Amid the opposition UDF's sloganeering against him, Kerala Governor Arif Mohammed Khan on Friday delivered the customary address to the assembly with the policy document outlining the Left government's administrative achievements and criticising the Centre for allegedly pushing the state to financial constraints by reducing its resource allocations.
As much as Rs 8,000 crore worth of mobile phones in this segment - out of a total of Rs 15,000 crore - come into the country through the grey market. The government imposed the duty on these phones primarily to encourage domestic production but the strategy has failed as the bulk of high end mobile phones are currently imported.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
Kejriwal's centralised way of governance might work in Delhi, but Punjab will call for delegation, observes Sanjeev Nayyar.
The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said. Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the 'State of Economy' said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace. "Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated.
As per practice a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.
The Reserve Bank on Friday retained the GDP forecast for the current financial year at 9.5 per cent and flagged global semiconductor shortages, elevated commodity prices and potential global financial market volatility as downside risks to economic growth. In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections. "The ebbing of infections, together with improving consumer confidence, has been supporting private consumption," he said, and added the pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.
India has been able to attract 40 global smartphone makers to the country -- creating at least 50,000 jobs. But GST could hurt that, discovers Ayan Pramanik.
Dr Reddy's Laboratories on Friday soft-launched imported COVID-19 vaccine Sputnik V, with Deepak Sapra, a senior executive of the drug-maker, taking the first shot in Hyderabad.
We have to wait and see whether Jaitley's Budget speech translates into actions and desired outcomes, says T N C Rajagopalan.
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
He also took potshots at opposition parties' decision to observing November 8 as a 'Black Day', saying the move displays their faith in cash economy.
The deposit has been made on account of the rate reductions approved by the GST Council in its November. The rate was reduced on items including shampoo, detergents, chocolates, beauty products, sanitary ware, leather clothing, cookers, stoves, after-shave, deodorant, detergent and washing power. Companies found it difficult to pass on the benefits to consumers immediately at the time of GST rate reduction owing to logistical issues.
'Consistency is the key to cracking any goal.' 'If you can't put in 10 hours a day, make it 6 hours or 8 hours, but stick to it.' 'Don't lose momentum.'
'The honourable prime minister virtually handpicked me for the Amritsar East seat.' 'Amit Shahji announced that if I am elected, the whole of Punjab will be drugs free.'
This is good news for the central government at a time when crude oil prices are rising.
The Budget may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.
As per norms, the returns have to be filed online on www.aces.gov.in.
Dev also attacked Narendra Modi government for imposing '12 per cent' GST on sanitary napkins, which she said 'runs contrary' to the government's 'Beti Bachao Beti Padhao' campaign.
Govt doesn't buy restaurants' input tax excuse and has swing into action and looking into profiteering complaints on social media against prominent restaurant and franchise chains.
'We forecast real GDP growth to moderate to 6.7 per cent in the year ending March 2018.' 'However, as disruption fades, we expect to see a rebound in real GDP growth to 7.5 per cent in the next fiscal year.'
The discount will be given on the base fare and charges like GST, reservation fee, superfast tariff and others will be levied separately.
The Nikkei India Manufacturing Purchasing Managers' Index (PMI) stood at 47.9 in July, down from 50.9 in June, its lowest mark since February 2009, and highlighted the first deterioration in business conditions in 2017 so far.
IndusInd Bank, Kotak Bank, ICICI Bank, Sun Pharma, Bajaj Finance and Ultratech Cement were prominent gainers. NSE Nifty rose 176.65 points to 14,867.35.
Congress is opposing the GST bill in the current form.
The one national GST unifies the country's $2 trillion economy and 1.3 billion people into a common market, an exercise that took 17 tumultuous years.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of Red Fort when he said some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assesses or by taking excessive action for minor or procedural violations.
The GDP slumped to a three-year low lagging China for the second straight quarter -- as manufacturing slowed ahead of the GST launch amid demonetisation effect.
Before 2019, an estimated 22 million individual income-tax returns did not have to pay any taxes. But after the change in the exemption level, another 13 million individual tax returns did not require to pay taxes. Thus, of about 58 million returns, as much as 63 per cent or 35 million went out of the direct tax net, A K Bhattacharya points out.
Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
Price rise in services sector after the goods and services tax (GST) gets implemented and the pay hike of central government employees will make inflation control a tough job for the central bank
That's a big change that was made possible due to corporate tax cuts. Corporation tax collection in FY22 will be lower than even the FY18 levels, reports
This is mainly due to GST impact on manufacturing and subdued farm output.
The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006.
'The Modi government is trying hard to see if it could be sold to a private airline.' 'But it appears there are no takers.' 'If no buyer comes forward by June, the government will close down Air India,' predicts A K Bhattacharya.
'Saving our economy is a priority.' 'We have to save our people and save our country.'
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
'The current crisis is a result of a clash between a coercive attempt by the government to justify demonetisation and rising digital transactions against the market and the economy fighting the unexpected pressure from atop.'
The government on Wednesday said it will borrow Rs 7.24 lakh crore in the first half of 2021-22 fiscal to meet resources to perk up the economy hit by the coronavirus pandemic. According to the Budget 2021-22, the government's gross borrowing was estimated at Rs 12.05 lakh crore in the financial year beginning April 1. "In the Budget, we had announced that there would be a gross borrowing of Rs 12.05 lakh crore and net borrowing of Rs 9.37 lakh crore. "In the first half of 2021-22, we would be borrowing Rs 7.24 lakh crore, which is 60.06 per cent of the gross issuances," economic affairs secretary Tarun Bajaj said. He said the government would issue 2-year, 5-year, 10-year, 14-year, 30-year, and 40-year securities.
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