Government ovt to setup review committee to resolve industry issues

Union minister Suresh Prabhu has said that the commerce and industry ministry has decided to set up a review committee to look into regulatory issues being faced by the industry. As per reports, the decision was taken in a meeting convened by the minister with industry chambers including Ficci, PHDCCI, CII and senior government officials.

Commenting on the issue, Union minister Suresh

Nomura warns against stimulus, blames fiscal stress on higher

Amid reports of a fiscal stimulus to boost the sagging economy, a foreign brokerage has warned the present macro problems are due to higher spending and not lack of it and also not due to low revenue receipts and hence a pump priming maybe counterproductive this time around, reported PTI.

"The fiscal stress is more a result of excess spending thus far, which has not left much roo

Niti Aayog deputy chief says no harm in busting fiscal deficit target

NEW DELHI - India's economy will do well with extra fiscal stimulus and there will be no harm if New Delhi busts its fiscal deficit target to create space for higher capital spending, a top government policy adviser said on Wednesday.

The comments from Rajiv Kumar, deputy head of policy think-tank Niti Aayog, comes at a time when Prime Minister Narendra Modi's

Economy in downward spiral, hard landing inevitable: Yashwant Sinha

 Senior BJP leader Yashwant Sinha in hard-hitting remarks has lashed out at "superman" Finance Minister Arun Jaitley for making a "mess" of the Indian economy which is headed for a "hard landing" as sector after sector is slipping into distress.

In an editorial page article in The Indian Express, Sinha, who was Finance Minister in the Atal Bihar

Credit card use on rise and so is demand for them: Survey

The credit card usage is on a faster clip, with 57 per cent of the cardholders doing transactions more than they did a year ago, and more people want to join the plastic credit bandwagon, says a survey as per the PTI report.

The findings are based on a survey conducted by TransUnion-Cibil, which surveyed 1,088 urban adults online between July 13 and 18. "The results demonstrate a

GST collection touched Rs 90,669 cr in August

Total GST collection for August touched Rs 90,669 crore, against Rs 94,063 crore mopped up in the first month of the new indirect tax regime rollout, reported PTI. The number includes transitional credit claims of taxpayers in July which according to the government are just Rs 12,000 crore and not Rs 65,000 crore as previously claimed.

According to the revised estimate, the GST mop-up

Commerce & Ind Min to set up regulatory review committee under DIPP

The commerce and industry ministry has decided to set up a review committee to look into regulatory issues being faced by the industry, Union minister Suresh Prabhu said as per the PTI report. The decision was taken in a meeting convened by the minister with industry chambers including Ficci, PHDCCI, CII and senior government officials.

Prabhu said the interaction was mainly to look a

Rs 90,669 cr collected from GST in August with 55% traders filing returns

 The government revenue collection from GST for August stood at Rs 90,669 crore with only 55 per cent traders having filed returns so far.

"The total revenue of Goods and Services Tax (GST) paid under different heads, up to September 25, is Rs 90,669 crore. The total number of tax payers who were required to file monthly returns for August is 68.20 lakh, of which, 37.63

`India suffering significant economic consequences due to smuggling`

 India is suffering significant economic, health and safety consequences as a result of widespread smuggling and counterfeiting in the country, said a senior government official on Tuesday.

"Illicit trade is a global problem of enormous scale, impacting human lives and virtually every industry sector around the world -- and India is no exception. It is suffering signifi

Rise in digital payments after note ban: Jefferies

Investment banking firm Jefferies has said that there is growth in digital payment mode by bank customers post-demonetisation whereas there has been a decline in usage of debit cards. As per reports, the RuPay adoption for e-commerce has increased while the growth of credit cards has been secular. Commenting on the issue, a Jefferies Official told the media, “The National Electronic Funds

Arun Jaitley tells French businesses to invest in Indian infrastructure

Union Finance Minister Arun Jaitley on Tuesday invited French businesses to invest in Indian infrastructure, including highways, railways, ports and airports.

"Market mechanisms and rule of law determine transparent and honest decision-making in new India," Jatiley told a delegation of French business leaders led by P. Gattaz, President of Movement of the Enterprises of Fran

Corporates` CSR spend can act as supportive expenditure: Arun Jaitley

Finance Minister Arun Jaitley on Tuesday said the CSR spend of corporates, which has become functional in the last three-to-four years after the Company Law was amended, can significantly support the public expenditure of the government.

"Governments at the Centre and in states spend money. If this (corporate social responsibility spend) comes as supportive expenditure, it can ad

India to decide October-March borrowing at Sept. 28 meeting - finmin source

NEW DELHI - India will decide its October-March government borrowing amount on Thursday, a finance ministry official said on Tuesday.

The government has said it will borrow 3.72 trillion rupees ($56.92 billion) via bonds during April-September, comprising 64 percent of its full-year borrowing.

However, market participants expect the government to borrow more

ADB lowers India's growth forecast to 7% in 2017-18

The Asian Development Bank (ADB) on Tuesday lowered India's growth forecast to 7 per cent owing to weakness in private consumption, manufacturing output and business investment.

"ADB forecasts growth to reach 7 per cent for 2017-18, a 0.4 percentage point decline from the April estimates, while the outlook for 2018-19 is now at 7.4 per cent from the previous 7.6 per cent proj

India raises market access, barriers issue with Indonesia

India raised the issue of market access and regulatory barriers that its companies are facing in Indonesia in sectors such as pharma, dairy and bovine meat, the commerce ministry said according to the PTI report. The issues were discussed during a meeting between Commerce and Industry Minister Suresh Prabhu and his Indonesian counterpart Enggartiasto Lukita here. The ministry in a statement sai

Prime Minister forms Economic Advisory Council; Debroy to head it

Over three years after coming to power, Prime Minister Narendra Modi formed an Economic Advisory Council (EAC) amid the government's endeavour to give a push to the growth which has witnessed a slowdown, reported PTI.

The five-member EAC will be headed by NITI Aayog member Bibek Debroy and will include NITI Aayog's Principal Advisor Ratan Watal as its member and economists Sur

RBI caps banks exposure to Reits, InvIts at 10% of unit cap

The Reserve Bank of India amended the statutes making it possible for lenders to invest in Reits and InvIts capping such exposures to 10 per cent of the unit capital of such instruments, and also to regulate their commodity derivatives play, reported PTI.

In amendments to the Master Direction- Reserve Bank of India (Financial Services provided by banks) Directions, 2016, the central b

India seeks to accelerate Japanese investments

ith an aim to accelerate Japanese investments in India, the Centre would ask states to strengthen single window clearance system for fast-tracking approval processes, the DIPP said as per the PTI report. The Department of Industrial Policy and Promotion (DIPP) also said that the Japanese Ministry of Economy, Trade and Industry (METI) and Japan External Trade Organization (JETRO) will pursue col

Global economy to continue faster expansion: IMF official

The global economy will expand faster next year while still facing challenges, such as low productivity, high income inequality and low inflation, according to a senior International Monetary Fund (IMF) official.

"The most recent IMF forecast, issued in July, projected global growth at 3.5 per cent this year and 3.6 per cent in 2018... The Fund will issue its next World Economic

Will not cross fiscal deficit target with power for all scheme: Government

The Central government on Monday said that it will not exceed its fiscal deficit target for 2017-18 to fund the Sahaj Bijli Har Ghar Yojna, a scheme aimed at providing electricity connection to every household.

Power and New & Renewable Energy Minister R.K. Singh said that the new scheme announced by Prime Minister Narendra Modi on Monday will be funded through "existing fina

Government to take measures to boost economy: Finance Minister

Finance Minister Arun Jaitley has said that the government is in the process of undertaking measures to change the environment and provide a boost to the Indian economy. Commenting on the issue, Finance Minister Arun Jaitley told the media, "The growth rate has been fine except in the last quarter, where there has been a little dip in the GDP growth rate. During April-June, services sector

Prime Minister Narendra Modi forms economic council amid slowdown

NEW DELHI - Prime Minister Narendra Modi has set up a economic advisory council, the government said on Monday, as concerns grow about a slowdown in Asia's third largest economy.

The new council, headed by Bibek Debroy, a member of Modi's federal think tank Niti Aayog, will address "issues of macroeconomic importance" and present its views to the pri

Need to address multiple economic challenges: Arvind Subramanian

Chief Economic Adviser Arvind Subramanian has said that the economy is facing multiple headwinds and there is a need to attack them on various fronts. Commenting on the issue, Chief Economic Adviser Arvind Subramanian told the media, "We have lots of challenges ahead... we have seen growth slowing down and investment not picking up.

So, we have to attack this problem on many fron

Prabhu to meet stakeholders on ways to boost exports on Oct 6

Commerce and Industry Minister Suresh Prabhu will hold detailed deliberations with the stakeholders concerned on October 6 on ways to boost exports of goods and services, an official said as per the PTI report. "Six groups will be formed to prepare the groundwork for that meeting. They would submit their reports to the minister, which will be discussed on October 6," the government of

Estimated kharif foodgrain production falls by 2.77 per cent

Total foodgrain production in this kharif season is expected to be 134.67 million tonnes, a fall in the production by 2.77 per cent (3.85 million tonnes) compared to last year.

The Agriculture Ministry on Monday released the first advance estimates of production of major kharif crops for 2017-18 which have the estimated foodgrain production to reach 134.67 million tonnes, oilseed