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The Dollar Business Bureau The National Civil Aviation Policy, 2016 has envisaged growth of cargo volumes to 10 million tonnes by 2027. As per data maintained by the Airports Authority of India (AAI), air freight handled at Indian airports grew by more than 20 times from 0.08 million metric tonnes in 1972-73 to 2.5 million metric tonnes in 2014-15, and its compound annual growth rate (CAGR) was 8.8% during 2013-14 to 2016-17. Measured in million tonne-kilometers, the data maintained by the World Bank also shows that air freight transported by India went up from 96.3 million tonne-kilometers in 1970 to 1,833.8 million tonne-kilometers in 2015. As per data maintained by the Airports Authority of India (AAI), air freight handled at Indian airports ...

The Dollar Business Bureau  As a part of evaluation and monitoring of the Foreign Trade Policy (FTP) 2015-20, Commerce Secretary Rita Teaotia on Thursday released the “MIS Report on Export promotion Schemes 2017” of the Statistics Division of Directorate General of Foreign Trade (DGFT). The Report was released by Teaotia in the presence of DGFT and other senior officials of the Department of Commerce, on the occasion of the 11th ‘Statistics Day’ celebration to commemorate the birth anniversary of the Father of Indian Statistics - Professor Prasanta Chandra Mahalanobis. “The Report is an initiative taken by Statistics Division of DGFT as part of the monitoring and evaluation of the Foreign Trade Policy (2015-20),” said an official statement. The publication consists of latest information ...

By Ranjeet Mahtani & Stella Joseph Till date, eight States have already passed the State Goods and Services Tax (SGST) Act in their respective State Assemblies, including Telangana, Bihar, Rajasthan, Jharkhand, Chhattisgarh, Uttarakhand, Madhya Pradesh and Haryana. There are indications that the other States are likely to pass their State GST enactments by end of this month or beginning of the next month.  Rates The GST Council’s rate fitment committee is said to have deliberated for three days starting May 4, 2017, to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unified tax net. This fitment is then stated to be approved by the GST ...

PTI A former advisor to Union Finance ministry and a policy expert today said that cascading impact on prices would continue as several products are out of GST base. "Several products are set to be out of GST base and that implies a portion of our GDP will not generate input tax credit. So significant cascading of taxes is likely to continue," Parthasarathi Shome said on the sidelines of an interactive session on GST at Merchants' Chamber of Commerce & Industry. Petroleum, electricity and several services expected to be out of GST and will allow continuation of cascading effects on tax partly preventing getting price benefit on final products, he said. To explain, businesses or industry using petroleum, ...

The Dollar Business Bureau Railway Minister Suresh Prabhu on Thursday inaugurated key freight sector initiatives such as a new policy of long-term contracts’ with major customers, Indian Railways Freight and Passenger Business Action Plan 2017-18, confirmation trial of double stack dwarf container train under wire- a New Delivery Model and the demonstration run of roll on – roll off (RO-RO) service across the National Capital Region. The roll on - roll off service is a pilot project of Indian railways to promote green transportation through reducing road congestion and improving environment. Indian Railways earns two-third of its revenue from freight, primarily from the transportation of eight commodities. The global slowdown has also hit the country’s transportation sector, which has affected Railway’s freight earnings. Despite these ...

Sneha Gilada Demonetisation has created the need for a shift to digital transactions, its surprise element depriving cash of the security and confidence it once enjoyed as a legal tender. Fintech startups have drawn enormous benefits from the Centre's mission of less-cash India. One such startup is Paynear that offers a one-stop affordable solution for vendors who want to accept payments digitally. Dearth of POS manufacturers in India has led to Indian POS device sellers like Paynear importing the hardware from countries like China. The recent exemption in custom duties on these devices, until the end of March 2017, has led to pricing benefits and subsequent burgeoning of demand. But there are concerns regarding such a measure proving detrimental to 'Make in India', in the long run. Currently, India, with a deployment of only 15 lakh POS machines, ...

The Dollar Business Bureau In a strong move against counterfeiting and enabling the “Make-Sure-India” movement in the country, India’s first two-day authentication conference cum exhibition – The Authentication Forum 2017 opened on Feb 13 at The Taj Mahal Hotel, Man Singh Road, New Delhi. This forum is organised by Authentication Solutions Providers Association (ASPA) and Messe Frankfurt India (MFI) jointly. A high-profile panel of experts including government authorities and technology specialists have come together in New Delhi to mark the launch of this important platform which was inaugurated by B K Prasad (IAS), Member – Secretary, National Commission for Denotified, Nomadic & Semi-Nomadic Tribes, Ministry of Social Justice and Empowerment along with P. V. Rama Sastry, Joint Secretary – Department of Consumer ...

Sheela Mamidenna The real estate sector has been the second biggest employer for India after agriculture, and market estimates suggest that it will grow by as much as 30% in the next decade. Consequently, stakeholders have high expectation from the 2017-18 Union Budget. Kishore Pate, Chairman & Managing Director of Amit Enterprises Housing Ltd, outlines 8 such changes that the industry and its stakeholders are unanimously looking forward to. 1.  Income tax relaxation As of now, the tax deduction limit for home loans is just Rs. 2 lakh, which becomes insignificant when you take into account the high prices of properties in our larger cities. In Mumbai, for instance, the standard housing price is Rs. 1 crore, so the current tax deduction limit is ...