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The Dollar Business Bureau India’s economy continues to be a bright spot in the world in spite of some temporary hurdles like demonetisation, a senior official of International Monetary Fund (IMF) said. IMF, in its yearly country report on India, on Wednesday said that the country’s expected growth is at 6.6% in the current fiscal year and at 7.2% in the next fiscal. “The Indian economy is growing strongly and remains a bright spot in the global landscape,” said Paul Cashin, the IMF mission chief for India.Cashin said the falling of global crude prices to half that began in the second half of 2014 had boosted the economic activity in India, which further enhanced the fiscal position and external current account, and also ...

The Dollar Business Bureau The Ministry of Information technology and Communications, in its recommendations to the upcoming budget, has pitched more for the domestic manufacturing of telecom equipment. The Minister has said the recommendations made would help in curbing the widening trade deficit in the Telecom Sector, say the sources. The Ministry has also asked the Finance Ministry to provide tax incentives to manufacturers of the telecom equipment and for setting up the basic infrastructure such as mobile transmission towers. It said in its recommendations that this tax incentives would help in lowering the costs and facilitate the affordable services. The Ministry further asked for the postponement of the excise duties to the domestic manufacturers to seven years, say the sources. ...