Government policies triggered economy`s formalisation: Arun Jaitley

Finance Minister Arun Jaitley on Tuesday said that the government's policy initiatives have initiated a set of chain reactions towards formalisation of the economy.

"Several policy initiatives of government have set up a chain reaction, which is visible in various ways," Jaitley said here at the official launch of Paytm Payments Bank.

"If you have a privat

No loan waiver for capitalists, says Jaitley

Finance Minister Arun Jaitley on Tuesday denied that the government had waived off bank loans of big capitalists and asserted that proceedings had been initiated against 12 largest defaulters for time-bound recovery of dues totalling Rs 175,000 crore.

"Over the last few days, a rumour is being propagated regarding waiver of loans of capitalists by banks... Government has not waiv

Skill India partners with Airbnb to upskill hospitality entrepreneurs

A tripartite Memorandum of Understanding (MoU) was signed today between National Skill Development Corporation (NSDC) and Tourism and Hospitality Sector Skill Council (THSC) with Airbnb, the world’s leading community-driven hospitality company. “The MoU will provide hospitality skills training to hospitality micro-entrepreneurs in India,” Ministry of Skill Development and Entr

India, Peru to boost bilateral trade and investment

India and Peru are negotiating a trade agreement to increase bilateral trade and investment and the second round of discussions are going to be held in Jan- Feb, 2018 in Peru, said FICCI, an apex industry body. In view of this, FICCI and Embassy of Peru in India organized a Seminar. Addressing the seminar Jorge Castaneda, Ambassador of Peru to India said Peru looks forward to enter into a trade

HSBC pegs Q2 growth at 6.3%; sees inflation holding rates

British brokerage HSBC today said GVA growth will come in at 6.3 per cent for the second quarter, and risks to inflation will prevent the Reserve Bank from tinkering its policy rates at the next review, reported PTI. Growth data for the July-September period is expected to be released on Thursday, while the Reserve Bank will be coming out with a bi-monthly review on December 6.

"

New industrial policy to be released early next year: Minister

Commerce and Industry Minister Suresh Prabhu has said that the new industrial policy that will seek to promote emerging sectors will be released early next year. As per reports, the proposed policy, the draft of which has been prepared by the Commerce and Industry Ministry, will completely revamp the Industrial Policy of 1991. Commenting on the issue, Commerce and Industry Minister Suresh Prabh

Ordinance puts premium on integrity, promotes clean biz: finance ministry

The bankruptcy ordinance promulgated by the President last week will pave the way for clean business by putting a premium on integrity, a senior finance ministry official said as per the PTI report. The official said that ordinance does not seek to provide any relief to loan defaulters while on the other hand it explicitly prohibits them and their associates from reclaiming assets under resolut

Centre to release contact farming act by next month:Ashok Dalwai

Ashok Dalwai, chief executive officer (CEO), National Rainfed Area Authority (NRAA) has said that that the Government of India along with state governments is likely to to release contact farming act to States by next month. “There is a scope for entrepreneurs, industrial houses to invest in machinery for primary and secondary processing of millets,” said Dalwai.

“We

GST to transform FMCG logistics into modern business: Study

 The Goods and Services Tax (GST) will transform the entire business landscape of FMCG (fast moving consumer goods), retail and logistics into a modern and efficient model, a survey said here on Tuesday.

An Assocham-MRSS India joint study on the FMCG sector's logistics said big corporations are remodelling their operations into bigger logistics and warehousing under the unifo

Farm loan waivers unlikely to impact states borrowing: SBI

A report has said that the states which recently announced farm loan waivers are unlikely to see any impact on their market borrowings through state development loans (SDLs). As per the SBI report, states borrow from the markets through state development loans (SDLs) to fund their fiscal deficit.

Five states--Karnataka, Madhya Pradesh, Maharashtra, Punjab, and Uttar Pradesh--have anno

Government wants RBI rate cut before March: finance ministry sources

NEW DELHI/MUMBAI - Impatient for faster economic growth, India's government is lobbying for a reduction in official interest rates in coming months as it expects inflation to stay close to a 4 percent target, finance ministry officials said.

At its last meeting in October, the Monetary Policy Committee (MPC) left the repo rate at 6.0 percent, near a seven-year low

N K Singh appointed 15th Finance Commission chairman

The government has appointed former Planning Commission Member N K Singh as chairman of 15th Finance Commission, which among other things will look into impact of GST on finances of the Centre and states, said a notification, reported PTI. The commission will recommend devolution of shareable central taxes to the states and their inter-se distribution. The commission will also review several im

India, Denmark vow to boost trade and investment ties

India and Denmark decided to ramp up cooperation in key sectors such as trade and investment, energy and shipping, during talks between External Affairs Minister Sushma Swaraj and her Danish counterpart Anders Samuelsen, reported PTI. The external affairs ministry said two ministers held discussions on various aspects of bilateral ties as well as important regional and multilateral issues of mu

Divestments, GST collection to lower fiscal deficit: Reports

A report has said that the success in divestments and encouraging goods and services tax collections will help government reduce pressure on the fiscal math. Commenting on the issue, domestic rating agency India Ratings told the media, "Disinvestment drive and GST rollout will reduce pressure on fiscal arithmetic. It can be noted that government has reiterated its commitment to narrow down

MSME sector on verge of closure due to non-issuance of GST guidelines

A delay in issuing guidelines for extension of incentives under the Goods and Services Tax (GST) regime has put the Micro, Small and Medium Enterprises (MSME) sector in the state on the verge of a collapse, an association of industrialists said as per the PTI report. "Uncertainty prevails in the MSME sector, which is totally dependent on sale of products within the state.

This is

India, Greece to deepen bilateral cooperation: Reports

The Indian Government has said that India and Greece have agreed to deepen bilateral cooperation in a range of key areas including trade, investment and energy. Both countries also inked a pact for launching the first direct flight service between the two countries. As per reports, External Affairs Minister Sushma Swaraj and her Greek counterpart Nikos Kotzias held extensive talks covering the

New Finance panel to study impact of GST on finances: N KSingh

N K Singh, the newly appointed Chairman of the 15th Finance Commission, today said it is imperative for such a panel to examine implications of GST on finance of the Centre and states, reported PTI. "The fact that GST was propelled through several constitutional amendments which included the states being participants in these constitutional amendments enjoins upon any Finance Commission th

Set a timeline for $ 1-tln manufacturing revenue: Suresh Prabhu

Commerce & Industry Minister Suresh Prabhu has asked the industry to set a timeline for achieving a USD 1 trillion in manufacturing revenue and take its share in GDP to 20 per cent, reported PTI. The share of manufacturing in GDP has been trending at 16-17 per cent for some years now and the previous Manmohan Singh government had set a target of taking this share to 25 per cent of GDP by th

India can be anchor for US business in Indo-Pacific region: Kenneth Juster

US Ambassador to India Kenneth Juster on Monday said India can be the anchor for US business and investment in the Indo-Pacific region.

His comments came on the eve of Global Entrepreneurship Summit (GES), beginning here on Tuesday which will be addressed by Prime Minister Narendra Modi and US President Donald Trump's daughter and advisor Ivanka Trump.

Stating that econo

GST collection more than Rs 83k cr till November 27

India's Goods and Services Tax (GST) collections received in November totalled Rs 83,346 crore till November 27, the government announced on Monday.

According to Ministry of Finance, a total of 95.9 lakh tax payers have been registered under the GST so far, out of which 15.1 lakh are "composition dealers" who are required to file returns every quarter. 
 

Hyderabad a marvel for ease of doing business, says US Ambassador

US Ambassador to India Kenneth Juster on Monday described Hyderabad as marvel for ease of doing business and a model for the rest of India.

The pat for the southern city came at a news conference he addressed on the eve of Global Entrepreneurship Summit (GES), beginning here on Tuesday.

He said he was impressed with the policies launched in Hyderabad to attract investment.

GDP growth likely to rise to 6.2% in Q2: Ficci

Ficci's latest Economic Outlook Survey has said that India's GDP growth rate is expected to rise to 6.2 per cent in the second quarter of the current fiscal as the adverse impact of demonetisation and GST appears to be bottoming out. As per reports, the growth rate had dipped to a 3-year low of 5.7 per cent in the April-June quarter of 2017-18.

The Central Statistics Office (C

`Need broad-based economic growth, more job opportunities`

Former RBI Governor Raghuram Rajan made a strong case for broad-basing economic growth and generating more employment opportunities, arguing that short-term political solutions to the job reservation issue can damage the fabric of the country, reported PTI. On the solution to the problem of majority of people feeling discriminated, he said, "The only way to solve this is to broad-base econ

Disinvestment drive and GST reduce fiscal deficit target

India Ratings and Research (Ind-Ra), has said that the successful subscription of Bharat 22 Exchange Traded Fund, launched in November 2017, has helped the government move closer to its FY18 non-debt capital receipt target of INR725 billion. As of 24 November 2017, the government has raised in excess of INR523 billion. Ind-Ra believes the government could exceed its capital receipt target in th

Prime Minister to inaugurate Global Entrepreneurship Summit tomorrow

Prime Minister of India Narendra Modi will inaugurate the Global Entrepreneurship Summit tomorrow in Hyderabad. The Global Entrepreneurship Summit, which will lead the US contingent Ivanka Trump, is being held for the first time in South Asia in Hyderabad, India, from November 28-30. Co-hosted by the Governments of the United States and India, This is the eighth edition of the Global Entreprene