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Author Archives: Naresh Kumar

Why is GST Anti-Middle Class but Pro-Rich, Pro-Farmer?

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

When Indian Prime Minister Narendra Modi visited the White House, the pat came from the President for undertaking the daunting taks of bringing the entire 1.3 billion consumers of the country under one tax regime, making it easy for market access by sellers. The huge transition to GST-managed tax regime may benefit those who buy white goods as discounts are ...

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Rentals in IT-Centric Cities May Come Down in Next 3 Quarters: Assocham Report

it hub rentals

Amid huge layoffs by IT companies, IT-centric companies are witnessing pressure on rentals of homes in cities such as Bengaluru, Hyderabad, Chennai, Pune, Gurgaon and Noida, which may decline to the extent of 10 to 20 percent over the next three quarters, said Assocham. The worst hit was Bengaluru where the fresh inflows of young professionals is declining over the ...

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South Asia SASEC Program of ADB Expands with Myanmar Joining as 7th Member

South Asian Subregional Economic Cooperation (SASEC) program of Asian Development Bank (ADB) has expanded with the inclusion of Myanmar aas the 7th member in 2017. Shaktikanta Das, India’s finance secretary said on the occasion that Myanmar is key to realizing greater connectivity and stronger trade and economic relations between the SASEC sub-region and the countries of East and Southeast Asia. ...

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First Time India Becomes Net Exporter of Electricity

India’s Central Electricity Authority for the first time has turned around from a net importer of electricity to Net Exporter of electricity in 2016-17. During the current financial year 2016-17, as of February, India has exported around 5,798 Million Units to Nepal, Bangladesh and Myanmar which is 213 Million units more than the import of around 5,585 Million units from ...

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Delegates for Commonwealth Auditors General Conference Meet President

The delegates participating in the Commonwealth Auditors General Conference called on the President of India, Mr Pranab Mukherjee today (March 23, 2017) at Rashtrapati Bhavan. Speaking on the occasion, the President expressed happiness that the multilateral forum of Auditors General of Commonwealth countries has met in India this year to discuss contemporary issues of relevance to the member Supreme Audit ...

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India Signed Air Services Agreements or Drafts with 114 Countries So Far

India has so far signed and initiated Air Services Agreement with 114 countries and latest one was with Rwanda, signed on 20th February 2017 at Kigali, informed Minister of State for Civil Aviation Jayant Sinha in written reply to a question in Lok Sabha on Wednesday. The Air Services Agreements between India and other countries have the potential to spur ...

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Payza India Launches App for Online Bills Payment

London-based Payza, an online payment platform, has launched an online Utility Bill Payments service for Indian customers after teaming up with India’s household utility and telecommunications service providers such as Airtel, Tata Sky, Tata Docomo, Vodafone, Reliance, DishTV, MTNL, BSNL, and others. The Payza Utility Bill Payments option is available through the Payza Android App that enables users to securely ...

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France 24’s Event Encore In India to Focus on Empowering Women

  As part of its special programming for International Women’s Day on the 8th of March, France 24’s culture team heads to India to explore the world’s largest democracy and see how women, and women’s rights, are making their mark on the country’s vibrant arts scene. Olivia Salazar-Winspear presents two special editions of the daily culture showEncore! Wednesday 8th March ...

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Indian Minister to Participate in Nairobi Conference on Devolution

The Union Minister of State for Finance and Corporate Affairs, Mr. Arjun Ram Meghwal will represent the India in the 4th Annual Devolution Conference to be held from 6th to 9th March, 2017 at Nakuru County of Kenya. He is expected to share the experience of devolution system and its progress in India and specifically highlight the 73rd-74th Constitutional Amendments ...

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ADB Gives $375 Mln Loan for Visakhapatnam-Chennai Industrial Corridor

Visakhapatnam-Chennai Industrial Corridor

The Asian Development Bank (ADB) and the Government of India signed in New Delhi $375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor, which is the First Phase of a planned 2,500–kilometer long East Coast Economic Corridor (ECEC). The Corridor is expected to spur development on India’s eastern coast in line with the Government of India’s Make ...

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World Bank Provides $63 Mln for Tejaswini Program for Girls in Jharkhand

A Financing Agreement for IDA credit of US$ 63 million for the “Tejaswini” Socio-Economic Empowerment of Adolescent Girls and Young Women Project” was signed in New Delhi last week with the World Bank. The Financing Agreement was signed by Mr. Raj Kumar, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. ...

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64 Indian Food Exporters to Participate in Gulf Food 2017 in Dubai

dubai gulf food 2017

With 64 Indian exporters of Agriculture and Processed Food products are participating under APEDA (Agricultural and Processed Food Products Export Development Authority) will particiapte in the Gulf Food 2017 in Dubai to be held from 26th February to 2nd March, 2017. APEDA pavilion will be inaugurated by Ms. Rita Teaotia, Commerce Secretary. APEDA is an apex organization under the Ministry ...

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3 EU Delegations on Whirwind Tour of India

eu india relations

A delegation of the Committee for Internal Market and Consumer Protection, European Union led by Ms. Vicky Ford met the Union Minister for Consumer Affairs, Food and Public Distribution, Mr. Ram Vilas Paswan, in New Delhi on February 23, 2017. The European Parliament Committee on Internal Market and Consumer Protection is on a visit to Mumbai and New Delhi from ...

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Telecom Exports from India to be the focus of ASEAN-India Digital Partnership

Indian Minister of State for Communications Manoj Sinha delivering the inaugural address at the ASEAN India Digital Connectivity Summit, in New Delhi on February 20, 2017.(PIB Photo)

To commemorate the 25th year of the ASEAN India relations, India’s Telecom Equipment and Services Export Promotion Council is holding an inter-ministerial meeting between telecom ministers of ASEAN countries and India in New Delhi today, on 20th February, 2017 to explore the posibility of strategic and commercial tie ups. Telecom Minister of State Manoj Sinha led the discussions from Indian ...

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FDI Rules Relaxed to Push SME Sector: Nirmala Sitharaman

The Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman addressing a press conference on Budget proposals pertaining to the Ministry, in New Delhi on February 06, 2017.(PIB Photo)

Commerce and Industry Minister Nirmala Sitharaman in a written reply in Rajya Sabha on Wednesday said separate data regarding investment made by foreign companies in Small and Medium Enterprises (SMEs) is not maintained but remittance-wise data is available in public domain at the website of Department of Industrial Policy & Promotion at www.dipp.nic. Foreign Investments bring international best practices and ...

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India Ropes in Czech, Russia for Heavy Industry Tech Transfer

A Czech delegation led by the Minister of Foreign Affairs, Czech, Mr. Lubomir Zaoralek meeting the Minister of State for Heavy Industries & Public Enterprises, Shri Babul Supriyo, in New Delhi on December 19, 2016.(PIB Photo)

Indian Government is taking various measures for bringing investment from Central Eastern Europe such as opening up Foreign Direct Investment in many sectors, carrying out FDI related reforms and liberalization and improving ease of doing business in the Country, said minister of State in the Ministry of Heavy Industries and Public Enterprises Mr. Babul Supriyo in reply to a written ...

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India Surrendered 2 Mozambique Coal Mining Licences: Minister

Coal India Limited (CIL) has surrendered two licenses held by its subsidiary Coal India Africana Limited in Mozambique and with this has no foreign coal assets. However, CIL is looking for coking coal assets abroad since viable domestic coking coal reserves in the country are facing constraints, both commercial and technical, said Mr. Piyush Goyal, Minister of State for Coal ...

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India Seeks to Revise Tax Treaties with Foreign Nations: Minister

tax treaty

Indian government is planning to revise the tax treaties with partner countries to enable the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to use the data for prosecution of those who have stashed black money abroad, said a statement. Treaty partner countries have been requested to modify the tax treaties to explicitly include provisions that will enable information ...

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India Holds Basmati Rice Promotion Event in Iran as Ban May be Lifted

bASMATI RICE BAN

A 20-member Indian trade delegation led by Chairman of Agricultural and Processed Food Products Export Development Authority (APEDA) visited Iran from January 28 to 30, 2017 to promote export of Basmati rice that was banned since five months. In view negative publicity in Iran media about Indian rice, the promotional event was held at Hotel Espinas Palace in Iranian capital ...

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India Ropes in Italian Firm to Avoid Rail Accidents, Maintain Railway Safety

Indian railway mou italy

Indian Ministry of Railways and Italian state-owned Ferrovie Dello Stato Italiane Group, managing the Italian railway sector, have signed on Thursday an MoU for cooperation in rail safety and train operations. The MoU covers areas of safety audit of Indian Railways and measures for enhancing safety in train operation, Assessment and certification of advanced technology based safety products and systems ...

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India Signs Agreement on $201 Mln Loan From World Bank for Quality Tech Education

TEQIP II

India has signed an Agreement for IDA credit of US$201.50 million for the “Third Technical Education Quality Improvement Programme” (TEQIP III) on February 1, 2017 in New Delhi. The loan agreement envisages an active funding participation in Indian Engineering Education Institutes and improve the efficiency of the Engineering Education System in Uttarakhand, Himachal Pradesh, Bihar, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, ...

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India Provides NRs.24.9 Lakh to Nepal for Highway Projects

Indian Ambassador Ranjit Rae handed over a Cheque for four highway projects to Nepal Minister for Physical Infrastructure and Transport Mr. Ramesh Lekhak at Singha Durbar in Kathmandu on Monday, January 30, 2017. (Photo courtesy: Indian Embassy, Nepal)

Indian embassy in Nepal has handed over a cheque for NRs.24,97,10,698.17 towards 25 percent of the cost of the four contracted road stretches in Nepal, as part of the aid to support infrastructure development in the Himalayan neighbour. The roads — Birendrabazaar-Mahinathpur, Janakpur-Yadukuwa road, Manmat-Kalaiya-Matiarwa (0-15 km road) and Manmat-Kalaiya-Matiarwa (15-26.660 km road) — are being built under Postal Highway ...

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Foreign Investment Promotion Board to be Demolished Next Year

Budget FIPB

Presenting the General Budget 2017-18 in the Lok Sabha on Wednesday, Feb. 1, 2017, Indian Finance Minister Arun Jaitley said that the Foreign Investment Promotion Board (FIPB) will be abolished in a phased manner by the end of fiscal year 2018-19. Since the Government has already introduced substantive reforms in FDI policy with more than 90% of the total FDI ...

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Indian Budget 2017 Aims at New Thrust on ‘Ease of Doing Business’

Budget presentation

The Indian government has announced in its Budget 2017-18 severral measures to make India a favourable destination for foreign investments by providing an environment of “Ease of Doing Business”. The Finance Minister Mr Jaitley raised the threshold limit for audit of business entities that opt for presumptive income scheme from Rs. 1 crore to Rs. 2 crore. Similarly, the threshold ...

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Trump Ban on Immigration Unnerves Indian IT Workers in US

Trump

India, first among the countries playing to the gallery when congratulating US President-elect Donald Trump, is slowly biting its fingers for the knee-jerk reaction as the first week of his presidency has clearly spelled Doomsday on H1B visas, while the ban on Muslims from 7 countries, though partially, was rolled out in haste. Though a New York federal judge issued ...

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Budget Panel Submits Report on Expenditure Management

budget expenditure report 2017

The Fiscal Responsibility and Budget Management (FRBM) Committee headed by Mr. N.K. Singh presented its Report on Monday to Union Finance Minister Arun Jaitley. Mr. N.K. Singh, former Revenue and Expenditure Secretary and former Member of Parliament presented the Report to Mr Jaitley in his office in North Block in New Delhi. The panel was constituted in May 2016 to ...

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IORA Special Fund for Indian Ocean Rim Countries Set up

iora meeting

Indian ministry for MSME finalised MoU on MSME Cooperation with Indian Ocean Rim Association (IORA) member countries that will be effective once signed by 5 countries. The MoU finalized would be signed soon at an appropriate forum, said a statement. The focus areas of the Memorandum of Understandings (MoUs) include finalising linkages and alliances amongst MSMEs organizations, associations and various ...

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Finance Ministry Denies Links With Tainted UK Note Printing Company

Following reports in sections of media stating that the Union Government has compromised the national interest by collaborating with a tainted UK based Note Printing Company, a statement from the Ministry of Finance denied that the company is in any way involved in printing new currency notes. A report in November by Sabrangindia.com alleged that the blacklisted company, De La Rue ...

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Despite Demonetisation, December Foreign Tourists Growth Stands at 13.6%

foreign tourists

Indian tourism sector has seen 13.6% growth in Foreign Tourist Arrivals (FTAs) in December 2016 over the same period in 2015 and US accounts for highest share of tourist arrivals followed by Bangladesh and UK in December 2016, said the Ministry of Tourism in a statement. The tourism sector earned Rs.16,805 crore in Foreign Exchange in December 2016, which shows ...

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