After staging a strong recovery from COVID-induced slowdown in 2021, India's exports are likely to extend the growth story to the New Year also on increased demand in the global markets, boost in domestic manufacturing due to production-linked incentive schemes and implementation of some interim trade pacts. Expectations of positive growth in the country's exports are also backed up by the outlook of the World Trade Organisation (WTO) which predicts a 4.7 per cent expansion in the global merchandise trade volume in 2022. Exporters believe that the outbound shipments would cross $400 billion mark in this fiscal going by the current momentum and may reach $475 billion in 2022-23.
Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
Recovery was largely driven by the European Union markets.
The commerce ministry will approach the 13th Finance Commission next month suggesting measures to reduce the incidence of local taxes on exports. With the state levies accounting for 6 per cent of the cost of exporters' consignments, the ministry wants to ensure that these taxes are rebated on the lines of refund of Central levies through different schemes.
In her fourth tranche of the economic package, she said commercial mining will be done on revenue sharing mechanism instead of the regime of fixed rupee/tonne.
Imports also fell for the eighth consecutive months, down 0.75 per cent to $41.14 billion in January, widening the trade deficit to a seven-month high of $15.17 billion.
'Extensive thought has been put in, and we have pondered over each and every suggestions and demands received from our members.'
BCCI has approved 10-team IPL from 2022 edition and are backing ICC's bid for cricket's inclusion in 2028 Olympics after some clarifications from IOC.
With supporters not allowed to attend matches and even the numbers of media tightly limited, there will be no boost in business for local bars and restaurants.
'Nirmalaji's Budget announcements have long-term implications and are not backed by enough money when the short-term outlook looks bleak,' notes T N C Rajagopalan.
Arun Jaitley addressed a post-Budget press conference.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
If approved, the Nasdaq plan could have far-reaching effects on competition, pricing and complexity in options and stock markets.
Interestingly, none of the top large apparel exporting countries, including the US, saw any significant jump in shipment to the UAE
The government is keen to divest stake in PSU firms .
It is your duty to be responsible to your health and start saving and investing early in a suitable health insurance, says Naval Goel
The Mahanagar Telecom Nigam Ltd, under its customer-friendly initiatives, has reduced installation charges for new telephone connections to Rs 500 from the present Rs 800, effective April 1.
A key demand is to reduce the dividend distribution tax on listed firms.
Which one of these expectations do you think will actually materialise, come February 1?
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
The interim Budget has attempted to tick all the boxes that could help the Modi government return to power, reports Archis Mohan.
The prime minister is aware that whatever be its consequences, a new taxation regime cannot be launched closer to the general elections in 2019. Thus, any date after April 2017 for the launch of GST is risky, says A K Bhattacharya.
'He is not looking at the interest of farmers. He only wants to do the politics of elections.' 'This Budget is for the new super India. It is exploiting the villages of Bharat.'
In the apparel export segment, one of the biggest challenges is that UK has a size, US has a size, Europe has a size and a measure; but India does not. So a size India project will be rolled out in the entire country, the first of its kind in Indian history.
The state government has formed two committees under the chief secretary and the cane commissioner on the matter.
'Should you give a man fish, or teach him how to fish?' 'Lurking hidden in the new bout of welfarism seems to be an admission that the State can't deliver for the poor anything other than cash,' notes T N Ninan.
Credit card payments to buy fuel at petrol pumps will from October 1 not get a 0.75 per cent discount that State-owned oil companies had introduced more than two-and-a-half years back to promote digital payments.
Both will be powered by the company's Revotron 1.2-litre turbo-charged petrol engines.
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
It is developing ash parks at Varanasi, Raipur, Pune and Cuttack, to make it available to ash-based product manufacturing units at these centres. It recently signed an agreement with NHAI for supply of ash for use in road construction.
The organisation of the Indian Premier League will largely depend on India's COVID-19 situation during that time but with the central government trying to bring in normalcy, the cash-rich league could get a five-week condensed window to go ahead.
'Dear Business Partner, Kindly note and inform your all customers that Digital Cashback has been revised from 0.75 per cent to 0.25 per cent with effect from August 1, 2018 across oil industry for all loyalty customers,' said the text message sent by State-owned oil companies to petrol pump operators.
'We have the geographic advantage, demographic advantage, we have the necessary technical skills.' 'We just have to get all of these together. Then, we can very well compete.'
The lowest drug prices were found in India and South Africa.
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
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The year 2014 was one of the most challenging years for India. For two consecutive years our GDP growth was sub 5 per cent. Employment generation had declined, the revenue buoyancy was low and the country had become investment starved.
