Economy News

State of realty: Rotten foundations? Yes; unreal expectations? No

Prices haven't really dropped, new project launches are on full steam, but real estate inventories are more or less intact as demand stays down.

Jul 17, 2017

GST Council increases cess on cigarettes

"In first 15 days of GST implementation, it was noted that the 28 pc tax rate plus compensation cess on cigarettes when translated, the impact of cascading effect had not adequately factored in, resulting in windfall gain for the cigarette companies," finance minister Arun Jaitley said.

Jul 17, 2017

Insolvency case: Gujarat HC dismisses Essar Steel petition challenging RBI

Essar Steel's petition had challenged the RBI directive to banks for initiating insolvency proceedings against it

Jul 17, 2017

Number of PSBs may go down to 12 as govt mulls consolidation

The 21 public sector banks are expected to be consolidated to 10-12 in the medium term.

Jul 17, 2017

Metro rail projects to give massive boost to construction sector: Report

Ratings agency ICRA estimates that expanding metro rail network projects are poised to give a Rs 2.5 lakh crore fillip to the construction industry in India.

Jul 17, 2017

More 'kick' brewing: Diageo checks lager picture, withholds $35 mn from Mallya

Diageo says to pursue dues of $135 million and push claim for Mallya's pledged stake in Force India Formula 1 team.

Jul 17, 2017

GST conundrum upsets $244 billion tourism, textile sectors: Report

The tourism sector provides jobs to around 13 million people while about 45 million workers are employed by the textile industry.

Jul 17, 2017

China second-quarter GDP growth tops forecasts on strong investment, consumption

China's economy grew 6.9 percent in the second quarter from a year earlier, the same rate as the first quarter, the National Bureau of Statistics said on Monday.

Jul 17, 2017

The flip side: Bitcoin, Ether prices wilt, and new questions emerge

Market uncertainty and fundraises by companies using crypto-currency spark selling pressures

Jul 16, 2017

GSTN portal to be ready for invoice uploading from July 24

Invoices for transactions above Rs 200 need to be generated on the GST network with records of serial numbers to claim input tax credit.

Jul 16, 2017

Exports up for 10th month in June, but at slower rate of 4.4%

Cumulative trade deficit almost doubled in June to $40 billion riding on the back of rising gold imports.

Jul 15, 2017

Gone with the wind? Inox Wind becomes first insolvency case in wind energy

Operational creditor Jeena & Company submitted to the company law tribunal that Inox Wind has outstanding payments of Rs 57.5 lakh as of March 25, 2017.

Jul 15, 2017

IT layoffs: Re-skilling is the only way to go and online education providers have your back

While Nasscom earlier made an effort to quell the fears of numerous people who were likely to be affected by the sackings, it did say that the best way to retain their jobs would be to "re-skill."

Jul 15, 2017

Operation Clean Money: 6.6 lakh people identified with inconsistent tax profile

While 5.6 lakh people are from the second phase of the operation, the rest had not disclosed their bank accounts properly in the first round.

Jul 15, 2017

Held to account: NRIs may be asked to disclose financial details outside India

NRIs will have to share account numbers of overseas bank accounts, bank names and office locations with the tax office, says Economic Times report.

Jul 14, 2017