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Economy News
GDP growth in Q4 of FY18 seen at 7.4 per cent, up from 7.2 per cent in Q3, says Icra
PTI | May 21, 2018 4:46 PM
Rating agency Icra expects GDP growth in January-March 2017-18 at 7.4 per cent on account of good rabi crop harvest and improved corporate earnings, up from 7.2 per cent in the third quarter.
IT Ministry may firm-up package of measures to boost electronics exports by June
PTI | May 21, 2018 5:29 PMThe IT Ministry may finalise a package of measures to boost electronics exports as early as June this year, according to a senior government official.
Tamil Nadu government hints it may not cut VAT on fuel
PTI | May 21, 2018 3:44 PMSteel, aluminium duties row: India plans to hit back with hike on 20 US products
PTI | May 20, 2018 6:24 PMFinance Ministry expects banks to get back over Rs 1 lakh cr with resolution of 12 major NPAs
PTI | May 20, 2018 5:07 PMGST update: Council asks Centre, states to quickly set up appellate authorities
PTI | May 20, 2018 12:13 PMGood news: India is now sixth wealthiest country of world with this much wealth
PTI | May 20, 2018 10:59 AM-
Oil price hike may force RBI to up rates in August: Analysts
PTI | May 21, 2018 7:32 PMRise in oil prices may lead to inflationary trends in the country, forcing the Reserve Bank of India (RBI) to hike rates by 0.25 per cent in the August policy review, foreign brokerages said today.
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US China trade war: Beijing says it can’t guarantee no more tension with Washington
Associated Press | May 21, 2018 6:35 PMChina’s government said today it cannot guarantee that renewed trade tension with Washington can be avoided after US Treasury Secretary Steven Mnuchin declared a temporary truce in a spiralling dispute that prompted worries of a chilling of global commerce.
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Gems and jewellery exports dip 22% in April
PTI | May 21, 2018 5:43 PMIndia’s gems and jewellery exports have declined 22 per cent to USD 2.6 billion in April on account of demand slowdown in major markets including the UAE.
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IT Ministry may firm-up package of measures to boost electronics exports by June
PTI | May 21, 2018 5:29 PMThe IT Ministry may finalise a package of measures to boost electronics exports as early as June this year, according to a senior government official.
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Economic boom in India coming soon? Massive number of consumers eligible for credit; here’s what it means
FE Online | May 21, 2018 7:18 PMSignalling that a major economic boom in India may be in the offing, a latest study estimates that nearly 150 million consumers who are currently not credit active are potentially eligible to become retail credit borrowers.
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GDP growth in Q4 of FY18 seen at 7.4 per cent, up from 7.2 per cent in Q3, says Icra
PTI | May 21, 2018 4:46 PMRating agency Icra expects GDP growth in January-March 2017-18 at 7.4 per cent on account of good rabi crop harvest and improved corporate earnings, up from 7.2 per cent in the third quarter.
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Oil price surge will push India’s CAD up to 2.5% of GDP, says SBI
IANS | May 21, 2018 4:29 PMEven though oil is now considered less of an independent driver of business cycles than before, the State Bank of India (SBI) on Monday said the recent surge in crude oil prices is likely to impact the country’s imports and stretch the ongoing fiscal’s current account deficit (CAD) to 2.5 per cent of GDP.
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Tamil Nadu government hints it may not cut VAT on fuel
PTI | May 21, 2018 3:44 PMWith prices of petrol and diesel touching record highs, the Tamil Nadu government today hinted it may not cut the Value Added Tax (VAT) on these products, saying they form a key part of the state’s own tax revenue (SOTR).
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The Brexit bottleneck: How freight could get stuck at the border
Bloomberg | May 21, 2018 3:09 PMAfter the Pride of York ferry sailed into the Belgian port of Zeebrugge from Hull in the U.K. earlier this month, dozens of cargo containers were offloaded and whisked away on trucks.
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As India shines on list of wealthiest nations, Pakistan stands out for all wrong reasons
FE Online | May 21, 2018 12:03 PMThe report also forecasts that India will record the fastest growth of 200 percent over 10 years to become world’s fourth wealthiest country with the private wealth of $24.69 trillion, overtaking the UK and Germany.
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After Bhushan Steel success, Modi’s IBC set to recover over Rs 1 lakh crore for NPA-ridden banks
FE Online | May 21, 2018 10:44 AMAfter the banks successfully recovered Rs 36,400 crore following the successful resolution of Bhushan Steel the finance ministry expects banks to write back more than Rs 1 lakh crore after the resolution of all 12 NPA cases referred to insolvency proceedings by the RBI it its first list.
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Steel, aluminium duties row: India plans to hit back with hike on 20 US products
PTI | May 20, 2018 6:24 PMIn a retaliatory move, India has told the WTO that it proposes to raise duties by up to 100 per cent on 20 products such as almonds, apple and specific motorcycles imported from the US from next month, if Washington does not roll back high tariffs on certain steel and aluminium items.
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Finance Ministry expects banks to get back over Rs 1 lakh cr with resolution of 12 major NPAs
PTI | May 20, 2018 5:07 PMEnthused by successful conclusion of Bhushan Steel case, the Finance Ministry expects banks to write back more than Rs 1 lakh crore after the resolution of all 12 NPA cases referred to insolvency proceedings by the RBI it its first list.
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GST update: Council asks Centre, states to quickly set up appellate authorities
PTI | May 20, 2018 12:13 PMThe GST Council has asked the Centre and states to expedite setting up of appellate authorities for aggrieved entities to appeal against orders of the Authority for Advance Rulings (AAR).
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Good news: India is now sixth wealthiest country of world with this much wealth
PTI | May 20, 2018 10:59 AMIndia is the sixth wealthiest country in the world with a total wealth of USD 8,230 billion, while the US is the richest nation globally, says a report.
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India drags US to WTO over steel, aluminium duties
PTI | May 19, 2018 1:58 PMOn March 9, US President Donald Trump imposed heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war.
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These many people denied ration due to Aadhaar-related factors
Pragya Srivastava | May 19, 2018 12:03 PMAadhaar-related exclusion is low in percentage terms but affects many in absolute numbers — as many as 2 million in just three states of the country, a report has said.
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Modi’s IBC masterstroke: As Bhushan Steel puts Rs 36,400 core in banks’ kitty; India winning NPA war
FE Online | May 19, 2018 11:52 AMIndia’s NPA war: With the major Rs 36,400 crore buyout of debt-ridden Bhushan Steel by a Tata Group company and many more to come under the Narendra Modi-led government’s IBC reform, India’s gains a strong footing in its war against NPAs.
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Rising oil prices: Import bill may rise up to $50 bn
FE Bureau | May 19, 2018 4:58 AMThe finance ministry on Friday said rising crude oil prices could drive up India’s import bill in the range of $25-50 billion this fiscal, worsening the current account deficit.
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Govt appoints new DIPAM secretary
FE Bureau | May 19, 2018 4:43 AMThe Centre on Friday appointed a Gujarat cadre IAS officer Atanu Chakraborty as the new secretary at the Department of Investment and Public Asset Management (DIPAM).
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GST adaptation under lens: Rajasthan depts deduct TDS from contractors, unlawfully
Sumit Jha | May 19, 2018 4:36 AMA few departments of the Rajasthan government have been deducting tax at source (TDS) from contractors, though this provision has remained suspended since the rollout of the new indirect tax regime in July last year.
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Liquidated damages proceeds to attract 18% GST, says AAR
FE Bureau | May 19, 2018 4:33 AMMumbai-based Authority of Advanced Ruling (AAR) for the goods and services tax (GST) has held that payment made on account of ‘liquidated damages’ will attract an 18% GST as it is an independent levy which can’t be treated as reduction of the contract price.
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Growing at 9-10 pc challenge for India, says Niti Aayog CEO Amitabh Kant
PTI | May 18, 2018 10:09 PMAdditional Secretary in DIPP Atul Chaturvedi said the plethora of initiatives undertaken by the Government of India for improving the Ease of Doing Business in India.
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India Corruption Study: 75% households feel corruption went up, 27% say paid bribe, says survey
PTI | May 18, 2018 8:43 PMThe study by CMS, a not-for-profit, multi-disciplinary development research and facilitative think-tank set-up in 1991, estimates that households in the 13 states that were part of the study would have paid between Rs 2,500 to Rs 2,800 crore during a year to avail these public services.
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‘Amaravati Bonds’: Andhra Pradesh Capital Region Development Authority to raise Rs 2000 cr
PTI | May 18, 2018 8:36 PMCRDA Commissioner Ch Sreedhar, the release said, informed Chief Minister N Chandrababu Naidu at a review meeting here today that they were expecting a rating of A or A+ for the bonds.
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Currency situation normal, all ATMs functioning well says Economic Affairs Secretary SC Garg
PTI | May 18, 2018 8:27 PMIt is to be noted that five-six states faced currency shortage last month, prompting the government and the RBI to take various steps to ease the situation.
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‘Crude oil price rise to cost India $25-50 billion, but government will ensure no impact on fiscal deficit’
FE Online | May 18, 2018 7:50 PMEven though rising crude oil prices may hit India’s import bill by $25 to $50 billion in the running fiscal, the government is confident about successfully weathering the shock.
Horoscope: By Peter Vidal
SAGITTARIUS Your creative energy should now be at a peak, but not perhaps because the stars are all on your side. On the contrary, challenging romantic stars remind us of the cliché that all great art stems from… read more
