Economy News - Page 5

RBI rate cut important step for sustained growth: Finance ministry

The Reserve Bank, in its third bi-monthly monetary policy of the fiscal, on Wednesday reduced the repo rate after a gap of almost 10 months

RBI monetary policy as it happened: Repo rate cut by 25 bps; central bank wants banks to cut loan rates

The RBI is widely expected to cut interest rate by 25 bps to 6 percent in the monetary policy statement today

Urjit Patel vs rate-cut lobby: A psychological game is on the cards, not just data crunching

The fundamental reasons that has prompted Urjit Patel and his fellow members to hold rates back then exists even now

Market rally decoded: Why once 'fragile' India is getting thumbs up from foreign institutional investors

India's financial markets are rallying and the country's bonds are in demand, offering some of the best inflation-adjusted returns in Asia.

Cabinet clears minimum wage code Bill, to benefit over 4 cr employees

The bill seeks to empower the Centre to set a minimum wage across all sectors in the country and states will have to maintain that.

China accuses India of 'abusing' trade remedy measures ahead of Nirmala Sitharaman’s visit

China's Ministry of Commerce was reacting to India's move to launch an anti-dumping investigation over photovoltaic cells and units imported from the China, Taiwan, and Malaysia,

Driverless cars will not be allowed in India, they will lead to joblessness, says Nitin Gadkari

The government will focus on training drivers as adequate driving skills can provide employment to about 50 lakh people.

H-1B visa: US resumes faster processing of some categories not related to tech jobs

During his campaign, Trump had promised to increase oversight of H-1B and L-1 visa programmes.

IMF sees India growing ahead of China for 2 years; retains 7.2% GDP for FY18

Inflation in advanced economies remains subdued and generally below target

Income taxpayer base widens to 6.26 cr as of 2016-17, a huge jump, claims CBDT head

Post-demonetisation, the department has taken a host of measures to increase tax base and the statement of financial transaction (SFT) report filed by banks shows widening of taxpayer base.

Income tax returns filing: NRIs need not give foreign bank account details if seeking no refund

The CBDT (policy-making body for the I-T Department) had brought out new ITRs on 31 March this year

Low formal credit reach to keep most farmers off loan waivers, says report

Institutional credit is skewed in favour of households with higher decile classes of asset holding,

ONGC's HPCL acquisition: Narendra Modi govt’s aggressive divestment drive is a winner for economy

The government has to take the lead and pump in huge sums into big infrastructure projects. Only this can bring the economy out of the woods. An aggressive disinvestment strategy is critical in this context.

Banks to take Rs 2.4 lakh cr hit on top 50 NPAs but pop the bitter pill for economy's sake: Crisil

A majority of the debt requiring deep haircuts belong to companies with unsustainable businesses

ONGC gets Cabinet nod to buy 51% in refiner HPCL, to create integrated oil giant

India, the world's third-biggest oil consumer, imports about 80 percent of its crude needs and Prime Minister Narendra Modi has set a target to cut dependence on oil imports by 10 percent by 2020.

Panama papers: India discusses tax info exchange with global joint task force to plug evasion

In the past six months, more than 570 requests for information have been sent to 32 countries.

Air India may offer VRS to 15,000 staff ahead of sale next year, puts fleet expansion on hold

The state-owned airline has also put fleet expansion on hold, scrapping a proposal to lease eight Boeing 787 wide-body aircraft

SBI Life files IPO papers with Sebi, likely to raise Rs 6,500-7,000 cr

The public issue by the private life insurer involves its promoters offloading up to 12 crore equity shares of face value of Rs 10 each through offer of sale route, SBI Life said

Demonetisation: Govt sticks to its guns, tells SC it cannot open fresh window to exchange banned notes

The apex court is hearing a batch of petitions, including one filed by Sudha Mishra seeking a direction to authorities to allow her to deposit demonetised notes as she could not do so during the period specified by the Centre and the RBI.

GST Council to meet today to take stock of implementation of indirect tax

This will be the first meeting of the Council since the launch of the Goods and Services Tax (GST) on July 1 and the 19th since it was set up in September last year.

China second-quarter GDP growth beats expectations on strong factory output

On a quarterly basis, growth picked up to 1.7 percent from 1.3 percent in the first quarter, in line with expectations.

Businesses can upload sale, purchase invoices on GSTN portal from 24 July

Generating invoices for dealings above Rs 200 and keeping invoice records in serial number even if maintained manually, are pre-requisites for claiming input tax credit under the GST regime.

NPA battle: RBI likely to start insolvency proceedings vs Rs 8 lakh cr bad loans by March 2019

It is no secret that NPAs are a big drain on the financial health of banks especially public sector banks (PSBs).

Export up 4.39% in June; trade deficit widens to $12.96 billion

Import rose by 19 percent to US $36.52 billion in June from US $30.68 billion in the year-ago month due to rise in inward shipments of oil and gold.

June inflation slowest in more than five years, builds pressure on RBI to cut rates

Falling food prices present a worry for the government because of the hit on millions of farm households.

Urjit Patel on counting banned notes: Staff working round the clock but process still on

Members of Parliament Standing Committee on Finance, who questioned Urjit Patel, are dissatisfied that he could not yet give a conclusive figure.

As monsoon takes a break, summer crop yields likely to fall; farmer woes may heighten

Rains are now 1 percent below normal, with the deficit as high as 35 percent in some regions, weather department data shows

GST: Congress to gherao Parliament on 18 July, says tax regime will affect traders, common people

Delhi Pradesh Congress Committee (DPCC) president Ajay Maken made the announcement at a party meeting on Tuesday.

GST impact: Honda Cars, Ford India, TVS Motor, Suzuki Motorcycle slash prices

Automakers today announced price cuts ranging from Rs 350 in case of two-wheelers to Rs 3 lakh on Ford's SUV Endeavour

GST launched: A new tax era begins with pomp, but how prepared are we to take the big leap?

The passage of GST will show the world that India has finally broken out of the reforms jinx and is ready for its next round of big reforms.