What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Expanding for the fourth straight month, exports surged by 34.8 per cent in February to $16.09 billion against $11.94 billion in the year-ago period on the back of revival in the Western economies.
India on Tuesday protested to Pakistan over the unprovoked firing from across the border to give cover to infiltrators when its Deputy High Commissioner was summoned for the fourth time in just over a week over alleged "unprovoked ceasefire violations".
The US Federal Reserve's interest rate decision is the biggest event that would drive sentiments in the domestic stock market this week, besides a host of macroeconomic data from the global front and trading activity of foreign investors, analysts said. The Indian equity market had an exceptional last week, with both the Nifty and Sensex hitting their all-time high levels on Thursday.
The Directorate General of Foreign Trade on Monday notified Duty Entitlement Pass Book Scheme (refund of local taxes) on cement exports. The commerce ministry had lifted the 46-day old ban on cement exports on May 27. However, it had allowed shipments only through ports in Gujarat. The state accounts for 95 per cent of the total cement exports.
Taking yet another measure to check inflation through improving domestic supplies, the government today stopped export incentives on basmati rice. "Export of basmati rice shall not be entitled for DEPB (Duty Entitlement Pass Book) benefits," the Directorate General of Foreign Trade said in a notice. Government has already banned export of non-basmati rice & revised upward the minimum export price for basmati rice. Inflation for the week ended March 22 has touched the 7% mark.
To cut transaction costs for traders, the government has launched an online facility for issuing Importer-Exporter Code Number.
Export-Oriented Units (EOUs) in the country are likely to continue to enjoy income-tax benefits even after the ensuing deadline of March 2009.
Exports to India's key markets - the US, the United Arab Emirates, China, Singapore, Bangladesh and Germany - witnessed a sharp decline, resulting in a 12.69 per cent contraction in outbound shipments during the first month of the current financial year, commerce department data showed. India's biggest export market - the US - with 17 per cent share witnessed 17.16 per cent contraction at $5.9 billion in April. This was followed by the United Arab Emirates (UAE) that saw 22.09 per cent decline at $2.23 billion exports.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
The government has formed the Export Promotion Council for Pharmaceuticals (Pharmaexcil) to boost pharma exports.
Six entities including four foreign portfolio investors (FPIs) are under lens for suspicious trading in Adani group shares prior to the release of the damning Hindenburg report, the Supreme Court-appointed expert committee has said. There was a build up of short positions in the Adani scips prior to the January 24 release of the Hindenburg report, and substantial profits were booked thereafter as stocks crashed, the 178-page report said. A "short" position is generally the sale of a stock one does not own.
In 2006, FCI's procurement fell sharply to 9.2 million tonnes from 14.8 million tonnes in the previous year, forcing the government to import 5.5 million tonnes.
Concerned over the fallout of the Red Sea crisis and severe shortage of containers against the backdrop of a steep decline in merchandise exports in August, the Union government is pulling out all the stops to find a solution. To begin with, the government has devised a strategy aimed at boosting container supply and supporting exporters.
India is heading for a major rise in food prices especially rice and pulses. Following the global trend and anticipating a shortage, Central government has raised the minimum price for non-Basmati rice exports. Other countries like Egypt and Cambodia have imposed restrictions on export of rice. With rice being staple food in many countries export restrictions will affect prices in the importing countries. These countries are already facing social unrest over high food prices.
Currently, the five-year FTP aims to raise total exports to $900 billion but targets may be reduced
The government on Thursday launched a Grievances Redress Cell for exporters and importers in a bid to improve the of the directorate general of foreign trade.
'Arbitrage funds make the most sense for those in the 30 per cent tax bracket, are viable for those in the 20 per cent bracket, but less so for those in the 10 per cent bracket.'
'For the first time since I've been following Indian politics, one heard voters talking about India's role on the world stage and the fact that, due to Modi's leadership, India was once again a great power.'
MNC funds invest in companies where foreign promoters have more than 50 per cent shareholding.
Small and medium enterprises would continue to play a vital role in enhancing India's exports, L Mansingh, the director general of foreign trade, said in New Delhi.
Sebi on Friday barred fugitive businessman Vijay Mallya from the securities markets and restrained him from associating with any listed firm for three years in the matter of routing of funds to the Indian securities market using overseas bank accounts with UBS AG. The Indian government has been attempting to extradite Mallya from the United Kingdom to face fraud charges related to his now-defunct company Kingfisher Airlines. Mallya has been living in the United Kingdom since March 2016.
The government on Wednesday ruled out revising the export growth target downwards in the wake of rupee appreciation and said it was slated to grow at 12 per cent during this fiscal.
