Economy News - Page 29

Arun Jaitley plans expansive budget despite growth, revenue worries after demonetisation

Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse the economy back to health after the government's shock decision in November to abolish high-value banknotes.

Note-ban gains may just be Rs 72,800 crore, says Motilal Oswal report

According to a report by domestic brokerage Motilal Oswal, the gains from demonetisation could just be a whimper of the initial projection at Rs 40,000 crore. Which means only around 3.5 percent of the cancelled money was not returned to the system or were black money

Property sales may fall 20-30% in 2017 on low demand: Fitch

The real estate developers are likely to cut property prices on subdued demand, Fitch report said

Budget 2017 cannot be business as usual; demonetisation has queered the pitch for Jaitley

Finance Minister Arun Jaitley will do well to recognise some of the possible negative effects of demonetisation and take steps to minimise their impacts

Naidu panel for Rs 1,000 subsidy on smartphones, taxing withdrawals above Rs 50,000

The committee comprising Maharashtra Chief Minister Devendra Fadnavis and Madhya Pradesh Chief Minister Shivraj Singh Chouhan has also asked the Centre to promote Aadhaar Enabled Payment System (AEPS) by incentivising and not charging MDR.

Budget 2017: Why the Election Commission did not defer date

So what prompted the poll panel - an independent, autonomous body -- to take a rather cautious approach towards the Budget and merely restrain the government from announcing sops for the five states?

Interest subsidy to MSEs can lead to three-time increase in indirect taxes, says Crisil

As per the report, Rs 1 crore of interest rate subsidy to MSEs can generate nearly thrice as much in indirect taxes, create 38 jobs, and also increase revenue and profitability of MSEs - and all of it in the near-term.

Demonetisation: SME sector output, wages hit; no impact on agri prices

In the study, India Development Foundation (IDF) assessed the impact of demonetisation on agriculture and the informal sector that rely heavily on cash transactions and also provide employment to majority of population.

At Ola and Uber, times are a changin', striking drivers will just have to grin and adjust

The taxi aggregators will in the future shift to a profit model by eliminating the incentives completely

Recent GST Council's decisions not in national interest: IRS officers body

The association has asked the Finance Ministry to look into the serious concerns of IRS(C&CE) to raise the morale of officers of such large cadre, the officers said.

Budget 2017 should look at these 7 areas to kick-start economy, create jobs

At least 50-100 million people are likely to migrate from farms to cities within the next decade in search of jobs, or glamour, or both

Five key broad risks companies need to look out for in this budget

Growth is going to remain broadly pegged to consumer spending, which is good news for retail-facing industries.

Budget for salaried: SBI for raising income tax exemption to ease demonetisation pain

While the revenue forgone through exemptions would be over Rs 35,000 crore, tax collections under IDS-2 could be around Rs 50,000 crore and cancelled liabilities from the RBI is expected to be around Rs 75,000 crore, said SBI's Chief Economic Advisor Soumya Kanti Ghosh

Demonetisation impact: Property sales to see 20-30% fall, says Fitch report

In its report "2017 Outlook: Asia-Pacific Corporates", Fitch changed its outlook on Indian housing sector to negative from stable.

Budget 2017: EC okays 1 Feb date, but warns no schemes for poll-bound states can be announced

Finance Minister Arun Jaitley’s budget speech should not refer to the government’s achievements in poll-bound states, EC said.

Tax collection has increased, but Arun Jaitley may be jumping guns by linking it to note ban

There is a lot of data; it will take at least one year for the government to analyse. Also the question is whether the demonetisation has increased the tax base.

Budget 2017: World Gold Council demands lowering of gold taxes from current 13%

At present, gold attracts Customs duty of 10 percent, excise duty of 1 percent and 1.5 percent value added tax (VAT), taking total taxes on the yellow metal to 13 percent.

Exclusive: Talk of cashless economy ‘unreal’, agenda of MNCs, says former RBI dy gov KC Chakrabarty

Even if RBI opposed demonetisation, the government would have gone ahead with it.

Budget wishlist: Stable fiscal regime in oil & natural gas needed to attract investments

For India’s energy security, it is critical that we incentivise investment in the entire value chain of oil and gas sector including pipelines, CGD network and LNG.

Budget may levy new cess to provide social security to coolies

"The proposal makes a lot sense because 10 paisa cess per ticket will not burn of a hole into travellers' pockets. Besides it would help railways to mop up funds to provide social security to coolies," said the source.

Govt to set FY18 fiscal deficit target at 3.3-3.4%: Reports

Goldman Sachs report said the lower reduction in fiscal deficit is to stimulate demand in a weak economic environment post demonetisation announced in early November

Demonetisation impact: Over 125 mn totter from farm to loom, textile to employers

The textile industry, of which decentralised power looms and knitting are the largest components, contributes to 2 percent of India’s gross domestic product.

Note ban decision taken even after RBI expresses concern over quick replacement of old currency

The revelation comes amid growing criticism about whether the central bank and the government had sufficiently assessed the potential fallout from the 8 November ban of about 86 percent of the cash then in circulation.

Note ban puts Arun Jaitley under pressure to offer tax giveaways in budget

The temptation to please voters risks straining public finances and inviting the wrath of investors and ratings agencies who have praised Jaitley for his past fiscal prudence.

Donald Trump's 'Buy American-Hire American' pledge unnerves Indian IT

Trump's hardline stance on protectionism and anti-immigration is no surprise to the Indian industry.

Budget should focus on roads, affordable housing, rail to boost economy

The augmentation of the revenue base is likely to be directed toward infra and social spending; any major reduction in corporate tax rate would be accompanied by lowering of exemptions

Note ban: Stormy PAC as BJP, Congress spar; Urjit Patel, RBI have no answers to key questions

Even after 72 days of demonetisation, the RBI has said it doesn't know the exact number of notes banned and amount of deposits received during the first 50 days

Demonetisation: Congress comes prepared but fails to corner Modi govt at PAC meet

Supporting the government’s move, a panel member, who is also a BJP MP, said that the common man had welcomed demonetisation and it would prove helpful in economic development in future.

Railways seeks gross budgetary support of Rs 50,000 crore for FY'18

Gross Budgetary Support (GBS) of Rs Rs 40,000 crore was announced in the 2015-16 Rail Budget. However, the Finance Ministry for the current year had slashed it to Rs 28,000 crore, citing slow spending pace.

RBI autonomy: Why Modi govt must stay at an arm’s length from Mint Road

A toothless, weakened central bank wouldn’t do any good for any aspiring economy