Page 34 - Indian Government

India has nano demographic window to become developed country: Finance secy

India has a nano demographic window to achieve developed country status, and if it misses, it may not reach there, Union Finance Secretary T V Somanathan said on Saturday. The country has to grow at a rate of 8-8.5 per cent to reach developed country status, he said at an event here. "In the first decade of this century, China grew at approximately 9.5 per cent per annum and similar growth rates were witnessed in countries like South Korea and Taiwan" Somanathan said. The finance secretary made the comments while delivering the G Ramachandran Endowment Lecture on 'Development in Changing Times, the role of government efficiency' at the Madras School of Economics here. "The other thing which we often hear and it is an important point that a lot of people make is that we have nano demographic window in which to achieve developed country status, and if we don't catch this window or if we do not use this window, we may never get there," he said. "There are two widely held views abo

Create investor-friendly ecosystem: G Kishan Reddy tells northeast states

Union Minister G Kishan Reddy on Saturday asked all states of the northeast region to create an investor-friendly ecosystem and suggested the authorities concerned to organise a global summit to attract investments. Reddy, the minister for Development of North Eastern Region (DoNER), directed senior officials to prepare an action plan for the proposed global investors' conclave in the coming months. "A global investors' summit for NE should be organised soon, and all state governments should start undertaking measures for developing an investor-friendly ecosystem," he said while addressing the 70th Plenary Session of the North Eastern Council (NEC) here. Various measures, such as changing existing policies to suit the needs of investors, digitising land banks with plot level information, simplifying processes, providing a single window clearance system and developing an inventory of readily investible projects, must be undertaken. Each state of the region should work on establishin

Govt, industry should work to make India a much larger economy: Goyal

Union Minister Piyush Goyal on Friday said the government along with the industry should work on a bigger goal to make India a developed country and aspire to become a much larger economy by 2047. If we all put our best foot forward and aspire for double-digit growth, we can be much bigger, he said addressing FICCI's National Executive Committee Meeting. Speaking on inflation, Goyal said that over the last eight years including the current slightly elevated levels, the CAGR inflation is under 4.5 per cent through our tenure. When the other countries have double-digit inflation, India continues at moderate 7 per cent. There is monitoring of prices by the government on a daily basis. We are looking at, in the next few months, inflation coming back within the RBI's band of 2-6 per cent," he added. The Minister for Commerce and Industry highlighted that India has tremendous potential with a large talent pool both to encourage design manufacturing services and the manufacturing eco-syst

Centre asks CJI U U Lalit to name successor before retiring on Nov 8

Justice Lalit tenure would demit office on November 8

85% of Indian schools yet to implement vocational courses: WEF report

Titled Education 4.0 Report', the report explains how technology can address learning gaps and make education accessible to all

Finance Ministry cuts August 2022 spend: Efficiency or compression?

The centre saved around Rs 10,000 crore through SNA last fiscal year

Govt likely to save around Rs 80k crore in FY23 from unused budgeted funds

The government will be saving more than two per cent on the Rs 39.4 trillion budget

Even Indian bonds are not spicy enough for global investors to bite

What will break the impasse and when? Apart from some simplification of processes and taxation, a lot will depend on the Reserve Bank of India's policies, especially on exchange rates.

Latest LIVE: Bombay HC grants bail to ex-Maharashtra minister Anil Deshmukh

From coronavirus cases in India to all the latest developments from across the globe, catch all the updates here

Aug tax collections decline 7.7%; personal income tax mop-up drops 37%

Direct taxes fall 42% to Rs 34,972 crore, from Rs 60,363 crore in August last year

India initiates anti-dumping probe into import of Chinese laser machines

India has initiated an anti-dumping probe into import of industrial laser machines used for cutting, marking and wielding, from China following a complaint by a domestic player. The duty is aimed at protecting the domestic industry from cheap imports. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of the machine originating in or exported from China. Sahajanand Laser Technology has filed an application to initiate the anti-dumping investigation. The applicant has alleged that dumping of the machines is impacting domestic industries. "On the basis of the duly substantiated application by and on behalf of the domestic industry, and having satisfied itself, on the basis of the prima facie evidence submitted by the domestic industry, substantiating dumping of the product...the authority hereby initiates an investigation," the DGTR has said in a notification. If it is established that the dumping has caused materia

Latest news LIVE: Light Combat Helicopters inducted into Indian Air Force

From coronavirus cases in India to all the latest developments from across the globe, catch all the updates here

QR codes to soon be printed on medicines to check for their authenticity

In the first phase of the 'track and trace' mechanism, the QR codes will be printed on the primary packaging like the bottle, can, jar or the strip

$1.2-trn 'PM Gati Shakti' plan can snatch away factories from China

Under a $1.2 trillion mega project called PM Gati Shakti -- Hindi for strength of speed -- Modi's administration is creating a digital platform that combines 16 ministries

Govt issues draft guidelines for RRBs listing; minimum net worth Rs 300 cr

In a bid to enable regional rural banks (RRBs) to raise resources by listing on stock exchanges, the government has issued draft guidelines that set certain basic criteria, including net worth of at least Rs 300 crore during the previous three years. They should also have capital adequacy above the regulatory minimum level of 9 per cent in each of the preceding three years. The RRBs should have a track record of profitability and earned operating profit of minimum Rs 15 crore for at least three out of the previous five years, according to the draft guidelines issued by the finance ministry recently. Besides, there should not be any accumulated loss and the lender should have given return on equity of minimum 10 per cent in three out of the preceding five years, it said. As per the draft norms, the responsibility of identifying suitable lenders for issuing initial public offering (IPO) has been left with the respective sponsor banks. The sponsor bank would take into account the ...

Govt to soon launch national tele-mental health prog, toll-free helpline no

The government is working on launching a national tele-mental health programme and a toll-free helpline number soon to enable wider access to mental health assistance across the country. The national tele-mental health programme (NTMHP) was first announced by Union Finance Minister Nirmala Sitharaman in the Union Budget 2022-23. "The pandemic has accentuated mental health problems in people of all ages. To better the access to quality mental health counselling and care services, a 'National Tele-Mental Health Programme' will be launched," she had said. This will include a network of 23 tele-mental health centres of excellence, with the National Institute of Mental Health and Neurosciences (NIMHANS) being the nodal centre and the International Institute of Information Technology, Bengaluru (IIITB) providing technological support. As part of the programme, at least one tele-MANAS (Tele-Mental Health Assistance and Nationally Actionable Plan) cell would be established in each state an

Govt approves productivity-linked bonus to railway employees for 2021-22

The government has given approval to Productivity Linked Bonus (PLB) equivalent to 78 days wage to eligible non-gazetted railway employees for the financial year 2021-22, an official statement said on Saturday. The decision is likely to benefit around 11.27 lakh non-gazetted railway employees. This, however, excludes RPF/RPSF personnel, it said. This payment will be made before Dussehra/puja holidays, bringing smile to lakhs of families ahead of the festive season. The financial implication of payment of 78 days' PLB to railway employees has been estimated to be Rs 1,832.09 crores. The wage calculation ceiling prescribed for payment of PLB is Rs 7,000 p.m. The maximum amount payable per eligible railway employee is Rs 17,951 for 78 days, the statement said. The payment of PLB would serve as an incentive and result in motivating a large number of railway employees, particularly those involved in execution and operations of railways, to improve their productivity and ensure safety, .

Centre to put curbs on imports of some items to arrest rupee's fall: Report

The authorities have already started to track the imports of select products, including electronics. However, a final decision is still to be made

Banks unwilling to extend new credit to Voda Idea without promoter funding

Talks between Vodafone Idea Limited and its lenders to raise Rs 10,000 crore in debt have been ongoing for more than 9 months

India eyes $550 million incentives to woo companies like Apple, Dell

The technology ministry has floated the revamped program to electronics industry executives for consultation, including payments that could exceed a half a billion dollars per company