Economy

No hike in rail fares; increase in quota for senior citizens,women

Railway Minister announces a capital plan of Rs. 1,21,000 crore for 2016-17; claims action initiated on 139 budget announcements made last year. The Union Railway Budget 2016-17 focused on capacity creation in the rail sector, with an increased outlay of about Rs. 1.21 lakh crore, and on completion of the ongoing projects rather than announcing new ones. Extending 2015’s measure, ... Read More »

Economic Survey against raising income tax exemption limits

The Economic Survey 2015-16 also calls for phasing out of the tax exemption raj that benefited the richer private sector and a “reasonable” taxation for better-off individuals. The Economic Survey on Friday said the government should refrain from raising exemption limits on income tax to facilitate natural growth of individual earnings and widen the taxpayers’ base, even as it also ... Read More »

Rupee plunges 27 paise to end at 66.30 level

The rupee extended losses against the American currency for the second straight day, slipping by another 27 paise to close at 66.30 on sustained dollar demand from banks and importers in view of persistent foreign capital outflows. Firm dollar in the overseas market also affected the rupee value against the dollar, a forex dealer said. The rupee opened lower at ... Read More »

All work and not much pay for India’s manufacturers

In the office of the small paint factory he helps run, Pramod Patel is clear on the problem holding back India’s manufacturing growth: cash, or a lack of it. Clients, he says, are taking months to pay, sometimes 150 days compared to the standard 30, choking up businesses like his Reliable Paints and hampering the creation of much-needed jobs. “We ... Read More »

7th Pay Commission to submit report on November 19

he 7th Pay Commission will submit its report to Finance Minister Arun Jaitley on Thursday recommending increase in remuneration of central government employees as well as pensioners. “We are ready with the report and will submit it on November 19,” the Commission’s Chairman Justice A K Mathur told PTI. The Commission was set up by the UPA government in February ... Read More »

Tomato prices swell 50% to Rs 62 per kg

Tomato prices in the national capital have gone up by about 50 per cent in the last one month to Rs 62 per kg, due to decline in supplies. According to official data, in Delhi, tomatoes were sold at Rs 41 per kg a month ago which has jumped to Rs 62 per kg. Similarly, the average prices of tomato ... Read More »

CAD to be 1 per cent of GDP in FY16, says Citigroup

India’s current account deficit (CAD) is likely to be about 1 per cent of the GDP in the current fiscal because of low crude prices and contained gold imports , says a Citigroup report. According to the global financial services major, CAD is likely to be about $20.6 billion (1 per cent of GDP) in 2015-16, as against $28 billion ... Read More »

Rebuffing critics, FM Arun Jaitley goes for growth, reform

Finance Minister Arun Jaitley rebuffed Prime MinisterNarendra Modi’s critics on Tuesday and challenged the opposition to back a crucial tax reform, pledging also to put investments before budget savings to drive growth in Asia’s No.3 economy. Jaitley, in an interview with Reuters, brushed aside senior leaders in Modi’s ruling nationalist party who rebelled after a heavy election defeat this month ... Read More »

PM Narendra Modi heads back after 5-day UK tour, G20 Summit

Prime Minister Narendra Modi on Monday wrapped up his five-day visit to Britain and Turkey after making a strong case for a united global fight against terrorism. “Goodbye Turkey! After successful participation in @G20Turkey2015 PM @narendramodi heads home,” External Affairs Ministry Spokesperson Vikas Swarup tweeted. During his interventions at the G20 Summit, Modi said terrorism is the principle global challenge ... Read More »

Low oil prices favoured Indian economy: FM Arun Jaitley

Finance Minister Arun Jaitley on Monday said low oil prices have created a favourable environment for the Indian economy as it helped to absorb the loss faced by oil companies and kept inflation under control. Jaitley said that low oil prices also enabled the government to rationalise subsidies. It has enabled us to absorb the loss that our own oil ... Read More »