Around the Globe

Around the Globe

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.

GST to be simple, less burdensome for industry: Revenue Secy

Goods and Services Tax will usher in a very simple and less burdensome taxation regime as it will be a single rate indirect tax which can be paid by debit/credit cards, cheque and NEFT, Revenue Secretary Hasmukh Adhia said today.

He said, GST will make it easier for traders and industry to access Input Tax Credit and also ease compliance burden as the entire country will become a single market.

Modi promises employment to all

Prime minister Narendra Modi has said the government is working towards providing employment to each person and the task is enormous since India has 800 million population below 35 years.
“Our development needs are huge and is ambitious. We want to provide a roof over every head and jobs to every hand,” Modi said speaking at the Vibrant Gujarat Summit in Ahmedabad, where Adani group pledged to invest Rs 48,400 crore in the next five years in the state.

Free or Fettered?

A day after former governor of the Reserve Bank of India (RBI) YV Reddy commented that the central bank's identity seems to have been dented and its autonomy diluted post-demonetisation, another former governor Bimal Jalan on Tuesday stressed that the RBI autonomy is fundamental and needs to be maintained. A point proved by the RBI’s note to the parliamentary committee on demonetisation. The note confirmed the worst fears--of government’s interference in central bank’s decision making--and proved that the autonomy of the central bank has indeed been compromised.