Plan and Policy

Plan & Policy

Trade deficit narrows to $12 billion in Feb

Exports grew by 4.5 per cent in February, the lowest expansion in the last four months, to $25.8 billion as shipments of engineering, textiles and gems and jewellery declined while trade deficit narrowed to a five-month low of $12 billion.

India sees no trade war even as US moves WTO

India on Thursday said it does not consider the standoff with the United States at the World Trade Organisation (WTO) over export subsidies as the beginning of a trade war. New Delhi will engage with the Trump administration over the issue.

“The US has requested consultation regarding India’s export subsidy and the request for consultation was filed in Geneva under subsidies and countervailing measures, we will be engaging actively in the consultation process,” commerce secretary Rita Teaotia said on Thursday.

CBEC field offices observe GST refund fortnight for exporters

The CBEC field formations have launched 'GST refund fortnight' beginning today to quickly sanction pending refunds to exporters.

The exporters who have IGST refund or Input Tax credit (ITC) claim pending with the Central Board of Excise and Customs (CBEC) can visit the field offices where the tax officials will help them.

"Attention Exporters - CBEC is observing Refund Fortnight from 15 to 29th March, 2018 across all field formations to deal exclusively with pending GST Refund Claims (IGST & ITC) #GoodAndSimpleTax," the CBEC tweeted.

Govt not to extend deadline for selling pre-GST packaged goods

The government will not extend the deadline for sale of pre-GST packaged products with stickers of revised rates after March 31, Consumer Affairs Minister Ram Vilas Paswan said today.

After Goods and Services Tax (GST) became effective from July 1, companies were asked to use stickers on unsold packaged commodities to display new maximum retail price (MRP) till September, which was later extended twice till March.

Telangana proposes Rs 5 L insurance cover, Rs 12K cr support scheme for farmers

The Telangana government today proposed a Rs 1,74,453.84 crore budget for 2018-19 with major focus on agriculture as it unveiled a Rs 8,000 per acre investment support scheme and a Rs 5 lakh insurance cover for farmers.

Irrigation and welfare are the other thrust areas of the budget. "The estimated total expenditure in 2018-19 is Rs 1,74,453.84 crore. Of this, revenue expenditure is Rs 1,25,454.70 crore and capital expenditure is Rs 33,369.10 crore," state Finance Minister E Rajender said in his budget speech.

LS passes Finance Bill without debate

Amid protests by the opposition, the Lok Sabha on Wednesday passed without discussion the Finance Bill 2018 and a Rs 89.25 lakh crore spending plan for the next fiscal year beginning April 1. This is probably the first time in recent years that the lower house has approved the Finance Bill without holding a debate on it. Earlier, Union budgets were passed without discussion in 2013-14 and 2003-04 when, like today, all demands were guillotined.

India on cusp of something magical with AI

Santa Clara-based semiconductor major Intel is betting big on artificial intelligence. AI or machine intelligence is intelligence displa­yed by computer systems in contrast to intelligence sho­wn by humans. The company is in the process of training 15,000 engineers, developers and scientists with a view to widen the AI ecosystem in India.

World Bank sees India FY19 GDP growth at 7.3%

The World Bank on Wednesday projected India’s gross domestic product (GDP) growth at 7.3 per cent for the next financial year and accelerate further to 7.5 per cent in 2019-20.

The World Bank’s biannual publication, India development update: India’s growth story, expects the economy to clock a growth rate of 6.7 per cent in the current financial year ending March 31.

Bypoll shocker: BJP loses all three LS seats in UP, Bihar

In a stunning blow to the Bharatiya Janata Party (BJP) ahead of the 2019 general elections, the party on We­d­nesday lost by-elections to all three Lok Sabha seats it contested, including its bastion Gorakhpur and Phulpur in Uttar Pradesh, besides Ara­ria in Bihar. The shocker for the BJP came days after its surprise win in three northeastern states, including Tripura, wh­e­re it scripted history, demolishing the Left citadel of 25 years and forming its first government in the state. Together with its regional alli­es, the BJP also formed its go­vernments in Nagaland and Meghalaya.

NCLT looking into over 9,000 cases

A day after the aviation re­g­ulator grounded 11 A320 neo aircraft of IndiGo and GoAir over faulty engines, the two carriers have cancelled over 60 flights ca­using inconvenience to hu­ndreds of flyers. While IndiGo cancelled 47 of its 1,000 flights per day, the ot­h­er low-cost carrier GoAir said it had cancelled 18 flights.