India Positive - 12 August, 2016
- November 30, -0001
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Mr Kaushik Basu, Chief Economist, The World Bank, has stated that the Goods and Service Tax (GST) implementation will likely lead to faster movement of goods within the country and provide a boost to India's growth rate in the long run.
Engineering Export Promotion Council (EEPC) of India, the apex organisation of the engineering exporters, has stated that India has achieved a landmark milestone of economic reforms, which will likely boost manufacturing in the country.
India has moved up to the second spot in the Asia Pacific region, with a score of 97.6, in MasterCard Index of Consumer Confidence for June 2016, based on parameters including regular income, employment, quality of life, economy and stock market.
The Parliament has cleared a bill to amend laws including the Sarfaesi Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899, and the Depositories Act, 1996, which will help banks and financial institutions recover loans more effectively, encourage more asset reconstruction companies (ARCs) to set up business in India and revamp debt recovery tribunals (DRTs).
Mr Nitin Gadkari, Minister for Road Transport and Highways and Shipping, has introduced a bill to amend the Motor Vehicles Act in Lok Sabha, which include provisions to make it easier to get a learner's driving licence, increase the penalties for traffic rule violation and ease the provisions on vehicle permits.
The Taxation Laws (Amendment) Bill, 2016 was passed in the Lok Sabha, which will facilitate the employers in the textile sector to avail the income tax benefit on additional employment for which the criteria of employee's tenure has been reduced to 150 days from 240 days mandated earlier.
The Union Cabinet has approved a memorandum of understanding (MoU) between India and South Africa, aimed at expanding bilateral cooperation in the tourism sector through exchange of information and data, establishing exchange programmes and increasing investments in the tourism and hospitality sector.
The Union Cabinet has approved liberalisation of foreign investment norms for the non-banking finance companies (NBFCs), aimed at enabling the inflow of foreign investment in commodity broking, asset finance companies, depository participants and infrastructure debt funds through the automatic route.
India is expected to have over 180 million smartphones by 2019, contributing around 13.5 per cent to the global smartphone market, based on rising affordability and better availability of data services among other factors, according to a report by Assocham-KPMG.
The CII-IBA (Confederation of Indian Industry-Indian Banks Association) Financial Conditions Index rose to 61.1 during April-June 2016 quarter as compared with 47.8 in the previous quarter, showing a healthy improvement in India's financial condition and market environment.
Two-wheeler industry in India is set to record its fastest growth in FY2017, primarily due to good monsoon rains which will give a boost to rural demand and higher expected spending in cities because of higher disposable income in the hands of government employees due to Seventh Central Pay Commission proposal.
Passenger vehicle (PV) sales in India grew by 16.78 per cent year-on-year to 259,685 units in July 2016, while utility vehicles rose by 41.85 per cent to 64,105 units, according to data from the Society of Indian Automobile Manufacturers (SIAM).
GST to boost Indian economy in long run, says World Bank chief economist Kaushik Basu
Mr Kaushik Basu, Chief Economist, The World Bank, has stated that the Goods and Service Tax (GST) implementation will likely lead to faster movement of goods within the country and provide a boost to India's growth rate in the long run.
India has achieved a landmark milestone of economic reforms: EEPC India
Engineering Export Promotion Council (EEPC) of India, the apex organisation of the engineering exporters, has stated that India has achieved a landmark milestone of economic reforms, which will likely boost manufacturing in the country.
India moves up in MasterCard consumer confidence index
India has moved up to the second spot in the Asia Pacific region, with a score of 97.6, in MasterCard Index of Consumer Confidence for June 2016, based on parameters including regular income, employment, quality of life, economy and stock market.
Parliament gives nod to amendments in Sarfaesi and DRT Acts
The Parliament has cleared a bill to amend laws including the Sarfaesi Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899, and the Depositories Act, 1996, which will help banks and financial institutions recover loans more effectively, encourage more asset reconstruction companies (ARCs) to set up business in India and revamp debt recovery tribunals (DRTs).
Bill to reform motor vehicle law introduced
Mr Nitin Gadkari, Minister for Road Transport and Highways and Shipping, has introduced a bill to amend the Motor Vehicles Act in Lok Sabha, which include provisions to make it easier to get a learner's driving licence, increase the penalties for traffic rule violation and ease the provisions on vehicle permits.
Lok Sabha passes Taxation Laws (Amendment) Bill
The Taxation Laws (Amendment) Bill, 2016 was passed in the Lok Sabha, which will facilitate the employers in the textile sector to avail the income tax benefit on additional employment for which the criteria of employee's tenure has been reduced to 150 days from 240 days mandated earlier.
Cabinet approves MoU between India and South Africa for cooperation in the field of Tourism
The Union Cabinet has approved a memorandum of understanding (MoU) between India and South Africa, aimed at expanding bilateral cooperation in the tourism sector through exchange of information and data, establishing exchange programmes and increasing investments in the tourism and hospitality sector.
Cabinet approves liberalization of FDI norms for NBFCs
The Union Cabinet has approved liberalisation of foreign investment norms for the non-banking finance companies (NBFCs), aimed at enabling the inflow of foreign investment in commodity broking, asset finance companies, depository participants and infrastructure debt funds through the automatic route.
India to have 13.5% share in global smartphone market by 2019: Report
India is expected to have over 180 million smartphones by 2019, contributing around 13.5 per cent to the global smartphone market, based on rising affordability and better availability of data services among other factors, according to a report by Assocham-KPMG.
Financial condition, market environment has improved in the quarter to June: Index
The CII-IBA (Confederation of Indian Industry-Indian Banks Association) Financial Conditions Index rose to 61.1 during April-June 2016 quarter as compared with 47.8 in the previous quarter, showing a healthy improvement in India's financial condition and market environment.
India's two-wheeler industry set to record fastest growth in five years in fiscal 2017
Two-wheeler industry in India is set to record its fastest growth in FY2017, primarily due to good monsoon rains which will give a boost to rural demand and higher expected spending in cities because of higher disposable income in the hands of government employees due to Seventh Central Pay Commission proposal.
Passenger vehicle sales grow 16.78% in July : SIAM
Passenger vehicle (PV) sales in India grew by 16.78 per cent year-on-year to 259,685 units in July 2016, while utility vehicles rose by 41.85 per cent to 64,105 units, according to data from the Society of Indian Automobile Manufacturers (SIAM).
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