Finance Minister Nirmala Sitharaman on Monday said the government is planning to extend the suspension of fresh insolvency proceedings for another three months, a move which will provide major relief to corporate borrowers hit by the coronavirus pandemic. Addressing the Bangalore Chamber Of Industry And Commerce (BCIC), she said the government has taken several measures, including deferment of tax payment date, to help businesses and people.
According to government statistics, Indian IT firms support 280,000 jobs in the US and have contributed about $15 billion to the US Treasury in the past five years.
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Ahead of the visit, Chinese embassy officials briefed Indian scholars that investment promised would be $100 billion. How this figure came down to $20 billion is a mystery.
The output of eight core sectors grew 8.9 per cent in June, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity, official data showed on Friday. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 12.4 per cent in June 2020 due to the lockdown restrictions imposed to control the spread of coronavirus infections. In May this year, these key sectors had recorded a growth of 16.3 per cent, while it was 60.9 per cent in April.
The commerce department has said that earnings through the new tax will equal the losses faced by Indian industry after the US tariffs on steel and aluminium.
Sitharaman, who was holding the Commerce portfolio (Independent charge), was on Sunday promoted to the Cabinet rank as was Goyal.
The stimulus package announced by the government for the revival of the pandemic-hit economy has been found to be "inadequate", according to a Parliamentary panel report. The report of the department-related Parliamentary Standing Committee on Industry on the impact of COVID-19 pandemic on micro, small and medium enterprises (MSME) sector has noted that in the process of economic recovery post-first wave of the pandemic, the second wave has even more vigorously ripped the economy particularly the MSME sector. "The committee observes that the stimulus package announced by the government for the economic revival from the pandemic hit economy has been found to be inadequate as the measures adopted were more of loan offering and long-term measures instead of improving the cash flow to generate demand as immediate relief," it said.
The commerce ministry has sought a review of foreign direct investment policy in the pharmaceutical sector, in the light of recent takeovers of domestic companies by multinationals.
Going ahead with its festive sales as per schedule, companies such as Flipkart, Jabong, and Myntra are having week-long Valentines' Day sales, offering discounts of as much as 80 per cent. Amazon India is also offering discounts of almost 40 per cent.
Department of Economic Affairs secretary Atanu Chakraborty said that equity capital flows have been positive this year.
Volatility in investments concern for RBI.
Calculators have been exported to India from China below the normal value
Ashok Kumar Gupta, chairman of the Competition Commission of India (CCI), has never minced words while talking about the giant technology companies, referring to them on multiple occasions as "centres for entrenched and unchecked dominance". The anti-trust regulator has, in fact, been cracking down on big technology companies such as Google, Apple, Facebook, and others, after they were hauled up by regulators and lawmakers in Europe and Australia. However, in several instances, existing regulations have prevented the CCI from going all out against these companies for anti-competitive activities.
As per commerce and industry ministry data, food inflation fell to 4.91 per cent in March from 7.79 per cent in the previous month.
The declining exports would have implications for the job market.
'The equipment that you make for us must be the best in the world so that it complements the Indian soldier who is without doubt the very best in the world.'
We have a government with an extremely weak economic team advising a PM who hardly pays attention to their thoughts, says Jayanta Roy.
Key sectors that received maximum FDI include services, computer software and hardware, telecommunications, trading, chemicals, and automobile.
The meeting assumes significance as Swedish furniture retailer IKEA, which plans to invest Rs 10,500 crore (Rs 105 billion) to set up its own stores in India, had sought relaxation in certain conditions related to the mandatory 30 per cent sourcing from micro and small enterprises.
Production of coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity contracted. The record contraction in the growth rate of eight core sectors will affect the Index of Industrial Production.
Each dept could handle a designated area.
Sectors which attracted maximum foreign inflows during April-June 2019-20 include services (USD 2.8 billion), computer software and hardware (USD 2.24 billion), telecommunications (USD 4.22 billion), and trading (USD 1.13 billion), the commerce and industry ministry data showed.
Pakistan has said that Karachi Chambers of Commerce and Industries, which cancelled Indian High Commissioner Gautam Bambawale's public engagement at the last minute, is an independent body, a day after India summoned Pakistani envoy to lodge a strong protest over the incident.
Tata Group-owned Air India has informed the Centre that aircraft lessors wish to set up their special purpose vehicles (SPVs) outside India since they aren't enthused about the Indian 'legal structure' and are loath to take risks. Indian airlines have a combined fleet of about 700 planes; over 85 per cent are on lease. A majority of lessors are based in Ireland due to its attractive tax policy, light-touch regulations, and swift legal system.
However, the countries did not take up the issue of proposed withdrawal of export incentives by the US to Indian exporters under Generalized System of Preference.
In containment areas, movements of people is totally banned and essential services are delivered at the doorsteps.
India must have a "contingency plan" in place to ring-fence the country's economy if the political showdown in the US leads to a default on its international monetary obligations, industry body Assocham said.
RBI in its policy review last month kept interest rates unchanged and said it sees an upside risk to inflation.
Several start-ups have raised concerns over taxation of angel funds under Section 56 of the Income Tax Act, which provides for taxation of funds received by an entity.
The chances of the posts opening remain slim, with security agencies recently identifying 10 suspects who smuggled in weapons, narcotics and fake currency.
India's exports are expected to touch $360 billion in the current fiscal from $312.35 billion in 2013-14, Federation of Indian Export Organisations (FIEO) said.
Coal, crude oil, natural gas, cement, and electricity recorded a negative growth of 8.6 per cent, 5.4 per cent , 3.9 per cent, 4.9 per cent and 2.9 per cent, respectively, in August.
Tech Mahindra was the top laggard in the Sensex pack, cracking over 5 per cent, followed by Infosys, HDFC, IndusInd Bank, Reliance Industries and NTPC. On the other hand, Hero MotoCorp, L&T, Maruti, UltraTech Cement and Sun Pharma led the gainers' chart.
'The world over, everybody is asking for the same medicines, same APIs, same KSMs.' 'However, there is just one supplier -- China -- for the entire world.'
Having almost closed the last contours of the limited trade deal and with the announcement of a much larger trade deal in the offing, we have moved to a new level of engagement: Goyal.
Agriculture, social services, education, defence and so on will be brought into the digital fold and every gram panchayat will be connected to the internet.
"We now realise that the so-called farmer agitation hardly remains a farmers' agitation. It has almost got infiltrated by Leftist and Maoist elements, a flavour of which we saw over the last two days when there were extraneous demands to release people who have been put behind bars for anti-national (and) who have been put behind bars for illegal activities," Goyal, the Minister for Railways, Commerce and Industry and Food and Consumers Affairs, said at FICCI's annual meeting.
Relax fiscal consolidation, boost public capex and reduce cost of finance, industry tells Centre
Singapore continued to be the largest source of FDI in India followed by Mauritius, the US, the Netherlands and Japan.
