BUSINESS
India's capital gains tax regime a big hurdle in including govt bonds in global indices: S&P Global
The inclusion of Indian government securities in major bond indexes could attract an initial inflow of $20-40 billion, increasing to $180 billion over the next decade, the S&P Global report has said.
BUSINESS
Fitch re-rating US won’t impact India, says S&P Global’s Atul Arya
Arya said that India has one of the best demographics in the world, but in order to take advantage of this dividend, the country needs to increase the participation of women in the workforce, which, at 24 percent, is much lower than the global average.
BUSINESS
In post GST compensation era, states fall back on land and liquor to shore up revenues
State governments, under electoral pressures and with fewer revenue sources, are imposing higher taxes on property, liquor, and even vehicles to meet the shortfall
BUSINESS
Manufacturing, labour sectors key to India retaining its world-beating growth: S&P Global
The data, research, and analytics firm expects India to grow at 6.7 percent on an average per year for eight years starting 2023-24 and retain the tag of the world's fastest growing large economy in. Meanwhile, the government and the RBI see India's GDP growing by 6.5 percent in 2023-24
BUSINESS
Vishakhapatnam Steel Plant divestment will not be completed in 2023-24: Fin Min
The Union government has set a target of Rs 51,000 crore from disinvestments in the financial year 2023-24
BUSINESS
India pins hopes on bilateral local currency trade to internationalise rupee
India has been looking to encourage the use of the Rupee to settle international trade transactions. However, progress has been slow, with the government and the Reserve Bank of India treading carefully to ensure there aren't any unintended consequences
BUSINESS
Govt should survey private capex intentions, says Parliamentary panel
The panel also urged the government to closely monitor the progress of capital expenditure to ensure that the actual spending is in line with the allocated amount to achieve “the desired multiplier impact on growth and employment.”
BUSINESS
GST Council likely to meet on August 2 to discuss online gaming tax treatment, law changes
The GST Council has no plans to reconsider its decision to impose 28 percent tax on online gaming, as per sources
BUSINESS
India to refer to the Apple playbook in negotiations with Tesla: Source
At a meeting between Tesla executives and commerce minister Piyush Goyal likely as early as this month, India’s focus will be on whether investment proposals by the car maker support manufacturing in the country.
BUSINESS
Centre aims cash balance near Rs 1 lakh crore until September to avoid using RBI window: Govt source
The Centre is also pushing states to prioritise spending on infrastructure with the expectation that additional tax devolutions earlier in the fiscal year would help speed up capex.
BUSINESS
After rice, govt may consider steps to arrest price rise in pulses, wheat: Source
A final call on whether there is a need to intervene as well as the kind of policy moves required to tackle the price inflation, would hinge on the deliberations of an inter-ministerial committee.
POLICY
India’s booming services exports growth may decelerate to 5.2% in Q1, but slowing imports to keep CAD cushioned
Services exports grew 22.8 percent in January-March 2023, but the commerce ministry sees them moderating going ahead on a demand slowdown in software and banking services globally.
POLICY
Steep rise in tomato prices remains a concern, says RBI bulletin
Increasing amplitudes of price spells over the years calls for improving the supply chains to contain overall inflation volatility.
BUSINESS
Govt borrowing cost may stay elevated as path to 4% inflation uncertain: Govt source
With headline retail inflation rising in June and expected to increase further to above 5 percent in the coming months, the chance of a repo rate cut this year is low.
BUSINESS
G20: Canadian Pension bodies keen to invest in Indian infrastructure funds
Canadian finance minister Chrystia Freeland, who met her Indian counterpart Nirmala Sitharaman ahead of a G20 meeting in Gandhinagar, said India offers a stable investment climate
BUSINESS
India still using dollars for majority payments of Russian oil
A mix of currencies, including Dirhams and Chinese Yuan are being used by India for only a small portion of Russian oil payments
INDIA
India-UK yet to iron out differences on IPR, rules of origin in FTA talks
Talks on the free trade agreement have crossed the halfway point and India has missed its internal deadline of closing the negotiations by March 2023
BUSINESS
India's trade deficit for June shrinks slightly on larger import fall
The merchandise trade deficit also improved by 7.9 percent at $57.6 billion April-June 2023 as compared to $62.6 billion in April-June 2022, government data revealed.
BUSINESS
A whole-of-government approach is followed for any wrongdoing: Revenue Secretary Malhotra on Byju’s
"If there is any wrongdoing that is detected and it involves other departments also, then they should also investigate."
BUSINESS
India not looking to cut excise duty on fuel right now: Revenue Secretary Sanjay Malhotra
The central government’s collections from excise duties have been pegged at 3.39 lakh crore rupees for the current fiscal.
BUSINESS
In line with achieving revenue targets in FY24: Revenue secretary
The Union Budget this year targets a 10.4 percent growth in gross tax revenue in FY24 from Rs 30.4 lakh crore garnered in 2022-23.
BUSINESS
Interview: Tax collections from online gaming may jump to Rs 20,000 cr in FY23-24: Revenue Secretary Sanjay Malhotra
Malhotra is hopeful of meeting the gross tax collection target for the year, despite concerns that an impending growth slowdown may impact the government’s revenue position going ahead.
BUSINESS
Exclusive: LIC, pension funds keen on investing in longer-term govt Green Bonds
The government intends to issue at least Rs 16,000 crore to Rs 20,000 crore worth of Green Bonds in the second half of 2023-24, and is looking for a better price than it received for the bond's maiden issuance in late 2022-23.
