World Bank projects 7.3 per cent growth for India in 2018

India's growth rate in 2018 is projected to hit 7.3 per cent and 7.5 per cent in the next two years, according to the World Bank, which said the country has "enormous growth potential" compared to other emerging economies with the implementation of comprehensive reforms. India is estimated to have grown at 6.7 per cent in 2017 despite initial setbacks from demonetisation and the G

Larger PSU banks to get bigger pie of recap bonds: Fitch rating

The government's plan to recapitalise state-owned banks is likely to focus on supporting lending growth, with large lenders being the main beneficiaries, credit rating firm Fitch said today. The Lok Sabha last week gave its approval for Rs 80,000 crore recapitalisation bonds for strengthening public sector banks (PSBs). This would be the first tranche of the Rs 1.35 lakh crore recap bonds t

India Inc`s topline growth to hit 5-yr high of 9% in Q3: Crisil

Ahead of the start of earnings season, domestic rating agency Crisil today said it expects India Inc's revenue growth to hit a five-year high of 9 per cent for the October-December 2017 period, reported PTI. However, profits will continue to contract, primarily due to the rising commodity prices, the note by its research wing said. The aggregate topline of companies in key sectors will grow

Government relaxes FDI norms in airlines, retail, construction

The government today relaxed FDI norms in various sectors such as single brand retail and allowed foreign airlines to invest up to 49 per cent in Air India.The decision was taken during the Cabinet meeting chaired by Prime Minister Narendra Modi here. The Cabinet allowed overseas investors to invest 100 per cent FDI (foreign direct investment) in single brand retail trading and construction dev

India allows 100 percent FDI in single-brand retail via automatic route

NEW DELHI  - The Indian cabinet cleared a proposal on Wednesday allowing 100 percent foreign direct investment (FDI) in single-brand retail via the automatic route, government spokesman Frank Noronha said.

The cabinet also eased FDI rules for the aviation and the construction sectors, he said, but did not elaborate. A formal notification is expected later on Wedn

Emerging markets set to drive 2018 global growth - World Bank

By Lesley Wroughton

WASHINGTON  - The global economy is set to expand by 3.1 percent in 2018, slightly up from 3 percent last year and marking the first year since the 2008 Great Recession that it will near or achieve full growth potential, the World Bank said on Tuesday.

In an update of its twice-yearly economic report, the World Bank however warned th

CAIT demands extension of deadline for GST return

CAIT demanded an extension of the deadline for filing final sales returns under the GST regime till month end citing glitches on the GSTN portal, reported PTI. The deadline for filing GSTR-1 for July-November, 2017, will end tomorrow. The Finance Ministry had last month extended the due date for filing GSTR-1 from December 31 to January 10. Sources in GSTN, however, refuted the charge that the

India an image of promise, reforms have boosted outlook: World Economic Forum

India presents an image of promise and the remarkable pace of "bold and structural" reforms have boosted its macroeconomic fundamentals while enhancing long-term economic outlook, founder chairman of the World Economic Forum Klaus Schwab has said as per the PTI report. In an article, Schwab said that India "will undoubtedly have a great role and influence in shaping our common fu

Cabinet may review FDI policy in certain sectors today

The Union Cabinet is likely to review foreign direct investment (FDI) policy in certain sectors today with a view to attract more overseas funds, sources said as per the PTI report. The sectors, which could be considered for further relaxation, include construction and single brand retail. According to sources, FDI policy review in various sectors is expected to figure in today's meeting of

Clarity required in GST anti-profiteering rules: CII

With the National Anti-Profiteering Authority being established, the Confederation of Indian Industry (CII) has called for greater clarity in rules to curb price increase arising from GST. Practical implementation of the regulations without ambiguity and without untoward scrutiny is required, particularly in the initial days of implementation till the system stabilizes, said a CII press release

APAC sovereign outlook for 2018 stable, says Moody`s

Moody's Investors Service, a global rating agency, has said that a favorable growth environment underpins its stable outlook for sovereign creditworthiness in Asia Pacific (APAC) over the next 12 to 18 months, although high leverage remains a key credit constraint. "Robust economic strength in the region and high levels of trade openness leave the region's sovereigns well-positione

Global impression about India has changed over the last three yrs: Prime Minister

The Prime Minister, Narendra Modi, on Tuesday said that the global impression about India has changed over the last three to four years. He said the reason for this is that India is transforming itself. He said the hopes and aspirations of India are at an all time high. He said signs of irreversible change are visible in every sector. Addressing the inaugural session of the PIO-Parliamentarian

US States facing direct hit to revenues from tax changes: Fitch Rating

The Tax Cuts & Jobs Act (TCJA), signed into law on December 22, includes multiple changes to US federal tax provisions that could directly affect state revenues given the numerous linkages between state and federal tax codes, says Fitch Ratings. Under the current law, some states estimate that revenues could rise or fall significantly in upcoming fiscal years and forecasts will face greater

PM to interact with leading economists and Sectoral experts today

Prime Minister Narendra Modi will interact with leading economists and the experts across sectors from all over the country at NITI Aayog today. The select group of economists and sector experts have been invited by NITI Aayog for the deliberations with the Prime Minister on 'Economic Policy: The Road Ahead'. The discussion will focus on six broad themes: Macroeconomic Balances, Agricul

PM Modi to inaugurate project commencement of Barmer refinery

The central government on Tuesday said the "project commencement" of Barmer Refinery is scheduled to be done by Prime Minister Narendra Modi on January 16.

According to the Ministry of Petroleum & Natural Gas, the refinery, located at Pachpadra in Rajasthan, has a total project cost of Rs 43,129 crore.

"Construction of boundary wall has been started after

Modi to address plenary at Davos World Economic Forum

This year's World Economic Forum (WEF) at Davos will have the first Indian Prime Minister participating since 1997, with Narendra Modi slated to address the plenary session of the prestigious global business meet, Commerce Minister Suresh Prabhu announced on Tuesday.

According to the Commerce Ministry, WEF 2018, to be held over January 23-26, will be attended by 350 political lead

Indian economy to grow by 7.3% in 2018-19, regain top spot

New York -  The World Bank is estimating India's economy to grow by 6.7 per cent during the current fiscal year, higher than the 6.5 per cent estimate by the Indian government.

The Gross Domestic Product (GDP) growth is expected to rise to 7.3 per cent in 2018-19, making India again the world's fastest growing economy, according to the World Bank's Gl

Odisha`s revenue generation grows 23.33%

 The revenue generation of Odisha by the end of December of the current financial year 2017-18 increased 23.33 per cent over the last fiscal, said an official on Tuesday.

Fiscal performances of the state showed an overall increase of around 23.33 per cent in revenue generation from both the own tax and non-tax resources by end of December in the current financial year in comparis

India`s Haj quota increased, record pilgrims to go this year

The Government, led by the Prime Minister, Narendra Modi, has succeeded in getting India’s Haj quota increased for the consecutive second year. For the first time after the Independence, a record number of 1 lakh 75 thousand and 25 pilgrims from India will go for Haj 2018. “The decision by the Saudi Arabia Government to increase India’s Haj quota for 2018 has come days after N

Govrnment to give incentives to states for promoting exports: Minister

Union Minister Suresh Prabhu has said that the commerce and industry ministry is mulling incentives for states which play a proactive role in promoting exports as it will help boost economic growth. The Minister has sought the views of states on the issue, which was raised during the third meeting of Council for Trade Development and Promotion. "We are thinking of ideas whereby we can ince

Direct Tax Collections rise 18% in December

The provisional figures of Direct Tax collections up to December, 2017 show that net collections are at Rs. 6.56 lakh crore which is 18.2 per cent higher than the net collections for the corresponding period of last year, says Ministry of Finance. The Ministry of Finance showed that net Direct Tax collections represent 67 per cent of the total Budget Estimates of Direct Taxes for Financial Year

Government extends deadline for linking Aadhaar with saving schemes

Government has extended the deadline for linking of biometric identification Aadhaar to small savings schemes like post office deposits, Kisan Vikas Patra by three months to March 31, 2018, reported PTI. "It has now been decided to extend the last date for submission of 'Aadhaar' number from December 31, 2017 to March 31, 2018," a Finance Ministry notification said.

`Urgent need to raise tax base to achieve fiscal target`

India needs to urgently raise its tax base to meet the fiscal deficit target without curbing essential expenditure, says a SBI report as per the PTI. The country's gross fiscal deficit as percentage of GDP, started shooting up after the 2008 financial crisis, said the report -- 'India's Public Finance Trends'. However, with economic recovery gaining pace, the government embarked

52% senior citizens apply for maintenance allowance: Survey

At least 52 per cent senior citizens move court for maintenance allowance while 48 per cent are involved in property-related disputes, including revoking of their will, according to a survey conducted in four states by an NGO, reported PTI. The Helpage India survey on the effectiveness of the Maintenance and Welfare of Parents and Senior Citizens Act was conducted in eight districts of four sta

Affordable home-loans next threat to banks: Moodys-Icra

Even as a lot of thrust is being given to the affordable housing segment, a report has flagged concerns about the growing delinquencies in this segment, which are expected to continue in 2018, reported PTI. Competitive pressures and larger exposure to the self-employed are the prime reasons for the build-up of stress in the segment, a joint report by Moodys and its domestic affiliate Icra said.