Around the Globe

Around the Globe

GST rollout a key focus area for government

Since it formed the government in 2014, the Modi administration has undertaken several reform measures which should be highly beneficial for India’s economy in the longer term. These include reforms in power transmission, bank’s NPL recognition, bankruptcy bill, constituting monetary policy committee, inflation targeting, foodgrain management, direct benefit transfers, deregulating oil prices, some labour reforms in the textile sector, progress on improving ease of doing business and ramping up public investments.

Paswan backs no service charge at eateries

Taking up cudgels on the behalf of consumers, Union minister Ram Vilas Paswan on Wednesday said levy of service charge on food and drinks by hotels and restaurants is an unfair trade practice, which need not be paid.
He, nevertheless, expressed helplessness in acting against errant players, citing inadequate powers.
Paswan assured that once the new consumer protection law is enacted and the proposed Central Consumer Protection Authority (CCPA) is set up, such grievances would be addressed effectively.

World Bank lowers India growth view to 7%

After the Asian Development Bank, the Wor­ld Bank on We­dnesday cut India’s gro­wth forecast for 2016-17, citing negative impact of demoentisation, in an assessment that runs counter to the Narendra Modi government’s narrative.
World Bank has lowered India’s growth estimate for FY17 to 7 per cent from 7.6 per cent. ADB had earlier cut India’s growth projection by 0.4 per cent to 7 per cent.

Digitisation, GST to expand formal economy: Jaitley

Finance minister Arun Jaitley said there is potential for further economic growth, particularly after the implementation of GST and the integration of informal economy into the formal one.
Speaking at a conference on goods and services tax (GST) here on Wednesday, Jaitley said there was scope for improvement, but declined to suggest what growth could be like next year.
He said digitisation that got a leg up post-demonetisation along with GST, will lead to greater expansion of the formal economy and boost growth.

Manmohan fears the worst due to DeMo

Former prime minister Manmohan Singh, himself a distinguished economist, sounded yet another word of alarm on demonetisation here on Wednesday.
Amid fears of a decline in the country’s GDP, he cautioned the people that the worse was yet to come in the wake of demonetisation, which he termed as a “disaster.”
At a convention called by Congress on demonetisation, former finance minister P Chidambaram claimed there was no record of the Cabinet meeting of November 8 when the government is said to have taken the decision to withdraw Rs 500 and Rs 1,000 notes.

Sahara-Birla: SC rejects plea to probe Modi

In a relief to prime minister Narendra Modi, the Supreme Court on Wednesday refused to order a probe into politically sensitive allegations that he — among other leaders — accepted kickbacks from Sahara and Birla groups as Gujarat’s chief minister.
The court dismissed a petition filed by a non-governmental organisationn (NGO) for a court-monitored special investigation team (SIT) probe into bribery allegations based on documents seized during income-tax (I-T) raids on the two business houses.

Centre drawing Rs 15,000 cr plan for modernisation of milk plants

The Centre is chalking out ambitious plans to modernise milk plants in the cooperative sector at an estimated cost of Rs 15,000 crore, which it is arranging from the Japan International Cooperation Agency (JICA). The talks between JICA and agriculture and finance ministries are at an advanced stage and the deal is likely to materialise soon, said Devendra Chaudhry, secretary in department of animal husbandry, dairying and fisheries.

Patel counsels Govt to reduce borrowing

In his first public advice after maintaining a low profile since taking over in September, Reserve Bank of India (RBI) governor Urjit Patel on Wednesday asked the government to reduce the level of borrowings both at Centre and states. The counsel comes three weeks before the presentation of Budget by finance minister Arun Jaitley on February 1.

World Bank projects global growth at 2.7% in 2017

In an encouraging sign, the World Bank today projected a global growth of 2.7 per cent in 2017, even as it observed that stagnant global trade, subdued investment and heightened policy uncertainty marked another difficult year for the world economy.

Hopeful of resolving issues to roll out GST from Apr 1: FM

Finance Minister Arun Jaitley today reiterated that the Centre is still aiming to roll out the Goods and Services Tax (GST) regime from April 1 if all pending issues are sorted out.

GST, which is to subsume most of central and state taxes like excise, service tax and VAT, needs to roll out by latest September 16, 2017, he said.

This because, under the Constitutional Amendment passed by Parliament for the GST implementation, some of the existing levies would expire after September 16.

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