Page 2610 - Economy & Policy News
Jet fuel, natural gas may come under the ambit of GST as early as next week
States charge as much as 30 percent in sales tax on aviation turbine fuel, on top of a 14 percent excise duty, making it the costliest in Asia
 "Jet fuel, natural gas may come under the ambit of GST as early as next week")
Govt moves to dilute RBI's data storage rules for foreign payment firms
Global payment firms currently store and process Indian transactions outside the country
 "Govt moves to dilute RBI's data storage rules for foreign payment firms")
RBI intervention to high tariffs: What can be done to cushion rupee's fall
With current-account deficit set to widen, thanks to higher oil prices and outflows from stocks and bonds, the rupee could be in for more weakness after it plunged to a record 69.0925 against dollar
 "RBI intervention to high tariffs: What can be done to cushion rupee's fall")
India in process of framing rules to regulate e-commerce: Paswan
To protect consumers, the government has issued guidelines for regulating direct selling and is in the process of issuing rules for e-commerce, says Paswan
 "India in process of framing rules to regulate e-commerce: Paswan")
Opec prefers stable prices, working on spare capacity building: Opec prez
The fluctuations will continue as long as there is no long-term plan for production
 "Opec prefers stable prices, working on spare capacity building: Opec prez")
India a bright spot for US coal miners struggling to get buyers at home
Last year, India imported 7.54 million tons of US thermal coal -- which is burned by power plants -- and 3.92 million tons of metallurgical coal, which is used in steelmaking
 "India a bright spot for US coal miners struggling to get buyers at home")
India's shift to green economy could add 3 million jobs by 2030: Report
The 3.8 mn jobs created in renewable energy sector by 2030 could easily offset 259,000 jobs that could be lost by scaling down of carbon-intensive and resource-intensive industries, says an ILO report
 "India's shift to green economy could add 3 million jobs by 2030: Report")
Ircon stake sale on course; govt plans to raise around Rs 6 billion
Ircon might have to speed up this procedure and wind up its AGM by August to go for its listing in September
 "Ircon stake sale on course; govt plans to raise around Rs 6 billion")
Telecom Commission approves new telecom policy, backs net neutrality
However, some critical services will remain out of the purview of the net neutrality rules
 "Telecom Commission approves new telecom policy, backs net neutrality")
Finmin proposes relaxing RBI directive on data storage for payment firms
The proposal comes as a relief for companies including MasterCard, Visa and American Express that fear India's data onshoring move could cost them millions of dollars
 "Finmin proposes relaxing RBI directive on data storage for payment firms")
Litigation management: Govt hikes monetary limits for tax appeals
The monetary limits for filing appeals have been hiked to Rs 2 million
 "Litigation management: Govt hikes monetary limits for tax appeals")
GST ministerial panel against sugar cess to compensate cane farmers
GoM feels that after fixing a Minimum Support Price for sugar at Rs 29 a kg, payment arrears due by mills to cane farmers have come down by Rs 50 billion, to Rs 180 billion
 "GST ministerial panel against sugar cess to compensate cane farmers")
Replace old vehicles, adopt electric vehicles: NITI Aayog
In its draft action plan titled 'Breathe India', it has proposed a 15-point action plan for combating air pollution in the 10 most polluted cities
 "Replace old vehicles, adopt electric vehicles: NITI Aayog")
Global debt hits a new record at $247 trn, $29 trn higher than end of 2016
The pace of the debt increase in the first quarter is a concern to the IIF as they note that the quality of the debt has declined, particularly in emerging markets
 "Global debt hits a new record at $247 trn, $29 trn higher than end of 2016")
Start reducing oil prices or expect demand to sink, India warns OPEC
If prices continue rising at the pace they've been gaining in the past month and a half, the South Asia nation's consumers will likely see alternatives such as electric vehicles and gas
 "Start reducing oil prices or expect demand to sink, India warns OPEC")
May outward remittances just shy of $1 bn, up from $847 in year-ago period
Over $364 million went for travel, followed by $248.8 million for maintenance of close relatives and $178 million for education
 "May outward remittances just shy of $1 bn, up from $847 in year-ago period")
India's oil imports from Iran fall over 15% in June amid US sanctions fears
India, Iran's top oil client after China, has asked refiners to look for alternative oil as the nation may have to drastically cut imports from Tehran to comply with the renewed US sanctions
 "India's oil imports from Iran fall over 15% in June amid US sanctions fears")
Lost battle over use of oil windfall to fiscal hawks: Arvind Subramanian
Subramanian, who had often batted for policy rate rate reduction, said tighter monetary and fiscal policies were needed to hold the line at the time of shocks
 "Lost battle over use of oil windfall to fiscal hawks: Arvind Subramanian")
How the Indian sugar industry is creating a not-so-sweet trap for itself
Industry staring at a record surplus by next year
 "How the Indian sugar industry is creating a not-so-sweet trap for itself")
World Bank says India beat France to become sixth largest economy: Report
India is expected to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019, leaving its nearest rival China behind
 "World Bank says India beat France to become sixth largest economy: Report")