Spurring the economy, currently in the throes of a slowdown, remains the prime focus for most ministries, but the government is also looking to make women's welfare and environmental protection key to policymaking in this term.
After stepping down from the board with effect from September 30, he will remain as Chairman Emeritus of the FMCG firm, according to a statement issued on Wednesday. The 79-year-old industrialist passed on the baton of GCPL to his younger daughter Nisaba Godrej in 2017 after leading the company for 17 years.
The future of cryptocurrencies in India appears uncertain but that has not deterred young Indians from embracing the so-called 'fourth industrial revolution' world, where interconnectivity and smart automation, much of it relying on blockchain technology, drive human civilisation. Reserve Bank of India (RBI) Governor Shaktikanta Das has repeatedly warned of macroeconomic instability and even "serious consequences" if cryptocurrencies turn mainstream. The country's monetary authority wants a China-like total ban on crypto, not even allowing these currencies to be treated as investments. Though Parliament's website had listed the Cryptocurrency and Regulation of Official Digital Currency Bill as one seeking a total ban of cryptocurrencies in the country, it was not presented in the Winter Session. India now has the highest number of cryptocurrency investors in the world.
Uncertainty looms over India's export outlook, with the new Covid-19 variant Omicron spreading rapidly across the country's key shipment destinations. With the US and parts of Europe witnessing more than 100,000 Covid-19 cases a day, exporters expect some disruption. However, there may not be an immediate decline in exports from India because the order books remain strong at least for the next few weeks, they said.
The product was banned for export earlier, but has now been moved to the restricted category, under which an exporter would have to seek a licence from the government for shipments.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
Now, it is the silk industry sector that India and China plan to jointly tap the global market.
President Ram Nath Kovind presented Padma awards to 73 individuals, some posthumously, at a ceremony held in the Rashtrapati Bhavan here on Monday.
The gems and jewellery industry is staring at a sales washout on Akshaya Tritiya for the second consecutive year as most of the states are under lockdowns due to the raging second wave of the COVID-19 pandemic which has led to negative consumer sentiment, say industry leaders. Akshaya Tritiya, considered as an auspicious day for buying gold and jewellery, falls on May 14 this year. India is the worst-hit among all nations with the second wave of the pandemic, which has been killing more than 3,500 daily and infecting close to 4 lakhs daily for weeks. The massive caseload has nearly paralysed the medical infrastructure.
Among the major ones are fewer restrictions on market access for US medical device manufacturers, as well as access for other key products.
The industry body has issued two advisories in an attempt to restore jewellers credibility in the wake of the Rs 12,000-crore PNB-Nirav Modi scam, and recent defaults by two domestic jewellers - Goodwin and Rasiklal.
The government was also faced with problems on its balance of payments. It took steps to conserve declining foreign exchange reserves, and began to regulate the production, supply and distribution of gold. It banned forward trading in the yellow metal in November 1962, and introduced gold bonds as well, reveals the RBI's annual report for the year ending June 1963.
Are we running a cricket match using football rules, asks Ajit Balakrishnan.
The report by the High Level Advisory Group said India stands to benefit even more when the US and China are locked in a global trade war.
The founding members of The E-Commerce Council of India include Snapdeal, ShopClues, UrbanClap, Shop101, Flyrobe and Fynd, among others.
Traders are 'chowkidar' (watchman) of Indian economy, CAIT secretary general said.
All stakeholders in the diamond industry chain from mines to retailers have to follow a system of warranty under which they have to individually declare in the invoices they issue that what they have sold are not conflict diamonds.
His vision drove ITC to pursue business models that today support over 6 million livelihoods, many amongst the weakest in society.
For the second straight year, the gems and jewellery industry is set for almost a washout of business on Akshaya Tritiya as only about 10 per cent of pre-Covid sales of 2019 are expected on Friday amid the raging pandemic sapping footfalls and purchasing power of people.
It is mind-boggling to find our prime minister putting exports on the back-burner, says Jayanta Roy.
CAIT has attributed its displeasure to the economic downturn, and indifferent attitude of ministers/officials towards domestic trade.
Out of 30 key export sectors, as many as 22 showed negative growth in September.
Industry estimates over 30 tonnes of gold were sold on Akshaya Tritiya this time.
The Prime Minister's Council on Trade and Industry comprising top industrialists and bankers met on Wednesday and reviewed the economic situation, particularly in the wake of the European financial crisis.
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
In a letter to the bipartisan group of eight Senators -- called Gang of Eight -- who are working on the negotiations for a comprehensive immigration reform, the council has opposed several provisions of the proposed bill, which it believes, if implemented, would end up targeting Indian companies.
Pakistan has already missed a December 31, 2012 deadline to end a negative list regime for trade and give MFN-status to India.
Demand will boom in the US and China, but exporters say it will be difficult for India to tap these markets.
Under GST, the small and medium industries would have to handle things on their own, says V S Krishnan.
Macron held a tete-a-tete with Modi before the delegation-level talks at the Elysee Palace - the official residence of the French president.
On the eve of the Modi government's two years in office, the RSS-linked Bharatiya Mazdoor Sabha leadership met Finance Minister Arun Jaitley. After the meeting, the BMS claimed the FM told its delegation 'the government has realised that labour reforms are not essential for industrial growth in the country.'
An area of worry relates to simplification of the refund procedure where the inverted duty structure prevails
Under fixed-term employment, workers are entitled to all statutory benefits available to a permanent worker in the same factory. However, employers may not give notice to a fixed-term worker on non-renewal or expiry of his or her contract.
Cancellation of at least Rs 3,000-crore worth of business has happened in the past few weeks.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
'India-China economic ties are likely to take a hit in the wake of the new situation, but that also provides India with a new opportunity to strengthen its manufacturing base,' points out Dr Rajaram Panda.
Don't expect the synthetic stones to surpass natural ones anytime soon because the world's biggest miners of diamonds aren't looking to get into man-made diamonds.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
Surat Diamond Association, the apex body of diamond industry in Ahmedabad, has said there should be a special force for the security of diamond industry in the wake of serial blasts in Mumbai.
However, in 2020, gold demand in India -- the world's second biggest consumer after China -- could increase to 700-800 tonnes on hopes of increased acceptance of high price level and likely economic reforms boosting consumer confidence, World Gold Council said.
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