India's economy grew by 1.6 per cent in the fourth quarter of 2020-21, restricting the full-year contraction to 7.3 per cent, official data showed on Monday. The fourth quarter growth was better than the 0.5 per cent expansion in the previous October-December quarter of 2020-21. The gross domestic product (GDP) had expanded by 3 per cent in the corresponding January-March period of 2019-20, according to data released by the National Statistical Office (NSO).
While the crackdown is a major step in combating tax evasion and improving transparency, it might also impact the flexibility and genuine corporate structures created to achieve legitimate objectives, says Suresh Surana.
'The answer for a quicker boost to growth is simple -- run a much larger deficit, use the resulting public resources to ensure adequate price support for agriculture, subsidise wage costs of MSMEs and accelerate public sector construction-intensive activities,' advises Nitin Desai.
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
According to sources, in a January 6 letter to the department of financial services under the finance ministry, LIC said it wanted to stop sponsoring LIC Nomura Mutual Fund, and might offer some of its stake in LIC Housing Finance to other shareholders.
DoT will have wider consultations with all stakeholders.
Retirement planning requires a clear-eyed analysis of future needs and income. Don't fool yourself by believing in these wrong assumptions.
DEA officials to push for this at a meeting with FM Jaitley.
Four senior Twitter executives are leaving the media company, CEO Jack Dorsey tweeted late on Sunday night, the biggest leadership changes since Dorsey returned as chief executive as he struggles to revive the company's growth.
The young are most vulnerable to self-harm and suicidal ideas at this time.
Besides lining up Bali, Nairobi and Toronto flights, the airline is also planning flights from Mumbai to Hong Kong. The network expansion will help the national carrier grow its market share and capitalise on the capacity vaccum created by the collapse of Jet Airways.
On Monday, RBI announced that 26 entities, including Tata Sons, LIC Housing Finance, Aditya Birla Nuvo, Department of Posts, Reliance Capital, L&T Finance and Bajaj Finserv, applied for grant of bank licences.
Even with the Rs 20,000 crore distributed among states, it will still be a fraction of what they have been demanding in financial support and clearance of pending dues.
The tax dept has served notices on about 36 foreign investors.
Bidding for the sixth round of spectrum auction for radiowaves worth Rs 3.92 lakh crore will start from March 1, according to a notice issued by the Department of Telecom on Wednesday. The long-awaited spectrum auction is being held after a gap of four years and over two years after the Telecom Regulatory Authority of India (Trai) calculated and recommended base price for the radiowaves. The DoT has fixed January 12 for the pre-bid conference and January 28 as the last date for seeking clarification to the notice.
The overdraft facility has been sanctioned in only 40,000 accounts
Analysts have pointed out that with the dues arising out of the SC judgment there could soon be only two private telcos in the country, and not three - Reliance Jio, Bharti Airtel and Vodafone Idea - as now.
Rahul Gandhi's mother and senior Congress leader Sonia Gandhi has also got at least five refunds since the assessment year 2001-02, but there is no adjustment against any outstanding demand for her in this time period.
The pressure on India to take a hostile attitude towards Russia and China was not subtle, but it was guarded, observes Ambassador T P Sreenivasan after Monday's 2+2 ministerial meeting in Washington, DC.
The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
The Union finance ministry is planning to make rules regarding wilful defaulters more stringent, so that criminal charges can be pressed against such entities.
The government on Monday announced that it has credited revised pensionary benefits along with arrears under One Rank-One Pension scheme to more than 2 lakh pensioners drawing service and disability pensions.
While law-abiding customers are harassed for KYC and have to comply with endless paperwork even to open and close accounts, DHFL could easily open nearly 260,000 fake home-loan accounts, reveals Debashis Basu.
The sanctions list subjected him to a travel ban, assets freeze and an arms embargo.
Company plans to raise the contribution of Indian private sector to its revenue from about 15% to about 50% in two-three years.
Underlines need to reduce human interface; wants tax e-assessment in more cities
Facing black money investigations in India and several other countries, global banking giant HSBC on Monday said it is also being probed in the US for hiring candidates related to government officials in Asia Pacific.
About 35 per cent rural households in states like Uttar Pradesh, Madhya Pradesh, Bihar, Odisha and Assam still lacked access to power supply
