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For the first time in nearly 150 years, India's economy surpasses that of United Kingdom
India's Gross Domestic Product (GDP) has surpassed that of United Kingdom after nearly 150 years, led by India's sustained growth and nearly 20 per cent decline in the value of the pound over the last 12 months, according to a report published in Forbes.
FM: India remains a bright point in global economy and BRICS in particular despite the slowdown in global economy in 2016
Finance Minister Mr Arun Jaitley has stated that India remains a bright point in global economy and BRICS in particular as many major reformative decisions have been taken by the Government of India during FY 2016-17.
Demonetisation likely to boost tax revenues, growth in future: Arvind Panagariya
Mr Arvind Panagariya, Vice-Chairman of the Niti Aayog of India, has stated that Government of India's demonetisation initiative will likely bring significant gains in tax revenues going ahead, which may allow the Government to raise expenditure without violating any of its fiscal goals and thereby help the economy bounce back strongly in the years ahead.
Start-up Initiative: a ''Fund of Funds'' of INR 10,000 Crores to Support Innovation Driven Start-Ups has been Established to be Managed by Small Industries Development Bank of India (SIDBI)
The Government of India has established a ‘Fund of funds’ of Rs 10,000 crore (US$ 1.48 billion), which will be managed by Small Industries Development Bank of India (SIDBI), to build a strong ecosystem for nurturing innovation and start-ups in the country.
Govt launches portal for accessing various services on single platform
The Ministry of Electronics and Information Technology has launched a services portal, which aims to provide seamless access to government services related to education, health, electricity, water and local services, justice and law, pensions and benefits, through a single window.
Next step towards ‘24x7 Power For All’: Shri Piyush Goyal launches GARV-II App to track Rural Household Electrification and Citizen Engagement Window ‘SAMVAD’
Mr Piyush Goyal, Minister of State with Independent Charge for Power, Coal, New and Renewable Energy and Mines, has launched a new app, GARV-II, to provide real time data of all 600,000 villages in the country, to track progress on household electrification in these villages, and also launched a citizen engagement window ‘SAMVAD’, to enhance participation of public.
CSCs complete digital training of over 10 lakh people in rural areas
A total of over 1 million people in the rural areas have been digitally trained by the common service centres (CSCs) so far, in an attempt to promote digital transactions and to educate the citizens on the various methods of cashless payments, according to Mr Ravi Shankar Prasad, Union Minister of Law and Justice and Information Technology.
Government looks to educate 1 crore rural citizens on e-payments
Mr Ravi Shankar Prasad, Minister for Law and Justice and Information Technology, has stated that the Government of India will likely educate over 10 million people on e-payments in rural India, in a matter of three-four days, through the newly-launched Digi Dhan Abhiyan or digital financial literacy programme.
Income tax relief for small firms in bid to encourage digital payments
The Government of India has relaxed norms for small merchants with a turnover of up to Rs 2 crore (US$ 295,306), allowing them to pay 6 per cent of deemed profit in tax instead of 8 per cent of total turnover or gross receipts received through banking channels or digital means for FY 2016-17, in a bid to encourage cashless transactions in the country.
Government takes various measures to raise India’s ranking in ‘Ease of Doing Business’ to top 50 in the world
The Government of India plans to implement various reforms like introducing eBiz portal for starting a business, reducing the number of procedures and days for starting a business to four, introducing online payment for EPFO and ESIC, reducing the cost and time involved in export and import, integrating the Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) database with the Registrar of Company (ROC) to create a single registry of assets, among other reforms, in order to improve the business climate and thereby improve India's ranking in World Bank's Ease of Doing Business index to top 50 in the world.
M&A activity at a record high of $69.75 billion
According to data compiled by Thomson Reuters, merger and acquisition (M&A) activity in India has reached record levels in 2016 by increasing to US$ 69.75 billion across 1,195 deals, mainly driven by structural reforms that the government has announced in the past couple of years.
Coal Production Reaches 391.10 MTe, 1.6% Overall Growth Recorded During April-November 2016
Total production of raw coal in India rose 1.6 per cent year-on-year to 391.10 million tonne (Mte) during April- November 2016, according to data from the Ministry of Coal.