With FY18 fiscal approaching end, the government is quite confident of sticking to the revised fiscal deficit target of 3.5 per cent despite overshooting the full-year revised estimate in January this year.
Plan and Policy
Plan & Policy
The panel reviewing the Insolvency and Bankruptcy Code (IBC) may suggest easing of qualification criteria to allow larger participation in resolution process.
Sources said the panel is in favour of allowing companies that have not been in management of non-performing assets (NPA) to bid for stressed assets. Thus the treatment would bring out a clear distinction between promoters of defaulting firms that don’t have a managerial role, from those
who also manage stressed assets.
The government has practically closed the door for Ruias to take back control of Essar Steel post a resolution plan is approved by lenders and the loan defaulting entity is offered to the highest bidder.
Top consultancy firm PwC has suggested the government to cut peak GST (goods and services tax) rate to 20-22 per cent from 28 per cent now while clubbing the two rates of 12 and 18 per cent and keep it somewhere between 14-16 per cent.
Commerce minister Suresh Prabhu on Tuesday appealed to the WTO members to identify common ground for strengthening the multi-lateral trade body amid challenges being faced by it following the deadlock at the Buenos Aires ministerial in December.
Delegates from as many as 52 countries, including the US and China, are participating in the informal meeting of the WTO called by India amidst increasing protectionism in global trade. India has called this meet to explore options to reinvigorate the World Trade Organization (WTO).
Former Rsereve Bank of India (RBI) governor Raghuram Rajan on Tuesday said reforms are likely to be put on the shelf till the next general elections (2019) but expressed hope that the country will move up to a “higher plane of growth” thereafter.
A row erupted over the government’s handling of the abduction of 39 Indians in Iraq by ISIS four years ago after it was announced they were dead. Opposition parties and some family members slammed the government over the delay in announcing the death, saying it gave their families “false hope” that they were alive. External Affairs ministry rejected the charge.
Harjit Masih, the lone survivor who had managed to flee from ISIS captivity in Iraq in June 2014 following his abduction along with 39 other Indians there, on Tuesday asked the government to withdraw a case of human trafficking registered against him by the Punjab police.
All the 39 Indians abducted by the ISIS terror outfit in Mosul in Iraq three years ago are dead and their bodies have been recovered, External Affairs Minister Sushma Swaraj said on Tuesday.
A bumper production of sugarcane has prompted the government to withdraw 20 per cent export duty on raw and refined sugar, giving a boost to the industry.
The Central Board of Excise and Custom has notified the removal of duty. The government had earlier doubled the import duty by 100 per cent to discourage inflows from the global market.
The sugar production is expected to cross a record 29.5 million tonnes mark in 2017-18. Till the current month, 25.80 million tonnes of sugar has already been produced.