Jaitley said a very large number of reforms have taken place over the last few years and that has helped in restoring the credibility of the Indian economy
Prime Minister Narendra Modi on Wednesday said that the country's economic growth is picking up pace again and the domestic industry needs to enhance its risk-taking appetite. Noting the recent reforms taken by the government, the Prime Minister said that bringing reforms is a matter of conviction for his government, which is ready to take all risks in the national interest. "We have taken bold decisions. Reforms continued even during pandemic. "The government is doing reforms not out of compulsion but out of conviction," he said while addressing the CII's annual meeting.
Stating that he had consistently held Singh in high respect, he expected the same from him.
The government on Friday proposed hiking the securities transaction tax on Futures & Options (F&O) contracts, a move that will increase the trading costs in the derivatives segment as well as help in curbing excessive trades. In the Finance Bill 2023, passed by the Lok Sabha on Friday, the Securities Transaction Tax (STT) on options is proposed to be increased to 0.0625 per cent from 0.05 per cent and on futures contracts to 0.0125 from 0.01 per cent. Analysts opined that higher STT will shore up the government's revenues to some extent and also discourage excessive trading since a large number of retail traders are losing money in the segment.
Amid rising consumer complaints, the Central Consumer Protection Authority (CCPA) on Monday barred hotels and restaurants from levying service charge automatically or by default in food bills and allowed customers to file complaints in case of violation. The CCPA has issued guidelines for preventing unfair trade practices and violation of consumer rights with regard to levying of service charge. "No hotels or restaurants shall add service charge automatically or by default in the bill," CCPA chief commissioner said in the guideline.
The BSE Mid-Cap index was currently up 0.81%.
Rupee was impacted by renewed dollar demand from banks and importers amid sharp falls in equity market
The BJP's oldest ally Shiv Sena remained silent on the performance of the National Democratic Alliance regime.
Lok Sabha proceedings were adjourned for the day on Thursday following a request from the government that the Indian Antarctic Bill, 2022 be taken up for consideration when Opposition members are also present in the House.
The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the Budget next year, a top official said. Revenue secretary Tarun Bajaj said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of Goods and Services Tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services.
An insatiable quest for personal propaganda, event management and attractive slogans has made Modi sovernment as 'catch headline government'
Accusing the ruling Bharatiya Janata Party of having "reaped benefits" of communal polarisation in the Lok Sabha elections, the Congress on Wednesday said the government should now focus on good governance and deliver on promises.
In good times, analysts justify valuations giving interesting investment rationale.
'With 1.3 billion consumers, India's market has great potential.'
Sensex lacklustre, bluechips in focus.
Apart from Smriti, Ravi Shankar Prasad and Ananth Kumar took over as law and parliamentary affairs ministers respectively.
The market capitalisation of BSE-listed companies jumped to a record high of Rs 2,40,04,664.28 crore on Tuesday, driven by a rally in stocks that also saw the benchmark Sensex touching its lifetime peak of 53,887.98 points. Rallying for the second consecutive day on Tuesday, the 30-share BSE index closed at a fresh closing peak of 53,823.36 points, a jump of 872.73 points or 1.65 per cent. During the day, it zoomed 937.35 points to 53,887.98 points.
After his statement, opposition leaders will speak and if required Singh may give a clarification, the sources said.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
Government on Thursday claimed that it had Congress "cornered" on the penultimate day of the Monsoon Session of the Parliament.
As the Narendra Modi government nears completing a year in office, the Congress on Wednesday stepped up its offensive against the prime minister accusing him of weakening democracy by running a "one-man show" while scoring maximum on "arrogance" and minimum on governance.
Congress leader Rahul Gandhi on Monday said that repealing the three farm laws without a debate in Parliament shows that the government is "terrified" and knows that it has done something wrong.
There are two ways: Deliver a rapidly growing economic pie or reform GST and close corporate tax loopholes, suggests T N Ninan.
'Prime Minister Modi stated several times that we shall not let this challenge go away without converting it into an opportunity to undertake systemic reforms.' 'And hasn't that been reiterated in action?'
Because from June 1, 2015, you will have to fork out 14 per cent service tax instead of 12.36 per cent
Responding strongly to attacks on him by Congress chief Sonia Gandhi, Prime Minister Narendra Modi on Thursday implied that she wielded real power during the United Progressive Alliance rule as an "extra-constitutional" authority whereas his government was run only by constitutional means.
In several areas, the Indian government has put out a model law.
'NPT waiver is like being allowed in the verandah. NSG membership is like being in the room... being part of rule making.'
Modi is optimistic that the reforms will be passed soon.
Never before has the need for creating an ambience for economic policy reforms been as critical as it is now, points out A K Bhattacharya.
The report cautioned that low capacity utilisation and stressed balance sheets of banks and businesses will prevent a strong investment revival in the short term.
On the stalled goods and services tax bill, Modi said the Congress has made it a prestige issue but expressed confidence that the evolving arithmetic in Rajya Sabha would ensure that the legislation would be passed soon.
During a media interaction, Mamata Banerjee voiced her discontent over the Centre's 'stepfatherly' attitude towards Bengal. Banerjee's detractors feel that the agenda that she conveyed to the media is nothing but an eyewash. According to them, 'Mamata and Modi are heading towards an alliance of convenience'. Indrani Roy reports from Kolkata on the agenda and politics of prime minister two-day visit to the state.
Those hardest hit by the second wave of the pandemic have been blue-collared workers, doctors and healthcare workers, law and order and municipal personnel, individuals eking out daily livelihood, and small businesses. And there should be more measures taken to alleviate their pain, the Reserve Bank of India (RBI) said on Monday. The report also indicated that the RBI's growth numbers might have to be revisited as the central bank's real GDP growth projection of 26.2 per cent given in the MPC's resolution of April 7 for the first quarter of 2021-22, were "made before the full fury of the resurgence." Nevertheless, the "resurgence of COVID-19 has dented but not debilitated economic activity in the first half of Q1: 2021-22.
We should work in unison to boost growth: FM
The government will borrow Rs 5.03 lakh crore in the second half of the current fiscal to fund the revenue gap for reviving the pandemic-hit economy, the finance ministry said on Monday. During the first half, the government has raised Rs 7.02 lakh crore by issuing bonds, the ministry said in a statement. "Out of gross market borrowing of Rs 12.05 lakh crore projected for FY 2021-22 in the Union Budget, Rs 7.24 lakh crore (60 per cent) was planned to be borrowed in first half (H1).
'The fabric of democracy is fraying,' says T V R Shenoy. 'It is being attacked not just by terrorists in Kashmir or by zealots in the North-East, but is being ripped apart even in Allahabad, in the Hindi heartland.'
According to market experts, GST Bill, movement of the rupee and uncertain global cues amid expected rate cut by the US Fed will dictate the movement of the markets.
India's economy is moving towards a higher growth trajectory and is likely to grow at around 10 per cent in 2021-22, Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy said on Wednesday. "I am confident that we are on a path towards a higher growth trajectory, higher poverty reduction, higher employment, and a prosperous, more developed and better governed India. "I think it is, more or less, agreed that the real rate of growth this year (FY2022) is going to be around 10 per cent," Debroy said at an SBI event. At the beginning of FY2021-22, the forecasts for real growth were in the 8.5-12.5 per cent range, he noted.
'Congress party's strategy is two fold -- to disturb and delay.'
