Page 1693 - Economy & Policy News

15th FC panel suggests giving range for fiscal deficits for Centre, states

Singh said the commission did not brush aside the suggestion, however, a final decision on providing a range as fiscal deficit targets is yet to be taken

Ease of doing business: States' ranking based on reforms to be out tomorrow

The exercise is aimed at triggering competition among states to improve business climate in order to attract domestic and global investors

Bt brinjal approval rekindles debate on inadequate protocols and rules

Expert says experience shows that lot of illegal spread that happens during field trials gets into the food chain

Piyush Goyal asks auto firms to reduce royalty payments to parent companies

Reduction in royalty can help them reduce the cash outflow, bring down the vehicle prices and help in boosting their domestic sales, Goyal added

India to empower citizens with control over use of personal data

Niti Aayog seeks suggestions and comments on Data Empowerment and Protection Architecture (DEPA), which aims to empower individuals with control over how their personal data is used and shared

Moody's downgrades deposit ratings, credit assessment of four PSU banks

Says economic shock from Covid-19 may weaken borrower credit profiles and hurt their asset quality. outlook on ratings of all four is negative

Leading container port JNPT's traffic declines over 16% in August

Leading container port JNPT on Friday reported 16.61 per cent drop in total traffic handled to 4.74 million tonnes in August, as against 5.68 million tonnes in the same month last year.

Faceless approach in taxation to bring down compliance cost: Finance secy

The finance secretary said that the tax system was going to be entirely data-driven and seamless tax reforms would change the way taxes are paid in the country

FinMin directs govt-owned banks to invoke personal guarantees of defaulters

SBI takes lead in preparing list of all defaulters, including large corporations, whose firms are under bankruptcy proceedings

IT dept closely monitoring implementation of faceless assessment scheme

Since August 13, all Income Tax returns picked up for scrutiny, except those relating to search and seizure and international tax, are being assessed under faceless assessment

India witnessing V-shaped recovery; lockdown led to drop in economy: FinMin

Among the major economies, India witnessed the steepest decline in the GDP growth in the April-June quarter following the outbreak of the coronavirus pandemic

India open to raising duties on auto imports to boost local production

Modi government wants companies to reduce imports, increase domestic production and play a bigger role in the global supply chain in an effort to make the country more self-reliant

Forex reserves climb to record $541.431 bn, gold reserves down by $64 mn

In the reporting week, the forex kitty rose mainly on the back of a jump in foreign currency assets (FCAs), a major component of the overall reserves

India extends anti-dumping duty on Chinese float glass for 3 months

In a separate notification dated September 2, the department has imposed provisional anti-dumping duty on imports of Ciprofloxacin Hydrochloride medicine from China for a period of six months

Need to re-orient policy mix to rebuild economy in post-Covid world: Finmin

Ministry asserts India is on V-shape recovery path from Q2 onwards; says GDP plummeted most because of severest lockdown measures taken against pandemic

Javadekar hints at possible GST cut for vehicles to boost auto sector

Elaborating on the possibilities of the GST rate cut on vehicles segment, he said the details of the proposals are being worked out by the Finance Ministry and he is not privy to all the details

Japan to subsidise manufacturers if they shift to India from China: Report

The subsidy aims to reduce Japan's reliance 'on a handful of links' in its supply chains, says Nikkei Asian Review.

Loans up to Rs 50 cr for start-ups get priority sector tag in new RBI norms

Lending limit for health infrastructure doubled to Rs 10 crore, says central bank.

Shipping Min directs ports to procure, charter indigenously-built vessels

Union Shipping Minister Mansukh L Mandaviya said that the new plan will help to build small vessels at 16 major shipyards in the country

Will take up GST cut demand with FM Sitharaman, PM Modi: Prakash Javadekar

Prakash Javadekar assured the automobile industry that he will take up the industry's demand for a cut in GST for the sector with the Finance Minister and the Prime Minister