BUSINESS
AI-generated GST evasion notices stir human versus machine debate
As the tax authorities double down on ensuring compliance under the indirect tax regime, a key consequence has been the sheer number of notices received by the industry, with about 33,000 sent so far. One government official told Moneycontrol that AI is primarily responsible for the increase in detection of tax evasions, leading to the surge in the number of notices.
BUSINESS
Government will continue with supply-side steps to tame food prices if needed
Economic affairs secretary Ajay Seth also said he 'certainly agrees' with RBI's assessment on GDP growth. The RBI raised its GDP growth forecast for FY24 2023 by 50 basis points to 7 percent
BUSINESS
Accept global uncertainty as a given and invest now: CEA Nageswaran tells Indian corporates
His comments come at a time when private sector investment is expected to pick up significantly on the back of stronger corporate and bank balance sheets, supported by the government’s push for capital expenditure.
BUSINESS
Congress’s loss in 3 states confirms Old Pension Scheme was never a vote catcher
The Congress party lost in Rajasthan, Chhattisgarh and Madhya Pradesh, states where it had rolled out or promised a return to the Old Pension Scheme. However, it clinched victory in Telangana without the OPS guarantee.
INDIA
India could grow at 7% in the medium term if fall in exports is arrested: EY’s Srivastava
India's exports are facing hurdles from high global interest rates, which is affecting demand for Indian goods. New Delhi has been looking to tap less-explored regions to boost outbound shipments.
BUSINESS
India’s breakneck GDP growth rate risks losing momentum as rural demand continues to falter
Data shows weakness in the consumption story. Private final consumption expenditure was a let-down as growth nearly halved to 3.1% in Q2, from 6% in Q1. Another disappointment was the agriculture sector that grew a mere 1.2%, its slowest expansion in four and a half years.
BUSINESS
Cabinet approves terms of reference for 16th Finance Commission
The 16th Finance Commission will cover a period of five years starting April 1, 2026 and make its report available by October 31, 2025
BUSINESS
Exclusive: Finance ministry may assume nominal GDP growth at 11% for FY25
This assumption is on account of initial estimates that the real GDP growth may touch 7 percent in 2024-25, while the GDP deflator should not be less than 4 percent, an official told Moneycontrol
BUSINESS
India hopes to conclude FTA talks with UK by January, govt source says
With general elections about five months away, India is hoping to conclude talks for the long-pending FTA with UK by January 2024. This is seemingly an attempt to ensure there are no pauses in exchanges between the two sides.
BUSINESS
Tesla, EV peers may have to make it in India to secure policy sops: Sources
The Indian government is reportedly working on a new EV policy that would slash import taxes for companies that commit to some local manufacturing.
BUSINESS
Centre, RBI on high alert as inflation still a risk, says finance ministry
The recent drop in crude prices and continued moderation in core inflation are likely to control inflationary pressures, the ministry said in its monthly economic report for October
BUSINESS
"Massive transformations have taken place in the last 7-8 years," Amitabh Kant on ten years of Modi government
He feels the slowdown will present an opportunity for India to carry out its reforms, and grow its share in global GDP.
BUSINESS
Duty-Free: Amitabh Kant advises minimum duty on certain imports for maximum exports
Kant, who was Secretary, DIPP, from 2014 to 2016, said that while India can increase the duty on products meant for domestic consumption such as furniture and food items, those that are exported should be competitively priced
BUSINESS
MC Big Interview | India has achieved more in geopolitics than UN, UNSC: G20 Sherpa Kant
Kant termed India’s ability to put forward the issues of the developing world, especially those of the Global South, through the G20 declaration, a big win
BUSINESS
India-UK FTA: More liberal 'rules of origin' could lead to inequitable deal with EU, says source
India also wants origin rules in FTA to ensure that London will not lean entirely on raw materials from other nations, especially on cheaper versions from China.
ECONOMY-2
MC Exclusive: Govt may present concise Eco Survey before FY25 Interim Budget, says source
Typically, before a general election, the Centre presents the Economic Survey only when the full annual financial statement is tabled around June-July. But this time around, the ministry is considering a short document similar to the survey detailing the state of the economy.
BUSINESS
Small miss in FY24 nominal GDP growth won't upset Budget targets, says source
Recently, questions have emerged on the Centre's ability to meet its Budget targets for 2023-24 with nominal GDP growth slowing down
BUSINESS
MC Interview: Not just tax incentives, India needs to clinch FTAs to lure investments, says NITI Aayog member Virmani
Weighing in on the debate over 'freebies', the NITI Aayog member said that the overall focus should be on capital expenditure that benefits everybody rather than a non-merit subsidy, which benefits only a few.
BUSINESS
Indians’ love for gold amid festivities, weddings to prevail over price concerns
Though apprehensions remain over a further increase in prices denting affordability, experts are banking on Indians’ love for gold to outweigh price concerns especially since demand for this precious metal typically increases towards the end of the year due to festivities and weddings
BUSINESS
Govt to spend more on food, fertiliser subsidies, MGNREGA in run up to elections: Source
Despite the additional spending on account of subsidies, the Centre is confident of meeting the fiscal deficit target of 5.9 percent of GDP.
ASSEMBLY-ELECTIONS
Chhattisgarh, Mizoram polls: Two key parties and the narrative of freebies
In both these states, the two key parties, Congress and the BJP have declared a slew of steps in their manifestos to lure major demographics to vote in their favour. These promises include reservations for women, income guarantee schemes and free education.
BUSINESS
Bogus demands under MNREGA received from some states: FinMin source
"The issue under MNREGA is not a shortage of funds. The issue is different which is not being highlighted. There are irregularities under MNREGA for which complaints have been received. Some states are sending bogus demands," a senior finance ministry source said.
BUSINESS
No major fiscal impact on free food grain plan extension: Govt official
Another government source said that the centre is committed to meet the fiscal deficit target of 5.9% of GDP in the current financial year. The source further said that volatile global oil prices remains a key challenge for the economy
BUSINESS
India’s GDP may grow at 5.5% to almost 6% in FY24: JP Morgan’s Aziz
Aziz says India will have an outstanding year if it clocks growth of 5.5 percent in FY24, given that “the headwinds to global conditions are terrible and would be relentless in 2024”
