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Budget 2017 gets a thumbs up from Moody’s, Fitch
Rating agencies such as Moody’s Investors Service and Fitch have commended the Union Budget 2017-18 as being consistent with the fiscal consolidation targets, while also aiming for growth through higher public investments while committing to a broad reform agenda.
India and Austria Sign a Protocol amending the India-Austria Double Taxation Avoidance Convention
Mr Sushil Chandra, Chairman (Central Board of Direct Taxes) CBDT and Mr Georg Zehetner, Charge d’ Affaires, Embassy of Austria signed a protocol to amend the India-Austria Double Taxation Avoidance Convention in order to curb tax evasion and tax avoidance between the two countries.
From airports to e-commerce, Canadian institutional money pouring into India like never before
The capital inflows to India from Canadian institutional investors was estimated to reach over US$ 6.5 billion in March 2016, making Canada the fifth largest foreign direct investment (FDI) partner of the country, with major investments in infrastructure projects by Brookfield, Canada Pension Plan Investment Board (CPPIB), Ontario Teachers and Fairfax, among other institutions.
At 19 million tonnes per year, India 2nd-largest LPG user in world
India has become the second largest user of domestic liquefied petroleum gas (LPG) in the world with 19 million tonnes per year consumption, due to rapid rollout of ‘Ujjwala’ scheme for providing free LPG connections to poor households and expanding customer base in urban regions.
Govt doubles highways target to 15,000 km in next fiscal
The Ministry of Road Transport and Highways has set a target of constructing 15,000 kms of highways during FY 2017-18, which is 50 per cent higher than the current fiscal year, but is aimed to be achieved on back of higher budgetary allocation and money raised via bonds.
India to beat Japan to become third largest domestic aviation market globally
India is expected to surpass Japan to become the third largest domestic aviation market after US and China, with domestic air traffic expected to reach over 100 million passengers in 2017, according to Mr Kapil Kaul, Chief Executive Officer, Centre for Asia Pacific Aviation (CAPA).
Cabinet approves 'Pradhan Mantri Gramin Digital Saksharta Abhiyan’ for covering 6 crore rural households
The Union Cabinet has approved the Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA) to make 60 million rural households digitally literate by March 2019, with an investment of Rs 2,351 crore (US$ 349.4 million).
11,931 Villages Electrified Under DDUGJY
Out of 18, 452 villages without electricity, approximately 65 per cent or 11, 931 villages have been electrified until January 30, 2017 under the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), with the remaining villages targeted for electrification by May 2018, as per Mr Piyush Goyal, Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines.
GST to create Rs 36,000 crore software market in MSME segment
The implementation of Goods and Services Tax (GST) is expected to create Rs 36,000 crore (US$ 5.34 billion) market for invoicing and tax compliance software for micro, small and medium enterprises (MSME).
Budget 2017 seeks to revive public investments in agriculture: Nabard chief
The dairy and irrigation schemes worth Rs 35,000 crore (US$ 5.22 billion) introduced in the Union Budget 2017, are expected to revive public investments in the agriculture sector, and also help in upgrading the processing infrastructure of dairy sector, as per Mr Harsh Kumar Bhanwala, Chairman, NABARD.
852 Solar PV based Projects Operational Under of Deen Dayal Upadhyaya Gram Jyoti Yojana
Under the Decentralised Distributed Generation (DDG) of Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) implemented by the Ministry of Power, 852 projects based on Solar Photovoltaic (PV) cells have been operational as on January 31, 2017.
Horticulture output to exceed foodgrain yield
Horticulture production in India estimated at around 287.32 million tonnes in 2016-17 has exceeded food grains production for the past few years and will continue to outstrip by a good margin.