The department for promotion of industry and internal trade (DPIIT) has notified the PLI scheme for ACs and LED lights and said that selection of companies to avail the incentives would done to support manufacturing of components which are not made in India presently. It said that mere assembly of finished goods would not be
Economy
The finance ministry on Friday expanded the scope of the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) which will now cover borrowers from the healthcare segment, apart from the 26 sectors identified by the Kamath Committee. Last month, the government had extended the scheme by three months till June 30 and expanded
India has been exemplary in publishing its foreign exchange market intervention, the US Department of Treasury said in a report to Congress on Friday. It said that like most emerging market currencies, the rupee was buffeted in 2020 by substantial swings in global risk appetite and associated shifts in capital flows. India’s goods trade surplus
Newly appointed economic affairs secretary, Ajay Seth, took charge of the department of economic affairs on Friday, the finance ministry said in a Twitter update. The Appointments Committee of the Cabinet had approved the appointment of the 1987-batch Karnataka cadre IAS officer earlier this month, replacing Tarun Bajaj. Prior to this, Seth was posted in
The Pension Funds Regulatory and Development Authority (PFRDA) is looking to raise the maximum age of entry into the National Pension System (NPS) to 70 years from 65. “We are also looking at allowing subscribers who join after the age of 60 to continue their NPS accounts till the age of 75,” said PFRDA chairman
Renewed surge in coronavirus infections in India could further disrupt asset quality scenario for the micro-finance industry, domestic rating agency ICRA said on Thursday. The MFI industry which is already reeling under Covid related disruptions could see credit costs rise to 6-7% from 1.5% in FY2020. “We estimate asset quality pressures for the MFI industry
Increase in prices of crude oil, petroleum products and basic metal coupled with the low base effect pushed the wholesale inflation in India to over eight-year high of 7.39% in March, official data released on Thursday showed. WPI inflation had stood at 7.4% in October 2012. The Wholesale Price Index (WPI) inflation in March, which
The government has permitted export of an additional 3,675 tonnes of raw/refined sugar under tariff-rate quota to the United Kingdom. TRQ (Tariff-Rate Quota) is for a volume of exports that enter the UK at relatively low tariffs. After the quota is reached, a higher tariff applies to the exports. “The additional quantity of 3,675.13 tonne
The Union Agriculture Ministry has signed a memorandum of understanding with Microsoft to run a pilot programme for 100 villages in six states to help farmers in reducing input cost and boost income. Agriculture Minister Narendra Singh Tomar was present at the signing ceremony, an official statement said. The minister said modern technology will help
NABARD Chairman, GR Chintala, talks to ET Now about the agricultural sector and it’s future in an increasingly uncertain times. What are the benefits of the Special Liquidity Facility, and what lateral benefits do you expect from the additional liquidity?The Special Liquidity Fund – released last year – of Rs 25,000 crore was a major
India is keen to advance talks with the European Union (EU) towards an agreement on investment facilitation and protection for mutually beneficial outcome, Commerce and Industry Minister Piyush Goyal said on Tuesday. The minister also emphasised on the need for proportional and simultaneous discussions on both trade and investment so that the two sides have
The Insolvency and Bankruptcy Board of India (IBBI) is setting up two online platforms for selling distressed assets under Insolvency and Bankruptcy Code, opening up markets for soured debt involving resolution plans, interim finance and liquidation assets. The move will likely unlock big opportunities amid lockdown restrictions. This will likely make life easy for both
The government has netted Rs 10.71 lakh crore as collections from indirect tax – including GST and non-GST – for FY21, which is 12% higher than actual revenue receipts of Rs 9.54 lakh crore for FY20. The finance ministry said in a statement that the provisional collections represent 108.2% of the Revised Estimates of Rs
Even as cases of Covid-19 is going up, the procurement of wheat has gained pace with purchase starting in Punjab from April 10. So far 29.24 lakh tonnes of wheat have been procured with disbursement of Rs 5,775.20 crore benefitting 3.3 lakh farmers. According to reports of Food Corporation of India, the central agency which
The government on Monday said it has approved Rs 128.66 crore worth of highway projects in Goa. The eight projects are for building 39.7 km of highways in the state. “Ministry of Road Transport and Highways has sanctioned 8 projects of 39.7 km worth Rs 128.66 crore for the state of Goa,” Road Transport and
The Indian economy’s recovery is likely to be ‘K-shaped’ instead of a ‘V,’ as rising inequality is poised to hit consumption and growth prospects, according to the country’s former central bank Governor Duvvuri Subbarao. “An important consequence of the pandemic has been the sharpening of inequalities,” he said in an interview Friday. “Growing inequalities are
The Union government is conducting five different types of surveys through which it aims to collect the data of all migrant workers, maids, professionals, etc. The Labour Bureau of the Ministry of Labour and Employment has been designated to complete these surveys in seven months. Labour Bureau Director General (DG) D.P.S. Negi told IANS: “The
Partial lockdown measures could impact the movement of labour and goods which would affect industrial production significantly, according to a CEO’s survey. Covid curfew and micro containment strategies along with Covid-appropriate behaviour are effective to contain the spread of the second wave of infections, the survey by industry body CII suggested. A majority of the
The government may hike foreign direct investment (FDI) limit in the pension sector to 74 per cent and a Bill in this regard is expected to come in the next Parliament session, according to sources. Last month, Parliament approved a Bill to increase FDI limit in the insurance sector from 49 per cent to 74
The threshold default for initiating the pre-packaged insolvency resolution process will be set at Rs 10 lakh and above for micro, small and medium enterprises, said MS Sahoo, chairman of the Insolvency and Bankruptcy Board of India (IBBI). Further, to maintain the resolution professional’s independence from the corporate debtor, the RP’s fees for the pre-packed
The government on Saturday said it has approved Rs 726 crore highway projects in Madhya Pradesh. These projects are for building 291 km of highways in the state. “Ministry of Road Transport and Highways has sanctioned road development projects of 291 km worth 726 Cr for the state of Madhya Pradesh,” Road Transport, Highways and
India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the COVID-19 pandemic in 2020, according to a senior IMF official. The International Monetary Fund Deputy
The Insolvency and Bankruptcy Board of India has notified the pre-packaged insolvency resolution process regulations for micro, small and medium enterprises (MSMEs) on Friday. The norms, effective from Friday, enable the operationalisation of the prepack process, according to a statement from the ministry of corporate affairs. The move comes on the back of the ordinance
Minister for Finance and Corporate Affairs Nirmala Sitharaman on Friday reviewed the progress of COVID-19 vaccination among the staff of her ministries and urged officials to get themselves and their family members vaccinated. “FM Smt. @nsitharaman today held interactions with officers and staff from Section Officers to Secretary level of all departments of @FinMinIndia and
The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing
The Centre has approved 28 highway projects worth Rs 1,210.17 crore in Uttarakhand, union Minister Nitin Gadkari said on Thursday. These projects are for building 231.04 kms of highways. “Ministry of Road Transport and Highways has sanctioned 28 Projects of 231.04 Km worth 1210.17 Cr for the state of Uttarakhand,” the road transport and highways
Union minister Anurag Singh Thakur on Thursday said India is open for stronger trade and investment with the European Union (EU). Portugal’s Minister of State for Internationalization Eurico Brilhante Dias called on Thakur ahead of the 5th Joint Economic Commission India-Portugal meeting in Delhi. The meeting would discuss the ongoing negotiation process of trade and
Income tax department has started issuing notices of reassessment of tax liability for FYs 2013-14, 2014-15 and 2015-16, said people aware of the development. In several cases the notices have been issued basis objections raised in audit reports while in others the grounds are related to escapement of income that is liable to be taxed.
Production Linked Incentive (PLI) worth Rs 6,238 crore for air conditioners and LED lights would certainly give a big boost to local manufacturing. The various PLI schemes are being seen as the mega policy plan of the government to make India a global manufacturing hub, said EEPC India chairman Mahesh Desai in a release issued
India’s central bank on Wednesday announced setting up of a task force to review the regulatory framework governing asset reconstruction companies (ARCs). Governor Shaktikanta Das said that the committee would make recommendations on the policy environment for rehabilitation companies. The committee is likely to look into the long standing request of ARCs to participate in
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