Page 2534 - Business Finance
Arun Jaitley says confident of meeting fiscal deficit target
NEW DELHI (Reuters) - Finance Minister Arun Jaitley said on Saturday that the government is confident of meeting its fiscal deficit target of 3.3 percent of gross domestic product in the current fiscal year, a day after outlining a number of measures to bolster the falling rupee.
LIC comes to the rescue of ILFS; board approves revival plan
The board of the cash strapped Infrastructure Leasing and Financial Services (IL&FS) met Saturday to approve a resolution plan and discuss strategies for the company to raise funds to tide over the cash crunch. At the emergency meeting, IL&FSs largest shareholder, LIC, which holds 25.34 per cent, is believed to have agreed to subscribe to the forthcoming rights issue and extend some immediate working capital loan. Meanwhile, sources said LIC managing director Hemant Bhargava who was the non executive chairman of ILFS has stepped down from the position with immediate effect but will continue to be on the board as a director. The company has also learnt to have appointed SB Mathur, a past chairman of LiC as the new non executive chairman. The company needs an immediate capital infusion of around Rs 3,000 crore from its shareholders. In a meeting held earlier this week, key shareholders of the debt-ridden company including LIC, SBI and HDFC had kept a pre-condition
Govt to stick to fiscal deficit target; mum on fuel tax cuts
The government is determined to keep fiscal deficit at 3.3 per cent of GDP on the back of buoyant tax revenues and expectations of surpassing the disinvestment target, Finance Minister Arun Jaitley said Saturday but remained non-committal on cutting tax on petrol and diesel. A day after steps to contain the widening current account deficit (CAD) and check fall of the rupee were announced, Prime Minister Narendra Modi on Saturday continued his two-day review of the economy as he took stock of tax collections and macro-economic indicators in analysing performance of different wings of the finance ministry. After the meeting, Jaitley exuded confidence of surpassing the 7-7.5 per cent GDP growth target projected in the last Budget presented on February 1, meeting capital expenditure targets, surpassing tax collections projections and exceeding the record Rs 1 lakh crore target of revenue mobilisation from government stake sale in PSUs. He, however, did not say if the meeting discussed the
Govt to stick to fiscal deficit target: FM after PM eco review meeting
The government will stick to the fiscal deficit target of 3.3 per cent this fiscal as it expects buoyant tax revenues and exceeding disinvestment target, Finance Minister Arun Jaitley said Saturday. Speaking to reporters after Prime Minister Narendra Modi reviewed various departments of the finance ministry, he said the government is confident of surpassing the 7.2-7.5 per cent GDP growth rate projected in the Budget for 2018-19. "We will stick to fiscal deficit target," he said, adding that the capital expenditure targets will also be met. Jaitley said the income tax collections have been robust with expanding base and collections will exceed budgetary targets. The Goods and Services Tax (GST), he said, is settling down. He also exuded confidence of surpassing the Rs 1 lakh crore target from disinvestment proceeds.
Thousands of tech geeks flock to Alibaba fest in China
Thousands of technology geeks from across China, Hong Kong, Macau and Taiwan have been thronging global e-tailer Alibaba's Taobao Maker Fest in China's ancient city of Hangzhou, about 180km southwest of Shanghai.
Govt has taken necessary policy measures for financial stability: Official
The government has put in place necessary policy measures to bring about financial stability, an official said Saturday, while claiming that the administration has "almost" cleaned the NPA mess. The transaction cost in Indian exchanges, including commodities transaction tax (CTT) and securities transaction tax (STT), is higher than international market places such as Singapore and Hong Kong, said C S Mohapatra, Additional Secretary, Department of Economic Affairs. He noted that over a period of time the transaction cost must be reduced. Mohapatra was speaking at the annual convention on 'Capital Market & Commodity Market Moving Towards $5 Trillion Economy' organised by PHD Chamber of Commerce and Industry here. The official observed that the government has tried its best and already put in place necessary policy measures to bring about financial stability in the institutional mechanism of the country which would make way to achieve desired objectives. With regard to ...
Vice President Naidu invites Serbian companies to benefit from India's liberalised policy
Vice President Venkaiah Naidu on Saturday said that India and Serbia have much to benefit from a closer economic partnership and two sides can collaborate in various sectors such as agriculture, food processing, defence manufacturing, pharmaceuticals, tourism, entertainment, infrastructure and information technology.Speaking at the India-Serbia Business Forum, Vice President Naidu underlined the economic transformation, various reforms and fresh opportunities in India for Serbian entrepreneurs.He said that India is aware of Serbia's potential as an emerging economy and its transformation over the last few years has been remarkable. He added that some major fiscal and structural reforms were undertaken by the government have resulted in significant improvement in the economic situation and business environment of Serbia and it is fast emerging as one of the leading investment destinations in Central Eastern Europe.He mentioned that Indian economy, growing at around 8 per cent, is one ..
France drops plans to scrap 'Exit Tax' on entrepreneurs - Les Echos
PARIS (Reuters) - France will not abolish in 2019 a 30 percent tax on entrepreneurs who take their money out of the country, reversing a pledge made by President Emmanuel Macron earlier this year, business daily Les Echos reported on Saturday.
Price of blended petrol should be reduced : Min
West Bengal Consumer Affairs minister Sadhan Pande Saturday said the price of petrol blended with ethanol should be reduced and consumers must be informed that they are buying blended fuel. Retail petro dealers should arrange for the adequate display of this information, he said on the sidelines of MCCI India Economic Forum 2018. Refiners are blending 10 per cent ethanol with petrol, Pande said adding "Keeping consumers in the dark about ethanol being mixed with petrol at the pumps is an act of cheating. Consumers should be made aware of this." If ethanol is mixed then the price of petrol should be reduced. "I have been informed that the Centre has earned Rs 12,000 crore in the last fiscal through this practice," Pande, a senior Trinamool Congress leader said. The price of fuel has skyrocketed in the domestic market and is at an all time high prompting the opposition parties to demand reduction in its prices. Ethanol being a hydroscopic product absorbs water and affects .
Time right for policy intervention on rupee: Yes Bank
The rupee is close to its intrinsic value of around 72 per US dollar and the time is ripe for policy intervention to check further depreciation of the Indian currency, according to Yes Bank. "Time is right for policy intervention to anchor the sentiment and check rupee depreciation. Currently, the rupee is tracking closer to its intrinsic value," Yes Bank group president & chief economist Shubhada Rao said Saturday. Speaking at the Merchants' Chamber of Commerce & Industry's India Economic Forum 2018, Rao said that according to the bank's view, intrinsic value of the rupee is around 72 against a US dollar taken on a base of 2011-12. International Monetary Fund (IMF) India resident representative Andreas W Bauer also said according to their latest report, the rupee was around its Real Effective Exchnage Rate (REER). Rao said any further slide from the current levels was unlikely but it is difficult to predict exact numbers due to sentiments, global geopolitical ...
Credai-Western UP appoints Prashant Tiwari as president
Realtors' body Credai Saturday announced appointment of Prashant Tiwari as president for its western Uttar Pradesh chapter. Tiwari, who is Chairman of realty firm Prateek group, has been appointed for 2018-2020 period. Credai-Western UP chapter has about 85 developers as members and it covers the region of Noosa, Greater Noida and Yamuna Expressway. The new leadership team for 2018-2020 was elected at the general body meeting held yesterday. "The team has listed the challenges that the sector is facing, and set clear short-term and long-term goals. The biggest challenge for the industry in Western UP is ensuring delivery of long-delayed projects in the region and winning back the trust of the public," Tiwari said. The chapter will actively engage with regulatory bodies, the buyers and its members to ensure that the realty sector in the Western UP emerges stronger, he added. Credai-Western UP will have four vice presidents - Amit Jain (Director, Mahagun), Amit Modi (Director ABA Corp),
'Pak minister's remark on CPEC could've cost foreign investment'
Former Chief Economist of Pakistan Dr Pervez Tahir hit out at Pakistan Cabinet Minister Abdul Razak Dawood, days after he cried foul for being misconstrued by the media, when he said, "Islamabad is rethinking its role in China's Belt and Road plan".Dawood made the statement during an interview with London-based news paper, Financial Times.In an opinion piece titled 'In and out of context', published in Pakistan Daily, The Express Tribune, Tahir said that the adviser to the prime minister on commerce and textile, alleged foul play by the media, after his statement on the China Pakistan Economic Corridor (CPEC) was questioned by the influentials in his party."To prove that he could not just go after the minuscule Utility Stores Corporations, but also mega initiatives like CPEC, Razzak Dawood chose the Financial Times. He repeated, within quotes, all that the detractors of One Belt One Road and CPEC say ad infinitum. When confronted by the influentials of the ruling party, he came out ...
French business delegation meets Naveen
A business delegation from France Saturday met Odisha Chief Minister Naveen Patnaik at the state secretariat and expressed interest to invest in the state, official sources said. The businessmen evinced interest to invest in hotels, steel, electrical equipment, power and other sectors, they said. "Honoured to meet CM of #Odisha, @Naveen_Odisha with a French business delegation. Thank you for an insightful conversation on how to increase our footprint in this fast growing state! #franceinindia, Ambassador of France to India Alexandre Ziegler, who led the delegation, tweeted after meeting Patnaik. While welcoming the investors from France, Chief Minister Patnaik invited the visiting business community to take part in the Make In Odisha Conclave in Bhubaneswar to be held in November this year. Stating that Odisha has emerged as an attractive destination for investors from across the globe, Patnaik said it is a mineral rich state having abundant iron ore, bauxite, chromite
French delegation shows interest in investing in Odisha
A French business delegation led by Alexandre Ziegler, Ambassador of France to India, on Saturday met Odisha Chief Minister Naveen Patnaik to explore investment opportunities in the state.
Delhi Waqf Board to revise property rent
Under its new chairman Amanatullah Khan, the Delhi Waqf Board is gearing up to revise the rent of its properties to boost resources and undertake welfare programmes for the Muslim community in the city. Khan said the Waqf Board was working on rent revision as per the new lease rules that provide for 2.5 per cent of the area circle rate as annual rent for commercial and 2 per cent for residential properties. "The shop owners and tenants who will not pay revised rent will be asked to vacate our properties," Khan told PTI. Rents of the Waqf Board properties scattered across the city have not been revised for many years. Khan has directed revision of the rate as per the Waqf Properties Lease (Amendment) Rules, 2014, said a senior Delhi Waqf Board official. "If the revised rent is realised the income of the Waqf Board will jump up to crores of rupees," the official said. Currently, the Delhi Waqf Board's revenue is around Rs 11 lakh per month. The Waqf Board owns over 2,000 properties, ...
FundzBazar crosses 2 lakh investors milestone
Leading online mutual fund investment platform FundzBazar has announced crossing an investor base of 2 lakh in a span of 28 months.FundzBazar, which attributes this success to its channel partners, investors and team Prudent was launched in May 2016.Within 18 months FundzBazar crossed 1 Lakh investors and doubled its investor's base to 2 lakh in just 10 months."Since beginning, we have focused on making the platform more and more investor-friendly by providing smart and flexible investment features backed by state-of-the-art technology, and we are happy to see this focus translating into nos. Looking at the current growth, we are aiming to add another 3 Lakh investors in next 24 months' time. We thank all our channel partners, investors and team Prudent for making this happen" said the management.In next few months, the platform is planning to roll out new features like SIP with insurance facility, transaction facility through RTGS/NEFT payment mode and many more.
WPI Falls To 4 Month Low, Food Prices Soften Further
The official Wholesale Price Index (WPI) for 'All Commodities' (Base: 2011-12=100) for the month of August, 2018 rose by 0.3% to 120.0 (provisional) from 119.7 (provisional) for the previous month. The annual rate of inflation, based on monthly WPI, stood at 4.53% (provisional) for the month of August, 2018 (over August, 2017) as compared to 5.09% (provisional) for the previous month and 3.24% during the corresponding month of the previous year. This is the lowest mark in last four months for the measure. Build up inflation rate in the financial year so far was 3.18% compared to a build up rate of 1.41% in the corresponding period of the previous year.
August Merchandise Imports Jump 36.34% In Rupee Terms
Merchandise exports in August 2018 were US $ 27.84 Billion, as compared to US $23.36 Billion in August 2017, exhibiting a positive growth of 19.21%. In Rupee terms, exports were Rs 1,93,624.74 Crore in August 2018, as compared to Rs. 1,49,398.90 Crore in August 2017, registering a positive growth of 29.60%. Imports in August 2018 were US $ 45.24 Billion (Rs 3,14,597.54 Crore), which was 25.41% higher in Dollar terms and 36.34 % higher in Rupee terms over imports of US$ 36.07 Billion (Rs 2,30,737.96 Crore) in August 2017.
Afghanistan seeks agriculture tie-ups with India
Afghanistan on Saturday invited Indian businesses to invest in its agriculture sector, promising to roll out great opportunities in the fields of manufacturing, processing, packaging and marketing of farm products.