Economy News

GST was thrust upon an unprepared nation, says former Finance minister P Chidambaram

According to the Congress leader, the only section that appeared to be happy about the GST was the tax administration that had acquired extraordinary powers that frighten the average business person and the common citizen. "GST has become a bad word" for businesses and commoners alike, he said.

Jul 1, 2018

One year of GST: Prime minister Modi acknowledges 'positive change in the Indian economy' on Twitter

Narendra Modi congratulated India on the completion of one year since the implementation of GST, touted as the biggest economic reform since Independence.

Jul 1, 2018

Guide to file Income Tax Return (ITR) online

The last date for filing tax returns (online or offline) is July 31.

Jun 30, 2018

LIC to rescue debt-ridden IDBI bank as IRDAI approves majority stake

Insurance sector rules do not allow an insurance player or company to invest more than 15% in a company, so LIC was taken as a special case.

Jun 30, 2018

India plans to stop oil imports from Iran by November

The step comes as a reaction to the US communication to all the countries, including India and China, to stop their oil imports from Iran.

Jun 29, 2018

Climate change could erode India's GDP by 2.8%: World Bank

The effect of climate change could also lower the living standards of nearly half the country's population by 2050, as average annual temperatures are expected to rise by 1-2 percent over three decades.

Jun 29, 2018

Stop politics over economic offenders, they are nothing but national embarrassment

With the likes of Nirav Modi and Vijay Mallya in safe havens, it's time to leave political allegations aside and treat fugitive economic offenders as a national embarrassment and devise means of bringing all the 'escapes' to justice in our own law courts.

Jun 28, 2018

SBI to shut nine foreign offices, plans to open more branches in India

Earlier, the Department of Financial Services had directed the Public sector Banks (PSBs) to shut down the businesses at unviable places.

Jun 28, 2018

Indian traders vs Walmart: Nationwide protest against US retail giant on July 2

Walmart might have cut a hot deal with Flipkart but it's burning the traders in India. The massive nationwide protest next week will see over 7 lakh farmers and traders protesting against the US-based multinational retail corporation.

Jun 28, 2018

No takers for Air India but someone is buying its iconic office building in Nariman Point

The decision to sell the iconic property comes days after the government deferred the plan to sell off the 76 percent stake in the cash-strapped national carrier. Air India's debt burden is estimated to be over Rs 50,000 crore.

Jun 28, 2018

Rupee crashes to all-time low at 69 against US dollar

The rupee fell to an all-time low against the U.S. dollar in early trade on Thursday, tracking Asian peers with weakening macro-economic fundamentals on the domestic front also weighing on the currency.

Jun 28, 2018

Relief for taxpayer? Government won't set up 'bad bank' to flush your money down the drains

The idea of a bad bank resurfaced after state-run banks suggested the creation of an asset reconstruction company to tackle the bad loans.

Jun 28, 2018

US asks India to stop importing oil from Iran or face sanctions

Iran is one of the major oil suppliers of India, only behind Iraq and Saudi Arabia. During April 2017 and January 2018, it supplied 18.4 million tonnes of crude oil.

Jun 27, 2018

IT department attaches Benami properties worth Rs 43 billion

The Benami legislation came into existence in 1988. It was refined and made more stringent by the Narendra Modi government in November 2016.

Jun 26, 2018

Global cues subdue equity indices, Sensex ends 200 points lower

On the currency front, the Indian rupee weakened by 29 paise against the US dollar to 68.13, from its previous close of 67.84 per greenback.

Jun 25, 2018