7 indirect taxation-related laws being amended, says FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman Thursday said seven legislations under indirect taxation are being amended to ensure greater simplicity, as she moved the Finance Bill in the Lok Sabha.

Economy News

2 years of GST: Over Rs 45,000 crore worth of frauds unearthed so far; what govt is doing to limit frauds

Taxmen unearthed Rs 45,682.83 crore worth of tax frauds under goods and services tax (GST) regime since its rollout on July 1, 2017, government data showed.

Economy News

Petrol, diesel set to get cheaper, but Modi govt has already taken the money from you

Petrol and diesel prices are likely to fall in the coming days as international crude prices continue to fall. However, the fall in petrol and diesel prices may not bring much cheer to the public.

petrol, diesel, crude, China, India, US, fuel price, AIPDA, excise duty, cess, VAT News

Chhattisgarh district improves most on ease of living, tops NITI Aayog’s Aspirational District ranking

Out of over 100 districts under the programme, five districts have emerged as the most improved regions under NITI Aayog’s Delta Ranking for the month of May.

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ADB cuts India’s GDP growth forecast to 7 per cent for FY20

For the south Asian region, ADB said the outlook remains robust, with growth projected at 6.6 per cent in 2019 and 6.7 per cent in 2020.

ADB, India GDP growth, india GDP growth forecast, Asian Development Outlook 2019 News

Arbitration award: Government as a party can’t get special stay, says SC

Arbitration proceedings are essentially alternate dispute redressal system meant for quick resolution of disputes and in case a money decree against the government is allowed to be automatically staye

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RBI surplus: Bimal Jalan panel for staggered transfer over 5 years

The ECF, which determines the central bank’s surplus transfer to the government, was one of the contentious issues in the much-hyped tussle late last year between the finance ministry and former RBI

Bimal Jalan panel, rbi, rbi surplus, economy news, reserve bank of india News

Fresh tranche of CPSE ETF may fetch govt Rs 11,000 crore

A record Rs 45,080 crore via two extant ETFs — Rs 26,350 crore from CPSE ETF and Rs 18,730 crore from Bharat-22 ETF — helped the Centre mobilise 53% of the disinvestment receipts in FY19.

Exchange Traded Fund, ETF, economy news, CPSE ETF News

GSP withdrawal impact: US firms to pay an additional $300 million in taxes annually in India

Earlier, around 2,000 products including auto components and textile materials could enter the US duty free due to GSP and India was the largest beneficiary of the programme in 2017 with $5.7 billion

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CARE Ratings downgrades outlook for West Bengal power discom to BBB-

According to CARE, although the rating has been revised negative, the rating continues to draw strength from 100% government ownership, support in the form of grants and loans and large distribution n

CARE Rating, West Bengal power discom, Bengal power discom, Bengal power discom rating, West Bengal State Electricity Transmission Company, WBSETCL, economy news

Niti Aayog panel for a greater role of private sector in coal mining

The development comes with dismal levels of production by captive coal mines amid growing demand. These mines produced only 25.1 million tonne (MT) in FY19, much lower than the peak output of 43.2 MT

Niti Aayog,Niti Aayog panel, private sector, coal mining, coal india, coal india share, coal india stock price, coal production, coal production in india, coal mine News

Easing business climate, trade norms to help India attract FDI, improve CAD, says IMF

India's trade barriers remain significant, it said, adding steps to contain fiscal deficit should be accompanied with measures to enhance credit availability through faster cleanup of balance sheets o

The IMF in its India section of the External Sector Report has said that although progress has been made on foreign direct investment (FDI) liberalisation, portfolio flows remain controlled. News

Piyush Goyal says huge investment opportunities exists in India in several sectors for UK companies

The minister informed the participants that India consumes more data than any other country in the world, and is ahead of the US and China.

Goyal also said that India is now working on improving ease of doing business through putting in place mechanisms. (Twitter photo) News

Set up dispute panel in case against India on sugar subsidy: Guatemala to WTO

The country has sought to set up the panel as India and Guatemala have failed to resolve the dispute through the consultation process, which is the first steps towards resolution of a dispute under WT

Guatemala is a major agricultural exporter in the world and it exports 70 per cent of its total sugar production. (Representational Image) News

Government working to make Pradhan Mantri Fasal Bima Yojna more beneficial, says Narendra Singh Tomar

Over 10 crore Soil Health Cards have already been alloted, he said, adding work on alloting 9.82 crore cards in the second phase is underway.

With regard to doubling of farmers' income, Tomar said a big target and a roadmap has to be made and the result cannot be visible in a day. (Representational image) News

Government extends 15th Finance Commission’s term by a month till November 30

The government on November 27, 2017, notified the 15th Finance Commission, headed by N K Singh, to suggest, among other things, the formula for devolution of funds to states by the Centre for five yea

Cabinet approves extension of the term of the Fifteenth Finance Commission up to 30th November News

Key to revive consumer demand hidden deep inside Budget 2019

Schemes such as MUDRA can help bolster consumption slowdown by increasing the disposable income level among people, Nielsen India said.

It is no surprise that the investment in India by single-brand retailers over the last five or six years is negligible. (Reuters File photo) News

Modi government not in favour of continuing with MGNREGA forever, says Narendra Singh Tomar

Replying to a discussion on demand for grants for the ministries of agriculture and rural development for 2019-20, Tomar also suggested that big corporates can learn from women self help groups as the

The Minister said the overall budgetary allocation for MGNREGA has increased from Rs 55,000 crore in 2018-19 to Rs 60,000 crore 2019-20. (Representational image/ Reuters photo) News

No proposal to allow foreign companies to operate multi-brand retail, says Piyush Goyal

Goyal also said there is a need to create conducive environment for retail trade by simplifying rules and regulations hindering the growth of retail sector.

The minister said the government proposes to formulate a National Retail Trade Policy (PTI Photo) News

US-China trade war an opportunity to help double India’s exports

Trade tension between the US and China has the potential to open a brand new window for India. Sports goods, toys, cables, stationery, and electronic goods are some of the areas, from where the Americ

exports, FIEO, imports, trade tensions, toys, sports goods, electronics, duty, trade relation, US-China, US-India News

Bimal Jalan panel report on RBI surplus finalised, to be submitted soon; here’s what is expected

Bimal Jalan panel, which is looking into the size of capital reserve that the Reserve Bank of India (RBI) holds, has finalised the report on Economic Capital Framework (ECF).

bimal jalan, former rbi governor bimal jalan, rbi News

Having smooth trading relationship is in mutual interest of India, US: Indian envoy

In March, US Trade Representative Robert Lighthizer announced that the US will terminate India's designation as beneficiary developing country under the Generalised System of Preferences (GSP) program

india US trade, india US ties, Harsh Vardhan Shringla, Donald Trump, American products, Rajiv Kumar, New Delhi News

Trade war impact: Singapore exports plunge more than forecast

The trade-reliant economy took a sharp downturn in the second quarter, prompting analysts to downgrade growth forecasts for this year and predict a possible recession.

Trade war impact, Singapore exports, US china trade war, Electronics exports, china economy, Enterprise Singapore  News

Donald Trump says he could impose more China tariffs

Trump and Xi called a tariff ceasefire and agreed to resume trade talks after meeting at the Group-of-20 summit in Japan in late-June, breaking a six-week stalemate.

Donald Trump, China tariffs, Xi Jinping, Chinese imports, US farm goods, Steven Mnuchin, China economy, US china trade war News

Kharif crop output might be steady this season: ICAR

India had produced a record 142.75 million tonne (MT) of foodgrains — rice, wheat, pulses and coarse cereals — in 2018 kharif even as the monsoon was 9% below normal.

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Monetisation: FCI to lease out warehouses

Given the National Food Security Act and the government's plan to double farmers' income by 2022, the costs of procurement and storage of grains could rise further in the coming years.

Monetisation, FCI,FCI warehouse, warehouse lease out, food corporation of india, food corporation, economy news, food grain News

Government signs contracts for 32 hydrocarbon blocks under OALP

HELP’s hallmarks are single licence for exploration of all forms of hydrocarbons (including shale gas and CBM), a simple revenue-sharing model, and marketing and pricing freedom for the developers.

Government, contract, hydrocarbon block, OALP, Oil India, Vedanta , ONGC , Indian Oil Corporation, HELP, Hydrocarbon Exploration Licensing Policy, Dharmendra Pradhan, economy news
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