Q2 GDP growth should be better than first quarter: FinMin

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The government has taken a lot of measures to incentivize the growth which will boost the second quarter GDP numbers, said Finance Economic Affairs Secretary Arvind Mayaram to the media while adding that Q2 performance will be better than the previous one. A PTI report cited Mayaram as saying that “As we are seeing growth clawing back, I am quit

BofA-ML expects FY’14 CAD at 3.2% of GDP

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Bank of America Merrill Lynch (BofA-ML) expects India’s Current Account Deficit (CAD) to ease to 3.2 per cent of the GDP in current fiscal year as against 4 per cent forecasted earlier, said a PTI report on Tuesday. As per the report, BofA-ML said the country’s net gold import bill during this fiscal may come down to USD 30 billion, helped

India’s factory output contracts for second consecutive month in September

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Factory output in India contracted for the second straight month in September, albeit at a slower pace, as order inflows and production during the month remained weak, said a survey on Tuesday. The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by Markit, stood at 49.6 in September versus 48.5 in August. Reading above 50 sep

Q1 CAD in line with expectation: FICCI

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Industry apex body FICCI, on Monday, said the current account deficit numbers for the first quarter of financial year 2014 are on expected lines. “With exports seeing a moderation in growth and imports continuing to remain firm, we were not expecting a quick turnaround in the external situation in the first quarter,” the Federation of Indi

Petrol price cut by Rs 3.05, diesel raised by 50 paise

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After making seven consecutive hikes in petrol prices since June, the oil companies on Monday slashed petrol price Rs 3.05 a litre, but raised diesel prices by 50 paise a litre, with effective from Monday midnight. The revised fuel prices announced by oil companies exclude local sales tax or VAT.

The reduction in petrol prices is the outcom

Current account deficit widens to 4.9% in April-June quarter; beats estimates

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Beating the market estimates, the India’s current account deficit expanded to USD 21.8 billion, or 4.9 percent of gross domestic product, during the April-June quarter, data released on Monday showed. The gap, however, was wider than the USD 16.9 billion (or 4 per cent of GDP) in the three months ending in June a year ago, due to seasonal factor

CBDT extends last date for filing IT returns to Oct 14

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The Central Board of Direct Taxes (CBDT) has extended the ‘due-date’ for filing Returns of Income from 30th September, 2013 to 14th October, 2013 in Gujarat. This decision has been taken by CBDT considering reports of dislocation of general life caused due to recent heavy rains and floods in the state.

India, Mozambique bilateral trade likely to reach $3 bn by 2016: Anand Sharma

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In his two-day visit to Mozambique, the Union Minister of Commerce & Industry, Anand Sharma met the Prime Minister of Mozambique, Alberto Vaquina on September 27, and on September 28, he met Armando Inroga, Minister of Industry and Trade of Mozambique. During his meeting with Armando Inroga, Sharma discussed bilateral cooperation.

The t

State Food Ministers to meet tomorrow to review implementation of National Food Security Act

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The Center will review preparations for implementation of the National Food security Act with the States and UTs in a meeting tomorrow, the Ministry of Consumer Affairs, Food & Public Distribution said on Monday. “The meeting to be inaugurated by Sharad Pawar, Union Minister for Agriculture and presided over by K.V Thomas, Minister of Consum

Planning Commission may slash 12th plan average GDP growth to 6%: Report

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As the growth continues to slow down in past few quarters, the Planning Commission may slash the annual average economic growth rate target for the 12th plan to 6 per cent from 8 per cent in its mid-term review of the five-year policy document, according to a PTI report. "It would be difficult to achieve the eight per cent average economic growth

Corporate Inc. curtails ad budget by 50% this Diwali: ASSOCHAM

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This Diwali, the advertisement budget of corporate inc. for brand promotion have been slashed by almost 50 per cent due to severe slowdown, spiralling inflation further confounded by a sharp depreciation of rupee, reveals the associated chamber of commerce and industry of India (ASSOCHAM) recent findings. Releasing the ASSOCHAM paper on “To Slas

Investment in rural youth key to national development: Pradeep Jain

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Investing in young people living in rural areas is the key to enhance on-farm and off-farm productivity, food security and generating employment opportunities, which will reduce migration to urban areas, said Pradeep Jain ‘Aditya’, Minister of State for Rural Development, Govt of India. Addressing the inaugural session of the 6th Regional

New Land Acquisition Act is pro people, not anti-industry: Jairam Ramesh Minister

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Calming the fears expressed by the Indian industry over recently passed the new Land Acquisition Act, Union Minister for Rural Development Jairam Ramesh on Sunday said that the Act would make projects economically unviable. Addressing a Press Conference in Mumbai, Ramesh said the new act applies only to the land acquired by Central and State authoriti

Loose monetary policy for too long will invite new crisis: Raghuram Rajan

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The Reserve Bank of India (RBI) governor Raghuram Rajan, globally renowned for his ability to foresee 2008 credit crisis, has now said that keeping monetary policy loose for too long to boost the growth may lead to a new crisis, according to a Reuters report. Rajan said central banks were “heroes” for stabilizing financial markets after 20

Govt eases overseas listing norms for India Inc

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The government on Friday eased the overseas listing norms for Indian companies and allowed the promoters to raise capital directly from global markets without having to first go for a local listing, according to a Reuters report.

The report said government has decided to implement the scheme on a pilot basis for two years. The move comes as

Barclays cuts India’s GDP growth forecast to 4.7% for FY’14

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Barclays on Friday slashed India’s GDP growth forecast for the current fiscal year to 4.7 per cent citing the uncertainty over fiscal health of the country amidst general elections next year. “Taking all the factors into account, we lower our FY 13-14 GDP growth forecast to 4.7 per cent from 5.3 per cent projected earlier,” said Barc

Raghuram Rajan gets 2013 Deutsche Bank Prize

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The Reserve Bank of India (RBI) governor Raghuram Rajan has been awarded the Deutsche Bank Prize, 2013 for his remarkable work in the financial research which has influenced macro-economic policies around the world, according to a PTI report. The endowment worth euro 50,000 awarded to Rajan is sponsored by Deutsche Bank Donation Fund. Presenting the a

Ind-Ra expects India to miss fiscal deficit target this fiscal

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India Ratings & Research (Ind-Ra) on Thursday said the recent rupee depreciation could increase oil subsidy by 0.1 per cent to 0.4 per cent of GDP in FY’14 and this alone could push the fiscal deficit over 5 per cent of GDP as against the budgeted 4.8 per cent. “INR depreciation has resulted in a sharp increase in Indian crude basket p

Raise industrial output to eradicate poverty, ensure inclusive growth: NMCC

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The National Manufacturing Competitiveness Council (NMCC) said enhancing India's industrial output will help eradicate poverty and ensure comprehensive growth, reported PTI. "Adopting Manufacturing Excellence as a national mission is the only way to get India rid of the vast poverty and to help it achieve all inclusive growth," NMCC Memb

Government notifies implementation of GAAR from April 2016

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The government has notified the controversial anti-avoidance tax rules, which will be implemented from April 2016 and apply to business arrangements with a tax benefit exceeding Rs 3 crore., reported PTI. The General Anti Avoidance Rules (GAAR) provisions will come into force from April 1, 2016, the Central Board of Direct Taxes (CBDT) said in a notif

Indian tourism’s forex earnings may touch $26 bn by 2015: Assocham

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The apex industry body Assocham on Thursday said India’s foreign exchange earnings from the tourism sector are likely to grow at 13 per cent every year and touch USD 26 billion by 2015 from the current level of USD 20 billion annually. "Growing at a compounded annual growth rate (CAGR) of 13 per cent, India's foreign exchange earnings f

CBDT extends date for furnishing audit report electronically to Oct 31: FinMin

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The Central Board of Direct Taxes (CBDT) has extended the time for furnishing the report of audit electronically till October 31, 2013 after many assesses complained that they finding it difficult to upload the report, Ministry of Finance said in a statement. “It has come to the notice of the Central Board of Direct Taxes (CBDT) that many

RBI advises banks to compute overall export credit limits of borrowers on on-going basis

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The Reserve Bank of India (RBI) on Wednesday asked banks to compute the overall export credit limits of the borrowers on an on-going basis say monthly, and re-allocate limit towards export credit in foreign currency, as per the bank’s own policy. The development came on back of concerns raised by exporters that due to rupee’s depreciation,

FM announces constitution of seventh pay commission

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The Finance Minister P Chidambaram on Wednesday announced the constitution of seventh pay commission (CPC) and said that its recommendations are likely to be implemented with effect from January 1, 2016. The announcement, which came ahead of Assembly elections in five states in November and general elections next year, will benefit all the central gov

PM approves constitution of 7th central pay commission

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The Finance Minister P.Chidambaram, on Wednesday, said that the Prime Minister has approved the constitution of the seventh Central Pay Commission. “Allowing about two years for the 7th CPC to submit its report, the recommendations are likely to be implemented with effect from January 1, 2016, FM said in a statement.

The names of the