Outward remittances exceeding ₹6 lakh come under I-T scanner
The move will help the government to identify cases where the remittance was sent but was not reported by the taxpayer in their filling, the official said. “The whole exercise will curb tax evasion and ensure that legitimate remittances are facilitated while preventing abuse of relaxations in foreign remittance reporting,” the official added.
India’s July retail inflation eases to 5-year low
Economists struck a note of caution, pointing out that the drop was largely due to the base effect of high inflation last year and that it could head back up in the coming months. Retail inflation based on the Consumer Price Index (CPI) in July 2023 was 7.44% while that in June this year printed […]
Time ripe for next round of big reforms to attract manufacturers: Experts
Some experts suggested steps include creating world-class, export-oriented industrial hubs (where India is a laggard), ringing in favourable tax treaties with the country’s top trading partners, bolstering logistics infrastructure (including connectivity with ports), encouraging sector-specific skill development, targeting high-volume local production of capital goods and investing in smart manufacturing facilities.
India has potential to become $ 55 trillion economy by 2047, says IMF Executive Director Subramanian
Krishnamurthy V Subramanian of the IMF stated that Hyderabad, India could potentially become a USD 55 trillion economy by 2047. During his book launch at Indian School of Business, he highlighted that with 8% growth and solid government policies, India could achieve this by leveraging financial inclusion and infrastructure investments.
Q2 goods exports seen 4.2%: EXIM Bank
“Positive growth in India’s exports could be as a result of India’s continued strong economic activity backed by sustained momentum in manufacturing and services sector, expected global monetary easing and improving demand prospects in trading partners,” the bank said in a statement.
India’s net direct tax collection grows 22% to Rs 6.93 lakh crore
As of August 11, net direct tax collections have surged by 22.48% to approximately Rs 6.93 lakh crore this fiscal year. This includes Rs 4.47 lakh crore from personal income tax and Rs 2.22 lakh crore from corporate tax. Additionally, Securities Transaction Tax (STT) brought in Rs 21,599 crore, and other taxes contributed Rs 1,617 […]
BIMSTEC can finalise regional FTA in phases to promote investment & jobs
Recommendations for taking forward the BIMSTEC grouping with the engagement of businesses of the member states include Finalising a regional FTA in phases, which would lead to quicker implementation and promote investment, job creation, technology partnerships, and services; Industry Partnerships for Deepening Regional Economic Engagement
Rupee slips to record closing low, tracking decline in Asia FX
The Indian rupee slipped to its weakest closing level on Monday, pressured by a decline in its Asian peers while likely intervention by the Reserve Bank of India ensured the currency did not weaken more.
Saraswati Saree Depot IPO sails through on Day 1 on strong NII, retail bidding
The IPO of Saraswati Saree Depot was fully subscribed within hours of its launch today, with a subscription rate of 2.46 times. Retail and non-institutional investors were the primary contributors, with the retail portion subscribed 3.34 times. The company fixed a price band of Rs 152-160 per share. Analysts advise high-risk investors to consider this […]
Tech Picks: Bajaj Auto among 5 stocks set for a short-term 35% jump
The Nifty 50 and S&P BSE Sensex both declined last week, falling 1.4% and 1.6%, respectively, as concerns about a potential US recession drove investors toward safer assets. Despite this, analysts have identified several stocks with promising technical setups, suggesting potential gains of up to 35% in the near term. Here are five tech picks: