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Showing posts from May 22, 2018

Finmin Extends Funding under Mudra Scheme

Finmin Extends Funding under Mudra Scheme The finance ministry has tied up with 40 entities, including Flipkart, Swiggy, Patanjali and Amul, which are big job creators, for extending loans to small entrepreneurs under the Mudra scheme. In order to identify people who can be given funds under the Pradhan Mantri Mudra Yojana (PMMY), the ministry will on June 23 organise an event in Mumbai to extend loan under the scheme. “We have identified about 40 companies as biggest job creators. These companies will identify people who need loans under Mudra Yojana, underwrite them and we will extend loans under the scheme,” financial services secretary Rajiv Kumar told PTI. The Economic Times, New Delhi, 22nd May 2018

India to achieve 9% growth rate by 2022: NITI Aayog

India to achieve 9% growth rate by 2022: NITI Aayog
NITI Aayogvice-chairman Rajiv Kumar on Monday exuded confidence that economy will achieve 9 per cent growth rate on sustained basis by 2022 on the back of reforms like goods and services tax, demonetisation and he insolvency  and Bankruptcy Code. indian economy grew by 6.65 in 2017-18 and expected to grow at 7.5 and expected to grow at 7.5%  this fiscal. "Given that we havedone GST, demonetisation, IBC recapitalisation of bank, we will grow at 9% by 2022. We will grow also able to sustain it at that level, "he said. The Business Standard, New Delhi, 22nd May 2018

Shell Cos: I-T Dept to File Pleas in NCLT to Recover Tax Dues

 Shell Cos: I-T Dept to File Pleas in NCLT to Recover Tax Dues
The income-tax department is an “aggrieved creditor” to many deregistered shell companies and will petition the National Company Law Tribunal (NCLT) to recover tax dues of crores of rupees. The Central Board of Direct Taxes (CBDT) has directed the I-T department to form a special team of officers to complete the task of filing these petitions in various NCLT benches across the country by this month-end, and has written to the ministry of corporate affairs seeking its help. The CBDT, the policymaking body for the department, is concerned over crores of rupees of its “legitimate” taxes being stuck, after these shell firms were deregistered by the government in the recent past as part of its drive against black money and fraud business operations. PTI has accessed a letter written recently by the CBDT to all its regional chiefs stating that the tax department is an “aggrieved creditor” vis-a-vis these struckoff shell companies a…

India’s GDP Growth in Q4 Seen at 7.4%: Icra

India’s GDP Growth in Q4 Seen at 7.4%: Icra Rating agency Icra expects GDP growth in January-March 2017-18 at 7.4% on account of good rabi crop harvest and improved corporate earnings, up from 7.2% in the third quarter. The Central Statistics Office (CSO) is scheduled to come out with GDP estimate for the fourth quarter of fiscal 2017-18 and provisional annual estimates for the year 2017-18 on May 31. As per Icra, the growth of the Indian gross value-added at basic prices in year-on-year terms is likely to record a considerable recovery to 7.3% in Q4 FY2018 from 6.7% in Q3 FY2018, thereby rebounding above 7% after a gap of five quarters. This revival in the fourth quarter, relative to the previous three months, is expected to be broad-based, supported by an uptick in industry (to 7.7% from +6.8%), agriculture, forestry and fishing (to 4.5% from 4.1%), and services (to 7.8%from +7.7%), it said.—PTI The Economic Times, New Delhi, 22nd May 2018