Search Result for : Arun Jaitely

The Dollar Business Bureau India and the UK on Tuesday agreed to set up clean energy projects with combined investments of £500 million. On Tuesday, UK Chancellor of the Exchequer Philip Hammond who is leading a high-profile trade delegation to India, met Finance Minister Arun Jaitely and expressed commitment to invest in India’s clean energy needs. In the first phase, the two countries will invest £120 million each in the joint fund. They, however, vow to raise about £500 million. According to Jaitley, “The Green Growth Equity Fund will be a sub-fund of NIIF. “We have established the NIIF. Our first major step in the fund has been taken and there is going to be a sub-fund. With the NIIF participating in it, ...

The Dollar Business Bureau Since the lifting of the mining ban in the three iron-ore rich states of India, Odisha, Karnataka and Goa, India's iron ore production has increased. It is estimated that by 2021 it could touch 185 million tonnes (MT). According to a Fitch Group research company, India’s iron ore production quantity will touch 185 MT in 2021 from 136 MT this year. It should be recollected that mining in all the three states was at its peak between 2000 and 2012, a time when iron-ore powder from Goa was shipped to meet the steel needs of Beijing Olympics in 2008 and India’s iron ore exports to other countries too flourished. It was also during this period that environmental, land-lease and ...

The Dollar Business Bureau The Government, as a part of its Labour reforms, will present two major bills in the Parliament, related to wages and industrial relations in March for rationalisation and simplification of Labour Laws, said Bandaru Dattatreya, Minister of Labour and Employment. “Next week at the inter-ministerial meeting under the chairmanship of Finance Minister Arun Jaitely, we will take the final decision and after that we will go to the Cabinet. In the March (leg of Budget Session) both the bills would be introduced and I am hopeful it would be passed,” Dattatreya said, while speaking at the ASSOCHAM 96th Annual Function on Thursday in New Delhi. “All the 43 Labour Laws would be simplified and codified into 4 major ...

The Dollar Business Bureau The Finance Minister Arun Jaitley presented the Union budget 2017-2018 on Wednesday in the Lok Sabha. This was the fourth budget by the current government. “The country will boost spending in rural areas, on infrastructure and for fighting poverty”, he said in his introductory speech as he unveiled the annual budget. Experts, analysts and people from industry have welcomed the budget, which is mainly focused on the rural sector, MSMEs, infrastructure development and digitisation. “One of the thrust areas of my tax proposals is to stimulate growth, give relief to the middle class, (promote) affordable housing, curb black money, bring transparency in political funding and simplify tax administration,” Jaitley said. Commenting on the Budget, Dr Didar Singh, Secretary General, FICCI, said, “The government ...

The Dollar Business Bureau Finance Minister Arun Jaitely on Thursday launched two key initiatives – MSME Databank Portal and Online Finance Facilitation Web Portal – with a common focus to bring transparency and efficiency in the MSME day-to-day operation.  “The Ministry of MSME is making online census of the MSMEs in the country for the first time by launching a comprehensive databank on http://www.msmedatabank.in. This will not only save the efforts and money required for physical census but will also enable the MSME units and the various associations to furnish data on click of the button and sitting in their units,” said Jaitely, on the margins of the 14th meeting of the National Board of MSME.  The MIS dashboard will provide real-time information on different ...

The major takeaway from the Narendra Modi-led governments third Union Budget was its focus on strengthening the rural economy and agriculture besides ushering tax relief for the countrys salaried class The Dollar Business Bureau The government has widened duty drawback scheme to include more products and countries besides minimising the transaction costs of EXIM trade, as additional measures to support the countrys dwindling exports   After Finance Minister Arun Jaitely laid out a roadmap about how the Indian economy will shape up during the financial year 2016-17 in his third Union Budget speech earlier this week, several industry analysts praised the budget as pragmatic and progressive and said the announcement will put the Indian economy in a better place besides opening myriad opportunities ...

Some defence-related materials used for maintenance, repair and overhaul [MRO] of aircraft and ship, for which excise duty was earlier applicable has now been reduced to nil The Dollar Business Bureau Excise duty on equipment such as electric motors, chambers and washers was reduced to 6% from its earlier 12.5%, whereas duty on industrial solar water heaters was increased from 7.5% to 10% In an effort to stimulate the Prime Minister Narendra Modi-led Make in India initiative and improve ease of doing business in the country, the government on Monday proposed revised customs and excise duty rates on certain raw material, goods and components to reduce cost and bring competitiveness in the domestic industry. Customs and excise duty structure plays an important role ...

Imposition of DDT/MAT on SEZs has damaged investor –friendly image of the SEZs among the foreign and domestic investors The Dollar Business Bureau  Central Board of Direct Taxes (CBDT) is considering EPCES’ proposals of terminating all Direct Tax Benefits for SEZs   The government on Friday assured the Special Economic Zones (SEZs) sector to resolve all paramount issues including DDT/MAT, which have adversely affected the SEZ’s growth and dented the investors-friendly image of the sector. On Friday, Export Promotion Council for EOUs and SEZs (EPCES) met Commerce Minister Nirmala Sitharaman to discuss and resolve key issues related to EOUs and SEZs.  The delegation, led by EPCES Chairman P C Nambiar, stressed that dividend distribution tax (DDT) and minimum alternate tax (MAT) imposed ...