In a month-long stare-down game, New Delhi has blinked before Dalal Street — even if for a fleeting moment. Finance minister Nirmala Sitharaman’s hurried ‘Mini Budget’ on Friday has tried to dispel the shadow cast by her disheartening maiden Budget in July. Sitharaman’s choice of words, body language and seemingly ardent promises to do more in order to keep alive the hope of businessmen and traders in dealing rooms is a testimony of a government that is slowly beginning to sense that the road to the making of ‘New India’ will have twists, turns & occasional bumps. It’s somewhat even reassuring to see that the Narendra Modi government is willing to accept that the slowdown is not just another story spun by social media spin-meisters and vocal lobbies — and that the gathering cloud over the job market would simply blow over with the advent of the festival season. Now, we are left to ponder over the weekend the single-most … [Read more...] about Are Nirmala Sitharaman’s announcements good enough to reverse a slowing growth?
Minister of trade
Central Board of Indirect Taxes and Customs (CBIC) has started capturing district-wise data on origin of export goods that will feed into national level trade policy making. The move is aimed at turning districts into export hubs. The additional information from the export declarations will provide a key statistical input to policy makers on the importance of each district for exports and will help in aligning the policies to enhance local capacity, the board said in a statement Monday. Additionally, the export declarations would also capture declarations by exporters intending to avail free trade agreements or preferential trade agreements for exports to partner countries. “This would provide critical data on the gains being made by Indian exporters under FTAs/PTAs and help the government align India’s foreign trade policy in nation’s best interests,” the board said. Further, CBIC has now made it mandatory that every goods and services tax (GST) registered … [Read more...] about CBIC starts capturing district-wise data on origin of export goods
NEW DELHI: Commerce and Industry Minister Piyush Goyal on Monday proposed to discontinue export incentives under a scheme to the services sector as it has not helped India "increase shipments positively". The foreign trade policy provides tax incentives under the Service Exports from India Scheme (SEIS) to several services industries. Depending on the nature of services, the government gives duty credit scrips or certificates. The scheme offers reward at 5 per cent or 7 per cent of net foreign exchange earned and covers service providers located in India. "So, I am proposing that from the earliest opportunity, (we should) discontinue this SEIS in its current form. It has not helped us to increase our exports positively," he said here at a function. He said that industry has to get out of the mind set of subsidies as they are detrimental to India's long-term interests. "For example, we now give subsidies on services exports. I have gone through the list in great details, barely … [Read more...] about Piyush Goyal proposes to discontinue export incentives for services exports under SEIS
Swarms of desert locusts have invaded eastern Africa, ravaging crops, decimating pasture and deepening a hunger crisis. United Nations says hundreds of millions of the insects have swept over the Horn of Africa in the worst outbreak in a quarter of a century. … [Read more...] about Pakistan to consider importing insecticides from India to fight locusts
The AAP government will present Delhi’s 2020-21 budget after Holi, Deputy Chief Minister and Finance Minister Manish Sisodia said on Monday as he kicked off the budgetary exercise by holding several meetings, a day after it took oath. This year, the Holi is on March 10. In a meeting with the finance department, Sisodia, who took the charge of his office on Monday, discussed issues pertaining to poll promises made by the Aam Aadmi Party in the run up to recently-concluded assembly elections and asked officials to make those provisions in the budget. … [Read more...] about Delhi govt to present its budget after Holi, says deputy CM Manish Sisodia