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.
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.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
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.
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.
Only those who stick to the old I-T regime will get this benefit.
They were participating in a debate on the bill for giving effect to various compliance relief measures for taxpayers, including extending time limits for filing returns, in the wake of the coronavirus crisis and tax benefits for donations to PM CARES Fund.
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.
We should work in unison to boost growth: FM
'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.'
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
A day after the constitution amendment bill that enabled mega reform Goods and Services Tax Bill or GST was unanimously passed, action continues in Monsoon session of Parliament.
While seven of the suspended MPs belonged to the TMC, six were from the DMK, three from the Telangana Rashtra Samithi, two from the Communist Party of India-Marxist and one from the Communist Party of India.
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.
'Congress party's strategy is two fold -- to disturb and delay.'
While the formation of a holding company will not outright privatise State-owned banks, officials believe it will help the Centre deflect criticism arising out of the latest banking scams.
Venkaiah Naidu told the members that provocative statements are being used by anti-BJP forces to deflect the attention from Prime Minister Narendra Modi's development agenda.
In twin blows to Indian economic revival, higher food prices drove retail inflation to a five-month high of 7.4 per cent while factory output fell for the first time in 18 months. The second consecutive month of rise in consumer price index (CPI)-based inflation will add to the pressure on the Reserve Bank of India (RBI) to again raise interest rates to tame high prices. Inflation has been above the targeted zone for the ninth month in a row and as per statute, the RBI will now have to explain to the government in writing why it failed to keep prices below 6 per cent.
Titan was the top gainer in the Sensex pack, rising around 4 per cent, followed by HDFC, Nestle India, IndusInd Bank, UltraTech Cement and Bharti Airtel. On the other hand, Bajaj Auto, Tata Steel and NTPC were the laggards.
Dealers attributed the rupee's fall to increased demand for the US currency from importers.
Catch all the action from the Monsoon session of Parliament, LIVE
The stormy monsoon session of Parliament came to an end on Thursday, becoming a virtual washout and delaying legislations which could not be passed because of continuous acrimony.
The outcome is beyond the market's expectation and will be a sentimental boost, say analysts.
The Modi administration has been unable to initiate key reforms.
Vagela could not have reached this position if Narendra Modi, who'd known him from his chief minister days, had not backed the choice.
Modi praised Tamil Nadu as a special place and lauded the Tamil language as eternal and its culture as global.
'The role of Parliament is to hold the government of the day, whichever party is in power, accountable for its actions, policies.' 'The amount we are wasting on Parliament is a very miniscule amount. But the cost of delay in policy-making is huge and that affects the entire nation.'
Sonia Gandhi's iftar was meant to be a powerful show of unity of Opposition parties to take on the Modi Sarkar, but that was not to be...
Business activity resumption continued for the fifth consecutive week as the second wave of infections and restrictions continued getting subsided, a Japanese brokerage said on Monday. The business activity now is only 13 percentage points lower than levels observed before the onset of pandemic in March 2020, Nomura said, citing the movement in a proprietary index of business activity resumption. The index had fallen to a trough of nearly 40 percentage point (pp) below the pre-pandemic levels for the week ended May 23 this year because of the impact of the second wave of the pandemic.
Calibrated reopening of the economy by states as the number of fresh COVID-19 cases subside increased mobility and aided in a fast-paced increase in an index of business resumption last week, a Japanese brokerage said on Monday. The Nomura India Business Resumption Index rebounded to 76 for the week ended June 13, up from the preceding week's 67.9, a note from the brokerage said. The pre-pandemic value of the index is set at 100.
Expressing the government's commitment to continue with reforms, Finance Minister Nirmala Sitharaman on Thursday assured India Inc that it is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic. Stressing that there is a need to promote growth as it helps bring down poverty, she however said it would not be at the cost of inflation. RBI has been mandated to keep inflation at 4 per cent, with tolerance level of 2 per cent on either side.
Addressing the members of the House, Singh said agriculture is a state subject but the Centre ignored it. "I find it very strange what the government of India wants to do," he said.
She resigned soon after her husband and SAD president Sukhbir Singh Badal strongly opposed the bills in Lok Sabha on Thursday night, claiming these proposed legislations will "destroy" the agriculture sector in Punjab, and announced that Harsimrat Kaur Badal will quit the government in protest against these three bills.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
Prime Minister Narendra Modi hit out at the Congress for "misusing" Parliament to stop the country's growth and hailed Samajwadi Party chief Mulayam Singh Yadav for "understanding this conspiracy" and working to end the logjam in the House.
Honest tax payers need not worry about the new black money law, says finance minister Arun Jaitley.
The Congress on Monday sought a discussion on the latest report of the CAG, listing alleged irregularities in Gujarat State Petroleum Corporation's KG basin gas project and forced three adjournments in Rajya Sabha in the pre-noon session demanding a response from Prime Minister Narendra Modi.
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