Industry representatives recommended that the basic annual exemption limit for individuals should be raised to Rs 1,50,000 from Rs 1,10,000 and the peak income tax rate be cut to 25 per cent, from 30 per cent at present.
"Now the gof India has decided to soon initiate procurement from local industries to reduce import dependence," he said. Reddy, the Union Minister of State for Home, said for many years India was dependent on worldwide Original Equipment Manufacturers (OEMs) for procuring arms and ammunition.
The Forum is organised by Singapore Indian Chambers of Commerce and Industry, with the partnership of state-trade agency IE Singapore, the Confederation of Indian Industry and the Singapore Chinese Chamber of Commerce and Industry.
India is struggling with a second wave of the pandemic with more than 3,00,000 daily new coronavirus cases being reported in the past few days, and hospitals are reeling under a shortage of medical oxygen and beds.
With the Sharif family set to return to power in Pakistan amid the fast-deteriorating economic situations and political instability, it is to be seen if Shehbaz Sharif infuses fresh energy into the system, or the much-tainted family continues to resort to its old ways.
The empowered committee delegation, including state finance ministers participated in two round table conferences sponsored by the Indo-Canada Chamber of Commerce and the Canada-India Business Council. Tax experts from Couzon Taylor, Brian Wurts, HST Consulting etc, made presentations at the Canadian Imperial Bank of Commerce event.
The previous high in quarterly GDP growth was recorded in the January-March quarter of 2015-16 at 9.3 per cent.
'Traders have stocked up for upcoming festivals and will make a loss if stores remain shut now. We suffered last year. We can't suffer again. There is no scientific basis for closing all commercial establishments. How long will the government keep them shut?'
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.
16 national and regional industry bodies and sectoral business lobbies video-conferenced with Commerce and Industry Minister Piyush Goyal on Saturday and raised key concerns facing Indian industry in the wake of the 21-day lockdown over coronavirus.
Loss of confirmed orders, increase in wages and labour shortage were blamed on the scheme in a survey of 100 companies from diverse sectors.
Sitharaman said that Indian startups have made and are making big contribution to the defence industry both in India and abroad.
....a long-term boundary agreement is reached between the two countries.
ICA is the world's leading institution for resolving international commercial and business disputes.
From rejecting the mercy petition of Afzal Guru to allegedly disapproving of the suggestion to send former West Bengal governor Gopal Gandhi as India's next ambassador to Myanmar, President Pranab Mukherjee continues to assert himself as a notable player in Delhi's political parlour.
Wants all services included in tax, with a negative list.
Prime Minister Narendra Modi on Friday told US President Joe Biden that he has brought documents to prove that the Bidens in India were related to him, as the two leaders jokingly discussed the matter during their first bilateral meeting at the White House.
A visiting Pakistani women's trade delegation on Friday signed an agreement with India's Federation of Indian Chambers of Commerce and Industry to promote business between the arch-rivals.
The Tata group is looking to make a foray into semiconductor (also known as chips) manufacturing and it has set up a business to seize the opportunity, Chairman N Chandrasekaran said on Monday. "At the Tata group, we have already pivoted into a number of new businesses like electronics manufacturing, 5G network equipment as well as semiconductors, in all probability," he said while speaking at the annual general meeting of the IMC Chamber of Commerce and Industry. Chandrasekaran said global supply chains, currently heavily dependent on China, would see a big change in a post-pandemic world with businesses shifting their reliance to other countries.
However, in recent times, the clout that trader bodies such as CAIT and other organisations like Swadeshi Jagran Manch and Laghu Udyog Bharati has is steadily increasing. Earlier this year, trader bodies were able to convince the government not to extend the deadline for implementation of the new norms in FDI policy on e-commerce.
The government will use the Supreme Court order calling the 2005 deal between ISRO's commercial arm Antrix and privately-owned Devas Multimedia a fraud, to counter seizure of its properties, Finance Minister Nirmala Sitharaman said on Tuesday as she launched a blistering attack on the Congress for handing over airwaves used by the defence to the private firm for pittance. "It is a fraud of Congress, by Congress (and) for Congress," the minister told reporters as she read out paragraphs from the Supreme Court's January 17 decision allowing winding up of Devas Multimedia because of the fraud.
Welcoming US President George W Bush's second term in the White House, industry bodies on Thursday said it would further strengthen Indo-US trade and economic ties.
Kumar, a well-known economist and the author of several books, would succeed Amit Mitra, who has become the Finance Minister of West Bengal.
CII suggested the policy measures required to ease the tight liquidity situation by cutting CRR by at least 50 basis points.
Industry associations Ficci and CII have been termed liable for service tax. Ficci has approached government for exemption from the levy.
Veteran banker K V Kamath on Friday said it is "time to be brave" for the government, and it should stretch the fiscal deficit target set in the budget if need be, to push growth. He said benign interest rates of under 8 per cent and abundant liquidity are also necessary to seize what he called as a 25-year growth runway opportunity awaiting the country. The government has targeted to get the fiscal deficit at 6.8 per cent for FY22 in the Budget presented early this year.
Defence cooperation not to undermine India's sovereignty: US
India's leading industry chambers, the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (Ficci), said the US government should remove export restrictions on dual-use technologies.
One reason for the surge in cases is the spread of infection at large weddings. Weddings turned out to be super spreaders.
Massive restrictions on legal immigration - including restricting immigrants who contribute to medicine, science, and research in the United States, and who are working to develop treatments for coronavirus and other deadly diseases - will not only hinder efforts to save lives, but prevent job creation and hurt American economy as the country struggles to recover.
The visiting Pakistani business delegation on Tuesday urged Prime Minister Atal Bihari Vajpayee to ease visa norms for the Pakistani businessmen so that trade between the two countries could flourish.
Annual event being organised by FICCI focuses on the investment potential offered by India's infrastructure sector.
Some of the Indian groups have set up holding companies with investments in agricultural and food processing land as far away as Africa, as well as within the region, in Cambodia and Vietnam.
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