BUSINESS
DGGI to soon issue tax notices to companies using metal scrap, agri inputs for claiming fake credit: Sources
So many fake invoicing cases have been detected wherein metal scrap and agricultural items have been used for industrial use.
BUSINESS
Inflation-targeting framework has clouded thinking in central banks: PM’s advisory council member
Rakesh Mohan, a part-time member of the Prime Minister’s Economic Advisory Council, tells Moneycontrol though there are multiple instruments to tackle inflation, every time there is a spike, the market expects monetary policy action
BUSINESS
GST Intelligence to soon wrap up probe into 12 online gaming companies for tax evasion
The GoM on online gaming has however failed to reach a consensus on the mechanism to calculate the amount on which GST would be levied.
INDIA
PM Gatishakti NMP evaluates 76 key Central infra projects; leads to cost savings of Rs 5.14 lakh crore
Using the NMP, 156 infra gaps relating to first- and last-mile connectivity of major sectors of the economy have been identified by the relevant ministries in coordination with the DPIIT.
BUSINESS
PM Gati Shakti completes evaluation of 76 infra projects worth Rs 5.14 lakh cr: Commerce Ministry
PM Gatishakti National Mission Plan, launched on October 13, 2021, is a geographic information system-enabled platform that integrates the data on infrastructure like roads, railway lines, ports, inland waterways, telecom lines and power lines onto a single portal.
BUSINESS
India to finalise calculation of its current logistics cost in 4 months: Special Commerce Secretary
The government aims to reduce the country’s logistics cost to 9 percent by 2024 end, Union Road Transport and Highways Minister Nitin Gadkari had said earlier. According to some estimates, India’s logistics cost at present stands at 13-14 percent of GDP.
BUSINESS
More financial institutions may fail globally, but no direct impact on India likely: PM’s advisory council member
But as interest rates keep increasing in the developed economies there could be some reversal of capital flows, and consequent impact on the exchange rate and the economy, Rakesh Mohan cautioned.
ECONOMY
Crypto will die a natural death as investors turn to other assets: PM’s advisory council member
Crypto grew because we had near zero interest rates in developed countries for an extended period so people were searching for higher returns.
BUSINESS
8.7 bn UPI transanctions witnessed in March 2023: Nirmala Sitharaman
Aadhaar through e-KYC has also brought down costs of verification, leading to savings in costs for customer acquisition from Rs 500–700 ($6-9) per person to Rs 3 (0.4 cent).
BUSINESS
India, Spain to hold 5th round of talks to fast track investments: DPIIT official
The fast track mechanism for investments is likely to be finalised by September, sources said.
BUSINESS
With slightly sub-normal rain, impact on rural economy may not be severe this monsoon: Economists
If any signs of deficiency develop then India will have to import rice and be proactive to neutralise food inflation.
BUSINESS
Govt looking to get over 10 states on board this fiscal for setting up think tanks
The 3-year state support mission to set up think-tanks similar to NITI Aayog has a total outlay of Rs 237 cr out of which FY24 budget is at Rs 40 crore.
BUSINESS
Explainer: What does El Niño-Southern Oscillation mean?
Here is a glossary of terms used by the weather department in its monsoon forecast.
TRENDS
El Nino impact in second half of monsoon, Kharif crop pattern to be unaffected: Govt
No change in crop sowing pattern will be needed as monsoon is expected to be normal, Secretary, Ministry of Earth Sciences, tells Moneycontrol. Agri expert sees an impact.
BUSINESS
GST authorities to show-cause more private insurance companies
The GST authorities have booked cases for recovery of input tax credit on the supplies which are not there. To garner more business, the companies have been giving higher commission to agents. Some recoveries have also been made.
ECONOMY
How Karnataka received investments worth Rs 3.23 lakh crore and is attracting more
Foxconn’s plan to invest about Rs 8,000 crore is the latest. The company’s plants will be located at Doddaballapura and Devanahalli taluk. After many incentives and subsidies, the state is now working on a GIS-based system for providing information on compliances and quick identification of land parcels.
BUSINESS
Finmin to review banks’ progress under financial inclusion schemes on April 13: Sources
Pradhan Mantri Mudra Yojna (PMMY) was launched in 2015 to finance micro and small enterprises. Around 39 crore loans have been extended under the scheme till January 2023.
ECONOMY
Top officials to discuss Navratna status for RVNL tomorrow
RVNL has recently bagged the NHAI order for the construction of Kona expressway in West Bengal and Varanasi- Ranchi-Kolkata Highway in Jharkhand
BUSINESS
Finmin to review dues to MSMEs today as Vivad se Vishwas scheme gears up for rollout
Ministries have been asked to refund performance security/ bid security and liquidated damages to MSMEs forfeited/ deducted during the Covid-19 pandemic.
ECONOMY
Finance Ministry to review GST systems on April 4: Sources
In the coming year, big data analytics and AI will be the most prominent weapons in the tax department’s arsenal that will help identify and arrest tax evasion.
BUSINESS
Not a single heritage building will be demolished in the redevelopment of Central Vista: Puri
The government aims to increase the green cover three-fold, Hardeep Singh Puri, Minister of Housing & Urban Affairs and Petroleum & Natural Gas said.
BUSINESS
Design-led manufacturing, investments from MSMEs needed to establish Indian mobile brands: Dixon Technologies
India exported $10 billion mobile phones last year and aims to reach $100 billion in the next five years.
AUTOMOBILE
Mercedes-Benz India plans 10 launches in FY24; banks on FTAs for spurring exports
We had double-digit growth last year and expect double-digit growth this year as well. India is the fastest growing market for Mercedes-Benz," said Mercedes-Benz India MD and CEO Santosh Iyer.
INDIA
Updated textbooks to be ready by December 2024: Dharmendra Pradhan
The new books will not rewrite history but incorporate stories of lesser-known figures, the minister said
