India Latest News
- Millet prices hit a record as demand outgrows supplyon December 4, 2023 at 6:42 pm
Launch of new products like millet-based pasta, noodles and snacks, inclusion of millets in breakfast cereals, and increased consumption of millets in the traditional form of flour have all bolstered the demand for millets, industry insiders. At the same time, millet-based startups – that have been doubling their year-on-year growth – have been struggling to source enough supplies of good quality millets due to erratic weather conditions in millet-growing areas as well as comparatively low production of millets vis a vis other foodgrains such as wheat and rice.
- Proposal afoot to expand NCLAT strength to 20on December 4, 2023 at 3:34 pm
The Indian government is considering an important proposal to increase the number of members in the National Company Law Appellate Tribunal (NCLAT) from 12 to 20, including the chairman. This move aims to speed up the resolution of appeals against adjudicating authorities in various cases, including insolvency, mergers and acquisitions, and antitrust matters. The expansion of the NCLAT is seen as crucial in light of the country’s rapidly growing economy, which underscores the need for a more robust dispute resolution system.
- No relaxation in borrowing terms for states, says Finance Minister Sitharamanon December 4, 2023 at 1:55 pm
“Presently, there is no proposal to relax the existing terms for borrowing capacity of the State Governments including the Government of Kerala,” Sitharaman said in response to a question on whether the government is considering to relax borrowing terms for the state of Kerala.
- Nearly 8 crore ITRs filed till December 2on December 4, 2023 at 11:25 am
As of December 2, 2023, a total of 7.76 crore income tax returns for the financial year 2022-23 have been filed. More returns are expected to be filed by the end of December 31, 2023, which is the extended deadline. In the previous financial year (2021-22), 10.09 crore PAN holders paid taxes.
- Govt mulls substantially expanding NCLAT strength to speed up insolvency, M&A appealson December 4, 2023 at 10:53 am
The government is reportedly considering a proposal to increase the number of members in the National Company Law Appellate Tribunal (NCLAT) from the current 12 (including the chairman) to 20. This move is intended to expedite the resolution of appeals in cases related to insolvency, mergers and acquisitions, and antitrust matters, reflecting the need for a robust dispute resolution system as the economy expands rapidly.
- CBIC launches two-factor authentication for all e-way bill, e-invoiceon December 4, 2023 at 10:22 am
CBIC has implemented two-factor authentication for e-waybill and e-invoice systems from December 1, heightening security measures within the goods and services tax systems. The rollout began in Haryana, extending soon to Punjab, Chandigarh, Uttarakhand, Rajasthan, and Delhi in phases before expanding nationwide in the second phase for taxpayers’ seamless operation.
- Cashless medical treatment for road accident victims in 3-4 months: Road Secretaryon December 4, 2023 at 9:58 am
The MoRTH in India plans to roll out cashless medical treatment for all road accident victims nationwide within the next three to four months, according to road secretary Anurag Jain. This initiative, part of the amended Motor Vehicle Act 2019, aims to provide free and cashless medical treatment to accident victims, including during the critical “golden hour” following a traumatic injury.
- India to become $5 trn economy early in Amrit Kaal: FinMinon December 4, 2023 at 9:35 am
India aims to become a USD 5 trillion economy ahead of schedule, during the “Amrit Kaal,” as part of the larger goal of becoming an advanced economy by 2047, according to Minister of State for Finance Pankaj Chaudhary. The International Monetary Fund (IMF) projects India to reach this milestone in 2027-28, with a strong rupee contributing to the achievement through macroeconomic stability.
- Govt to run pilot for growth hubs programme in four cities: MoS Rao Inderjit Singhon December 4, 2023 at 9:12 am
Mumbai Metropolitan Region (MMR), Varanasi, Surat and Visakhapatnam have been identified for running the pilot under the Growth Hubs programme, minister of state for planning Rao Inderjit Singh said in response to a question in Rajya Sabha on Monday.
- Avg monthly GST mop-up at Rs 1.66 lakh cr so far this fiscal: FM Nirmala Sitharamanon December 4, 2023 at 9:07 am
Finance Minister Nirmala Sitharaman said in the Lok Sabha that the Goods and Services Tax (GST) collection has consistently increased on an annual basis since its introduction on July 1, 2017. The average monthly GST collection for the current fiscal is Rs 1.66 lakh crore, marking an 11% increase over the same period in the previous financial year
- State election victory to reduce risk of fiscal populism, say expertson December 4, 2023 at 8:34 am
The Bharatiya Janata Party’s (BJP) victory in three states is expected to reduce the risk of fiscal populism in the lead-up to the 2024 general elections, according to economists. The government may announce incremental support measures, but aggressive welfare spending with significant fiscal costs is unlikely ahead of the general polls.
- Disbursement of Rs 79 crore incentives under PLI for white goods expected in last quarter of this fiscalon December 4, 2023 at 8:22 am
Indian government is set to disburse around Rs 79 crore in fiscal incentives under the Production Linked Incentive (PLI) scheme for white goods in the last quarter of the financial year. The PLI scheme for white goods aims to promote domestic manufacturing of air conditioners and LED light components. Some selected beneficiary firms have already started production, contributing to the disbursement target.
- India’s November palm oil imports jump 22% on lower priceson December 4, 2023 at 8:01 am
India’s palm oil imports surged 22% in November, reaching 867,000 metric tons, the highest in three months. The increase is attributed to steep discounts compared to soyoil and sunflower oil, prompting refiners to switch to palm oil. The move could help lower palm oil stocks in top producers Indonesia and Malaysia.
- RBI has food for thought but likely to keep rate pauseon December 3, 2023 at 7:05 pm
The MPC, which will detail its next policy statement at the end of its three-day meeting on December 8, is seen keeping the repo rate unchanged at 6.50% while retaining its stance of withdrawal of accommodation, an ET poll of 10 economists showed. After raising the repo rate by 250 basis points (2.5 percentage points) from May 2022 to February 2023, the committee has maintained a pause on the benchmark rate, which is the rate at which the RBI lends to banks.
- Out of Rs 1 lakh cr worth of FDI proposals from nations sharing land border with India, half is cleared: Officialon December 3, 2023 at 8:31 am
The government has received FDI proposals worth about Rs one lakh crore from countries sharing land border with India since April 2020. Half of these proposals have been cleared so far, while the remaining are pending, withdrawn, or rejected. To curb opportunistic takeovers, the government made prior approval mandatory for foreign investments from these countries.