Finance Secretary Hasmukh Adhia has said that there may be an underestimation in the second quarter GDP growth rate figure of 6.3 per cent, which could go up further after the real picture about the indirect taxes becomes clear. Commenting on the issue, Finance Secretary Hasmukh Adhia told the media, “Even the Chief Statistician "was not too sure" whether this is the final numbe
With the GDP growing during the second quarter of 2017-18 after a five-quarter slide, NITI Aayog CEO Amitabh Kant on Thursday said growth has returned and the country will now move ahead on a higher growth trajectory.
All sectors of the economy are bouncing back, he told reporters on the sidelines of Global Entrepreneurship Summit (GES) here.
Claiming that the investment by
India Inc. on Thursday said the rise in the second quarter (Q2) GDP numbers showed signs of economic recovery.
"Growth numbers are in sync with the expectations and re-affirm that signs of recovery are in sight," said Pankaj Patel, President of Ficci.
"The performance of industrial sector has noted an improvement after dropping to the lowest in almost five yea
Lauding the upward movement of the GDP number for the second quarter of 2017-18, Finance Minister Arun Jaitley said the rise in growth after five quarters marks the reversal of the trend and the economy will witness high growth rates in the coming quarters.
"Last five quarters have witnessed downward trend. The 6.3 per cent rise during Q2 of 2017-18 marks the reversal of that tre
Taking a dig at the central government on GDP numbers, West Bengal Chief Minister Mamata Banerjee on Thursday said "effects of note ban scam" and "unplanned" implementation of Goods and Services Tax (GST) continue to damage India's economy.
According to official data released on Thursday, gross domestic product (GDP) at constant prices in the second quart
Vice President M. Venkaiah Naidu on Thursday said small and medium enterprises (SMEs) can play a crucial role in checking climate degrading practices in the industrial sector and ensuring a "greener future".
Addressing the 21st International Conference on Small and Medium Enterprises organised by the World Association for Small and Medium Enterprises, Naidu said that people
Former Finance Minister P Chidambaram on Thursday said he was happy that the economy has registered a growth of 6.3 per cent in the latest quarter but still one cannot say whether this will mark an upward trend in the growth rate.
"I am happy that the July-Sept quarter has registered a growth rate of 6.3 per cent. This is a pause in the declining trend of the last five quarters.<
Finance Minister Arun Jaitley said the rise in GDP growth rate to 6.3 per cent in the July-September period of 2017-18 signals a reversal of downtrend seen over the preceding five quarters, reported PTI. The economy now seems to have weathered the transitional challenges experienced earlier in the year and appears poised for a durable recovery going forward, he told reporters.
MUMBAI - India's economy grew 6.3 percent in the three months ending in September from a year earlier, in line with expectations and faster than a provisional 5.7 percent in the previous quarter, government data showed on Thursday.
TUSHAR ARORA, SENIOR ECONOMIST, HDFC BANK
"The GDP number is
India's factory activity quickened in November at the fastest pace since just before the government's surprise cash clampdown late last year, driven by a surge in new orders, a business survey found.
Responding to improving demand, manufacturers cranked up output for the fourth month in a row, and hired new workers at the fastest pace in five years.
That suggests a d
As the taskforce to draft a new direct tax law gets cracking, industry and trade officials say a flat rate income tax system is undesirable for a country like India with wide income inequality, reported PTI. The new law is to replace the existing Income Tax Act, 1961. "A flat rate is not progressive in an unequal society," Ficci Secretary General Sanjaya Baru told PTI, when asked abou
NEW DELHI - India's annual infrastructure output grew 4.7 percent in October from a year ago, driven by higher refinery production, government data showed on Thursday.
The growth in output compares with a downwardly revised 4.7 percent year-on-year growth in September.
During April-October, the annual output growth was 3.5 percent, data showed.
Outlook for bank performance in Asia-Pacific (APAC) is decidedly less negative than at the start of 2017, with the improved economic backdrop likely to support loan demand and asset quality, says Fitch Ratings. The rating agency said that benign environment has the potential to mask weakening lending standards in markets where credit is growing particularly strongly, but any fallout is unlikely
MUMBAI - India's tea exports in the first ten months of 2017 jumped 6.6 percent from a year ago to 189.68 million kg as Iran and China purchased more, the state-run Tea Board said in a statement on Thursday.
Iran bought 20.98 million kg tea during the period, up from 18.67 million kg a year ago, the Board said.
India, the world's second-biggest
Finance Minister Arun Jaitley on Thursday said the country will need a "boom period" like during 2003 to 2008 in order to achieve a 10 per cent growth, which is a "challenging figure".
"A 10 per cent growth is a very challenging figure and a 10 per cent growth will not depend merely on domestic factors. It will also depend on how the world is moving," Jai
Expressing hope that India will be able to create "world class infrastructure" in another 20 years, Finance Minister Arun Jaitley on Thursday said that his confidence in the timeline was based on how the country has become an "aspirational society" whose energies have been unleashed by the 1991 economic liberalisation.
Delivering the annual Defence Estates Day Lect
NEW DELHI - India intends to follow the glide path as far as the fiscal deficit is concerned, the finance minister, who is scheduled to present his last full budget in February ahead of next general elections in 2019, said.
"The last three years we have an exemplary record as far as maintaining that glide path is concerned. We intend to move on that track,"
India's budgetary fiscal deficit for the first seven months of 2017-18 stood at 96.1 per cent -- Rs 5.25 lakh crore -- of the full year's target of Rs 5.46 lakh crore, official data showed on Thursday.
The data furnished by the Comptroller General of Accounts (CGA) showed that April-October fiscal deficit was 79.3 per cent of the budget in the like period of the last fiscal.
Minister of State for Finance Shiv Pratap Shukla has asserted that GST will become a good and simple tax in the matter of few months, as issues regarding the new tax regime have been addressed by the government. Commenting on the issue, Minister of State for Finance Shiv Pratap Shukla told the media, “By March, the GST will be simple enough for everyone to comprehend. It will be so simple
According to media reports, India has moved up one place to the 68th spot on the Global Entrepreneurship Index of 2018, which is topped by the US. India was at the 69th position last year. The US topped the index, which ranked 137 countries, this year also, Jonathan Ortmans, president of the Global Entrepreneurship Network (GEN), said today. "India is in 68th position in the Global Entrepr
Finance Minister Arun Jaitley said achieving a 10 per cent GDP growth rate is challenging and will depend on how the world is moving, reported PTI. Speaking at the HT Leadership Summit here, he said India has done well by growing at 7-8 per cent during the last three years. To scale to 10 per cent rate is "very challenging" and it will not depend on domestic factors only but on how th
The Competition Commission of India (CCI) has imposes penalty of Rs 52.24 crore on Board of Control for Cricket in India (BCCI) for abuse of dominant position for imposing restriction that deny access to the market for organization of professional domestic cricket league.
The apex body has found BCCI to be in contravention of the provisions of Section 4(1) read with Section 4(2)(c) of
The Indian Government has said that technical glitches have led to export refunds piling up and assured exporters that steps are being taken to fix the problem. Commenting on the issue, senior finance ministry officials told the media, “Delays in Goods and Services Tax (GST) refunds to exporters are attributed to technical glitches in GSTN, which are being corrected, but the government is
India and Italy on Wednesday signed a Memorandum of Understanding (MoU) for enhanced cooperation in the health sector. Commenting on the development, J P Nadda stated that both the countries share a strong and rich traditional relationship which has been enhanced by high level visits. Also, there is a mutual interest in the promotion of stronger ties in the health sector, he added.
Chief Economic Advisor Arvind Subramanian said demonetisation and GST rollout may have "reinforced" the growth deceleration that had already set in, reported PTI. He also exuded confidence that "we will soon come out from these two policy experiments" and regain growth. "I think that deceleration in growth, if you look at numbers, actually preceded before these two acti