on stronger dollar

London: Gold fell for the fifth straight session on Wednesday, hitting a three-week low as the dollar strengthened to a six-week high versus the euro after weak euro zone data. While gold has recovered around 7 per cent from a two-year trough of $1.321.35 an ounce hit in mid-April, its safe-haven appeal has been battered by record-high US equities and signs of an improving US economy. Spot gold fell 0.8...  

Oil Ministry proposal on gas prices rejected

New Delhi: Oil Ministry's proposal for an across-the-board near doubling of natural gas prices has been rejected by the Cabinet Secretariat saying a ministerial panel headed by Defence Minister AK Antony did not have powers to do so. The Ministry had sent a draft proposal for the consideration of the Empowered Group of Ministers (EGoM) to price all domestically produced natural gas - be of state-run ONGC or private sector...  

April inflation slows to 4.89 pc, lowest since Nov 2009

New Delhi: The headline inflation dropped to its lowest since 2009 in the month of April at 4.89 per cent, a level seen comfortable for the RBI to persist with monetary easing to revive a flagging economy. April's reading is well below the 5.50 per cent estimated by analysts in a Reuters poll. The wholesale price index, India's main inflation measure, rose an annual 5.96 per cent in March. The...  

Army to replace Maruti Gypsy, begins trials of new vehicles

Jaipur: Soaring petrol prices have forced the Army to look for other options in the SUV variant and it started summer trials of Mahindra Scorpio and Tata Safari in Thar desert in Rajasthan on Monday. The vehicles are being driven by Army drivers to test their endurance, fuel consumption, temperature, cross country drive performance with and without load, power-to-wheel ratio among other factors, Army sources said. Two variants of Mahindra...  

Mumbai housing prices soar by 66 per cent in 4 years

New Delhi: Housing prices have increased by an average 66 per cent in Mumbai over the last four years on account of steady demand and rising input cost, according to property consultant Jones Lang LaSalle (JLL). The increase has been even higher at 70 per cent in Thane and 74 per cent in Navi Mumbai. "The cumulative price escalation figures for Mumbai, Thane and Navi Mumbai represent the highest among...  

CPI inflation slows to 9.39 per cent in April

New Delhi: After better than expected industrial production numbers, which came at 2.5 per cent for the month of March, inflation has also hit a 13-month low. Consumer Price Index for the month of April is at 9.39 per cent against 10.39 per cent in March. Rural inflation was also seen going down at 9.16 per cent as compared to 10.41 per cent in March. Food prices for consumers rose...  

Diesel price hike will result in inflation, make life difficult: Delhi residents

The diesel price was hiked by 90 paise on Friday. ...

Tamil Nadu CM Jayalalithaa condemns diesel price hike

Chennai: Tamil Nadu Chief Minister J Jayalalithaa on Friday described as unjust the latest hike in diesel prices as she slammed the Centre with having failed to take steps to control skyrocketing prices and "scams in all departments." This was the fourth time oil companies have effected hike since January 2013 and the measure aimed at mobilising revenue for government would severely affect the poor people, she said in a...  

Diesel price hiked by 90 paise per litre, effective from midnight

New Delhi: Diesel prices were on Friday hiked by Rs 0.90 per litre, excluding local sales tax or VAT. This is the fourth increase in diesel rates in 2013. State-owned oil firms, which had been mandated in January to raise prices by up to 50 paisa per litre every month till entire losses on the fuel are wiped out, skipped raising rates in April to avoid troubles for the government...  

Berlusconi tax fraud sentence upheld by Italian court

Milan: A Milan appeals court upheld a four-year sentence for tax fraud against former prime minister and centre-right leader Silvio Berlusconi on Wednesday, adding to the complications facing Italy's fragile coalition government. In addition to the jail sentence for tax fraud in connection with the purchase of broadcasting rights by his television network Mediaset, the court's ruling would also bar Berlusconi from holding public office for five years. However, neither...  

Gold holds near two-week high; equities cap gains

Singapore: Gold neared its highest level in more than two weeks on Monday, but gains may be capped by a rally in equity markets and promising US jobs data that dampened speculation the Federal Reserve may boost monetary stimulus. Bullion has slipped almost 12 per cent so far in 2013, having posted annual gains in the past 12 consecutive years as easy monetary policy prompted investors to buy the precious...  

RBI likely to cut interest rates to prod sputtering economy

Mumbai: The Reserve Bank of India (RBI) is expected to cut its policy interest rate by a quarter point on Friday for the third time this year as it looks to bolster an economy growing at a decade low and takes comfort from easing inflation. While investors are hoping to hear a less-hawkish tone from RBI Governor Duvvuri Subbarao, the RBI in its report on macroeconomic and monetary developments on...  

NCP attacks Congress on costly government flats

Mumbai: The ruling Democratic Front constituent Nationalist Congress Party on Thursday attacked the senior alliance partner Congress over the high prices of flats to be allotted by the government . In a statement, NCP spokesperson Nawab Malik said that the Maharashtra Housing and Area Development Authority (MHADA) appeared to be in a race with private builders by charging exorbitant prices for its tenements, forgetting its primary objective of providing affordable...  

RBI may sweeten rate cut with lower cash reserve ratio

Mumbai: The Reserve Bank of India may sweeten its expected 25 basis point interest rate cut on Friday with a similar reduction in the cash reserve ratio to ease tight market liquidity conditions as increasingly benign inflation gives it room to manoeuvre. A slowdown in inflation, economic growth languishing at a decade-low 5 per cent and expectations of a lower current account deficit thanks to cooling global commodity prices have...