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Expressing similar views, Walmart India President & CEO Krish Iyer said recognition of retail trade as the largest service sector employer in the country and proposed focus to simplify the regulations for retail sector is very laudable. "The retail sector in India is currently the hotbed of economic growth… India is a domestic consumption driven growth story and therefore this support and encouragement to the retail trade will surely further drive consumption, which in turn will help manufacturing sector and job creation," he said.
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Pradhan Mantri Ujwala Yojana: The Cabinet today approved a Rs 8,000-crore scheme to provide cooking gas (LPG) connections free of cost to women members of poor households. The Cabinet, headed by PM Narendra Modi, approved Pradhan Mantri Ujwala Yojana with an outlay of Rs 8,000 crore for three years, Oil Minister Dharmendra Pradhan said – the scheme will benefit 5 crore BPL households. (PTI)
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5. Budget 2016: The 0.5 per cent Swachh Bharat cess on all taxable services, introduced last November to fund cleanliness drive of the government, will garner Rs 10,000 crore next fiscal, as compared to Rs 3,750 crore this year. The only place where the government will lose revenue is in converting the specific rate of Rs 4,500/tonnes of oil development cess into an ad-valorem rate of 20 per cent. At USD 35 per barrel oil price, the 20 per cent cess translates into Rs 3,500/tonne. On this account, the government will get Rs 10,303 crore next fiscal as compared to Rs 14,962 crore this year.
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Stating that setting up a model retail policy for the retailers is "a great announcement", Deloitte Haskins & Sells LLP Partner Anil Talreja said it will bring about standardisation of the state level reforms. "In India, people are very hard working and will never have a problem in keeping their shops open for seven days in a week so as to do more business and flourish," he added.
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Jewellers strike: FM Arun Jaitley has done well by not succumbing to the pressure to withdraw the proposal and he should stick to his stance; after all, this is not the EPF tax that hurts millions of taxpayers. What this does is hopefully bring some degree of sanity to jewellery purchases in the country and is essential for a movement to the goods & services tax (GST). (Image Source: PTI)
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Arun Jaitley: "When oil prices went down, a large share (of profit) went to consumers. Second part of it went to oil companies as they bought oil for future on prevailing prices and when the price came down they had to sell that oil on the reduced prices. So some relief for them was needed for them."
Indian professional denied F-1 visa despite Amazon career, officer says ‘you’re already successful’
