Skip to main content

Modi gives exit route to small traders from ITlens

By
Modi gives exit route to small traders from ITlens
Prime Minister Narendra Modi on Sunday asserted the process of taking “important decisions” regarding the economic reforms will continue.The assertion came at a time when the opposition parties have been attacking demonetisation and goods and services tax (GST) rollout.On a day long visit to Gujarat, Modi also reached out to traders, saying their past records would not be checked by the income tax department if they join the formal economy by getting themselves registered under GST.
“After all reforms and hardcore decisions, the economy is on track and is going in the right direction,” Modi said addressingarally in Gujarat.“Many economists have agreed unanimously that the fundamentals are strong,” he added.He was apparently answering critics who have been saying the economy is in bad state.Congress vice president Rahul Gandhi had attacked Modi during his recent campaign tour in Gujarat, after the growth rate slipped to 5.7 per cent in the first quarter of 201718.
Talking about GST, Modi said the number of traders joining the new indirect tax regime is increasing day by day. “In the last few months, 2.7 million additional people have registered themselves for this indirect tax. Tax rules, system, tax officials and even politicians are forcing them to do it,” he said. “Iknow those who are joining have fear that their past records will be checked.Iassure you no tax officials will be allowed to open past records of those who want to come in the mainstream,” the PM declared.
“GST has eliminated check posts on borders.Trucks do not have to wait for days and corruption at checkposts has stopped.Those who used to take contracts for ensuring passage of your trucks through checkposts are naturally angry with me,” Modi said.
Essar Completes Construction OF Ro-Ro terminals
Essar Projects, the arm of Ruiasled Essar Group, on Sunday said it has constructed and designed ´rollonrolloff´ (RoRo) terminals at both Dahej and Ghogha ports, as part of its Rs 225 crore contract from the Gujarat government.Prime Minister Narendra Modi on Sunday inaugurated the first phase of the Rs 615 crore ´rollonrolloff´ (RoRo) ferry service between Ghogha in Saurashtra and Dahej in south Gujarat.The project was awarded by Gujarat Maritime Board which has executed the roro project, for constructing the roro terminals and supporting onshore infrastructure at Dahej and Ghogha.
The Business Standard, New Delhi  , 23th October 2017

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more