Goods and Services Tax collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, reflecting buoyant economic activity and setting the stage for the next phase of GST reforms. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more, a finance ministry statement said on Wednesday.
Six decades and more later, we are now captives of our identities. Every poll is based on elaborate calculations of electability of candidates on the basis of their castes and other narrow definers. That, along with voter promiscuity, is what defines our political culture, which remains stubbornly resistant to any change, asserts Shreekant Sambrani.
'China is struggling to get out of its property bubble.' 'Japan took 35 years to walk out of its equity bubble.' 'Bubbles can be difficult to forecast.'
'During the scorching summer months of election season, largescale outdoor gatherings create a prime opportunity for increased consumption in the packaged drinking water category.'
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
A quarter of the stocks have been replaced since 2019, marking the evolution of India's economy.
A remarkable story which helped in transforming a bureaucratic organization, to a customer centric organization. This experience may inspire several government / private organizations to modify or adopt digitisation to transform their business, notes Professor N Ravichandran (retd).
A senior RITES official said the new station building comes equipped with many modern facilities that passengers usually get at an airport, but the architecture of its facade "embraces tradition" in a nod to the upcoming Ram temple.
'Opportunity for a country like India is huge in terms of wealth creation.' 'That's the reason India is an attractive economy for investors.'
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
The writing has been on the wall for some time. Exodus of senior leadership and growth behind its peers are reasons that have prompted Thierry Delaporte, the chief executive officer (CEO) of Wipro to resign, analysts said. Delaporte, Wipro's seventh CEO, also resigned without completing his five-year term, like his predecessor Abidali Neemuchwala decided to end his tenure prematurely in 2020. Phil Fersht, HFS Research CEO and chief analyst believes the change in leadership was at least six months overdue.
Investors' wealth soared by Rs 10.58 lakh crore in three days of the market rally, where the BSE benchmark jumped over 2 per cent, and hit an all-time high on Monday. Extending its winning momentum to the third day running, the 30-share BSE Sensex jumped 363.20 points or 0.49 per cent to settle at 74,014.55. During the day, it zoomed 603.27 points or 0.81 per cent to hit its record high of 74,254.62.
'Factors such as working professionals seeking better lifestyles, traditional housing challenges, community and networking, and urban migration for jobs are driving the growth in the co-living segment.'
Indian policymakers must realise that in buying small quantities of equipment, it becomes hard to start manufacturing them in India, explains Ajai Shukla.
Broadly stagnant sales causes the first drop in business activity in over a year.
'The more educated a young person is, the higher the chances of him or her remaining unemployed.'
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
President Gotabaya Rajapaksa, who is currently facing public demand for his resignation over his mishandling of the economic crisis, is the man who ruthlessly ended Sri Lanka's nearly 30-year civil war with the LTTE with the death of its supremo Velupillai Prabhakaran in 2009.
The Agency said it has delivered the required certification notifying Congress of this possible sale on Thursday.
Joly said that Ottawa stands by its decision to inform Canadians about the allegations surrounding the killing of Nijjar, but remains engaged with the Indian government on the issue.
In addition to Pichai and Nadella, IBM's Arvind Krishna, Micron's Sanjay Mehrotra, Ajay Banga from Mastercard and Ann Mukherjee from Pernod are among the six Indian-Americans among over 200 corporate honchos who will advise the President and offer recommendations on how to revive the American economy.
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
The net leasing of Grade-A commercial office space in India will stagnate this financial year at 32-34 million square feet, with global uncertainties brewing caution among key tenant categories, according to the latest Crisil Ratings report. Major seven cities in India - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - had Grade-A office space with an operational stock of around 705 million square feet as of March 2023. India's commercial office space is dominated by technology companies, with information technology (IT) and IT-enabled services (ITeS) companies occupying 42-45 per cent of the operational stock.
In a path-breaking decision with far-reaching socio-economic impact, the Centre has allowed woman employees to nominate her son or daughter for family pension, instead of her husband, according to an official statement issued on Monday.
In a path-breaking decision with far-reaching socio-economic impact, the Centre has allowed woman employees to nominate her son or daughter for family pension, instead of her husband, according to an official statement issued on Monday. Previously, family pension was granted to the spouse of a deceased government servant or pensioner, while other family members became eligible only after the spouse's ineligibility or demise, the statement said. Union Minister of State for Personnel Jitendra Singh said that the Department of Pensions and Pensioners' Welfare (DoPPW) has introduced an amendment to the Central Civil Services (Pension) Rules, 2021, allowing female government employees or pensioners to grant family pension to their eligible child/children after their own demise, in place of of their spouse.
'Our objective is to reach a localisation rate of 50% in the span of five years.'
The private sector's new project announcements in the quarter ending March were among the highest on record. The value of new private sector project announcements for the three months ending March 2024 was Rs 9.8 trillion, shows data from tracker Centre for Monitoring Indian Economy (CMIE). This is the second-highest on record in data going back to 2009.
The top three industries in India susceptible to economic crimes are financial services, manufacturing and professional services
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
Foreign portfolio investors (FPIs) from Mauritius may face higher scrutiny after the amendment in the India-Mauritius tax treaty introduced a principle purpose test (PPT) to prevent treaty abuse by taxpayers. The Mauritius government had in February decided to amend the double taxation avoidance agreement (DTAA) with India to align with the Organisation for Economic Co-operation and Development's proposal on base erosion and profit shifting. Although the agreement between India and Mauritius was signed on March 7, the protocol of the amendment was made public for the first time on Wednesday, said legal experts.
Get more people working, get more people working in modern manufacturing and services in our cities, and get people working better and longer, suggests Naushad Forbes, past president, CII.
'I am sure Dr Patra will get the fullest cooperation from the finance minister who needs workhorses, not prima donnas constantly looking to improve their CVs,' says T C A Srinivasa-Raghavan.
On Thursday, in his first interview with the local media since assuming office, Muizzu said India was instrumental in providing aid to the Maldives and has implemented the "greatest number" of projects.
S&P Global Ratings on Wednesday said the second wave of COVID infections poses downside risks to India's GDP and heightens the possibility of business disruptions. The second wave brings in uncertainty and a drawn-out COVID outbreak will impede India's recovery, it said.
Sounding a note of caution, former Reserve Bank Governor Raghuram Rajan has said that India is "dangerously close" to the Hindu rate of growth in view of subdued private sector investment, high interest rates and slowing global growth. Rajan said that sequential slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO) last month, was worrying. Hindu rate of growth is a term describing low Indian economic growth rates from the 1950s to the 1980s, which averaged around 4 per cent.
India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent.
India's exports are becoming less vulnerable to changes in world demand and exchange rates, according to a publication titled 'Re-examining Narratives: A Collection of Essays', penned by chief economic advisor (CEA) V Anantha Nageswaran and his team. The publication pointed out that this conclusion has been drawn from the fact that there has been a decrease in the income elasticity of exports to 3.44 during 2009-2022, from 5.67 during 1991-2008, and in the inverse price elasticity of exports to 0.4 from 2.7. While a decline in elasticities is favourable in the presence of downside risks such as a decline in global demand and an appreciation of exchange rates, it may not be beneficial during boom periods.
'The policy focus of the government should have been on creating more good quality jobs but that was not their focus.'
India's services sector activity surged to a seven-year high in January driven by sharp increase in new business orders, leading to job creation and business optimism amid favourable market conditions, a monthly survey said on Wednesday. The IHS Markit India Services Business Activity Index rose from 53.3 in December to 55.5 in January, signalling the strongest upturn in output in seven years.
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