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 trade and industry
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
He refused to say if the growth slowing down to 4.5 per cent in the July-September was the bottom of the pit that the economy can see. “As I have said there are evidences of positive developments. But we have to see how durable are these positive developments before we pass a judgment that from here on it is an upward trajectory.” “By and large, if you look at our projection which we have given, things should start improving in the next financial year. We have projected 6 per cent of GDP growth for 2020-21 against 5 per cent for the current fiscal,” he said. … [Read more...] about Green shoots of recovery need to sustain: Shaktikanta Das