Economy

Payment deadline for Vivad se Vishwas scheme extended

Earlier this year the government has said that 35,074 direct tax-related disputes have opted for the scheme as on September 8.
It’s estimated that nearly 6 lakh such cases are pending in different forums including commissioner of appeals, tribunals, high courts and the Supreme Court.

Financial conditions recover significantly after hitting the abyss in April: Crisil

While the central bank's accommodative stance should help in the short-run, it remains to be seen until when and to what extent these pressures will be masked, it added.

COVID-19 downturn in Singapore to be more deeper, protracted than past recessions

Some sectors of the economy, especially those that are travel-related, may not return to pre-pandemic levels by the end of next year as the Singapore economy faces a “gradual but uneven” recovery,

Digitalisation to drive USD 6.8 trillion IT spending from 2020 to 2023: IDC

The impacts from COVID-19 pandemic are ubiquitous and affect the many external forces that are driving change, the research firm said in its worldwide information technology (IT) industry predictions

Businesses may face corona effect even after normalcy; 4 forces that may change rules of the game

The 4D forces of de-globalisation, diversification, digitalization, and Darwinism may affect the companies in the times to come.

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Jute bags shortage to hinder govt’s kharif procurement

The jute mills, confronting a raw material crisis with low yields of raw jute for the Amphan in West Bengal and floods in Assam,are also combating price rigging and hoarding of the golden fibre thereo

Salvaging act: States curbed spending in FY20 to rein in deficit at budgeted 2.6%

The salvaging of the states' fiscal position was from a serious, trend-reversing slippage of 80 basis points to 3.2% of GDP on year, as reflected in the revised estimates in the Budgets presented in F

Union Minister Piyush Goyal launches SCO Start-up Forum

Piyush Goyal on Tuesday called for a strong India-Shanghai Cooperation Organisation partnership to “nurture innovation and move towards the establishment of a transparent, fair and rational new inte

Our agreement is with the enterprise or whoever requires the logistics service and we charge them accordingly,” explains Desai.

India to see positive economic growth in second half of 2020-21: Niti Aayog Vice Chairman Rajiv Kumar

Niti Aayog VC admitted that the Indian economy would see a contraction in July-September, but opined that the decline must be slow.

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Global FDI flows fell 49% in first half of 2020 due to COVID-19: UNCTAD

UNCTAD's latest Global Investment Trends Monitor released on Tuesday said that in the wake of the pandemic, lockdowns around the world slowed existing investment projects and the prospects of a deep r

Working with states, local bodies to make it easier for biz to get licences, permissions: Piyush Goyal

The Commerce and Industry Minister also said that the government is looking at addressing problems of quality so that domestic products can be recognised for high quality.

RBI says next few years challenging for states; lists out ways how states should respond post-pandemic

RBI said that the state governments may have to face the difficult choice of putting investment projects on hold, but, low capital spending will inevitably entail growth losses.

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COVID-19 to erode 3 years of fiscal consolidation gains of states: RBI

The additional outgo to combat the impact of COVID-19 will significantly erode the fiscal consolidation achieved by the state governments in the past three years, an RBI report said.

Spike in internal remittance, new EPFO registrations indicate recovery: Report

Indicating a faster-than-expected recovery, remittances from migrant labourers and the number of first-time EPFO registrations have crossed the pre-lockdown levels in September, according to a report.

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FM Sitharaman says GDP growth may be negative, near-zero this fiscal; high hopes in festive season

FM Sitharaman said that there were visible signs of economic revival but the full-year GDP growth may suffer due to a huge economic contraction in Q1.

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Companies turn towards apprentices due to reverse migration of workers, rise in demand in these sectors

46 per cent employers are keen to increase their apprentice pool in the period July-December 2020, compared to 41 per cent in H2 2019.

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PM Modi says street vendors play important role in Uttar Pradesh’s economy; hails banks for this reason

PM Modi said that, earlier, even the employed workers had to bear the pain while applying for loans and the weaker sections could even think of stepping into the banks. However, now the banks are them

Earlier in the day, Jaishankar and Singh held the third edition of the 2+2 talks with US Secretary of State Pompeo and Defence Secretary Esper.

RBI asks lenders to implement waiver of interest on interest scheme by Nov 5

Last Friday, the government had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts.

With winters near, will India’s economy freeze? Twin trends to understand country’s road to recovery

As India’s foreign policy balances geopolitical tensions with the Government’s alacrity to tackle Covid-19, we must also dwell on how can we bring back the charm of the “golden sparrow”.

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Reviving demand key in Covid-hit economy

For the current year, the advanced economies have been projected to grow by (-) 5.8% which is 2.3% more compared to the estimates made only 4 months earlier.

GST: Pune-based fake invoices racket busted

Sources said that illegal activities like these emphasised the need for arrest provision in the GST law which is currently being challenged in various courts by multiple parties.

Over 40% of system credit and 75% borrowers to benefit from interest-on-interest concession: Crisil

Rating agency Crisil on Monday said over 40% of system credit and 75% of borrowers would benefit from interest-on-interest (compound interest) concession offered by the government.

Exporters raise concerns over rising freight charges, container shortage

Federation of Indian Export Organisations (FIEO) President S K Saraf said freight charges have increased significantly by about 30-50 per cent depending upon the destinations. He said protests by farm

The other issues raised by exporters were about MEIS (Merchandise Exports from India Scheme) funds and faceless assessment by customs authorities.

Economic, oil demand recovery around the corner with development of COVID-19 vaccine: OPEC

Speaking at the India Energy Forum by CERAWeek, Barkindo said, "We remain cautiously optimistic that recovery will continue. It may take longer, may be at lower levels. But, we are determined to stay

However, he noted that currently, the demand recovery is not robust at the moment due to the impact of the virus across the globe.
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