India is poised to emerge as an economic superpower, driven in part by its young population, while China and the Asian Tigers age rapidly, according to Deloitte.
Plan and Policy
Plan & Policy
The Department of Telecom (DoT) has asked public sector giant BSNL to ensure timely completion of USOF projects and float tenders on time to avoid inordinate delays in implementation, a charge BSNL has countered by saying it is the USOF which is responsible for such lapses. The PSU further alleged that funds are not getting released in time.
One of the objectives of the Universal Service Obligation Fund (USFO) is equitable distribution of the fruits of the telecom/digital revolution and fair allocation of national resource (pooled by a USO levy) through targeted subsidies.
The Centre has put the responsibility of making petrol and diesel cheaper on states by way of a cut in duty, but in reality it is the Central government that has walked away with the lion’s share of tax collection from the oil sector.
According to the Petroleum Planning & Analysis Cell (PPAC) in the oil ministry, the Centre earned a staggering Rs 2,73,502 crore as taxes and duties from the petroleum sector in FY17 against Rs 1,88,435 crore raised by states during the same period.
Madhya Pradesh Finance Minister Jayant Malaiya has suggested that the small businesses with an annual turnover of less than Rs 1.5-crore should be allowed to file the Goods and Services Tax (GST) returns once in three months instead of every month.
With the idea of insurance changing from being a mere tax-saving instrument to an investment for a better life, private life insurer SBI Life hopes that its individual premium business would surpass the industry growth rate of 11-13 per cent in the next few years.
Market research agency Crisil in its life insurance study has projected an industry growth rate of 11-13 per cent in its individual premium business over the next three-five years.
The government has set an ambitious target of 137.55 million tonnes in foodgrain output this rabi season, more than the record production achieved last year, even with the main wheat growing states Uttar Pradesh and Madhya Pradesh receiving deficient rainfalls.
With the economy growing at a robust pace, India is likely to overtake Japan and Germany to become the third largest economy in the next 10 years but needs to be consistent in reforms and focus more on the social sector, British brokerage HSBC has said. It is estimated that India will be a $7 trillion economy in 2028 as compared with less than $6 trillion and $5 trillion for Germany and Japan, respectively.
To check corruption and harassment, the tax department will soon launch a pilot of “jurisdiction-free assessment” where a tax officer will not get to know identity of the assessee as allotment of cases will be done randomly by computers rather than on the basis of area.
The success of the pilot, to be first carried out in Delhi and Mumbai, will determine if the plan has to be expanded all over the country, a senior revenue department official said. The country is divided into 18 tax zones. Taxpayers are assessed by the officers of the region they are based in.
The Reserve Bank of India is expected to pause rate cuts for the rest of 2017-18 as retail inflation is likely to tread higher towards 4.7 per cent by March, says a Kotak Institutional Equities report.
According to the report, both CPI and WPI inflation have bottomed out and retail inflation is inching towards 4.7 per cent and wholesale towards 3.6 per cent by March 2018.
The Centre will soon start linking driving licence with Aadhaar, Electronics and IT Minister Ravi Shankar Prasad said today.