Search Result for : India Finance Minister

The Dollar Business Bureau Industrial activity in India, the figures for which are still to be released, is likely to see an upward trend in the month of January as there is an improvement in the overall economic scenario since December, according to a report.  Industrial output declined to a 4-month low of 0.4% in December, mainly due to fall in the production of consumer goods and capital goods.  “The contraction in IIP (Index of Industrial Production) was partially due to base effects, but largely by production contraction was due to demonetisation, particularly in automobile output,” Kotak Institutional Equities said in its research note.  Since then, the scenario is expected to have improved and IIP growth should witness some uptick in the month of ...

The Dollar Business Bureau The Government of India on Wednesday announced several measures for country’s electronics sector including a ‘record allocation’ of Rs.745 crore for incentive schemes such as EDF and M-SIPS and exemption of duty on POS machines, but the measures fell short of the expectations of enthusing local manufacturers.  M-SIPS (Modified Special Incentive Package Scheme) offers subsidy on capital expenditure – 20% for investing in special economic zones (SEZs) and 25% in non-SEZs.While presenting the Budget 2017-18, Finance Minister Arun Jaitley said that a large number of world leaders and mobile makers have set up manufacturing facilities in the country. “I have therefore exponentially increased the allocation and incentives of schemes like M-SIPS and EDF (Electronic Development Fund) to Rs.745 crore in 2017-18, this is an ...

The Dollar Business Bureau Inaugurating the new campus of the National Institute of Securities Markets at Patalganga, on Saturday the PM equivocally asserted that his government ‘will continue to follow sound and prudent economic policies for a brighter future of the country’. Addressing a conclave of investment bankers, financial experts and market regulators after inaugurating the new campus, the Prime Minister said, ‘this is a time of slowdown in the global economy. Developed countries and emerging markets are both facing slow growth. Against this background, India is being seen as a bright spot. Growth is projected to remain among the highest in the world. India’s place as the fastest growing large economy has not come about by accident. To see how far we ...

Sharath Chowdary With a lot of changes in the field of education and technology, the tools of economy have today changed, Finance Minister Arun Jaitley said. The new generation of entrepreneurs have come up with disruptive innovations. To create a space in this competitive environment, new tools of learning are required. And sky is the only limit for education and career, he said. Jaitely was addressing the students after inaugurating the new campus of Symbiosis International University (SIU) near Hyderabad on Sunday. He said, “India has missed the first industrial revolution and lost the opportunity during the second and third industrial revolutions as well. China and other Asian countries have benefited rather than India. Hopefully, we may catch up with the fourth ...

The Dollar Business Bureau The government on Friday said that GAAR (General Anti-Avoidance Rules) would be effective from the financial year 2017-18, bringing up the possibility of further delay of the dreaded rules.The Income tax department, in a series of tweets, said, “The GAAR provisions mentioned in the Income Tax (I-T) Act shall come into effect from the financial year 2017-18 onward. Public in general and the stakeholders are requested to submit their inputs with regards to GAAR provisions that require more clarity.”In the last Union Budget, Finance Minister Arun Jaitley, agreed to the demands from its international investors and delayed GAAR’s implementation by two years to fiscal year 2017-18 (assessment year 2018-19) and succeeding years. The anti-tax avoidance regulation ...

The Dollar Business Bureau Calling the 42 percent increase in the indirect tax revenues during the month of April, ‘a good sign’, Arun Jaitley, Union Minister of Finance said that India can grow better and faster in the wake of world recovery from recession and good monsoon. Finance Minister said that though the growth rates in major economies of the world were faltering between minus 2 percent and 2 percent and predictions were still being lowered, India is witnessing a growth rate of 7.5 to 7.6 percent in spite of obstructionist environment across the globe. Jaitley said, “India is a fastest growing economy in the world. The entire world is watching us. If the growth returns to the world, then India can grow ...

The Dollar Business Bureau   Apple has finally received a nod by DIPP on Wednesday to start its retail outlets in the country. The panel, led by Ramesh Abhishek Secretary, DIPP (Department of Industrial Policy and Promotion) has waived the 30 percent local content sourcing norm for Apple. According to sources the panel has agreed to remove the condition as it looked forward to the “cutting edge technology” that Apple would bring into the country. The committee has approved Apple’s proposal but is awaiting a go-ahead from the Finance Minister Arun Jaitley. Other than Apple, Chinese firms such as Gionee, LeEco and Xiaomi, have also approached the Indian government to set up single brand retail outlets in the country and have asked to waive the mentioned ...

The Dollar Business Bureau   The DIPP (Department of Industrial Policy and Promotion) is pressing ahead the demand for sanction of 100% FDI in the food processing sector in a bid to make the existing FDI policies simpler.A proposal to the effect has been sent to the Cabinet which might give the go-ahead soon. However, DIPP is also waiting for an acknowledgement from the FIPB (Foreign Investment Promotion Board) to put it into action. The proposal of DIPP has been drafted and forwarded to the cabinet for consideration, claim sources. And only food products produced and processed in India will be covered under the policy. The items produced in India are likely to have online sales business-to-consumer model after getting the FIPB nod. ...