On Thursday, the Reserve Bank Governor Urjit Patel said that to be implemented goods and services tax (GST) will not only create a national market but will also broaden the tax base which in turn will lower the overall taxes in the long-term. “The prudent point is that GST itself[Read More…]
Tag: Economy
Yogi approves New Industrial Policy, aimed towards underdeveloped regions
According to a UP government spokesperson on Friday, the new industrial policy of Uttar Pradesh has been approved by Chief Minister Yogi Adityanath. The policy promises ease of doing business, tax relief and continuous power supply to the people. It also aims at promoting industries in the underdeveloped regions of[Read More…]
PM Modi reviews GST progress ahead of July 1 roll-out
On Monday, Prime Minister Narendra Modi, in view of the Goods and Services Tax (GST) said that the roll-out of the new indirect tax regime from July 1 will be a turning point for the economy. Notably, this was the first PM’s review on the freshly finalised rates by the[Read More…]
GST rates for gold and textiles fixed; roll out from 1st July
A meeting of the 15th Goods and Services Tax (GST) Council began at the Vigyan Bhavan, Delhi, on Saturday to finalise the taxes to be levied on Six commodities, including, gold, textiles, footwear, agriculture, handloom and handicrafts. Here are the highlights: Rate for gold, gems and jewellery fixed at 3%[Read More…]
Chidambaram slams government, says demonetisation made economy worse
Senior Congress leader P. Chidambaram on Thursday said he was right in predicting slow growth of the economy and that demonetisation made it worse. “I had said demonetisation will affect growth by 1-1.5 per cent. Spot on. GVA down by 1.3 per cent,” said the former finance minister. “The economy[Read More…]
‘We have restored credibility of the economy’, says Arun Jaitley
On completion of NDA government’s three years in power, Finance Minister Arun Jaitley briefed the media in New Delhi on Thursday. He claimed to have “restored the credibility of the economy”, adding that, “We have shown decisiveness, even the ability to take difficult decisions.” He said the government has taken[Read More…]
Post-Babri generation: Where do we stand?
I was born the year the Babri mosque was brought down. Consequently, I have no memory of the event, neither the movement that preceded it nor the riots that ensued. All that I know is from what I have heard or read as part of contemporary history, same as many[Read More…]
GST rates of 1,211 items decided; food grains exempted from levy
The Goods and service council on Thursday decided the GST rates for 1,211 items, a majority kept at 18%, though the rates on gold and beedi remained undecided. The Centre also chose to lower the incidence of tax on mass-use items to ensure that prices come down in the new[Read More…]
Only 66% of IIT graduates got placed in 2016-17
According to data made available by IITs to the human resource development (HRD) ministry, one out of three IITians graduating this year either didn’t find a suitable job or couldn’t get a suitable job through college placement. Clearly pointing at the trend of unemployment, only 66% student who appeared for[Read More…]
Bitcoin soars to an all-time high
Bitcoin towered an all-time high above $1,400 on Tuesday which is technically more than triple of its value over the past year. This comes alongside the recent rise in demand for the service in Japan, where the digital currency has been considered a legitimate means of payment. Bitcoin rose around[Read More…]
1% of Indians own 53% of country’s wealth
Sensex, Nifty hit record high; rupee strengthens
India’s benchmark BSE Sensex on Wednesday shot up by over 128 points to 30,071.61 and Nifty scaled 9,343.15- both record high- in opening trades. High Foreign fund inflows and sustained buying by retail investors are the main reasons for the record high. The 30-share BSE Sensex rose as much as[Read More…]
India to grow over 3-fold by 2030: NITI Aayog
India’s growth to accelerate due to GST: Jaitley
Gujarat: Diamond trader gifts staff two-wheelers despite sluggish economy
A diamond businessman in Gujarat has gifted two-wheelers to his staff as a gift for the company doing well regardless of a sluggish economic record. Reportedly, Laxmidas Vekaria gifted his 125 staff with two-wheelers as yearly increment at an event. Vekaria kick starts his business in 2010. He is the second businessman[Read More…]
India will see normal monsoon this year: IMD
Monsoon will be normal this year, predicted the Indian Meteorological Department (IMD) on Tuesday. The development comes despite lingering likelihoods of the unruly El Nino weather pattern that led to consecutive drought in 2014 and 2015. “India is in for a normal monsoon which will be good for agriculture and[Read More…]
Watch: Tribute to Indian farmers
Agriculture is the backbone of Indian economy. Farmers contribute about 16% of the total GDP. Farmers, who work day and night to feed the nation, are the real warriors. Unfortunately, their trials and tribulations remain largely unattended. According to a report by National Crime Reports Bureau, farmers suicide account for[Read More…]
Treasury transactions in Kerala to go online
Chandigarh Sector 22 to be no-vending zone, says Mayor
The Municipal Corporation of Chandigarh is most likely to declare Sector 22 as a no-vending zone. As per the plan, street vendors may not be allowed to sit in the Sector. The shopkeepers of Sector 22 have complained as there are too many vendors functioning in the area considering that[Read More…]
Exclusive: DIPP collecting feedback on reforms; finalising Make in India 2.0
The Department of Industrial Policy and Promotion (DIPP) is not silent on Make in India and is in fact in the process of fine-tuning an upgraded 2.0 version. DIPP secretary Ramesh Abhishek told Group Editor of Newsd, Shutapa Paul, in an exclusive chat that contrary to criticism Prime Minister Narendra[Read More…]
Even if GDP figures despite demonetisation are true, it is still bad news
Everybody knows that disparities exist in Indian society and economy but that the gap would be so huge has become apparent only now. Actually, only 10 percent of India’s population controls all resources. So much for Sabka Saath Sabka Vikas. Let’s see why: Just when everyone was expecting the demonetization[Read More…]
Non-subsidised LPG rates raised by Rs 86 per cylinder
The price of non-subsidised cooking gas (LPG) steeply rose to Rs 86 per cylinder on Wednesday, well reflecting international trends. Non-subsidised LPG, bought by those who have exhausted the quota of 12 bottles of 14.2-kg in a year at below market price, will now cost Rs 737.50. It was priced[Read More…]
Indian economy to remain effulgent in global landscape says IMF
After the Indian economy was hit by demonetisation, it is expected to grow strongly and remains gleaming in the global landscape, a senior IMF official has said. “The Indian economy is growing strongly and remains a bright spot in the global landscape,” the IMF mission chief for India, Paul Cashin[Read More…]
Renowned economist Kenneth Arrow dies at 95
The youngest winner of a Nobel prize for economics, Kenneth J. Arrow, passed away. He was 95, died on Tuesday at his home in Palo Alto, San Francisco. His theories on risk, innovation and the basic mathematics of markets have influenced thinking on everything from voting to health insurance to[Read More…]
Uber CEO apologises for company’s flaws after harassment claims
Travis Kalanick apologised to all Uber Technologies Inc. employees on Tuesday in an open meeting. The CEO of an American worldwide online transportation network giant, apologised for the cultural failings at his company after an ex-employee accused that she was harassed and discriminated against while working in Uber Technologies Inc.[Read More…]