Economy News
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Big win for homebuyers! 2,476 flat owners to get GST refund of Rs 8.2 crore from this infra company, rules NAA
PTI | September 19, 2018 6:57 PMIn a big relief to the home buyers, the National Anti-Profiteering Authority (NAA) has ordered Gurugram-based infra company to refund over Rs 8.22 crore to 2,476 flat owners.
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Factors driving the opportunities for door-to-door express logistics providers in tier 2 & 3 markets
September 20, 2018 11:32 AMIndia’s logistics industry is currently pegged to grow at 10% per annum according to the ICRA, and reach USD 215 billion in the next two years, according to the Economic Survey.
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India may impose up to $4.83 per kg anti-dumping duty on Chinese flax yarn
PTI | September 19, 2018 6:34 PMIndia may impose anti-dumping duty of up to USD 4.83 per kg on a certain kind of flax yarn, used in apparel industry, from China for five years with a view to guard domestic players from cheap imports from the neighbouring country.
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Government to soon announce import curb on several non-essential items, says SC Garg
PTI | September 19, 2018 6:18 PMThe government will soon announce import curbs on several non-essential items, a top finance ministry official said Wednesday while terming “the 10 per cent depreciation” in the rupee in the last few weeks as a “temporary phenomenon”.
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CAIT writes to Suresh Prabhu over plans to change draft e-commerce policy
PTI | September 19, 2018 6:03 PMTraders’ body CAIT Wednesday termed the government’s reported move to drop the draft of e-commerce policy as a regressive step, and has written to commerce minister Suresh Prabhu registering its protest.
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S&P assigns rating to Kerala; cites weak budgetary, debt metrics
PTI | September 19, 2018 5:59 PMS&P Global Ratings Wednesday assigned ‘BB’ long term rating to Kerala, reflecting its weak budgetary and debt metrics. This is the first time that S&P has assigned a local and regional government (LRG) rating in India, the agency said in a statement.
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Digitally influenced spending in emerging markets to reach $4 trillion by 2022, says BCG report
PTI | September 19, 2018 5:27 PMThe value of digitally influenced spending in emerging markets will be around USD 4 trillion by 2022 and will amount to about half of all retail spending in Asia, Latin America and Africa, says a report.
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Is the smart meter programme under UDAY really smart?
PTI | September 19, 2018 4:55 PMThe key to the success of a smart meter implementation programme is its ability to provide reliable electricity consumption data, to be used for plugging operational inefficiencies in the system.
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India’s MFI loan portfolio up 47% in FY18 to Rs 68,789 crore, says report
PTI | September 19, 2018 4:43 PMIndia’s microfinance industry clocked 47 per cent growth with a gross loan portfolio of Rs 68,789 crore in the financial year ended March 2018 as against Rs 46,842 crore in the year-ago period, according to a report.
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Cabinet defers Rs 4,500 crore sugar package; proposal may come up next week
PTI | September 19, 2018 4:06 PMThe Union Cabinet did not consider Wednesday Rs 4,500 crore plan to more than double the production assistance paid to sugarcane farmers and transport subsidy to sugar exporting mills, sources said.
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Trade war: Here’s what full-blown Trump-Xi trade conflict won’t do to India, and it’s good news
FE Online | September 19, 2018 3:32 PMIndia’s economic growth has outperformed other emerging market economies and has strong fundamentals, because of which, the country is less likely to be impacted by the trade conflict if it escalates in the future.
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India improves: Infant mortality dips to world average; Modi’s Swachh Bharat tackling common causes of death
FE Online | September 19, 2018 2:29 PMEven though infant deaths in India continue to remain the highest in the world, the numbers are lowest in five years.
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Relax! India doing much better than other emerging economies in foreign currency debts
FE Online | September 19, 2018 1:55 PMIndia’s debt obligation in foreign currencies as a share of the Gross Domestic Product (GDP) is 15%, slightly higher than China’s 14% but much lower than Russia’s 25%, Brazil’s 26% and Argentina’s 54%.
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Pace extreme poverty reduction in South Asia faster than rest of world: World Bank
PTI | September 19, 2018 12:33 PMSouth Asia has made remarkable progress in reducing extreme poverty as compared to the rest of the world, but a lot of work has to be done to improve the wellbeing of relatively poor in the region, including in India, a top World Bank official said Wednesday.
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What’s the brouhaha over falling rupee? JP Morgan’s Jehangir Aziz busts popular belief
FE Online | September 19, 2018 12:25 PMJehangir Aziz has busted the popular belief that Indian economy is protected by regulatory and capital controls and cannot be impacted by global trends.
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RBI has the means if not the will to boost rupee from record low
Bloomberg | September 19, 2018 11:47 AMThe Reserve Bank of India has been slowing its intervention efforts in recent months as emerging markets faced a rout and oil prices surged. RBI has stated from time to time that it is concerned with curbing excessive volatility and doesn’t target a specific rupee level.
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Relief on way for sugar Industry; Modi government mulling to double sugar subsidy to boost exports
Bloomberg | September 19, 2018 9:00 AMThe Narendra Modi government is planning to provide a subsidy of 13.88 rupees per 100 kilograms of cane to sugar mills in the year starting Oct. 1, compared with 5.5 rupees in the 2017-18 season.
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US tariff on metals: India defers response on trade deal hopes
FE Bureau | September 19, 2018 5:31 AMNew Delhi’s decision to defer tit-for-tat action through a midnight notification on Monday comes at a time when both the countries are engaged in serious trade negotiations.
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Auditor resignations: Govt planning review of auditing standards
Surbhi Prasad | September 19, 2018 4:45 AMThe ministry will also likely soon ask the Institute of Chartered Accountants of India to look into the issue and suggest ways to deal with it.
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Agriculture: Jaitley concerned over declining share of public investment
FE Bureau | September 19, 2018 12:16 AMFinance minister Arun Jaitley has expressed concern over a declining share of public investment in agriculture while subsidies to the sector are on the rise.
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US-China trade war: Beijing hits back by levying tariffs on $60 billion of Washington goods
Reuters | September 18, 2018 7:27 PMChina will levy tariffs on about $60 billion worth of US goods in retaliation for new US tariffs, as previously planned, but has reduced the volume of tariffs that it will collect on the products.
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US-China trade war: Alibaba’s Jack Ma says tariff friction between Beijing, Washington could last 20 years
Reuters | September 18, 2018 5:59 PMAlibaba chairman Jack Ma said on Tuesday that trade frictions between the United States and China could last for two decades and would be “a mess” for all parties involved, citing weak trade rules.
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Suresh Prabhu calls for collective action to revitalise WTO without undermining core principles
PTI | September 18, 2018 5:33 PMCommerce and Industry Minister Suresh Prabhu has called for collective action to revitalise the World Trade Organisation (WTO) without undermining its core principles of consensus building, inclusiveness and transparency, an official statement said Tuesday.
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US-China trade war: Beijing threatens ‘synchronised counter measures’ to retaliate Donald Trump’s $200 billion tariffs
PTI | September 18, 2018 4:34 PMChina Tuesday threatened to retaliate with “synchronised counter measures” against President Donald Trump’s third round of tariffs on USD 200 billion worth of Chinese imports, saying the US’ move will add “new uncertainties” for future talks between the world’s top two economies.
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Need to blend subsidy with investment to enhance agriculture sector growth, says Arun Jaitley
PTI | September 18, 2018 4:20 PMFinance Minister Arun Jaitley Tuesday made a case for blending subsidy with investment to augment farm sector growth and make it sustainable and self-sufficient.
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States set to miss 20% debt-to-GDP ratio target by FY23, says India Ratings report
PTI | September 18, 2018 4:01 PMThough the Centre may manage to achieve the debt-to-GDP ratio target of 40 per cent by FY23, the states achieving the 20 per cent target looks difficult as most of them have not budgeted so far, warned a report.
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Modi government set to remove long-standing trade irritants with US; to close deal in ‘few weeks’
Reuters | September 18, 2018 3:27 PMThe US President Donald Trump said earlier this month that India had approached the United States to “start doing a trade deal,” without giving any details.
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
