BUSINESS
India to refuse discussions on non-trade issues, including carbon tax at WTO meet: Sources
One of the official cited above said this is a reiteration of India's stance that since areas such as environment, MSMEs and gender are non-trade issues, WTO should refrain from negotiating on them, adding that there are other multilateral forums, including the United Nations, that are better platforms to discuss these issues.
BUSINESS
Population, GST lie in the heart of India’s North, South money wars over central funds
The lower share of devolution in the kitty of the less populous and fiscally stronger southern states is one of the key reasons behind the north, south dispute over central funds.
INTERVIEW
Won't do disinvestments just to fill gap in Budget, says Finance Secretary TV Somanathan
We are looking at a more integrated strategy where decisions are not taken based on short-term fiscal priorities, or to fill some gap in the budget by having to dispose of certain shares at certain points in time, Somanathan explained.
BUSINESS
Budget FY25: Nominal GDP assumption has multiple scenarios, including growth as low as 6%
By assuming that real GDP growth for FY25 could also be as low as 6 percent, the interim Budget has seemingly opted for a more conservative approach given that the rate is widely expected to be close to 7 percent for the next fiscal.
BUSINESS
India's trade body CAIT asks brick-and-mortar businesses to drop Paytm
The RBI, on January 31, imposed major business restrictions on Paytm Payments Bank, including on accepting fresh deposits and doing credit transactions after February 29
BUSINESS
India can sustain current levels of growth with or without private capex: Finance Secretary
Somanathan said that the 11-percent increase in capital spending for FY25 is infact significant given that it comes on the back of a lower nominal GDP growth of 8.9 percent in the current financial year.
BUSINESS
Need a fiscally fit India to become a developed nation by 2047, says Finance Secretary
Finance Minister Nirmala Sitharaman on February 1 in her interim Budget speech said, "we are working to make India a ‘Viksit Bharat’ by 2047. For achieving that goal, we need to improve people’s capability and empower them."
BUSINESS
Fiscal stimulus withdrawal a counter-cyclical necessity: Finance Secretary Somanathan
Somanathan said it is a matter of basic economic prudence to withdraw a stimulus
BUSINESS
Disinvestment decisions will not be driven by short-term fiscal priorities: Finance Secretary
However, the central government's overall policy on privatisation remains important and should continue, Somanathan added.
BUDGET
White Paper on economy's performance before, after 2014 may come next week
According to a government source, the White Paper will also be tabled in Parliament.
BUSINESS
MGNREGA allocation remains unchanged at Rs 86,000 crore in FY25 Budget
The allocation for the rural job plan under MGNREGA had seen a steep cut of 33% to Rs 60,000 crore in the FY24 Budget compared to the revised estimate of Rs 89,400 crore in FY23
BUSINESS
Govt pegs FY25 gross borrowing at Rs 14.13 lakh crore, sharply lower than expectations
The sharply lower gross borrowing figure for FY25 is a result of the central government's focus on aggressive consolidation evident in the huge 70 basis points cut in the fiscal deficit target.
BUSINESS
From income tax relief to affordable housing boost, expectations mount ahead of Budget 2024
Experts believe that while the interim Budget may target measures to further empower women and higher allocation for the flagship rural job plan, capital expenditure could see a relatively modest growth in its outlay.
BUSINESS
A prolonged Red Sea crisis could bring back inflation scare for the world and India
The attacks on commercial vessels in the Red Sea have forced freight companies to take the longer route around Africa to reach the west or wait at nearby ports to ensure safe passage through the Suez Canal. Whether the attacks will escalate or not is anybody's guess, but India is betting on its recent resilient track record to beat the pessimistic global trends.
BUSINESS
DESH bill to introduce simplified exit processes for companies in SEZs: Sources
The DESH Bill came into the picture as the Indian government looked to become more compliant with norms laid down by World Trade Organization (WTO).
BUSINESS
India pushes against any curbs on subsidies for poor fishers ahead of February WTO meet
The WTO Agreement on Fisheries Subsidies, adopted at the 12th Ministerial Conference (MC12) on June 17, 2022, marked a major step forward for ocean sustainability by prohibiting harmful fisheries subsidies, which are a key factor in the widespread depletion of the world’s fish stocks
BUSINESS
MC Exclusive: Tesla may skip India’s first global mobility expo; VinFast, BYD likely to attend: Sources
The expo could also see the return of EV maker Great Wall Motors to India, while American car manufacturer Ford, a company that had paused its sales and business about two years ago, is also likely to announce a comeback at the mega exhibition next month.
BUSINESS
FinMin unlikely to lower customs duty on gold in Budget, says source
The Gem & Jewellery Export Promotion Council (GJEPC) recently sought a reduction in import duty on Gold Bar (7108) from 15 percent to 4 percent to clear duty blockage worth around Rs 982.16 crore, which could help create more working capital for the industry.
BUSINESS
Customs duty inversions on key items may be corrected in Budget
The commerce ministry has sent a list of items to the finance ministry to correct the inverted structure in the customs duty levied on certain items.
BUSINESS
Agri talks a no-go for India at WTO meet without public stockholding solution
The Indian government official cited above said that some WTO members have raised concerns over India's Minimum Support Price (MSP) scheme on key agricultural products, as well as the recent export restrictions on commodities such as rice citing that it distorts market prices.
BUSINESS
India may buy more crude oil from Iraq if Red Sea crisis escalates: Official
For a seamless flow of crude oil, India is betting on the Strait of Hormuz, a crucial passage through which most of the commodity is exported from Saudi Arabia, Iran, the UAE, Kuwait, and Iraq, for Asian buyers.
BUSINESS
India using rupees to pay for gold imports from UAE: Govt source
The rupee settlement of trade between India and the UAE assumes significance, given that the two countries signed an MoU in July 2023 to set up a framework to use their respective local currencies to settle bilateral transactions.
BUSINESS
Red Sea crisis fallout may show up in India's January trade data: Official
The Red Sea strait is crucial for 30 percent of global container traffic and 12 percent of global trade. About 80 percent of India's merchandise trade with Europe passes through this route.
BUSINESS
India's goods trade gap narrowed to $19.8 billion in Dec, exports growth turns positive
Commerce Secretary Sunil Barthwal said, "India is beating the global trends in trade. And we expect higher volumes of exports in the last quarter of the current fiscal."
