Weak dollar against other currencies overseas supported the rupee
Congress leader Jairam Ramesh interacts with readers on Rediff Chat as he discusses the period that changed India's history, forever.
Here's a recap of events that occurred in India in the past 24 hours.
Ramesh says that since the attitude of the Narendra Modi government is deliberately provocative and confrontational, it should not expect cooperation from the Congress.
'We walked into the well of the House because we had no choice.' 'They were not listening to us. They were throttling democracy.'
GST has been hanging fire with the Opposition Congress yet to come on board
Investor wealth shrunk due to markets crashing on Wednesday.
In the face of tax blow, brokerages remain sanguine about the prospects of asset management companies (AMCs). A sharp correction in the shares of AMCs over the past three months factors in most of the negatives and turned valuations attractive, observe analysts. In its latest report, Kotak Institutional Equities (KIE) has upgraded HDFC AMC to 'add' (from 'reduce') and reprised 'add' and 'buy' ratings on the rest of the listed AMCs - Nippon, UTI, and Aditya Birla Sun Life.
A figure above 50 indicates that the sector is expanding, while a figure below that level means contraction.
According to reports, eight hours have been allocated by the speaker for discussion on the tax reform bill.
The broader market outperformed with the S&P BSE Midcap down 0.3%, while the S&P BSE Smallcap was little changed.
The introduction of GST would constitute India's biggest reform.
Two years of the NDA government have instituted significant reforms, including the passing of the GST bill in India but "cultural issues and saffronisation" have resulted in a slow incremental change instead of big bang reforms, according to a top American think-tank.
Technical rallies and short covering may arise only if the markets break this 500 point band
The government is ready for a debate in Parliament on price rise once Finance Minister Nirmala Sitharaman recovers from Covid-19, the Bharatiya Janata Party asserted on Wednesday and targeted Rahul Gandhi, saying he may be "unproductive politically" but should not hurt the legislature's productivity.
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
He said that the voices of the weak, did not reach the BJP and the RSS.
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.
Stating that he had consistently held Singh in high respect, he expected the same from him.
'I think public awareness should be created and laws should not be made only for the sake of politics'
The BJP's oldest ally Shiv Sena remained silent on the performance of the National Democratic Alliance regime.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
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
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.
Generally, before adjourning the house sine die the chair reads out the statistics about the business transacted in the house in detail.
Sensex lacklustre, bluechips in focus.
'With 1.3 billion consumers, India's market has great potential.'
Apart from Smriti, Ravi Shankar Prasad and Ananth Kumar took over as law and parliamentary affairs ministers respectively.
Rating agency Icra on Wednesday said while there is some evidence of the economic recovery becoming broad-based in the third quarter of fiscal 2022, it is yet to attain the durability being sought by the Monetary Policy Committee (MPC) as a precursor to policy transmission. The agency expects the real GDP to expand 6-6.5 per cent year-on-year in the third quarter of FY2022 (+8.4 per cent in Q2 FY2022). It also sees the RBI maintaining the status quo in the upcoming monetary policy review to be held in February.
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.
'They are not tom-tomming what a great thing the Supreme Court decision is.' 'If they say it was a great thing, the public will react because people suffered and are still suffering.'
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.
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.
Because from June 1, 2015, you will have to fork out 14 per cent service tax instead of 12.36 per cent
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.
After his statement, opposition leaders will speak and if required Singh may give a clarification, the sources said.
