India's government is working on the next stimulus package to support the economy amid positive signs of a fall in COVID-19 cases, a senior finance ministry official said on Wednesday.

The government has received suggestions from various ministries and sectors on needed measures, 
Tarun Bajajeconomic affairs secretary at the ministry of finance, told a virtual conference.

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RBI Monetary Policy LIVE Updates: Central Bank keeps repo rate unchanged at 4%; maintains accomodative stance, said RBI Governor Shaktikanta Das

 

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NEW DELHI: The road transport ministry has approved the formula for initiating the mandatory recall of vehicles of a particular model, if there are complaints of identical defects. The trigger for such recall will be linked to the percentage of complaints received from consumers and the annual sale volume of the particular model. In the case  ..

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The ministry of corporate affairs (MCA) has extended the deadline for the Companies Fresh Start Scheme (CFSS) and the LLP Settlement Scheme till the end of the year.

Both the schemes, aimed at improving compliance with regulatory filings, were ending on Wednesday.


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Guwahati: The Assam government comes to the rescue of the ailing tea industry. It has announced interest subvention of three per cent on the working capital loan taken by the tea estates. A subsidy of ₹7 per kg will be provided

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If India only reforms when under pressure, then now should be a moment for big changes: Gross domestic product contracted nearly 24% in the second quarter, more than any other large economy; tens of millions have lost jobs in the formal and informal sectors; and the country is adding over 85,000 confirmed coronavirus cases each day. There’s an obvious place for the government to start, too: fixing India’s failed special economic zones.
China, of course, pioneered the idea of testing politica ..

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The UK India Business Council has signed an MoU with West Bengal Industrial Development Corporation (WBIDC), to focus on accelerating industrial development in the state. This collaborative partnership between the UKIBC and West Bengal government will help to boost business and industrial development in the state by proactively developing the business environment and strengthening collaboration with British businesses in the state, a senior official said.

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Technology revolutions of the last few decades and falling cost of technology create new opportunities for insurers to harness the data.

 

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The new government must lower taxes on equity, including dividends and capital gains, to boost the entrepreneurial spirit, CII president Vikram Kirloskar has said. Kirloskar is looking forward to measures that can enhance farmer income, focus on investment revival, job creation and improved consumption, as these were key to driving the economy growth above 7.2% this fiscal. The chairman and managing director of Kirloskar Systems Ltd and vice-chairman of Toyota Kirloskar Motor took charge of the Confederation of Indian Industry (CII) in April. He said there is a need to make investment in equity more attractive to boost investment in the economy. 

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The report on Periodic Labour Force Survey 2017-18 has now been released. Critics of Prime Minister Narendra Modi had made much of the leaked estimate of unemployment rate of 6.1%. Hoping to turn voters against him, they repeated ad nauseam that unemployment rate had turned the highest in 45 years. But with their blinkered vision, they failed to see that the flip side of unemployment rate is employment rate, which stood at a hefty 94%. For most voters, unemployment was not an issue. But the survey does point to a difficult road ahead for India. It reveals that the transition of workers out of agriculture into industry and services has continued to move at a snail’s pace. Agriculture’s share of employment, which had fallen rather slowly from 58.5% in 2004-05 to 48.9% in 2011-12, fell yet more slowly in the following six years to 44.1% in 2017-18. The fact that 44.1% of workers employed in agriculture produce only 15% of GDP means that output per worker in this sector is less than one-fourth of that in industry and services combined. With output per worker in industry and services itself low, per-worker output in agriculture is truly tiny. 

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The Sashakt Committee has recommended that the existing Inter-Creditor Agreement to incorporate the revised voting threshold and other changes for decision making stipulated by the Reserve Bank of India. In a statement it said that this will enable expeditious implementation of the new framework on stressed assets. “The Sashkat ICA can be modified to incorporate the requirements of New Framework and serve as the Master Inter-Creditor Agreement for resolution of all stressed asset under BLRA. The New Framework is pragmatic and a step in the right direction. It takes care of all stakeholders interests,” said Sunil Mehta, chairman of Sashakt Committee.

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The government could offer incentives in the form of tax breaks or subsidies to prompt India Inc to adopt a new standard that aims to drive use of new technology and digitisation, a senior official said. “A major initiative is being mulled to push the industry to adopt ‘Industry 4.0’,” the official said. Industry 4.0, or the fourth industrial revolution, will have as its mainstay increased digitisation and interconnection of products, value chains and business models. It has been devised by the Niti Aayog. 

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The government is set to bring in a new mass transport system-LRT-Metrolite-for Tier-II and Tier-III cities. Metrolite will be dedicated rail corridors in cities and towns with tracks on surface instead of elevated or underground stretches as is the case with Metro rail corridors across the country. 

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Experts have expressed their desire to see improved cooperation between India and Indonesia, two countries with around 100 years of cultural and historical connections but an apparent shortage in bilateral economic initiatives. According to the Times of Assam, bilateral trade has reached $20 billion within the last 10 years but analysts believe there is still a lot of room for improvement in terms of trade and economic ties. Many economists predict that India and Indonesia can create a partnership that will make a mark in the Asian region. The only way forward, though, is to come up with trade initiatives that will benefit both sides equally.

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GST Network on Wednesday released a demo tool for the new and simplified return filing form which will be launched sometime later in the year. The prototype available on webportal gives stakeholders a feel of what the new return filing system will look like. GSTN also sought stakeholder feedback on the proposed offline tool. It will allow users to use functionality such as drop down menus, invoice upload, upload of purchase register for matching with system created inward supplies.

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Farmers take to the streets over farm Bills

They block rail, road traffic; accuse Centre of implementing ‘anti-farmer’ policies

Tata Sons offers to buy out Shapoorji Pallonji Group's stake in shares dispute

Tata Sons has offered to buy out Shapoorji Pallonji group's stake in the holding company to help the group raise money to pay its debt. The Supreme Court has also barred the Mistry group from pledging or selling any Tata shares until October 28, when it starts hearing final arguments in the case.


Diversity and inclusion in insurance: From awareness to action

The Canadian insurance industry still has work to do when it comes to promoting and encouraging diversity and inclusion – but things are moving in the right direction. Earlier this month, more than 300 individuals from the Canadian insurance industry gathered at Women in Insurance Toronto – a lively and empowering networking event focused on boosting the careers of women in insurance. The message resonating at the event was clear: It’s time to turn awareness into action.

GSTN releases prototype of a new simplified return filing system

GST Network on Wednesday released a demo tool for the new and simplified return filing form which will be launched sometime later in the year. The prototype available on webportal gives stakeholders a feel of what the new return filing system will look like. GSTN also sought stakeholder feedback on the proposed offline tool. It will allow users to use functionality such as drop down menus, invoice upload, upload of purchase register for matching with system created inward supplies.

Singapore, Canada seek to join WTO consultations over India's ICT products tariff

Singapore and Canada have expressed interest in joining consultations in a case filed by Japan in the WTO's dispute settlement body against India's import duties on certain information and communication technology products, including mobile phones. According to a communication of the World Trade Organisation (WTO), both countries have stated that they have a substantial trade interest in information and communication technology (ICT) goods. 

Bajaj Finance joins Rs 2-trillion m-cap club; stock zooms 105% in 14 months

The company recorded a strong 57 per cent YoY growth in net profit at Rs 1,176 crore in March quarter, while net interest income, or NII, grew 50 per cent at Rs 3,394 crore on YoY basis.

Ministry held session for stakeholders in renewable energy industry

The Ministry of New and Renewable Energy today held a brainstorming session for all stakeholders in the renewable energy industry. Major challenges faced by the industry were deliberated upon at the day long meet.

SEBI, IRDAI Launch Regulatory Sandbox Framework For Fintech Startups

In a bid to support the fintech industry in, the Reserve Bank of India introduced a regulatory sandbox for the startups to test their products and services. Now a similar initiative has been taken by market regulator Securities and Exchange Board of India (SEBI) and insurance regulator Insurance Regulatory and Development Authority of India (IRDAI).

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