Indias economy set to reclaim top spot for growth this year: Reuters poll

BENGALURU - India will reclaim its position as the fastest growing major global economy this year, partly propelled by benefits from a new tax system and bolstered by an expected central bank interest rate cut, a Reuters poll showed.

Having been in the offing for close to two decades, the goods and services tax (GST), which the government touts as the biggest domestic

Rs 834 cr allocated to increase pulses production

The government has allocated Rs 834 crores of total earmarked Rs 1,720 crore for National Food Security Mission (NFSM) to increase production of pulses, parliament was told on Tuesday.

An amount of Rs 169 crores has been released so far to states for implementation of the pulses programme, Minister of State for Agriculture S. S. Ahluwalia told the Lok Sabha in a written reply.

Nine public lenders reported losses in 2016-17

Out of 22 public sector banks (PSBs), nine lenders, led by IDBI Bank, had reported losses in 2016-17, parliament was told on Tuesday.

IDBI Bank reported Rs 5,158 crore loss, the highest by any PSB, in the last financial year, Minister of State for Finance Santosh Kumar Gangwar told the Rajya Sabha in a written reply.

During 2016-17, Allahabad Bank reported Rs 314 c

South African Tourism eyes one lakh Indian visitors despite post-GST apprehensions

Notwithstanding its apprehensions about the footfall of Indian tourists after the implementation of GST on July 1, South African Tourism is eyeing one lakh visitors from India in 2017-18, an official said on Tuesday.

Despite a steady surge of 21.7 percent in the number of Indian leisure visitors in the African nation during the last calendar year the apprehension comes from the declin

Indian companies finding hard to sustain growth: Hamid Ansari

Vice-President Hamid Ansari has expressed concern over several Indian companies that are finding it hard to sustain growth in a "competitive" global business environment, reported PTI. The vice-president also mentioned that the Indian corporate sector had some inherent weaknesses, including risk aversion, debt-addiction and low R&D spending.

He said the Indian corporate

RBI not reviewing 90-day NPA classification window: Government

The finance ministry said the Reserve Bank is not examining any proposal to extend the 90-day period for classification of non-performing assets (NPAs) or bad loans to help small businesses, reported PTI. The extant prudential NPA norms were brought in after extensive consultations and were based on the report of the Committee headed by M Narasimham on Banking Sector Reforms, Minister of State

Banks to take hit of Rs 180 bn for 12 loan defaulters

Indian banks need to provide a bare minimum Rs 180 billion additionally towards 12 accounts identified by the Reserve Bank of India (RBI) for reference to the National Company Law Tribunal under the Insolvency and Bankruptcy Code in FY18, estimates India Ratings and Research (Ind-Ra). Ind-Ra’s said that the weighted average provisioning currently at 42 per cent by banks towards the 12 ide

NHAI working on four-laning of NH-87 section: Minister

 The NHAI is working on four-laning of the Rampur-Kathgodam section of National Highway-87, Union Minster Mansukh Lal Mandaviya told the Rajya Sabha on Tuesday.

"The Rampur-Kathgodam section of this highway is under implementation for four-laning by the National Highway Authority of India (NHAI)," he said in a written reply.

He said the detailed proj

`RBI not considering extension of NPA classification window`

The Reserve Bank of India was not considering extending the bad loan or non-performing assets (NPAs) classification window beyond 90 days, parliament was told on Tuesday.

"Reserve Bank of India has informed that it is not examining any proposal on extending the NPA classification norms from the current 90-day window to help small and medium enterprises," Minister of State fo

No direct data available to measure effect of note ban on GDP

 The government on Tuesday said the growth of the country was dependent on multiple factors, of which demonetisation was only a part, as no direct data was available to measure the impact of note ban on the GDP.

"Gross Domestic Product of a country depends on a number of factors including structural, external, fiscal and monetary factors (which is only partly reflected

Rs 11.23 crore fake currency detected post note ban: Arun Jaitley

 Fake currency totalling Rs 11.23 crore has been detected since demonetisation, Finance Minister Arun Jaitley said on Tuesday.

Data available from the National Crime Records Bureau (NCRB) indicates that 1.58 lakh notes of fake currency, having a face value of Rs 11.23 crore, have been detected in 29 states post demonetisation until July 14, Jaitley said in a written reply to

No proposal to write off farm loans: Government

The government today said there is no proposal under consideration with regard to farm loan write-off, reported PTI. However, the Centre informed Parliament that there is a facility has been put in place for farmers to avail concessional debt. Uttar Pradesh, Punjab, Maharasthra and Karnataka government have announced loan waiver this year.

"There is no proposal at present under c

Tax experts should to register entities separately: CBEC

Some taxpayers have reported that GST portal is mixing up their data with others, a mishap for which the I-T department blamed tax practitioners for registering multiple entities simultaneously, said media reports. Commenting on the issue, the Mumbai division of CBEC told the media, “Some cases have been brought to our notice wherein "taxpayers are complaining that when they are logg

GST to be positive for auto, retail; negative for SMEs: Fitch Rating

New indirect tax regime GST is likely to be beneficial for auto, cement and organised retail sectors, but will have a negative impact on oil and gas, and SME sectors, Fitch Ratings said according to the PTI report. In contrast, the impact would be broadly neutral for property, electricity, telecom, pharmaceutical and fertiliser sectors, it said. "The national service tax (GST), is unlikely

IBC: Banks to set aside Rs 18,000-cr in FY18, expect 25% profit dip

Resolution of the 12 large, RBI- identified dud assets under provisions of bankruptcy code will require Rs 18,000-crore additional minimum provisioning and impact banks' profitability by 25 per cent in FY18, India Ratings said as per the PTI report. "Indian banks need to provide a bare minimum Rs 18,000 crore additionally towards the 12 accounts identified by the Reserve Bank of India

Demand for zero GST on textiles cannot be accepted: Arun Jaitley

Union Finance Minister Arun Jaitley on Tuesday said the demand of textile traders to exempt fabrics under the Goods and Services Tax (GST) system cannot be met with as manufacturers will then not be able to claim credit of tax on previous stages.

"The GST rate structure for the textile sector was discussed in detail in the GST Council, wherein it recommended the detailed rate str

Government to unveil new industrial policy soon: Reports

The Indian Government has said that the process for formulation of a new industrial policy has been initiated and consultations are being held with stakeholders. Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, “Consultations are on with industry bodies, academia, think-tanks, state governments and concerned ministries and departments of the centr

FIEO asks Government to analyze sectors with low growth: Reports

Exporters body FIEO has said that it has asked the government for an analysis of the sectors recording low or negative growth. Federation of Indian Export Organisations (FIEO) also said that 15 out of 30 major product groups have shown negative growth in June. These sectors include plastic, handicrafts, carpet, textiles, pharmaceuticals, gems and jewellery, leather, oil seeds and tobacco.

Manufacturing sector lowest paid at Rs 211.7 an hour: Report

Despite the government's concentrated efforts towards making India a manufacturing hub, the median hourly salary in the manufacturing sector decreased by 16 per cent, from Rs 251.9 in 2014 to Rs 252.1 in 2015 and Rs 211.7 in 2016, a report said on Tuesday.

"The rate at which the salaries in the sector are dipping could pose a challenge to attract new talent entering the marke

GST levied depends on room tariff, not hotel's star rating: Government

The government on Tuesday said that room tariff below Rs 7,500 per day will attract 18 per cent GST, irrespective of the star rating of the hotel.

"Reports have been received expressing doubts whether five-star hotels are liable to pay GST at the rate of 28 per cent irrespective of the declared tariff of a unit of accommodation," Finance Ministry said here in a statement.

CAD to widen to 1.3% of GDP in 2017: Nomura

India's current account deficit (CAD) is likely to widen to 1.3 per cent of GDP in 2017 from 0.6 per cent in 2016, largely owing to stronger domestic growth in the second half of this year, says a Nomura report according to the PTI, According to the Japanese financial services major, import demand is expected to resume once GST disruptions settle down after July. "W

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Consumers across India have unanimously hailed GST : Jitendra Singh

India's current account deficit (CAD) is likely to widen to 1.3 per cent of GDP in 2017 from 0.6 per cent in 2016, largely owing to stronger domestic growth in the second half of this year, says a Nomura report according to the PTI, According to the Japanese financial services major, import demand is expected to resume once GST disruptions settle down after July.

"We expect I

RBI sets rupee reference rate at 64.3301 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3301 against the US dollar and 74.1469 for the euro. The corresponding rates were 64.3666 and 73.6933 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.2917 and 57.39 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

CII in favour of introduction of new industrial policy: Reports

Confederation of Indian Industry has said that it has sought a new industrial policy considering the presence of e-commerce players, as the existing one was more than 20 years old. Commenting on the issue, President of CII Shobana Kamineni told the media, "We need a new industrial policy. At this time, we are working on an industrial policy which was crafted in the 90s. There seems to be s

Inflation likely to remain subdued: Assocham

Inflation is expected to remain subdued on account of good monsoon and the inability of the industry to raise prices, Assocham said as per the PTI report. "Going forward, there could be some disruption for one or two vegetables such as tomatoes but overall, the situation is going to remain quite comfortable for the consumers at least till October-November," the chamber said in a state