While retail inflation can be checked through a cut in excise duty on oil, it will disturb the government's budget. Reduced revenues will swell the fiscal deficit if spending is not cut. Alternatively, if the government decides to stay with the fiscal deficit target of 6.4% of GDP for FY23, capital spending is likely to be reduced, which would in turn depress growth.
Several Chinese companies in India were found to be involved in tax evasions, according to an investigation launched by security and probe agencies, ET has learnt.
A rise in the amount of sugar diverted to ethanol production has led to a deficit globally which Indian exports are filling. Indian sugar export is expected to touch record high, said Sudhanshu Pandey, secretary, Department of Food & Public Distribution.
If records are anything to go by, this one is surely special as it culminates in setting up the first 4G network on the moon, and establishing the first extra-terrestrial cellular mobility that could one day be extended further to connect future robotic and human missions in space, and even to the Mars.
In a major development in the National Stock Exchange (NSE) fraud case, the Central Bureau of Investigation (CBI) on Sunday night arrested its ex MD and CEO Chitra Ramkrishna. Arrested from her Delhi residence, Ramkrishna will be produced before the Rouse Avenue Court on Monday, and the agency will seek her custody for questioning.
Since the Modi government came to power in 2014, it was only in the financial year 2019-20 that it failed to achieve the revised CPSE disinvestment target of Rs 65,000 crore. The mop-up during the year was only Rs 50,304 crore.
According to a statement delivered by Ambassador of India to the WTO Brajendra Navnit at the General Council meeting held on February 23 to 24, many members have spoken about how e-commerce helped their economies during pandemic-led lockdowns.
The GST Council in its next meeting may look at raising the lowest tax slab to 8 per cent, from 5 per cent, and prune the exemption list in the Goods and Services Tax regime as it looks to increase revenues and do away with states' dependence on Centre for compensation, sources said
Listing challenges faced by the Indian economy, Varma said while the economy has yet to recover from the cyclical economic slowdown which began around three years ago, investment has remained subdued during this period, and private consumption has not fully recovered from the pandemic.