The slower growth of the manufacturing sector for the month of October comes on the back of core sector growth registering a contraction of more than five per cent for the month of September driven down by an across the board contraction barring fertilisers. The survey report indicates that the slowdown will persist for a longer period.
This is the highest rate since August 2016; up from 7.2% in September, according to data released by CMIE
Indian couples interested in adopting a child must pay a fee of Rs 40,000 and those living abroad are charged $5,000 in India. The fees are set by the government under the ‘Adoption Regulations’.
These data points may help you understand whether or not Diwali cheers drive away India's consumption blues.
Under the theme ‘Inclusive Leadership in an Interconnected World: Driving Progress and Sustainability through Tolerance’, the forum will be held under the patronage of Sheikh Nahayan Mabarak Al Nahayan, Cabinet Member and Minister of Tolerance, UAE, and in association with the UAE Ministry of Economy.
Minutes of the meeting are yet to be issued, which will have to be approved by the secretary before the government’s stand becomes official. The government had in the Union Budget 2015-16 gave option to EPFO subscribers to opt for NPS. The move triggered massive protests from trade unions.
Garg said he “tried to be a true civil servant” and took all decisions in the larger public interest. “I was able to take and implement bold and sometimes unconventional decisions throughout my career, which might not have kept my bosses in good humour sometimes,” he said in the note that also outlined his future plans.
Several experts pointed out that the weak core sector output may not bode well for the second-quarter GDP growth, the numbers for which will be published on November 29. The RBI in its October bimonthly policy review slashed the GDP growth for the entire fiscal to 6.1 per cent from 6.8 per cent earlier.
PM Modi is expected to take the political call on India joining RCEP as part of the country’s growing economic footprints in the Indo-Pacific region. Some prospective RCEP member states including G-20 economies from South East Asia and East Asia are keen on India's presence in RCEP amid apprehensions that its absence will enable China to dominate.
The policy is expected to spell out disincentives for older vehicles, including manifold increase in re-registration fee. A draft notification from the transport ministry proposed that re-registration of internal combustion engine cars be increased to Rs 15,000.
The Financial Sector Regulatory Appointment Search Committee has shortlisted about seven names who have been called for the interview on November 7. The search panel also includes RBI Governor, Financial Services Secretary and some independent members. The appointment will be for a period of three years and the person will be eligible for re-appointment.
Modi will be visiting Bangkok at the invitation of Thai Prime Minister Prayut Chan-o-cha, Secretary East Vijay Thakur Singh said at a media briefing. He will attend the 16th ASEAN-India summit, 14th East Asia Summit and 3rd RCEP summit and related events. Negotiations for resolving outstanding issues on RCEP are going on in Bangkok
"Our problems, in general, is overly high tariffs rather than overly low tariffs. There may be some cleverness we need to figure out what works best," former RBI governor Raghuram Rajan said. He said one of India's big issues is how to become a part of both the regional as well as international supply chains.
The index was dragged down by coal mining which came in at -20.5 per cent.
Security researchers at Singapore-based Group-IB had found that card details were being sold at a price of $100 per card, ZDNet had reported. The value of the leaked database has been estimated by the group at $130 million. There were about 51.7 million credit cards and 851.5 million debit cards in circulation as of August, RBI data shows.
The revenue deficit for the same period stood at 4.85 lakh crore.
“Several key indicators are not just slowing, but in absolute decline, including non-oil imports (-6.6% in current dollars), non-oil exports (-1.6% in current dollars), and the index of production of capital and infrastructure goods,” CGD scholars said. Other indicators show positive growth, but far below the 6% benchmark that the World Bank and IMF project for the economy as a whole.
"I had just over eight months in the previous (Congress) government and I had 26 months under this (BJP) Government. So much of my term (as RBI Governor) was under this government," Rajan said. Sitharaman had said that the Indian public sector banks had the "worst phase" under the combination of former PM Manmohan Singh and Rajan.
The clarification comes amidst media report indicating the government move to launch amnesty scheme that will allow individuals and entities to declare their unaccounted gold holding without risk of being prosecuted. There is no such gold amnesty scheme under consideration of Income Tax Department as being reported in media, official sources said on Thursday.
The rate at which payment would be made to farmers has been increased from Rs 1,750 (last year) to Rs 1,815 per quintal. The total amount to be bought has been fixed at 52 lakh metric tonnes. The state government has also decided to encourage the cultivation of alternative crops which require less water.
Labour productivity fell to 2.6% and 2.9% in FY17 and FY18 respectively compared to high growth phase of FY04-FY08 when it grew 14.2%, said an Ind-Ra analysis. Longer and sustainable labour productivity growth is dependent on investments in innovation, knowledge, and intangible capital by businesses, and governments’ commitments towards structural reforms, the report said.
India is also among the top countries that safeguard e-money via some sort of deposit insurance or protection. RBI has prepared a draft National Strategy for Financial Inclusion to deepen financial services' coverage in the country. The long-awaited strategy is expected to be finalised in 2019 and will cover a five-year period.
The price rise in these two perishable vegetables was due to supply disruption in the wake of heavy rains and floods in the main growing states like Maharasthra and Karnataka. The rates have remained high even as the government has boosted supplies through state-owned Mother Dairy's Safal outlets, cooperatives Nafed and NCCF.
Usually, countries keep import duty low on Key Industrial Raw Materials (KRMs) and high on Value Added Products (VAPs). But in India, KRMs attract higher import duty than corresponding VAPs. This increases the cost of production and make exports uncompetitive. The industry also becomes vulnerable to imports due to low import duty on VAPs.
India’s utilisation ratio of its current FTA with ASEAN is just about 6%. In contrast, ASEAN countries have a 36.3% utilisation. Also, unlike with Japan and Korea, the investment component is also not quite large.
Presenting its estimated expenditure plans for the next five years to the 15th Finance Commission recently, UP said its revenue in subsequent years too will be hit because of GST.
Removing equity-related taxes may burn a Rs 80,000 crore hole in government kitty. More sops will mean raising tax on super-rich which has already been done in the budget or cutting welfare spend, both of which may not be feasible.
The silver lining is that crises bring about reforms, and there is no reason not to be optimistic in this regard in the case of the current economic crisis.
In the third quarter, India's real GDP growth is estimated to be 1 per cent on a quarter-on-quarter basis and is projected to rise to 2.20 per cent in the fourth quarter, as per the report.
Piyush Goyal's statement assumes significance in the wake of India negotiating the (RCEP) trade pact, whose talks are expected to conclude next week amid opposition from various industries & ministries, and is also in talks with the US for a trade deal.
According to sources, personal income tax rate cut is difficult at this juncture due to multiple factors like slowdown in economy, lower tax realisation and subdued non-tax mop up.
Credit balances for consumer loan products grew 17.1% y-o-y in the quarter ended June 2019 compared to 23.5% a year earlier led by a more than 30% rise in credit cards and personal loans even as auto loans, home loans and loan against property declined.
Though the rate of tax is yet to be worked out by the government, sources indicated that the thinking is to keep the rate at around 30 per cent level with an effective rate of around 33 per cent including education cess.
In recent days, India angered other negotiators by making additional requests on the China-backed pact covering half the world’s population
Govt is discussing a proposal to impose a new levy in addition to the existing import duty and raise the goods and services tax on the processed tropical oil.
India’s immediate question is whether to join the RCEP, which if completed would represent the world’s biggest free-trade agreement. 15 other nations appear ready to conclude nearly 30 rounds of negotiations. India is the main holdout.
“Going forward NSDC (National Skills Development Corporation) will cease to play the role of an implementor of Pradhan Mantri Kaushal Vikas Yojana (PMKVY) and focus on its other three roles,” the ministry has said in its draft vision document.
After the last straw, the government must have the courage to face the accusation and still act.
In June, the US terminated India's designation as a beneficiary developing nation under the key GSP trade programme after determining that New Delhi has not assured the US that it will provide "equitable and reasonable access" to its markets.
With an eye on pushing up the sagging personal consumption, which is blamed as one of the key culprits for economic growth sliding to a six-year low, the government is mulling to cut the income tax, according to reports.
DIPAM has already empanelled 11 consultancy firms for monetisating land and properties of central public sector enterprises (CPSEs), public sector undertakings (PSUs) and other government organisations.
While India has multiple slabs to charge the indirect tax, Singapore has only one tax rate under GST. GST introduction in India has the potential to be a long-term game-changer by unifying the country as one market, Abhijit Nath said.
As part of this, the Finance Ministry has started preparing ground for the next round of discussions at the GST Council with proposal for including gas and ATF into GST fold first before evolving consensus on other petroleum products.
The gathering — which has been termed as the ‘Davos in the desert’ is also intended to showcase the rapid transformation underway in the Kingdom as the Vision 2030 reform plans gather pace, and to offer investment opportunities for global partners.
Anurag Thakur said the companies over the last 5 years have contributed Rs 50,000 cr and above towards CSR. Companies Act was amended in 2013-14 making it mandatory for cos with a specified level of profit to spend 2% of it on social welfare.
To join RCEP, India will have to take on commitments for tariff elimination for about 90% of items from, Japan and South Korea, and over 74% from China, Australia and New Zealand. RCEP is a proposed FTA between the 10 member of the ASEAN
This comes after India had on September 30 blocked a US request to set up a panel to settle its disagreement over the issue of retaliatory import tariffs on 28 US products.
An RCT randomly allocates volunteers to, say, two groups. One is treated with the drug in question, the other with a placebo. There are over 200,000 well-documented cases of RCTs in medicine.
At present, domestic firms are required to pay in foreign exchange for services rendered by a SEZ unit. However, this norm is not applicable for sale of goods, for which payments could be made in the rupee terms.
A nodal officer will be appointed in each CGST and Customs Commissionerate to sort out taxpayer grievances. The move would ensure an escalation point for taxpayers in case their grievances are not addressed at designated level.
