India’s crude steel production crossed the 100 million tonnes(mt) with a growth of 6.18 percent during last year. The government has taken various remedial measures to promote domestic steel sector which amongst others include trade measures such as anti dumping duties, safeguard duties and temporary introduction of Minimum Import Price.
The Reserve Bank today lowered the economic growth projection for 2017-18 to 6.6 per cent, but said that it will accelerate to 7.2 per cent in the next financial year as the roll-out of GST stabilises and credit offtake improves.
RBI Monetary Policy: The Reserve Bank of India governors on Wednesday flagged concerns over fiscal slippage and stress on MSMEs post the implementation of the Goods and Services Tax (GST).
RBI Monetary Policy: The Reserve Bank of India, in the sixth and last bi-monthly monetary policy meeting, kept the repo rate unchanged with the neutral stance, however, raised the inflation forecast on rising crude oil prices and house rent allowance impact.
RBI monetary policy February 2018: The Reserve Bank of India on Wednesday kept the repo rate “unchanged” at 6% for the third time in a row in its latest credit and monetary policy review, as was widely expected given the concerns on the rising headline inflation, surging global crude oil prices and fiscal slippage.
India’s tea exports have touched a record high in 36 years at 240.7 million kilograms during calendar 2017, Tea Board data said.
RBI Monetary Policy Highlights February 2018: The RBI in its sixth bi-monthly policy kept the repo rate unchanged under the liquidity adjustment facility (LAF) at 6%. Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25%.
The government expects to finalise a road map for resolving the bad loans issue in the MSME sector by March, Union Minister Giriraj Singh said.
In wake of minimum support price (MSP) getting hiked by 1.5 times of production costs for rabi crops this season, in the latest budget by the Finance Minister, the fear may all the more aggravate for the central bank. However, a study by the Economic Research Department of State Bank of India (SBI) discounts the fears.
The Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel is scheduled to announce its 6th bi-monthly monetary policy decision at 2:30pm on Wednesday. The outcome of the 6-member MPC meeting is being keenly awaited by stakeholders amidst a huge sell-off in the stock markets globally.
Although imports from Pakistan haven’t really taken place so far, the government wants to raise the duty to a prohibitive level for fears that cheaper dumping will only dampen the margins of mills at a time when local prices are, in any case, ruling below costs, and add to cane arrears.
The government raised customs duty on 45 items, which included smartphones, LED TVs, among others. It’s expected to collect about Rs 6,000-7,000 crore from the increase in import duty along with the new health and education cess.
The industry representatives pointed out that financially distressed power plants would find it difficult to incur the expenditure to install environment compliance equipment.
The decision to hike customs duty on nearly 45 items including mobile phones in the Budget 2018 by Finance Minister Arun Jaitley should not be seen with the perspective of protectionist tendencies, CBEC Chairperson Vanaja N Sarna on Tuesday said.
About 6,500 flats allotted last year under the Delhi Development Authority (DDA) housing scheme have been surrendered by the allottees, the Lok Sabha was informed today.
A formula will soon be worked out to release funds under a special package to Andhra Pradesh, Finance Minister Arun Jaitley said today, allaying the fears of parliamentarians from the state.
The Income-Tax Department (ITD) receives 15-25 lakh Permanent Account Number (PAN) applications per week, and takes a few hours to two weeks to allot the 10-digit alphanumeric identifier, the government has informed Parliament.
From now on, the taxman will not issue demand notice to taxpayers in case there is a minor mismatch between their income tax return (ITR) and the corresponding tax credit data collected by the department from banks and other financial institutions.
The Reserve Bank of India (RBI) today began its sixth and last bi-monthly monetary policy meeting for the fiscal year 2017-2018, which will conclude tomorrow with the decision on the repo rate, which economists expect will remain unchanged due to the concerns over higher inflation.
As many as 884 companies are under the scanner in various money laundering cases and assets worth Rs 5,000 crore have been attached following probes initiated as per the PMLA, Union Minister PP Chaudhary said today.
The government has unearthed goods and services tax (GST) evasion to the tune of Rs 5.70 crore in 16 cases in just five months of the ongoing financial year.
As many as 67 foreign direct investment proposals worth Rs 11,703 crore were approved during the first nine months of the ongoing fiscal, the Rajya Sabha was informed today.
India’s fiscal deficit is expected to come in at 3.5 per cent of GDP in financial year 2018-19, as policymakers seek to promote economic growth by reducing the pace of fiscal consolidation, says a report.
The Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, started its 2-day meeting today amid presumptions that the central bank will continue with pause on key interest rate in view of firming inflation.
A large number of taxpayers have been brought into the net taking the total base to 8 crore, CBDT chairman Sushil Chandra said today, underlining that the government has consolidated direct tax reforms.
As direct tax collection soared up 18% to Rs 6.56 lakh crore in the first nine months of the fiscal year 2017-2018, which the government said is “well ahead of its Budgeted target” of Rs 9.8 lakh crore for full year, Finance Minister Arun Jaitley explained the curious relationship between the GST and the direct tax.
GST returns filed by companies opting for the GST composition scheme has left the government surprised as 5 lakh companies reported such a turnover which works out to annual sales of Rs 5 lakh only.