India at inflection point in digitisation journey: Report
Bengaluru: India has undergone a digital revolution in the past decade and is now at an inflection point in its digitisation journey, a report said on Friday. “India is on the cusp of a paradigm shift in the way digital solutions are being deployed for large-scale societal impact; getting the non tech elements right will […]
Bad loans: Govt asks PSBs to look at initiating insolvency proceedings against personal guarantors
New Delhi: The finance ministry has asked public sector banks to monitor cases where insolvency proceedings could be initiated against individuals who are guarantors of corporate debtors that have defaulted on loans. The Insolvency and Bankruptcy Code (IBC) provides for a time-bound and market-linked resolution of stressed assets. The Code also provides for initiation of […]
Centre places before states 2 options for borrowing to meet GST revenue shortfall
New Delhi: The Centre on Thursday placed before the GST Council two options for borrowing by states to meet the shortfall in GST revenues, pegged at Rs 2.35 lakh crore in the current fiscal. Briefing reporters after the 41st meeting of the GST Council, Finance Minister Nirmala Sitharaman said the economy is facing an extraordinary […]
Why no interest waiver on loans for middle class, Rahul asks govt
New Delhi: Congress leader Rahul Gandhi on Thursday attacked the government over interest on deferred loan payments and asked why it gave tax benefits of Rs 1.45 lakh crore to businesses but did not waive interest on loans for the middle class. In a tweet, he said, “1450000000000 tax cut benefit given to big businesses. […]
After a decade, Rohtang Tunnel ready for opening next month
Mumbai: The Rs 4,000-crore Rohtang Tunnel, the world’s longest motorable roadway at an altitude of over 3,000 metres, is ready for opening next month following the completion of civil works that began a decade ago. The tunnel will be opened by Prime Minister Narendra Modi by mid-September, Satish Paretkar, Director of Hydro & Underground business […]
Delayed GST payment: Interest to be charged on net tax liability from Sep 1
New Delhi: The government has said that interest on delayed payment of goods and services tax (GST) will be charged on net tax liability with effect from September 1. The industry had earlier this year raised concern over the directive of recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment. The […]
Pensioners can store Pension Payment Order (PPO) in ‘DigiLocker’: Govt
New Delhi: Pension Payment Order (PPO) can now be stored in ‘DigiLocker’ by the central civil pensioners, according to an official statement issued on Wednesday. The move comes after it was noticed by the Department of Pension and Pensioners’ Welfare (DoPPW) that several pensioners, over a period of time, misplace the original copies of their […]
‘India risks decade of stagnation in income, quality of life if GDP doesn’t grow over 8% annually’
Mumbai: India’s GDP needs to rise annually at 8-8.5 per cent to create opportunities in the post COVID-19 era, and the country risks a decade of stagnating incomes and quality of life if urgent steps are not taken to spur growth, says a report. According to the report by McKinsey Global Institute (MGI), the country […]
Govt consumption will have to fuel demand in times of COVID-19: RBI
Mumbai: Government consumption will have to fuel demand till the economy comes out of the COVID-19 shock and regains pre-COVID-19 momentum, the Reserve Bank’s annual report said on Tuesday. Private consumption, which has lost its discretionary elements across the board, particularly transport services, hospitality, recreation and cultural activities, will come in later as “behavioural restraints […]
‘Clear exit strategy, milestones needed for fiscal consolidation in coming years’
Mumbai: The government should have a clear exit strategy and credible milestones for fiscal consolidation in the coming years, the Reserve Bank said on Tuesday in its annual report amid meeting the fiscal targets becoming more challenging due to the coronavirus pandemic. Based on information from 25 states, the general government fiscal deficit increased from […]
