BUSINESS
‘Magic growth number’ for India should be above 7% for FY25: Experts
Budget 2024: The finance ministry, in the latest review, said it is "eminently possible for the Indian economy to grow in the coming years at a rate above 7 percent" given the strength of the financial sector.
BUSINESS
Government appoints Ajay Narayan Jha, Annie Mathew as 16th Finance Commission members
State Bank of India Group Chief Economic Advisor Soumya Kanti Ghosh has been appointed as the part time member of the Commission.
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
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
FinMin calls for high-level meet on central KYC on January 24
CKYC or central know your customer process enables investors to complete KYC only once before they interact with different financial services sector entities. The meeting will be attended by officials from RBI, Sebi, IRDAI, PFRDA, ED and pvt and public sector banks.
BUSINESS
Budget likely to announce Metro’s new corridor to connect Haryana and UP via Delhi
The Rs 7,500-crore project is expected to commence in April and take four years to complete
BUSINESS
Exclusive: Corporate affairs ministry may strike off registration, freeze funds of Chinese loan apps for fraud
The ministry is investigating 665 Chinese companies, including loan apps, for Companies Act violations.
INDIA
NITI Aayog report: 24.82 cr Indians escape multidimensional poverty in 9 years
Uttar Pradesh, Bihar, and Madhya Pradesh recorded the largest decline in the number of multidimensional poverty between 2013-14 and 2022-23.
BUSINESS
Meet Revenue Secretary Sanjay Malhotra, tasked with revenue boost, anti-evasion drives
Budget 2024: Among Malhotra's key challenges for the Budget would be to ensure the growth in tax revenue is maintained in the next fiscal year
BUSINESS
DIPAM Secy: Meet Tuhin Kanta Pandey, instrumental in Air India sale, LIC IPO
The IAS officer from the Odisha cadre gets credit for completing the long-pending sale of national carrier Air India and for listing national insurer the LIC.
BUSINESS
India Inc CEO Survey: One-third believe in resilience of Indian economy
The CEOs said that ease of doing business is crucial, and bold reforms that can speed up approvals will help unleash growth. They explained that boosting consumer demand across sectors can generate more jobs.
BUSINESS
India Inc CEO Survey: 53% believe India will soon become a competitive manufacturing hub
Global giants, including Tesla, are said to be betting on India becoming a key manufacturing hub. Such companies have been exploring opportunities to set up factories here, as then they can also take advantage of the country’s growing domestic market.
BUSINESS
Fertiliser subsidy allocation for FY25 likely lower than Rs 1.75 lakh cr
Several states have submitted plans for reducing use of chemical fertilisers. The centre will grant 50 percent of the subsidy saved as financial incentive to the states that are successful in reducing their use.
BUSINESS
Commerce ministry approves STC closure, says govt official
STC’s business activities have been suspended since November 2020. The government HAS a 90 percent stake in the PSU.
BUDGET
Meet the team behind the interim Budget FY25
Budget 2024-25: The team that puts together the Budget, after extensive discussions with business heads and other stakeholders, includes top bureaucrats of the Finance Ministry, including Finance Secretary, Revenue Secretary, Economic Affairs Secretary, among others.
BUSINESS
No increase likely in income tax rebate in interim budget: FinMin official
The government is, however, likely to announce exemption from tax collected at source on overseas credit and debit card spending by an individual, for up to Rs 7 lakh per financial year.
BUSINESS
FY24 fertiliser subsidy may be contained at Rs 1.88 lakh crore
Budget 2024-25: There were expectations that the fertiliser bill would reach Rs 2 lakh crore or even exceed that in the current fiscal year.
BUSINESS
Exclusive: FinMin endorses commerce ministry proposal on MMTC closure
The ministry cited lack of investor interest as the reason for closing the company.
BUSINESS
Exclusive: Centre may sell stake in NLC, Mazagon Dock by March 31
The government has managed to collect Rs 10,051.73 crore in disinvestment receipts this fiscal year, falling significantly short of the FY24 target of Rs 51,000 crore
BUSINESS
Finance Ministry aims to cut urea import bill by one-third in FY25
Budget 2024: A number of initiatives, including increasing urea production capacity in the country and making available urea substitutes, are expected to bear fruit and reduce the government’s urea import bill
BUSINESS
Budget 2024: Finance Ministry to assess FY24 disinvestment this week
The Budget 2024 is likely to revise the disinvestment target for the current fiscal to a reasonable level as only Rs 10,051 crore have been garnered so far against the targeted Rs 51,000 crore.
BUSINESS
Modi Budget@10: GST crosses several hurdles, time for pole vault with merger of slabs and inclusion of fuel
After achieving many milestones including the introduction of e-invoicing, e-way bills, tax scrutiny for compliances, and improving capacities with technology, the next phase of the GST needs to be a high jump with the merger of tax slabs and bringing petrol, diesel and electricity under it.
BUSINESS
CBDT issues guidelines on 1% tax deduction by ecommerce operators
According to Section 194-O of the Income-Tax Act, 1961, an e-commerce operator shall deduct income tax at the rate of 1% of the gross amount of sale of goods or provision of service, or both, facilitated through its platform
