Economy News - Page 30

In his first address, Urjit Patel asks staff to guard RBI reputation

Some of Patel's predecessors including D Subbarao, Y V Reddy, Bimal Jalan, and Manmohan Singh, criticised the apex bank for not doing enough to reassure the public in the wake of currency invalidation exercise.

Parliamentary panel grills Urjit Patel: Why Manmohan came to his rescue in a difficult situation

In policy matters, the government is always the final authority. There is no point in hounding the RBI politically..

Exclusive: Ahead of Budget, OECD lists out Indian economy’s ills, prescribes cures

Among the recommendations made were simplification of the bureaucratic procedures of securing regulatory approvals and environmental clearance for infrastructure projects, defining of timelines for all stages of granting approvals, relying more on single window clearance mechanisms and reviewing timelines within the Land Acquisition Bill to make land acquisition faster.

Startup bodies appeal for relaxations in tax policies

The industry representatives believe that aggressive tax collection by the IT department will adversely impact India's flagship Start-up Action Plan, 'Make In India' initiative and its Ease of Business ranking.

Make safe harbour rules attractive for tax payers, it will limit litigations

Safe harbour rules of 2013 have fallen below the tax payers’ expectations and so have not been able to generate significant interest

Many PSU banks may skip dividend payout this fiscal

Only six state-owned banks including SBI declared dividend, though at a lower rate, for the financial year ended March 2016.

Demonetisation may be the trigger for any increase in service tax rate this budget

Taxation experts have slammed any move to hike the service tax rate just months before GST comes into effect, saying industry will need to change its systems and the transition process itself will take months.

IMF GDP forecast: Can we stop the India-China ‘fastest growing economy' debate?

A sharp decline in GDP growth would mean more job losses, decline in consumer’s ability to purchase and lower number of new projects coming in. Even the existing projects may get derailed resulting in large cost overrun. Compared to this loss, what will the tangible gains from the demonetisation exercise, both in the short-term and long-term is a matter of speculation.

A four-point check list for Budget 2017: How to deal with the nervous excitement

More than demonetization’s ability to recover vast quantum of black money in the short span, its ability to increase the base for in-direct taxes in future is more appealing.

Budget 2017: Startups may get additional tax benefits, says Nirmala Sitharaman

Tax related (benefits) will have to come only through the budget, the Minister said, adding that suggestions with regard to exempting startups from MAT (minimum alternate tax) have also been forwarded.

GST deadlock ends: All set for 1 July roll out; uncertainty clears for India Inc

According to Jaitley, the whole process of preparing the draft laws and deciding the rate slabs will need time until March, which makes 1 July rollout a more realistic deadline than earlier 1 April.

RBI autonomy important, retain its special status, says Montek Singh Ahluwalia

Earlier, the issue of RBI's autonomy was raised by Nobel laureate Amartya Sen and former governors Y V Reddy and Bimal Jalan.

Post-demonetisation, IMF cuts India's growth to 6.6 percent

The IMF today cut India's growth rate for the current fiscal year to 6.6 percent from its previous estimate of 7.6 percent due to the "temporary negative consumption shock" of demonetisation, days after the World Bank also decelerated India's growth estimates.

Realtors' body seeks infra status for housing sector in Union Budget

"Granting of infrastructure status to projects will attract large companies to the sector and inculcate corporate governance," said NAREDCO President Praveen Jain.

Travel and tour operators seek tax incentives for inbound trips

India should be marketed as a top leisure destination, urged tour operators

WPI inflation rises to 3.39% in December, but food prices cool

Wholesale inflation broke the 3-month declining trend and rose to 3.39 per cent in December 2016, mainly due to rise in prices of manufactured items, even as food articles turned cheaper

Oxfam study: 8 billionaires hold half the world's wealth; rich-poor gap 'obscene'

It's because of this kind of inequality that trust in institutions has fallen sharply since the global financial crisis of 2008, according to Edelman, one of the world's biggest marketing firms.

Shaktikanta Das warns Amazon not to be 'flippant' about 'Indian icons'

A spokesman for Amazon based at its headquarters in Seattle had told <em>The Washington Post</em> that the doormat was no longer for sale on its website.

From R&D boost to tax sops: 5 steps that can prop pharma revenue to $70 bn by 2020

Almost 20 percent of global exports in generics from India make it the largest provider of generic medicines globally.

Arun Jaitley looks to break deadlock at GST meeting today

According to Jaitley, GST needs to be rolled out latest by 16 September, 2017.

Petrol price up by 42 paise a litre, diesel Rs 1.03

This is the fourth increase in petrol price in six weeks and the third in case of diesel in one month.

Govt should consider tax consolidation regime for road, power sectors

The government is pushing its agenda of ending unnecessary litigations and to that effect, it has issued multiple circulars/notifications in the last two years.

Railways needs a revenue manager, not a tariff regulator; here's why

On long-haul sectors such as Mumbai-Delhi and Delhi-Sealdah, the Rajdhanis have been beaten by airlines.

Why is PM silent on specifics of black money, political funding?

If the government can insist the common man to change their cash transactions to digital mode, why can’t it ask the same of political parties, too?

Demonetisation: Cash crunch hits travel and tourism sector hard

Demonetization has shed its gloomy shadow on the booming tourism and hospitality industry in India.

Demonetisation made Arun Jaitley's budget task a trial by fire

The consequences of demonetisation so far has been disastrous.

Working couples contribute to GDP a lot; give them a hefty tax break

The omnibus tax impetus scheme for savings and investments section 80C has long remained a one-size-fits-all scheme. It is time it shed this approach

RBI Governor Urjit Patel urges govt to rein in borrowings, inflation

The government debt-to-GDP ratio was taking its toll on the country's sovereign ratings, he said, adding that the combined fiscal deficit of the Centre and state governments was among the highest in the G20 group of nations.

'Budget should reduce I-T, corporate tax to boost consumption'

"Private investments have not happened. Substantial reduction of tax rates will attract growth rate," Sunil Kanoria, President of Assocham, said in an interview with BTVi.

Ahead of Budget 2017, Arun Jaitley says India needs globally compatible tax rates

The speech gave rise to speculation of tax rate cuts in the Union Budget on 1 Feb, which the finance minister sought to scotch in a later tweet