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World Bank cuts Indian GDP growth for fiscal to 7%

NEW DELHI: In its first projection on India post-demonetisation, the World Bank has lowered the country’s GDP growth estimate for this fiscal to 7 per cent, from its earlier estimate of 7.6 per cent made in June last year. “Growth in India is estimated to reach 7 per cent in financial year (FY) 2017…reflecting a modest downgrade to India’s expansion,” ... Read More »

India shrimp exports to US rise by 34.8% in Nov

NEW DELHI: India’s shrimp exports to the US spiked 34.8% year-on-year in November 2016, according to the latest numbers published by the National Oceanic and Atmospheric Association. Indian shrimp exports rose from 12,544 metric tons in November 2015 to 16,909t a year later.  “India has recaptured its place as the number one exporter to the US despite the fact that ... Read More »

Steel scrap imports by India tumble 34% in Sep

NEW DELHI: The latest statistics released by the Directorate General of Commerce Intelligence and Statistics (DGCI&S) under the Ministry of Commerce, Government of India indicate that the country’s ferrous scrap declined sharply in September, in comparison with the previous month. This is the sixth straight month of decline in scrap imports by the country. Also, the imports were down when ... Read More »

India’s oilmeal exports jump 130% in Dec

NEW DELHI: India’s export of oil meals more than doubled in December 2016 mainly driven by high demand of non-genetically modified (GMO) soybean meal from France, said Solvent Extractors’ Association of India. The country exported 1,94,309 tons in December 2016, an increase of 130% from 84,218 tons reported same period last year. France imported 1,06,708 tons of oilmeals as compared ... Read More »

India’s indirect tax collection rises 25% in Q3 of FY17

NEW DELHI: India’s indirect tax collections grew 25 percent in the first three quarters of financial year 2017, compared to the same period last year, said Finance Minister Arun Jaitley. This data was keenly awaited as it factors in the impact of demonetisation on the economy, specially the manufacturing and services sectors, which are expected to bear the brunt of ... Read More »

Indian arms imports

NEW DELHI: According to 2016 arms imports and exports reports of the Stockholm International Peace Research Institute (SIPRI), Indian stood as the top arms import in the world. The report says that, between 2011-2015, India imported 14% of the total arms at the global level. It was followed by China, which accounts for only 4.7 % of world’s arms imports. ... Read More »

Two foreign nationals held at Delhi airport for smuggling party drugs in their stomach

NEW DELHI: A 38-year-old Brazilian woman and an Afghan national were arrested at the IGI Airport between December 30 and January 4 by the Narcotics Control Bureau (NCB) for allegedly smuggling party drugs, capsules of cocaine and heroin worth over ₹10 crore in their stomach. A total of 65 pellets of cocaine and 90 capsules of heroin have been recovered ... Read More »

India’s economic growth projected to slow to 7.1%

NEW DELHI: India’s economic growth was projected to slow to 7.1 percent this fiscal year in the first indicator of the impact of the government’s recent currency move. The estimate released Friday by the Indian Central Statistics Office for the fiscal year ending March 31 compared to 7.6 percent last year. The estimate is mostly based on data available through ... Read More »

India, Kazakhstan agree to amend tax treaty

NEW DELHI: India and Kazakhstan today signed an agreement to amend the two-decade old bilateral tax treaty under which information exchanged between the two can be shared with other law enforcement agencies. The protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between the two countries provides internationally-accepted standards for effective exchange of information on tax matters, an official ... Read More »

Amazon just entered enterprise market in India

NEW DELHI: Three years in India, Amazon has begun aggressively expanding its offerings in the country. The ecommerce giant is bringing its Amazon Business service in India, targeting enterprises and business customers who purchase products in bulk quantity.  Amazon’s arch rival in India, Flipkart and Snapdeal, don’t serve enterprise customers, yet. With Amazon Business, the Seattle-based giant will be challenging ... Read More »

India’s tax department signs 3 advance pricing agreements

NEW DELHI: Towards fostering a non-adversarial tax regime, India’s Income Tax Department on Wednesday signed three advance pricing agreements (APAs) with taxpayers designed to reduce litigation by providing certainty in transfer pricing, an official statement said. “The three APAs signed today pertain to engineering goods and shipping sectors of the economy. The international transactions covered in these agreements include intra-group ... Read More »

Spices exports up 5% by volume in H1 of FY 2016-17

KOCHI: Boosted by large shipments of nutmeg, mace, cumin and garlic, spices exports from India grew five per cent in volume in the first half of FY 2016-17 and rose to Rs 8415.97 crore during the period, registering a seven per cent increase in value. The total value of exports was Rs 7892.65 crore during the corresponding period last fiscal ... Read More »

Nikkei India Services PMI unhanged in Dec 2016

NEW DELHI: Business activity in the Indian service sector fell for the second consecutive month in December 2016, reflecting a steeper reduction in incoming new work. Backlogs continued to rise, while employment decreased fractionally. Panel members widely blamed the deterioration in economic conditions on the rupee demonetization, with concerns towards the speed of the recovery weighing heavily on sentiment. Meanwhile, ... Read More »

NRIs, Indians returning home to show old notes to Customs

NEW DELHI: NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetised currency in RBI during the grace period. The Indians who were abroad during the 50-day window provided from November 9 to December ... Read More »

India, Mercosur step up efforts to expand trade pact

NEW DELHI: India and the Mercosur bloc, comprising Brazil, Argentina, Uruguay and Paraguay, have stepped up efforts to expand their preferential trade agreement (PTA) to make greater inroads into the other’s market. The two sides, in a recent meeting, exchanged lists of items where each wants greater market access. “We are at present going through the Mercosur’s list of demand. ... Read More »

Govt further extends export sops on onions till March 31

NEW DELHI: To curb steep fall in wholesale onion prices and protect farmers’ interest, the Centre has further extended export sops on onion by three months till March 31 this year.  Wholesale prices fell by up to 42 per cent to Rs 7.40 per kg at Lasalgoan (Maharasthra), Asia’s biggest onion market, during last month from an average Rs 12.80 ... Read More »

Liquor worth Rs 600,000 missing from customs’ godown

NEW DELHI: Branded liquor worth over Rs 6 lakh went missing from a godown at the new customs house near IGI airport. A complaint in this regard was registered by the customs on Wednesday. Officials said the incident took place in October after a party arrived to take the delivery of the liquor after getting a releasing letter from the ... Read More »

India’s April-Nov fiscal deficit at 86% of full-year target

NEW DELHI: India’s fiscal deficit in the April-November period of the current fiscal touched Rs 7.96 lakh crore – or 85.8 per cent of Budget estimates for fiscal 2016-17 – as against 87 per cent of Budget in the same period of last year, government data showed on Friday. As per the Controller General of Accounts, the deficit, or the ... Read More »

India to supply 160MW power to Nepal from Jan.1

KATHMANDU: India will start supplying an additional 80MW electricity to Nepal from Jan.1, 2017, through the Dhalkebar-Muzaffarpur transmission line, the Indian Embassy in Kathmandu said. Nepal currently imports 80MW of electricity through the transmission line and with the additional import, the quantum will reach 160MW, The Kathmandu Post reported on Saturday. During his recent visit to India, Energy Minister Janardan ... Read More »

India’s Petronet to build LNG terminal under $950m deal

NEW DELHI: Petrobangla yesterday signed an initial agreement with India’s energy company Petronet to set up an LNG re-gasification terminal on Kutubdia Island and a pipeline at an estimated cost of $950 million. Prabhat Singh, managing director of Petronet LNG, India’s biggest gas importer, and Syed Ashfaquzzaman, secretary of state-run Petrobangla, signed the memorandum of understanding at the Petrobangla office ... Read More »