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Economy

US lawmakers introduce resolution to celebrate Aug 15 as National Day of Celebration
Updated : Aug 08, 2023

Resolution introduced in US House to declare Aug 15 as National Day of Celebration

The resolution invoked Prime Minister Narendra Modi’s visit to the US on June 22. It said that the official state visit ensured a new level of trust and mutual understanding between the countries.

The setting up of these tribunals would provide significant relief to the industry
Updated : Aug 07, 2023

MoS Fin in Lok Sabha: Over 14,000 appeals relating to Central GST pending between April and June

States like UP and West Bengal working to set up benches soon to ease this process

This, in turn, has an exponential effect on the city's economy, resulting in losses of roughly Rs 3,500 crore.
Updated : Aug 07, 2023

Bengaluru's economy suffering huge loss of Rs 20,000 crore anually due to traffic congestion, reveals study

The study reveals that despite having 60 fully functional flyovers, the city continues to face transportation issues due to an infrastructural deficit and disproportionate road length growth compared to the increasing vehicular population. 

New precedents and conflicting judgments by the Supreme Court and NCLTs are adding complexity to Insolvency and Bankruptcy Code (IBC) cases, calling for urgent reforms and fast-track benches
Updated : Aug 06, 2023

Bankruptcy cases: What India can learn from UK's urgent list system for fast resolutions

New precedents and conflicting judgments by the Supreme Court and NCLTs are adding complexity to Insolvency and Bankruptcy Code (IBC) cases, calling for urgent reforms and fast-track benches

The last DA hike revision took place on March 24, 2023, and was effective from January 1, 2023
Updated : Aug 06, 2023

Centre likely to hike DA by 3%; over 1 crore employees, pensioners to be benefitted

Dearness Allowance hiked for government employees: The latest hike in dearness allowance will be effective from July 1, 2023.

Indian Railways to become a carbon neutral mode of transport by 2030
Updated : Aug 04, 2023

Indian Railways to fast-track modernisation with 800 semi-high-speed Vande Bharat train sets by 2030

The Railways also said that it was addressing the issue of manufacturing delays at Kapurthala Rail Coach on priority

Chopra said there is no plan to import wheat from Russia or engage in a government-to-government deal.
Updated : Aug 04, 2023

Govt might cut or abolish wheat import tax: Food Secretary

Food Secretary Sanjeev Chopra said that government might cut import taxes on wheat.

Addressing pending antitrust, expediting regulations for Competition Act amendments key priorities: CCI Chairperson
Updated : Aug 04, 2023

Addressing pending antitrust, expediting regulations for Competition Act amendments key priorities: CCI Chairperson

In interview to Business Today, CCI Chairperson Ravneet Kaur, who took charge just over three months ago, talks about collaborating with international counterparts and more

India's GDP to double in FY31, says S&P in a report
Updated : Aug 04, 2023

India’s GDP to catapult to $6.7 trillion in FY31 from $3.4 trillion in FY23: S&P

The success, however, will primarily depend on India’s ability to “reap its demographic dividend; increase labor force participation, including upskilling; boost private investment, with structural reforms in land, logistics and labor; and increase competitiveness, driven by foreign direct investment”.

Top government sources told Business Today TV that LIC may require five to seven years to issue more shares to the public. Initial discussions are being held internally within the Finance Ministry on the matter
Updated : Aug 03, 2023

LIC may get time to comply with 25% public float norm

Top govt sourced said LIC may require five to seven years to issue more shares to the public

Lufthansa bolstered by leisure travel demand, but costs bite
Updated : Aug 03, 2023

Lufthansa bolstered by leisure travel demand, but costs bite

Shares in Lufthansa were 5.4% lower at 3.35 euros by 0845 GMT.

In FY24, agency expects India to continue to be fastest growing large economy with a GDP growth rate of 6%
Updated : Aug 03, 2023

India to grow at average 6.7% per year from FY24 to FY31: S&P Global

In FY24, agency expects India to continue to be fastest growing large economy with a GDP growth rate of 6%

 Experts say that the RBI may choose to wait and watch
Updated : Aug 03, 2023

RBI MPC Meeting: Will red hot tomatoes, rate hikes by global economies force RBI to raise repo rate in August?

Experts say that the RBI may choose to wait and watch

Govt restricts imports of laptops, tablets, personal computers
Updated : Aug 03, 2023

Govt restricts import of laptops, tablets, personal computers

Govt restricts import of laptops and computers: The government said in a notification that the imports would be allowed against a valid licence for restricted imports. 

The Supreme Court is expected to set the date for hearing in the next three to four days
Updated : Aug 03, 2023

Finance ministry files special leave petition in Supreme Court against Karnataka HC’s Gameskraft ruling 

HC had set aside Rs 21,000-crore GST demand; date of hearing likely to be fixed in next few days

The PMI is a survey-based indicator based on the responses from around 400 service companies in sectors such as non-retail consumer services, transport, information, communication, and others
Updated : Aug 03, 2023

India’s services PMI touches 62.3 in July, highest since June 2010

India's services PMI has remained above the 50-mark, which separates growth from expansion for two years.

28% GST on online gaming, casinos and horse racing likely to be effective from October 1
Updated : Aug 02, 2023

28% GST on online gaming, casinos and horse racing likely to be effective from October 1

Tax to be levied on contest entry amount, review after six months

Implementation of 28% GST on casinos, online gaming likely from Oct 1, review after six months: FM
Updated : Aug 02, 2023

Implementation of 28% GST on casinos, online gaming likely from Oct 1, review after six months: FM

GST Council agrees to come back with a position review after six months from October 1, 2023, says FM Sitharaman

Move aimed at helping businesses that operate across multiple states
Updated : Aug 02, 2023

GST notices from multiple states: CBIC notifies common authority to adjudicate

Move aimed at helping businesses that operate across multiple states

Fugitive Mehul Choksi’s Gitanjali Gems is the biggest wilful defaulter
Updated : Aug 02, 2023

Top 50 wilful defaulters, including Mehul Choksi’s Gitanjali Gems, owe Rs 87,295 crore to banks: Finance Ministry  

These wilful defaulters include fugitive Mehul Choksi’s Gitanjali Gems Limited, Rishi Agarwal’s ABG Shipyard Limited, REI Agro Limited, and Era Infra Engineering Limited. 

GST Council led by FM Sitharaman to look into 28% tax on online gaming
Updated : Aug 02, 2023

FM Sitharaman-led GST Council to meet today; clarify definition, 28% tax on online gaming

GST Council meet: The GST Council is expected to shed light on what would constitute online gaming for the purpose of taxing and whether games of skill or chance would be included in the definition.