Parliament will reconvene on Monday after a month and the government faces the mammoth task of getting the re-promulgated land ordinance converted into legislation, the task they couldn't achieve in the first part of the Budget session due to stiff opposition in the Rajya Sabha where it struggles with numbers.
Union Finance Minister Arun Jaitley had announced plans to set up the bureau during his budget, which follows other moves like separating the post of chairman from managing director as well as inviting applications from professionals working in the private sector to apply for top posts.
Under the new regime, rules and regulations differ from those applicable outside these IFSCs. "GIFT in Gujarat was envisaged as IFC (International Finance Centre) that would actually become as good an IFC as Singapore or Dubai, which, incidentally, are largely manned by Indians. "The proposal has languished for years.
PHD Chambers organised a post Budget session to understand the implications of the Union Budget 2015. The event was marked by Revenue Secretary Shaktikanta Das where he along with other dignitaries inaugurated the event.
The Union Cabinet Tuesday approved the new bill on black money, clearing the way for it to be tabled in Parliament in the Budget session. In an interview to CNBC-TV18, Dinesh Kanabar, CEO, Dhruva Advisors shares his views on the same.
The new law, that seeks to create a Consumer Protection Authority to fast-track grievance redressal of consumers on the lines of US and European countries, is likely to get the nod of Union Cabinet this month.
According to industry, the govt must reduce the central excise duty on man-made fibre from 12 percent to 6 percent on par with cotton and also remove the 5 percent import duty and 4 percent special additional duty.
Analysts expect inflows to accelerate further going ahead following the passage of the Insurance Bill in Parliament and assurances in the Union Budget to revisit controversial issues like General Anti-Avoidance Rule (GAAR).
John Veihmeyer, global chairman, KPMG says it is not just about how fast India is growing. It is about Indias contribution to the rest of the network in terms of resources, thought leadership and number of things that are helping it be a major source of innovation
Some reforms in the Union Budget are positive. Things are going in the right direction," he said, talking to Media at a fashion show for the launch of Raymond Linen. On account of reforms, liquidity will improve, discretionary income in the hands of consumer will improve and that would increase people's spending capacity, he said.
Based on new series of GDP, Indian economy is estimated to grow at 7.4 percent this fiscal. This would also make India the fastest growing large economy in the world. In 2015-16, Gross Domestic Product (GDP) growth is pegged at 8-8.5 percent.
"The meeting has been scheduled for March 22 where he would be addressing the board members and talk about announcements made in the Budget to perk up growth," a source said. It has been a custom that the Finance Minister addresses RBI board, consisting of RBI Governor and existing three deputy governors, after the Budget.