While the Trump administration wants India to lower the trade barriers and embrace "fair and reciprocal" trade, India has raised tariffs on 28 items exported from the US in retaliation to America's withdrawal of preferential access for Indian products.
Imposing yet another restriction, the European Union has demanded mandatory certification from Indian authorities for every imported Basmati consignment as belonging to specific strains of traditional varieties to be eligible for customs duty concess
Directing the Centre, states and Union Territories (UTs) to ensure the queer community is not discriminated against, the CJI, who is heading the constitution bench, said queer is a natural phenomenon known for ages and is neither urban nor elitist.
The finance minister could well be on her way to setting a record of achieving the biggest single-year reduction in the government's fiscal deficit, explains A K Bhattacharya.
Imported liquor is all set to become cheaper with the government likely to bring in a Bill in Parliament next month to scrap additional customs duty on wines and spirits
but it had a mixed view on the new tax proposals burdening the capital market.
With the prices touching a two-year high, CEOs of leading companies expect a cut in corporate tax and measures to boost the capital markets in the Budget 2007-08 to be presented on February 28.
The bowler England have pined for all summer is making his comeback from a horrific injury too late for this week's fifth Test against South Africa.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
If the government were to give heed to its fiscal imprudence, cut down on its 'extravagant' and non-productive expenditures, inflation could be controlled
The Union government's fiscal deficit works out to be Rs 5.47 lakh crore or 36.3 per cent of the budget estimates at the end of October 2021 on the back of improvement in revenue collection, according to the data released by the Controller General of Accounts (CGA) on Tuesday. The deficit figures in the current fiscal appear better than the previous financial year when the gap between expenditure and revenue had soared to 119.7 per cent of the last year's Budget Estimates (BE) mainly on account of a jump in expenditure to deal with the COVID-19 pandemic. In absolute terms, the fiscal deficit was Rs 5,47,026 crore at the end of October, the CGA said.
Even as the industrial cycle has ground to a halt during the 21-day lockdown, the industry has been hit hard by foreign orders from major clients in the US and Europe being cancelled. Also, a sudden lack of labour has crippled the sector because of a mass exodus of workers from industrial units to the hinterland.
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
Sri Lanka has slashed tariffs by up to 70 per cent on India goods such as cement, petroleum products and motorcycles under a bilateral trade deal.
The DRI sleuths seized the vehicle of businessman Chandan Basu during an ongoing probe into a racket of importing cars by evading custom duty upto 105 per cent
With certain quarters demanding privatisation of public sector banks in the aftermath of the alleged fraud at Punjab National Bank (PNB), Economic Advisory Council to the Prime Minister chairman Bibek Debroy tells Sanjeeb Mukherjee, Ishan Bakshi and Indivjal Dhasmana that reducing government equity even to zero would not mean giving up of government control over these banks.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
The government collected over 40 per cent more revenue from taxes at Rs 44,463 crore (Rs 444.63 billion) during the first quarter of this fiscal against Rs 31,668 during the corresponding period of 2005-06.
Stocks to watch: BHEL, L&T, IRB Infra and Suzlon
Tata group-owned Air India has issued new guidelines on grooming for its male and female cabin crew, including barring them from sporting black and religious thread on the wrist, neck and ankle. Among others, the airline has told the crew that they should not have grey hair and must be regularly coloured in natural shade. "Religious rings with coloured stones and pearls, nose-pins and neck jewellery" along with thumb rings are not allowed.
After imposing 20 per cent export duty on non-basmati rice, the government has banned the export of broken rice with an aim to increase domestic availability, according to a government notification.
Electronics major Samsung has received orders for around 1.4 lakh units of its premium smartphone Galaxy S23 worth a total of Rs 1,400 crore on the first day of its pre-booking for the device, a senior company official has claimed. Samsung India, Senior Vice President for Mobile Business, Raju Pullan told PTI that the pre-booking for Samsung Galaxy S23 is almost twofold compared to the previous version of the smartphone Galaxy S22. "We have clocked almost 1.4 lakh units as pre-book in the first 24 hours and this is almost two times of Galaxy S22.
The government was considering further modifications in mega power projects policy, aimed at promoting capacity addition through fiscal incentives, Minister of State for Power Jaywanti Mehta told the Lok Sabha on Thursday.
Enforcement Directorate is jointly probing the case.
"The initial supply price of Covishield for all government immunization programme, including India, has been the lowest", SII said.
India's economic growth is likely to slow down to 6.5 per cent this fiscal and to 6 per cent in the subsequent year mainly due to high oil prices, which reactivated inflation, the Asian Development Bank said on Wednesday.
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
The US on Thursday raised concerns over India's Personal Data Protection (PDP) Bill and draft non-personal data governance framework, claiming these could potentially threaten innovation and economic growth. In its latest 'Special 301' Report, the US Trade Representative (USTR) kept India on the priority watch list, maintaining the country remains one of the world's most challenging major economies with respect to protection and enforcement of intellectual property (IP). In December 2021, a joint parliamentary committee released a report recommending changes to the PDP Bill, 2019, that could undermine important IP protections in India.
India is expected to link drastic reduction of huge financial support given to their farm sector by many western countries to the reduction of customs duty on agri-products by developing nations, in the WTO mini-ministerial beginning in Tokyo.
European Commission asked India on Tuesday to address hindrances coming in the way of bilateral trade and favoured lowering of customs duties and doing away with non-tariff barriers to ensure level playing field for the importers.
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