Negative impact of demonetisation on economy transitory: Rating agencies

The adverse impact of demonetisation on the Indian economy would be transitory, according to global and domestic credit rating agencies.

However, the current slowdown could partially be attributed to implementation of the Goods and Services Tax (GST) introduced in July, they say.

"While the aim of demonetisation to curb the use of black money was in line with the govern

Cabinet approves signing of customs agreement between India, Armenia

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved signing and ratifying of an agreement between India and Armenia on cooperation and mutual assistance in customs matters.

The agreement will be signed on behalf of the two countries after it is approved by the respective governments.

"This agreement shall enter into force on the first day of

Cos garner Rs 5.52 lakh cr via private bond placement in January-September

Indian firms raised Rs 5.52 lakh crore in January-September 2017 through private placement of corporate bonds to meet business needs, a surge of 19 per cent from year-ago period, according to a Prime Database report. These funds have been raised mainly for expansion of business plans, repayment of debt and to support working capital requirements. In debt private placements, firms issue securiti

GST will further boost India`s ease of doing business ranking say bankers

With the improvement in India's ranking in the World Bank's 'ease of doing business' report to 100th position, bankers and experts today expressed hope that implementation of the GST will strengthen the country's position in the future. "Going forward, GST's incorporation in next year's assessment will provide another significant leap in 'ease of doing busin

India manufacturing PMI `stagnates` in October

Indian factory activity barely expanded in October as new orders fell, a survey showed on Wednesday, as price rises following the introduction of a goods and services tax dragged on the economy and underscored dim growth prospects over coming months. The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, fell to 50.3 last month from September's 51.2, marking its th

Policy measures to improve `ease of doing business` ranking: Minister

Commerce and Industry Minister Suresh Prabhu has said that legislative, administrative and policy measures taken by the government would help in further improving India's ranking in 'ease of doing business'. As per media reports, India has jumped 30 places to rank 100th in the World Bank's 'ease of doing business' ranking, helped by a slew of reforms in taxation, licensi

Government sanctions Rs 200 cr for reconstruction works in NE

The Ministry of Development of North Eastern Region (DoNER) has sanctioned Rs 200 crore for flood affected reconstruction works in the four North Eastern States of Assam, Nagaland, Manipur and Mizoram. This was disclosed here today by the Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensi

CBDT extends deadline for filing IT Returns and Tax Audit

Following the consideration of representations from various stakeholders, the government has decided to extend due date for filing Income Tax Returns and Tax Audit Reports to November 7, 2017, the Ministry of Finance notified on Tuesday. The tax payers has urged government to further extension ‘due date’, being 30th September 2017 for those liable to file returns by September 30, 20

Prime Minister lauds India`s historic jump in `Ease of Doing Business` rankings

The Prime Minister, Narendra Modi has hailed India’s historic jump of 30 ranks in the World Bank’s Doing Business Report, 2018 released today. India’s rank has risen to 100 in the latest report compared to 130 in the Doing Business Report, 2017. While terming the improvement in the rankings as historic, the Prime Minister in a series of tweets, said that the jump is the outcom

Government hopeful of sticking to 3.2% fiscal deficit target: Subhash Chandra Garg

The government is hopeful of sticking to the 3.2 per cent fiscal deficit target for the current fiscal, although a final view would be taken in December, Economic Affairs Secretary Subhash Chandra Garg said according to the PTI report. With core sector industries growing at a six-month high pace of 5.2 per cent in September, Garg said the data points to manufacturing pick up and should get refl

Core sector growth hits 6-mth high of 5.2% in September

Eight core sectors grew to a six-month high of 5.2 per cent in September, helped by a robust performance in coal, natural gas and refinery segments, official data showed according to the PTI report. The eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had witnessed a growth of 5.3 per cent in September last year.

India can be among World Bank top 50 on doing business:Arun Jaitley

With India climbing over 30 places in a few years in the World Bank's 'Ease of Doing Business' global rankings, getting into the top 50 countries is a distinct possibility over the short term, Finance Minister Arun Jaitley said on Tuesday.

"We jumped over 30 places in three years, and as Prime Minister Narendra Modi had said about setting a target to get among the top

India`s new tax regime hits Nepal exports

Nepals exports to India has been adversely affected after the Indian government enforced the Goods and Services Tax (GST) this year, a media report said.

The GST is an indirect tax introduced in India on July 1 to make it one unified common market. It is a single tax on the supply of goods and services, right from the manufacturer to the consumer.

Export of major export item

India, Singapore hold Joint Ministerial Committee meet

 In tune with New Delhi's Act East Policy, External Affairs Minister Sushma Swaraj and her Singapore Minister of Foreign Affairs Vivian Balakrishnan held the fifth India-Singapore Joint Ministerial Committee Meeting here on Tuesday.

"Expanding our strategic partnership," External Affairs Ministry spokesperson Raveesh Kumar tweeted, referring to the meeting between t

MSMEs an important chapter in Indian economy: Swiss diplomat

Small and medium enterprises account for over half of employment worldwide, Swiss envoy to India Andreas Baum said, noting that this sector will continue to be an important chapter in the Indian economy. Baum, however, pointed out that access to finance and technology are two important challenges for the MSME sector, which is the "key engine" of job creation and economic growth in bot

Jobless growth may have major impact on economy:Care Ratings

Domestic rating agency Care Ratings has said that employment generation has not kept pace with GDP expansion and it is a major concern for the economy. Commenting on the issue, a CARE Official told the media, “Such a scenario calls for proactive measures from government and the recent infrastructure building efforts will help.

Employment growth has not kept pace with economic gr

India`s half-year fiscal deficit crosses 91% of full year target

 The Indian budgetary fiscal deficit over the first half of the current financial year at Rs 4.99 lakh crore -- stood at 91.3 per cent of the full year's target of Rs 5.46 lakh crore, official data showed here on Tuesday.

The data furnished by the Comptroller General of Accounts (CGA) showed that April-September fiscal deficit was 83.9 per cent of the budget in the like perio

GST implementation should be decentralized: Bimal Jalan

Former RBI Governor Bimal Jalan has said that the implementation of GST should be decentralised as priorities of the rich and the poor states are different. Commenting on the issue, Former RBI Governor Bimal Jalan told the media, “Proper implementation of the new indirect tax regime would take some more time.” "Priorities of rich states like Maharashtra and poor states Bihar ar

E-payments seeing marginal dip in last few months: HDFC

A report has said that with easing of the liquidity crunch, transaction volumes for overall retail electronic payments has seen a marginal dip in the past few months. According to HDFC Bank, the argument that decline in currency with the public from the pre-demonetisation levels implies a structural drop in cash usage is perhaps misleading.

As per reports, the volume of retail electro

GST collections in line with projections, no shortfall: CBEC

Tax collections under the new GST regime are more or less in line with the projections and there are no plans yet to revise the annual revenue targets, CBEC Chairperson Vanaja N Sarna said as per the PTI report. Sarna said the target for revenue for the Department of Customs is about Rs 9.68 lakh crore for the current fiscal. Customs collection growth is "alright", she said, adding th

Gadkari invites UAE investors for infra development

Inviting UAE investors to join hands with India and be part of its infrastructure growth story, Union Minister Nitin Gadkari said two mega initiatives worth Rs 24 lakh crore - Sagarmala and Bharatmala - are going to be game changers, reported PTI. Addressing the India-UAE Business Summit in Dubai via video conferencing, the highways, shipping and river development minister said India is also ke

World Bank loans $200 mn for Assam farm sector

 India signed a $200 million loan agreement with World Bank on Monday to facilitate investment in the agricultural sector and increase productivity in Assam, an official statement said.

"The Government and the World Bank today (Monday) signed a $200 million loan agreement for the Assam Agri-business and Rural Transformation Project," said the Union Finance Ministry stat

SBI-World Bank sanction Rs 2,300 cr loans for rooftop solar projects

State-run State Bank of India (SBI) on Monday announced the sanction of loans worth Rs 2,317 crore in collaboration with the World Bank to finance grid-connected solar rooftop projects in the country.

SBI Chairman Rajnish Kumar told reporters here that it has availed line of credit facilities worth $625 million from World Bank for onward lending to viable solar rooftop projects.

Jaitley heads panel to oversee PSB mergers

An inter-ministerial committee headed by Finance Minister Arun Jaitley to oversee the merger of public sector banks (PSBs) was constituted on Monday, following the recent government announcement of a massive recapitalisation plan for public sector lenders.

"Govt walks the talk on banking reforms; constitutes Alternative Mechanism for PSBs consolidation; Finance Minister to head,&

Govt extends last date of filing of GSTR-2 to Nov 30

The last date for filing of GSTR-2 for the month of July, 2017 is 31st October, 2017. The competent authority has approved the extension of filing of GSTR-2 for July, 2017 to 30th November, 2017, for facilitation of businesses and all taxpayers, according to a statement released by the Ministry of Finance.

The Ministry notified that the last date for filing of GSTR-3 for the month of