Latest Indian Economy News

New Delhi, May 1 (PTI) The Income Tax department has notified a new form for filing updated I-T returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax.The new form (ITR-U) will be available to taxpayers for filing updated income [...]

Chennai, Apr 30 (PTI) Expressing concern over the reported move by Japanese carmaker Nissan Motor to halt the production of Datsun redi-GO car models at its Chennai plant, AIADMK co-ordinator O Panneerselvam urged Tamil Nadu Chief Minister M K Stalin to immediately intervene and ensure steps to sustain the operations. The future of thousands of [...]

New Delhi, Apr 30 (PTI) State-run power generating companies of Maharashtra, West Bengal, Jharkhand, Tamil Nadu, Rajashthan and Madhya Pradesh owe Rs 6,477.5 crore to Coal India Ltd amid the country grappling with coal shortages.At present, the country is witnessing a power crisis on account of coal shortages.While Maharashtra State Power Generation Company owes the [...]

New Delhi, Apr 30 (PTI) CBDT Chairman J B Mohapatra retired on Saturday even as a government order for the appointment of a regular head of the direct taxes administration body is awaited. Mohapatra, a 1985-batch Indian Revenue Service (IRS) officer of the Income Tax department, was appointed as the full-time chairman in September last [...]

Mumbai, Apr 30 (PTI) Seeking to address concerns over the deep haircuts taken by banks in some of the insolvency resolutions, Reserve Bank Deputy Governor M Rajeshwar Rao on Saturday said comparing the outstanding loan amounts with the value realised may not be a 'reasonable indicator' to assess the bankruptcy law's effectiveness.Admitting that there have [...]

New Delhi, Apr 30 (PTI) The telecom department has exempted certain products including mobile user equipment, mobile handsets, and smart watches from the ambit of its mandatory testing `MTCTE regime', removing a regulatory overlap that existed, an official release said on Saturday. The exemptions on these widely-used products will reduce the compliance burden and will [...]

Ahmedabad, Apr 30 (PTI) Evolving with changing scenarios will be crucial for Insolvency and Bankruptcy Code (IBC) as it could become the most potent instrument in driving proactive responsible behaviour among lenders and prove to be a boon for the economy, Minister of State for Corporate Affairs Rao Inderjit Singh said on Saturday. He was [...]

Ahmedabad, Apr 30 (PTI) Evolving with changing scenarios will be crucial for Insolvency and Bankruptcy Code (IBC) as it could become the most potent instrument in driving proactive responsible behaviour among lenders and prove to be a boon for the economy, Corporate Affairs Minister Rao Inderjit Singh said on Saturday. He was speaking at an [...]

New Delhi, Apr 30 (PTI) Amid concerns in certain quarters that the insolvency law has led to more liquidations than resolutions of stressed assets, Corporate Affairs Secretary Rajesh Verma on Saturday pitched for having a framework to study the impact of the legislation. Emphasising that the government and regulator IBBI have been constantly making course [...]

United Nations, Apr 30 (PTI) As large parts of India and Pakistan experience scorching temperatures, the UN’s specialised agency on weather has said while it is premature to attribute the extreme heat in the two countries solely to climate change, it is consistent with a changing climate, with heatwaves starting earlier than in the past.Extreme [...]

Bengaluru, Apr 29 (PTI) Storage chip company Micron on Friday said it sees growth opportunities in the country and plans to hire over 1,800 engineers in the next two to three years. During a virtual address at the Semicon India 2022 conference, Micron Technology President and CEO Sanjay Mehrotra said that the company sees the [...]

Mumbai, Apr 29 (PTI) Price stability is a necessary precondition for strong and sustainable growth, an RBI report said on Thursday while stressing a series of structural reforms to nurture a durable recovery post-COVID."A feasible range for medium-term steady-state GDP growth in India works out to 6.5 - 8.5 per cent, consistent with the blueprint [...]

Mumbai, Apr 29 (PTI) The recent hike in the subsidy for NPK fertilisers to Rs 60,900 crore for the first half of this financial year, which is way above the budget for this year, is a positive step for the fertiliser sector, India Ratings and Research (Ind-Ra) said in a report. Around Rs 42,000 crore [...]

New Delhi, Apr 29 (PTI) The government may not auction spectrum frequency range between 27.5-28.5 gigahertz and leave it for satellite services, according to official sources.The Telecom Regulatory Authority of India (Trai) had recommended a base price for this frequency range and suggested that it can be used for both mobile as well as satellite [...]

Market to expand to USD 150 billion giving impetus to FinTech careers Bengaluru, Karnataka, India (NewsVoir) The Banking, Finance Services, and Insurance (BFSI) industry have taken a quantum leap in transitioning to FinTech products and services. This includes an accelerated adoption to go digital and contactless owing to the pandemic and the consequent lockdown. India’s [...]

New Delhi, Apr 29 (PTI) Regulator IRDAI on Friday increased the investment limit by insurance companies in financial and insurance activities to 30 per cent from the existing 25 per cent, a move aimed at providing greater flexibility to insurers to park their funds for better returns. "The authority... permits all insurers to have exposure [...]

Nagpur, Apr 29 (PTI) Vice President M Venkaiah Naidu on Friday said taxes needed to be collected to increase revenue but it must be done in a manner which is not arbitrary and unjust but transparent and user-friendly. Addressing the valediction ceremony of the 74th Batch of IRS (Income Tax) at NADT (National Academy of [...]

New Delhi, Apr 29 (PTI) NTPC GE Power Services has inked an agreement with the Lake Region Economic Bloc to explore business opportunities in the renewable sector in Africa."NTPC GE Power Services Limited (NGSL), a 50:50 JV between NTPC and GE Power India Ltd, has signed a Memorandum of Engagement (MoE) with The Lake Region [...]