Credit growth unlikely to pick up during festive season

Credit growth is unlikely to pick up during the festival season, though improvement is expected in September industrial growth numbers due to restocking by the automobile industry, an SBI report said as per the PTI report. The yearly SBI Composite Index for September 2017 is at 22-month high of 53.6 (moderate growth) compared to last month's index of 50.9 (low growth), said the SBI Ecowrap

Modi to flag off Mahamana Express on Friday from Varanasi

Prime Minister Narendra Modi will flag off the new Varanasi-Vadodara Mahamana Express from Varanasi in Uttar Pradesh on Friday, railway officials said on Thursday.

The flag-off of the third Mahamana Express would be done via videoconferencing at 3.30 p.m. Modi would be undertaking the flag-off during his two-day visit to his parliamentary constituency Varanasi.

Railways Mini

GST returns filing peaked to record 13.76 lakh on last day: GSTN

More than 13.76 lakh returns -- the highest in a day till now -- were filed on Wednesday, the last day of filing returns under the GST system for August, the Goods and Services Tax Network (GSTN) said on Thursday

An overwhelming majority of taxpayers logged on the GST portal to file returns during daytime, with a bulk of traffic witnessed in the afternoon hours, the hourly data on fil

GSTN portal accepting 80,000 returns/hour: Ajay Bhushan Pandey

The GSTN has said that businesses have used the GST Network portal on the last day of filing initial returns for August with over 80,000 GSTR-3B being uploaded every hour. Commenting on the issue, GSTN Chairman Ajay Bhushan Pandey told the media, “Businesses have time till midnight to file August returns in GSTR-3B form and the network is geared up to take the load.”

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Consumer sentiment to remain muted this festive season: Study

Consumer sentiment during the ongoing festive season remains muted and there is unlikely to be a major surge in festival buying this year, says a report. While around 52 per cent of the 7,659 citizens polled said their spending may be limited to Rs 10,000 during the festive season, 28 per cent said they will not be spending anything, the survey conducted by citizen engagement platform LocalCirc

RBI sets rupee reference rate at 64.5256 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.5256 against the US dollar and 76.7403 for the euro. The corresponding rates were 64.3637 and 77.2493, as on yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 87.1547 and 57.30 per 100 yens, respectively, based on reference rates for the dollar and cr

Appropriate action to tackle economic slowdown soon: Arun Jaitley

Acknowledging that private investment was short in coming, Finance Minister Arun Jaitley on Thursday said that the government will come out with "appropriate action" at the right time to boost the economy.

"From day one, this is a proactive government. We are analysing the economic indicators and appropriate action will be taken at right time. There is a problem of priv

India growing pretty robustly: World Bank Chief

India has been growing pretty "robustly", World Bank President Jim Kim has said as he predicted a strong global growth this year. Speaking at the Bloomberg Global Business Forum meeting here on Wednesday, Kim also called for more cooperation among the multilateral system, private sector and the governments to take advantage of the current win-win situation.

"That dorman

India-Korea CEPA review in Seoul this week

India’s CEPA with South Korea will be reviewed by the trade ministers of India and Korea in Seoul this week to give a fillip to bilateral trade and investment, said J.K. Dadoo, Additional Secretary & Financial Advisor, Ministry of Commerce & Industry, at ‘India-Korea Economic Cooperation Forum’, organized by FICCI and KOTRA. Speaking on ‘India’s Potential i

Cabinet approves Dentists (Amendment) Bill, 2017

The Union Cabinet on Wednesday approved the proposal for introduction of the Dentists (Amendment) Bill, 2017 in Parliament subject to modifications of drafting or consequential nature, if any, as may be considered necessary by the Legislative Department by amending the Dentists Act, 1948 (16 of 1948). The amendment will reduce the redundancy, said a Cabinet statement.

The clauses bein

Cabinet apprised of progress under National Health Mission

The Union Cabinet chaired by the Prime Minister Narendra Modi has been apprised of the progress under National Health Mission (NHM), according to an official statement. The Cabinet was also apprised of the decisions of the Empowered Programme Committee (EPC) and Mission Steering Group (MSG) of NHM. National Rural Health Mission (NRHM) was launched in April 2005 and it morphed into National Heal

Growth pangs: Government , RBI have limited room for pump-priming

The continuing slowdown is likely to increase pressure for additional stimulus through a higher fiscal deficit, accommodative policy stance and a competitive rupee, which unfortunately has limited scope, says a report as per the PTI. The first quarter GDP growth has slipped to a three year low of 5.7 per cent this fiscal year. According to Singaporean financial services major DBS, key economic

Foodgrain output may dip by 9 mt in kharif season: Assocham

India's foodgrain production could dip by 9 million tonnes to 129.5 million tonnes in the current kharif season due to floods and deficient rains in some parts of the country, as per industry body Assocham, reported PTI. "The flood fury in Assam, West Bengal, Bihar, Gujarat, Rajasthan, Uttar Pradesh alongside shortfall in rains in southern states would significantly dent the kharif out

Bankruptcy code to evolve gradually to full potential: M S Sahoo

The Insolvency and Bankruptcy Code (IBC) should gradually evolve to its full potential and one of its main objective is to maximise the value of assets of corporate borrowers, IBBI chairman M S Sahoo said as per the PTI report. The Insolvency and Bankruptcy Board of India (IBBI) chief also said that the capability of Committee of Creditors is absolutely critical for success of IBC, though the r

Working with FinMin, Niti Aayog to resolve exporters`issues

Commerce and Industry Minister Suresh Prabhu said he is closely working with the finance ministry and Niti Aayog for resolving exporters' issues to boost shipments and generate jobs, reported PTI. Prabhu said that ensuring growth of exports is the priority of the ministry. "We are working closely with exporters to address their concerns. We are working in close collaboration with the F

Currency with public to rise to Rs 16 lakh cr by March: Icra

Currency with public (CWP) is likely to increase to Rs 16 lakh crore by March-end driven by the upcoming festival season and the kharif harvest, a study said as per the PTI report. Money supply (M3) growth slowed to 7.3 per cent in 2016- 17, from double digit levels in the previous three years, led by the sharp year-on-year (YoY) contraction in currency with the public (CWP) after demonetisatio

Commerce Minister amends duty exemption procedures in sync with GST norms

The commerce ministry amended certain provisions related to duty exemption procedures to bring them in line with the Goods and Services Tax (GST) regime, reported PTI. As per the amendments in Hand Book of Procedures (2015- 20), the directorate general of foreign trade (DGFT) said that at the time of exports of gems and jewellery parcel by post, the exporter will have to submit documents includ

Government sets terms for biz deregistering brands for lower GST

The government said businesses that want to deregister their brands for availing the benefit of lower GST will have to file an affidavit before the tax commissioner about forgoing the rights, reported PTI. Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily foregone actionable claim or enforceable ri

Fan sales down 10% in first quarter mainly due to GST: Manufacturers

 Fan manufacturers on Wednesday said their sales declined by 10 per cent in the April-June quarter due to destocking by dealers and postponement of purchase decision before the implementation of the Goods and Services Tax (GST) from July 1.

"There had been a decline of fan sales by 10 per cent in the first quarter compared to previous year and mostly it was due to GST," Indian Fan Ma

80,000 returns uploaded per hour on GSTN site on last day: Chairman

Over 80,000 GSTR-3B compliances for August were uploaded every hour on the GST Network (GSTN) portal on the last day of filing initial returns for the last month, GSTN Chairman Ajay Bhushan Pandey said on Wednesday.

"Currently, the GSTN system is working smoothly and accepting more than 80,000 GSTR-3B returns per hour," Pandey told reporters here.

Till September 16

Cabinet nod for extension of time for Udaan

The government on Wednesday approved extending till December 31, 2018 the time period of Udaan scheme which provides job training to the youth in Jammu and Kashmir.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, cleared the extension without any modification and cost escalation.

The Union Home Ministry had proposed the extension of

Increase public spending to arrest economic slowdown: SBI

SBI Research has said that the slowdown in GDP is real and not technical and called for more public spending to stop the slide. Commenting on the issue, a SBI Research Official told the media, "We certainly believe that we are in a slowdown mode since September 2016 and a slowdown that has been prolonged to Q1 of this fiscal year is technically not short-term in nature or even transient.&q

Package soon to boost economy; no cuts in fuel rates: Arun Jaitley

Finance Minister Arun Jaitley on Wednesday hinted at a package of measures to boost the economy, while virtually ruling out any cut in duties on petroleum products to check the spike in fuel prices.

"We have taken note of all the economic indicators that are available. This has been a pro-active government on the reforms agenda. Over the last two days, I have had a series of disc

Government will announce additional measures to boost growth: Finance Minister

Finance Minister Arun Jaitley today said the government is considering additional measures to bolster economy that has hit a three-year low of 5.7 per cent in the first quarter of the current fiscal. The minister said an announcement with regard to the additional steps will be made after consulting Prime Minister Narendra Modi. Jaitley has held a series of meetings in the last few days with som

Finance Minister Arun Jaitley says discussing steps to revive economy

NEW DELHI  - The Indian government is discussing steps to revive the economy, Finance Minister Arun Jaitley said on Wednesday.

Jaitley's comments came after India's economic growth slipped to a three-year low of 5.7 percent in the last quarter.

(Reporting by Rajesh Kumar Singh; Editing by Malini Menon)