Banking sector should grow four-fold to double GDP
The Dollar Business Bureau The Minister of State for Finance, Jayant Sinha, on Monday, said, India needs to turn into a US$ 4-5 trillion economy for accelerating and achieving a sustainable growth over the next decade, according to a Confederation of Indian Industry (CII) release. Stating that India’s present ‘tax to GDP ratio’ is the lowest among BRICS and OECD countries, Sinha called for an increase in the ratio from the current 15-16% to 20-25%. There is also a need for encouraging the private sources of finance to help the country in achieving a sustained and high GDP growth, he added. In this regard, Sinha stressed upon the need for creating private equity and venture capital market in India, while ...
Centre mulls to make steel industry globally competent
The Dollar Business Bureau The Government of India (GoI), which acts as a facilitator and coordinator in dealing with the steel industry, has taken few steps in order to make the deregulated Indian steel sector globally competent. This was informed by the Minister of State for Steel, Vishnu Deo Sai, in his reply to Lok Sabha on Monday. In this regard, the Minister informed that an Inter-Ministerial Group has been set up in the Ministry of Steel, in order to expedite the process of clearances and facilitate the faster implementation of investment projects in the steel industry, which would boost the steel production of the country. Aimed at increasing domestic value addition and to further improve iron ore availability ...
LAAR, MMDR, among other key issues to be discussed in post-budget session
The Dollar Business Bureau Financial issues pertaining to Railway and General Budgets for 2015-16, Consideration and Passing of the Bills to replace the Ordinances will be the main focus issues that are expected to be discussed in the post-Budget session on March 9, 2015. Besides a general discussion and voting on Railway and General Budgets, the session is also expected to witness discussions on Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement(LAAR) Amendment Bill, demands for grants on account for the next fiscal and excess grants for 2012-13, among others. Two Bills for replacement of Ordinances like the Mines and Minerals Development & Regulation (MMDR) Amendment Bill, 2015 and Motor Vehicles Amendment Bill, 2015, both ...
Excise duties on petrol and diesel to fund roads & infra projects
Sai Nikesh | The Dollar Business Various proposals that were made in the Union Budget 2015-16 to ensure a greater stability in economy and the development of petroleum & natural gas, are also expected to give an additional boost to the infrastructure development. To fund the investment in roads and other infrastructure to the extent of Rs 40,000 crore, the proposals sought for an increase in effective rates of additional excise duties imposed on petrol and diesel from Rs 2 per litre to Rs 6 per litre. To boost the investments in infrastructure, a National Investment and Infrastructure Fund is being established and to this effect, a public –private-partnership mode of development would be revitalized with a view to ...
Budget 2015: India Inc bullish on economic growth
Neha Dewan The Dollar Business The buzz was absorbing. And the air was rife with speculation. As industry bigwigs walked in to watch the Union Budget live at an event organised by CII in the capital on Saturday, a sense of excitement and hope was palpable. And as Finance Minister Arun Jaitley started outlining the proposals for Budget 2015-16, the core agenda of the government became clear. “My proposals lay out the roadmap for accelerating growth, enhancing investment and passing on the benefit of the growth process to the common man, youth and child: those, whose quality of life needs to be improved,” he said. Lauding his government for conquering inflation, he stated that the aim was to achieve ...
India must focus on skilled and un-skilled labour for inclusive growth: Economic Survey
The Dollar Business Bureau Ahead of the Union Budget for FY2015-16 on Saturday, the Economic Survey said on Friday that India can herewith concentrate on increasing investments instead of depending on borrowings. The Survey also stressed on the role of Make in India and the government’s supposed objectives to be achieved under that initiative. In this regard, the survey raised point on what should be India’s focus under ‘Make in India’, referring to two aspects of manufacturing and services. Pointing to the categorization of manufacturing in formal and informal sectors, the Survey suggests that in order to achieve expansion and a structural transformation, India need to concentrate on unskilled labour, which is its dominant resource. While mentioning that ...
GJF recommends gold import duty cuts, exclusion of jewellery from FTAs
The Dollar Business Bureau India exported gold jewellery worth around $8.1 billion in FY2013-14, down 38% from $13 billion in FY2012-13 The All India Gems and Jewellery Trade Federation (GJF), a trade body for the promotion and growth of trade in gems and jewellery across India, has urged the government to develop a comprehensive gold policy to make India a global jewellery hub as a part of Prime Minister Narendra Modi’s “Make in India” initiative. Among its recommendations for Union Budget 2015-16, GJF said that considering that crude oil prices are expected to be low, the government should reduce the import duty on gold from 10% to around 2% to strengthen the domestic gold industry and prevent smuggling of gold ...
