Services exports grew at 16.2% during Apr-Sept: Economic Survey
The Dollar Business Bureau India’s services sector registered a robust export growth of 16.2% during the first six months of the current fiscal while the import of services into the country were increased by 17.4% during the period, according to the Economic Survey 2017-18. “During the period April-September 2017-18, growth in services exports and services imports were robust at 16.2% and 17.4%, respectively, said the Survey tabled in the Parliament on Monday by Finance Minister Arun Jaitley. In 2016-17, the exports from the sector recorded a growth of 5.7%. “India remained the eighth largest exporter in commercial services in the world in 2016 with a share of 3.4%. This is double the share of India’s merchandise exports in the world at 1.7%, the Survey ...
Paul Romer replaces Kaushik Basu as Chief Economist of World Bank
The Dollar Business Bureau New York University economist Paul Romer is set to replace the World Bank’s chief economist Kaushik Basu this week. “Yes rumors are correct—very excited to welcome our new VP in the fall,” World Bank economist Florence Kondylis said of Romer’s new position in a tweet. Romer takes over the position from India-born Basu at a time when the industrialising countries and the world’s poorest nations have been struggling with decelerating economic growth, expanding budget deficits, anemic global demand, weak commodity prices and rising debt. Romer has received his doctorate degree in economics from the University of Chicago. He is known for the proponent of the “endogenous growth theory,” which holds that investment in human capital, innovation and knowledge are significant contributors ...
Govt asks Jewellers to pay excise dues by July 1
The Dollar Business Bureau The government asked jewellers to make the payments of central excise duty for March-May, in addition with the excise duty for the month of June. The government has also extended the time line for registering the central excise of an establishment till July 1, 2016. In a release, the Central Board of Excise and Customs (CBEC) said that assessee jewellers should make payments of their excise dues for March, April and May months, together with the payment of excise duty for the month of June. “However, the liability for payment of excise duty is with effect from March 1, 2016,” it said. The Board has also prolonged the time frame for registering an enterprise by a jeweller, till July 1, ...
Govt lowers growth projection to 7-7.5% for 2015-16
Source: PTI The government on Friday lowered its economic growth forecast for 2015-16 to 7-7.5% from 8.1-8.5%, but said budget deficit target will be met as higher tax revenues offset a shortfall in PSU stake sale. In its Mid-Year Economic Analysis presented in Parliament, the finance ministry said it will be able to stick to fiscal deficit target of 3.9% for the current year, but the target of bringing it down to 3.5% in the next will face pressure from higher outgo on central staff wages due to implementation of the 7th Pay Commission and Defence pensions. “Given the challenges..., we estimate that real GDP for the year as a whole will lie in the 7-7.5% range,” it said, adding that ...
US Fed rate hike to have minimal impact on India: CEA
Deepak Kumar \ The Dollar Business After the US Federal Reserve raised the interest rate by 0.25%, Indian industry analysts said the decision will not have major impact on the country’s economy. “We are really well cushioned on the micro-economic side. Inflation is coming down, our fiscal deficit situation is very good and our external situation is also very robust. I think, for all these reasons, the impact on India should be really minimal,” Chief Economic Advisor Arvind Subramanian said. In a historic move on Wednesday, the US Federal Reserve raised the interest rate by a quarter percentage point for the first time since 2006. The US central bank's policy-setting committee increased the target range for the federal funds ...
Private investments and exports holding bank economy: CEA
Source : PTI Legacy issues that have held back private investments need to be worked out, says Chief Economic Advisor of India Arvind Subramaniam who feels that reforms in taxation, improving ease of doing business and stepping up of public investments should be the focus to perk up the economy. However, he ruled out any fiscal stimulus for boosting growth. “I think two sectors holding back the economy are private investments and exports. We have discussed this several times. We have discussed this in the Economic Survey as well that corporate sector is still challenged. It has legacy issues and those that are holding back private investment need to be worked out,” he told PTI in an interview in New Delhi. Ease ...
Government flags deflation as new challenge for economy
Source: PTI Government, on Wednesday, flagged deflation as a new challenge for the economy but expressed hope that the growth will be close to 8% in the current fiscal year, notwithstanding lower first quarter GDP number. “Overall, economic growth is moving in the right direction, although its pace is still below what the economy needs... but at a pace that is expected to pick up in response to the ongoing reforms.” “And one real challenge that looms ahead appears not to be the price inflation but the possible price deflation,” Chief Economic Advisor Arvind Subramanian said. Talking to the reporters on below-than-expected first quarter growth, he said, the numbers suggest that “economy is recovering” and is consistent with the other more high-frequency ...
