BUSINESS
Indian women showing increasing interest in MFs, investment decisions: FM Sitharaman
Women from far flung areas are showing interest in investment along with savings, with 72 percent of women investors making independent decisions about investments, she added
ECONOMY
GIC OFS subscribed 1.08 times; Finance Ministry to exercise green shoe option
The government has launched 6.78 percent stake divestment via OFS on September 4 and 5, with a floor price of Rs 395 per share.
BUSINESS
No consensus among states on GST relief for health insurance premium
The GST Council meeting on September 9 is likely to take a decision on tax exemption for health insurance premium. Options under consideration include partial relief to reducing the tax rate in to lessen revenue loss to the exchequer
BUSINESS
If India really needs to import from China to reduce costs, it's fair: World Bank Country Director
Auguste Tano Kouame said that agriculture will continue to play a key role in India’s growth. He also batted for lowering tariff and non-tariff barriers
BUSINESS
World Bank upgrades its estimate of India's growth to 7% from 6.6% for FY25
The World Bank expects India's medium term outlook to remain positive. Growth is estimated to remain strong in FY26 and FY27.
INDIA
Cabinet approves Rs 14,235 crore outlay for 7 agri programmes to improve farmers' livelihood
The Digital Agriculture Mission, one of the flagship initiatives, has been allocated Rs 2,817 crore. This programme aims to integrate modern technologies like Artificial Intelligence (AI), Big Data, and geospatial data to enhance farming practices.
BUSINESS
GST relief on health insurance may lead to Rs 3,500 crore revenue loss, says govt official
The potential benefits of such an exemption are also under discussion. Some experts believe that making health insurance more affordable could increase its appeal among consumers.
BUSINESS
Investment demand jumps 7.5% in Q1FY25
The share of private investment in GDP rose marginally to 34.8 percent in April-March 2024-25.
BUSINESS
Slowdown in Q1 GDP due to elections, fall in govt capex: CEA Nageswaran
The GDP growth fell to a five quarter low of 6.7 percent in the first quarter of FY25 compared with 7.8 percent in the previous quarter.
BUSINESS
GST Council likely to exempt term life insurance from tax, no change in investment-linked plans
The decision is expected to be made at the GST Council meeting on September 9
BUSINESS
Council could heed to Gadkari’s call to exempt life insurance from GST; Rs 200 cr revenue loss likely
The fitment committee of the GST Council has built a consensus to exempt life insurance from GST. All types of health and life insurance policies attract 18% GST. The committee is still examining a proposal for health insurance, an official said.
BUSINESS
Economy has remained resilient, but outlook softer: NCAER
High-frequency indicators reveal that the domestic economy has remained resilient, but the “outlook remains softer” due to moderation in a couple of indicators, National Council of Applied Economic Research (NCAER) said in its monthly economic review for August 2024.
ECONOMY
GST Council to weigh easing compliance load on foreign airlines, shipping firms at Sept 9 meet
Council is expected to discuss fitment committee’s proposal of exempting the payment of GST at the time of import, allowing the subsidiary companies to make the payment at the time of disbursement of services instead
BUSINESS
GST Council likely to discuss cess, status of rate rationalisation on September 9: FM Sitharaman
In the September 9 meeting, the officers of the GoM (Group of Ministers) on rate rationalisation will give a status report
BUSINESS
FDI in realty, fintech, semiconductors likely to see three-fold increase in FY25: FinMin Sources
Singapore wants to actively collaborate on AI and semiconductors with India. The ISMR will enable both sides to review their strategic partnership and identify new avenues to further elevate and broaden it.
BUSINESS
Unified Pension Scheme not a rollback of NPS, asserts Sitharaman
"We have not gone back to OPS. A U-turn is when we go back to the old position. Keeping the logical framework intact, we are giving them options."
BUSINESS
Unified Pension Scheme balances fiscal cost and aspirations of employees: Economists
The increased cost of living will also be taken care of under UPS as real pension will not change because it's indexed into inflation. In NPS, if inflation goes up, real pension goes down.
BUSINESS
Finance ministry struggles to find credible use cases for crypto; to seek inputs from stakeholders
The ministry wants to ensure any policy around this asset class is well-balanced. This would be facilitated through a discussion paper, likely to be released by the end of next month.
BUSINESS
GST Council likely to deliberate on exemption of health, life insurance on Sept 9
The Fitment Committee is analysing the revenue implications of exempting health and life insurance from GST. Their recommendations will be presented to the Council ahead of the September 9 meeting.
BUSINESS
Exclusive: GoM on rate rationalisation not in favour of merger of GST slabs
The GST Council in its meeting on September 9 will discuss the GoM report which will be submitted soon.
BUSINESS
Households’ optimism over economic conditions for year ahead has declined: Fin Min's Monthly Review
On balance, India’s economic momentum remains intact, the July Monthly Economic Review said.
BUSINESS
Operational guidelines for internship scheme likely by first week of September
The guidelines will outline the application process and criteria for companies to select candidates.
BUSINESS
Action by I-T Dept should be proportionate, use enforcement as last resort: FM Sitharaman
'Sense of fear should not be there in assessees, so notices sent should be simple and straightforward,' Sitharaman urges CBDT
BUSINESS
Government puts on hold proposal to extend retirement age of SBI chairperson, PSB MDs
The plan was to raise the retirement age of the SBI chairperson from 63 to 65 years and that of PSB MDs to 62 from 60. SBI chairman Dinesh Khara turns 63 on August 28
