The Indian industry is not yet fully prepared for the complete elimination of tariffs in the World Trade Organisation identified seven key sectors, including textiles and auto components, the PHD Chamber of Commerce and Industry has said.
PHD Chamber of Commerce and Industry on Thursday asked the government to revamp tax structure and extend tax holidays for the high-cost and risky research and development sector
Prime Minister Manmohan Singh on Monday said India is poised to deliver 7-8 per cent economic growth in the next fiscal.
Small and medium enterprises would continue to play a vital role in enhancing India's exports, L Mansingh, the director general of foreign trade, said in New Delhi.
With the termination of multi-fibre agreement set for January 1 2005, India is poised to double its share in the global textiles and garment market to eight per cent and become a $50 billion sector by 2010, says a PHD Chamber of Commerce and Industry
"We are open for further reduction in prime lending rate," Indian Banks Association Chairman Dalbir Singh said in New Delhi while addressing a seminar organised by PHD Chamber of Commerce.
The higher than expected growth in the second quarter of 2013-14 is an indication of recovery in economy but some key sectors still need to perform better, India Inc said on Friday.
The Reserve Bank of India's rate-setting panel on Wednesday started discussions to firm up the next bi-monthly monetary policy amid expectations that it might retain status quo on interest rate but change its monetary policy stance amid rising inflation on account of geopolitical developments.
From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there were 14 Quality Control Orders (QCOs) covering 106 products. By the latest count, there are 156 QCOs on 672 products.
India Inc on Friday said it is looking forward to a repo rate cut in future as cost of funds has to come down in coming times, and expects continuation of accommodative policy stance by the Reserve Bank of India (RBI). The RBI decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, as the economy faces the brunt of the second COVID-19 wave. Sanjay Aggarwal, president of PHD Chamber of Commerce and Industry, said the RBI has maintained an accommodative stance as long as necessary to revive and sustain growth on a durable basis and to mitigate impact of COVID-19, apart from an aim to keep inflation within the target.
Reversal in the declining economic growth trajectory is clearly the need of the hour and all steps should be taken to bring about this change.
GST was 'flawed' and had unleashed a 'tsunami of tax terrorism', he said.
The Reserve Bank of India (RBI) will maintain the policy repo rate at 6.5 per cent during its upcoming June 8 announcement, considering the easing of retail inflation in April and the potential for further decline, indicating the effectiveness of previous policy rate actions, anticipate experts. Headed by Reserve Bank Governor Shaktikanta Das, a meeting of the six-member Monetary Policy Committee (MPC) is scheduled for June 6-8. The decision of the 43rd meeting of the MPC would be announced on Thursday, June 8.
The output of eight core sectors grew by 16.8 per cent in May, mainly due to a low base effect and uptick in production of natural gas, refinery products, steel, cement and electricity, official data released on Wednesday showed. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 21.4 per cent in May 2020 due to the lockdown restrictions imposed to control the spread of the COVID-19 infections. In March this year, these key sectors had recorded a growth of 11.4 per cent, and 60.9 per cent in April.
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The Finance Ministry has asked tax evaders to pay their dues or face necessary action.
The BJP's effort comes in the wake of Commerce and Industry Minister Piyush Goyal set to attend the eighth RCEP ministerial meeting in Bangkok from October 10 to 12.
Drug Controller General G N Singh said the regulator is addressing all the pending issues to liberate the pharma sector and to simplify export regulations which will be reflected in the forthcoming policy.
Reversing a six month declining trend, WPI inflation moved up marginally to 0.11 per cent in December mainly because of increase in prices of food items.
....a long-term boundary agreement is reached between the two countries.
'His death is an irreparable loss to the nation'.
The Centre is looking to convene a meeting of the all-powerful Goods and Service Tax Council in early January. The meeting is likely to focus on rectifying the inverted duty structure for a few more items and will also serve as a platform for pre-Budget discussions between Union Finance Minister Nirmala Sitharaman and state finance ministers, Business Standard has learnt. "The current Winter Session of Parliament ends on December 23, followed by the Christmas-New Year period. "After that we would like to have a meeting of the GST Council, depending on whether there can be a quorum," a top government official said.
Passenger fares and freight rates were left untouched
Ahluwalia said the government has taken steps to push the infrastructure sector and there are signs of improvement in the core sector production performance of steel, power, coal and cement during July and August.
India Inc on said the Seventh Pay Commission set up today for central government employees is likely to lead to additional burden on the exchequer and increase inflation by pushing demand.
India Inc on Thursday rallied behind the Army's move to conduct surgical strikes on terror launch pads across the Line of Control and said it was the time to act tough while ruling out any negative impact on the country's economy and trade.
The launch of e-RUPI, a person- and purpose-specific digital payment solution, by the government is expected to completely negate any pilferage and will ensure full benefit to intended beneficiaries, India Inc said on Monday. Prime Minister Narendra Modi has launched e-RUPI, which is aimed at improving transparency and targeted delivery of benefits. PHD Chamber of Commerce and Industry president Sanjay Aggarwal said that the move is a significant step to enhance the digitisation process of the country.
Aam Aadmi Party swept the Delhi polls with 67 seats.
Government wants to increase coal production so that it can meet the ever increasing coal demand.
Congratulating Narendra Modi on becoming the Prime Minister, India Inc on Monday said it is looking forward to an era of renewed trust and expressed confidence that the nation will leapfrog into a higher orbit of growth creating more jobs, income and social stability.
Results of four state elections are giving a strong message that government and political parties need to ensure good governance and provide corruption free rule, industry leaders said on Sunday.
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Raghuram Rajan, who took over as RBI Governor on September 4, is scheduled to unveil on Friday mid-quarter monetary policy review, an event keenly awaited by industry and banks.
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Narrowing of the current account deficit will help arrest depreciation of the rupee and ease inflation concerns, industry groups said.
The government's move to set up a regulator for the coal sector would help bring in transparency, encourage exploration and enhance quality of the dry fuel, India Inc said on Friday.
Bharti Airtel Chairman Sunil Bharti Mittal said India has lost one of the finest political leaders and a legal luminary.
The status quo decision came as a breather as only last week the RBI had pulled up banks for not helping it in monetary policy transmission.
The Cabinet on Thursday approved 49 per cent foreign investment in insurance companies through the Foreign Investment Promotion Board route ensuring management control in the hands of Indian promoters.
Terming the rise in October retail inflation despite a bumper crop as "disturbing", India Inc said the government must immediately address supply side bottlenecks to bring down the consumer price inflation.
Amid India slipping to 134th spot in the ease of doing business ranking of 189 nations, Planning Commission member Arun Maira on Tuesday said "merely making comparisons" is not enough to improve business conditions.
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