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ECONOMY NEWS - Page 213
Renewable energy: Govt to hold second edition of RE-Invest in Dec this yearSubscriber Only
August 13, 2017 02:00 IST
The first Global RE-Invest was held in New Delhi from February 15 to17 in 2015. The Centre had then decided that this would be an annual event. However, due to lack of sponsors, the second edition was postponed indefinitely.
GST slabs rationalisation will depend on revenue buoyancy: Arjun Ram Meghwal
August 12, 2017 17:29 IST
Regarding GST Network (GSTN), he said that it would be further improved. "Registered dealers may be facing some teething problems. But the system is perfect", said Arjun Ram Meghwal.
Economic survey 2: Flagging growth risks, Govt calls for monetary easing
August 12, 2017 04:59 IST
Forecasting "greater downside risks" to economic growth, the Survey, tabled in Parliament Friday, argues that the "scope for monetary policy easing is considerable" and could go up to 75 basis points.
Parliamentary Committee on RERA: ‘Any deviation, delay in realty law depriving public of their rights’
August 12, 2017 03:03 IST
The committee has recommended that the housing and urban poverty alleviation ministry should strictly instruct states to either amend their rules or re-notify them in line with the letter and spirit of the Act.
Adoption of new technologies, reskilling key for job growth
August 12, 2017 02:19 IST
The Survey also noted that the growth in digital tech like cloud-based services is happening at a much faster pace and the companies have to learn new technologies and reskill.
Cash usage in economy has dipped, policy makers should devise tools to revive growth: Arvind Subramanian
August 11, 2017 20:36 IST
The CEA was quoted by news agency PTI as saying: ""Farm loan waiver will be deflationary exerting a drag on growth in short run... We are not changing the growth forecast, but we are saying that because of all these risks it is less likely that we will see outcomes towards the upper end of the forecast."
Industrial production dips, contracts by 0.1 per cent in June
August 11, 2017 19:52 IST
Economists surveyed by Reuters had forecast 0.6 percent growth in output compared with a revised 2.8 percent year-on-year increase in May.
Arvind Subramanian hails GST, says ‘astonishing feat of administration, politics and technology’
August 11, 2017 17:47 IST
The Chief Economic Adviser, Dr Arvind Subramanian addressing on Economic Survey 2016-17 also spoke about the newly implemented Goods & Services Tax and said it to be an "astonishing feat of administration, politics and technology."
Economic Survey: Substantially overachieved on checking inflation, says Arvind Subramanian; Top developments
August 11, 2017 16:35 IST
Economic Survey: CEA Arvind Subramanian said today that the Centre won't relax fiscal borrowing limit of states. To accommodate loan waiver states to cut expenditure/raise taxes, it'll be deflationary.
Genuine case for India’s sovereign rating upgrade: Report
August 11, 2017 14:56 IST
The report said the Indian economy is far more resilient today, with low inflation, high real interest rates, large forex reserves, stable rupee and robust growth outlook. However, it said the banking sector NPA resolution and fiscal consolidation remain a work-in-progress.
Economic Survey raises concerns over farm loan waivers; meeting 7.5 per cent GDP growth a challenge
August 11, 2017 15:20 IST
The Economic Survey, which was tabled by the government in Parliament on Friday, raises concerns about farm loan waivers saying that they could reduce aggregate demand by as much as 0.7 per cent of GDP, imparting a significant deflationary shock to the economy.
Chidambaram says add another Rs 50,000 crore as cost of demonetisation to RBI’s dividend
August 11, 2017 13:19 IST
Chidambaram's remarks came as the amount of dividend revealed by RBI was less than half of the dividend transferred by RBI to the government a year earlier.
Achieving high-end of 6.75-7.5% growth difficult: Economic Survey
August 11, 2017 13:11 IST
The Economic Survey said that the balance of risk to achieving the 6.75-7.5 per cent growth has shifted to the downside.
Medium-term Expenditure Framework Statement: ‘Tax-GDP ratio to widen in next two years on GST, note ban’
August 11, 2017 03:11 IST
The Centre’s capital expenditure is expected to rise 25 per cent to Rs 3.9 lakh crore in 2019-20, with defence outlay alone jumping 22 per cent, as per the statement.
Govt plans sops for industries servicing foreign touristsSubscriber Only
August 11, 2017 02:47 IST
One of the focus areas is the meetings, incentives, conventions, exhibitions (MICE) sector, which is fast growing yet nascent in India. The draft Cabinet note proposes to bring Indian players engaged in this industry under a “zero-rate GST” regime if the payments are in foreign exchange, to boost exports.
GST, surveillance post demonetisation to increase tax-GDP ratio, claims govt
August 10, 2017 19:45 IST
Goods and Services Tax (GST) was rolled out from July 1 and it is estimated that the new indirect tax regime would add to revenues and boost GDP by about 2 per cent.
Direct Tax collections grow 19.1 per cent in April-July 2017
August 10, 2017 10:32 IST
Refunds of Rs 61,920 crore were issued during April-July, 5.1 per cent lower than the refunds issued during the corresponding period of last financial year, the statement said.
10 days left for filing returns: Just 16,000 returns till August 8; GSTN set for last-minute rush
August 10, 2017 09:50 IST
GSTR 3B requires taxpayers to provide a summary of outward sales, purchases, input tax credit demand and tax liability. The window for filing these returns commenced on August 5 and it will stay open till August 20.
Govt notifies timeline for filing of tax returns under GST
August 9, 2017 14:18 IST
Outward supplies in Form GSTR-1 for the month of July will have to be filed between September 1-5. For August, it is to be filed between September 16-20. Details of inward supplies in Form GSTR-2 for July will have to be filed between September 6-10. For August, the date is September 21-25.
GST structure not best but policymaking about second best choices: NITI Aayog VC designate
August 9, 2017 06:44 IST
Niti Aayog vice-chairman designate Rajiv Kumar on Tuesday said the structure of the Goods and Services Tax (GST) was not the “first best” but policymaking is the art of choosing the second best.
NITI Aayog’s new VP designate Rajiv Kumar hints at more exits, waning ‘foreign influence’Subscriber Only
August 9, 2017 06:39 IST
Rajiv Kumar has held senior positions in the Ministries of Industries and Finance, and is currently serving as founding director of Pahle India Foundation, a non-profit financial, economic and political research think-tank.
2.83 crore I-T returns: 25% increase in filing of tax returns, says Govt
August 8, 2017 06:02 IST
The tax department said that the rise in ITR filings also reflects addition of a "substantial" number of new taxpayers. The tax department had extended the date for income tax returns filing till August 5 from the earlier deadline of July 31.
SAT puts off hearing on Sahara Life petition to August 10
August 8, 2017 02:41 IST
IRDAI had on July 28 asked private sector life insurer ICICI Prudential Life to take over the business of Sahara Life on or before August 21. A 15-day moratorium has been given to policyholders to pay renewal premia.
Over-regulation to blame for woes: Ex-IRDAI memberSubscriber Only
August 8, 2017 02:30 IST
Enlisting the growth barriers, the report explained that currently the regulations are prescriptive and rule-based, and often there is carping on ‘market not mature’ and ‘data not adequate’. Private players reported underwriting losses of Rs 2,500 crore in FY 2017.
LIC may have to reduce exposure in non-strategic investments, says IRDAI
August 8, 2017 02:22 IST
LIC can continue its strategic investment in other firms beyond 15 per cent — especially in Corporation Bank and LIC Housing Finance. Sathe said the regulator doesn’t want LIC disinvestment in any firm to create disruption.
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