Icra sees India’s GDP contracting 9.5 pc in FY21
Mumbai : Domestic rating agency Icra has revised its forecast for contraction in the country’s GDP in the current fiscal to 9.5 per cent from 5 per cent earlier, as continued lockdowns in some states have affected the recovery seen in May and June. Most of the analysts have projected the country’s GDP to contract […]
RBI asks ARCs to adopt fair practices code to prohibit unlawful means for debt recovery
Mumbai : The Reserve Bank of India on Thursday asked asset reconstruction companies (ARCs) to adopt a board-approved ‘Fair Practices Code’, which, among other things, should prohibit the use of uncivilised, unlawful and questionable behaviour for recovery of loans. The Code, the central bank said, should also ensure transparency and fairness in operation. ARCs buy […]
Goyal assures industry of finding solution for issues related to local taxes
New Delhi : Commerce and Industry Minister Piyush Goyal on Thursday assured the industry about finding a solution for issues related to local taxes, such as electricity duty, as they make domestic manufacturers uncompetitive. The ministry is taking up the matter at all levels, he said at a CII webinar on renewable energy. Goyal made […]
Air India to send certain employees on leave without pay for up to five years
New Delhi: Air India has started the process of identifying employees, based on various factors like efficiency, health and redundancy, who will be sent on compulsory leave without pay (LWP) for up to five years, according to an official order. The airline’s board of directors have authorised its Chairman and Managing Director Rajiv Bansal to […]
Sanitizers are disinfectants like soaps, dettol; attract 18 pc GST: FinMin
New Delhi: The government on Wednesday said sanitizers are disinfectants like soaps, anti-bacterial liquids, dettol, among others, which attract 18 per cent duty under the GST regime. In a statement, the Finance Ministry said various chemicals, packing materials and input services, among others, used for manufacturing hand sanitizers also attract a GST rate of 18 […]
Govt to focus on strengthening district skill committees, targeted skilling: Pandey
New Delhi: The government has approved the launch of the initial phase of its flagship skill scheme PMKVY-III, as it eyes an increased focus on strengthening of district skill committees and creation of a demand-driven ecosystem for targeted training, Union minister Mahendra Nath Pandey said on Wednesday. Addressing an event to mark the World Youth […]
Exports fall 12.41%, imports by 47.5% in June
New Delhi: Contracting for the fourth straight month, India’s exports declined by 12.41 per cent to USD 21.91 billion in June mainly due to drop in shipments of petroleum, textiles, engineering goods, and gems and jewellery items. Imports too plunged 47.59 per cent to USD 21.11 billion in June, leaving a trade surplus of USD […]
Alcohol-based hand sanitisers to attract 18 pc GST: AAR
New Delhi: The Authority for Advance Ruling (AAR) has said that a GST of 18 per cent will be levied on all alcohol-based hand sanitisers. Springfield India Distilleries had approached the Goa-bench of AAR to seek classification of hand sanitisers supplied by the company, and contended that the product is taxed at 12 per cent. […]
Pvt sector capex to plunge 20-26% this fiscal: Report
Mumbai: Private sector capex is set to contract by 20-26 per cent this fiscal due to COVID-19-pandemic-led business disruptions, and investments are unlikely to recover meaningfully before FY25, as per a report. Capital spending by corporates will pick up by 15-20 per cent next fiscal, boosted primarily by the low base effect, according to an […]
‘Recent liquidity measures help reduce financing cost in corporate bond mkt to decadal low’
Mumbai: The abundant surplus liquidity in the system provided by the Reserve Bank amid COVID-19 related dislocations in the financial market has helped reduce financing cost in the corporate bond market to decadal lows, according to an article published in the RBI Bulletin. The article has been prepared by Radha Shyam Ratho and Pradeep Kumar […]
