According to a former UP Chief Secretary, the rising tax and non-tax revenue from the local bodies augurs well for the urbanisation agenda of the Yogi Adityanath government

As many as 90 principal commodities like iron ore, telecom instruments and electronic components exported to China have recorded a positive growth in 2023 out of the total 161 such goods shipped to the neighbouring country, according to commerce ministry data. These 90 commodities account for 67.7 per cent of India's export basket to China, while 71 products that have registered a negative export growth in 2023 constitute 32.3 per cent, the data showed. There are four commodities level where India has improved its export to China by more than USD 100 million in 2023. They are iron ore (216.8 per cent to USD 3.33 billion in 2023), cotton yarn (542.6 per cent to USD 611.17 million in 2023), spices (19.4 per cent to USD 132.26 million in 2023), and processed minerals (174.19 per cent to USD 129 million in 2023). For another fifteen products, the improvement in exports is in the bracket of USD 10 -100 billion. These goods include marine products, iron and steel, telecom instruments, ..

The growth in the global merchandise trade is likely to decline by 1.2 per cent, in value terms, due to the ongoing geopolitical uncertainties, economic think tank Global Trade Research Initiative (GTRI) said on Thursday. The US dollar value of world merchandise trade fell 5 per cent in 2023 to USD 24.01 trillion, but this decline was mostly offset by a strong increase in commercial services trade, which rose 9 per cent to USD 7.54 trillion, it said. This allowed world goods and commercial services exports on a balance of payments basis to slip 2 per cent in 2023 to USD 30.8 trillion. "Despite the World Trade Organization (WTO) expecting a 2.6 per cent rise in trade volume for 2024, the value of world merchandise trade is still seen to decline by 1.2 per cent in 2024 from 2023, continuing the trend of trade values falling behind the trade volumes," the think tank said. The WTO has projected that the world merchandise trade volume will grow by 2.6 per cent in 2024 and 3.3 per cent i

The income tax department has come out with an interim action plan for 2024-25 fiscal year, which include identification of potential cases of prosecution, wherein there is short-payment of TDS and faster disposal of appeals. The action plan also stipulates timeline for approval of refunds, identification of cases where seized assets are due for release and release the same by June 30, 2024. It also called for finalisation of compounding proposals pending as on March 31, 2024, and disposal of at least 150 appeals by June 30. Priority should be given to disposal of the appeals filed prior to April 1, 2020, followed by disposal of appeals filed after April 1, 2020, it said. AKM Global, Partner- Tax, Sandeep Sehgal said the Central Board of Direct Taxes (CBDT) has unveiled its interim action plan for FY 2024-25, marking a significant stride towards enhancing tax administration efficiency. Immediate measures have been initiated to address grievances through e-Nivaran and CPGRAM platfo

India's economy grew by better-than-expected 8.4 per cent in the final three months of 2023 -- the fastest pace in one-and-half years

Supply line disruptions and weather shocks to agriculture are key risks to outlook, says lender

US Secretary of State Antony Blinken has told Israeli Defense Minister Yoav Gallant that the United States will stand with Israel against any threats by Iran

The ADB had in December last year projected the Indian economy to expand 6.7% in the 2024-25 fiscal

India's merchandise exports in value terms are expected to contract by 1-1.5 per cent in 2023-24 after two consecutive years of growth

China's Finance Ministry denounced a report by Fitch Ratings that kept its sovereign debt rated at A+ but downgraded its outlook to negative, saying Wednesday that China's deficit is at a moderate and reasonable level and risks are under control. Risks to China's public finances are rising, Fitch said, as Beijing works to resolve mounting local and regional government debts and to shift away from heavy reliance on its troubled property industry to drive economic growth. But while slower growth is adding to the challenges of coping with heavy borrowing, Fitch said it kept China's A+ rating due to its large and diversified economy, its vital role in global trade and its huge foreign exchange reserves. The Finance Ministry said it was a pity that Fitch had downgraded its sovereign debt and faulted its methods, saying it had failed to take into account Beijing's moves toward appropriately intensifying, improving quality and efficiency of its government spending. In the long run, ...

Spending on processed food by the urban elite consumer more than doubled in FY23; it surged more than threefold for middle-income consumers

With China's growth slowing, India could become the new engine of global economic growth, but it will take strategic investments, increased labour participation, and more to achieve its ambitions

As against the budgetary outlay of Rs 2.645 trillion in FY24, the road ministry has spent Rs 2.643 trillion. By including private investments, the capex goes up to Rs 3.01 trillion

The department has invited applications from domestic climate and tech entrepreneurs for participation in the meeting

The US-India Strategic and Partnership Forum (USISPF) has appointed former Revenue Secretary and ex-Secretary of Economic Affairs Tarun Bajaj as the head of the US-India Tax Forum. Bajaj, 61, joined the USISPF as an advisor to the Board of Directors in January and will now spearhead the US-India Tax Forum, an official announcement said on Tuesday. With his extensive experience and profound expertise in finance and taxation, Tarun stands as an ideal candidate to steer our efforts forward. His adept leadership in shaping fiscal and tax policies and navigating intricate economic terrains will fortify our mission of nurturing strong economic bonds between the United States and India, said Mukesh Aghi, president and CEO of USISPF. A 1988-batch Haryana Cadre IAS officer, Bajaj served as Revenue Secretary. During his tenure with the Indian government, he played a pivotal role in shaping fiscal policies and promoting economic growth. Bajaj managed both the direct and indirect tax revenues

A report by Motilal Oswal said that households' net savings plummeted to a six-year low level of 18.4 per cent of GDP

Seasonal rains expected to be 102% of the long-period average of 868.6 mm for four-month period, it say

RBI Governor Shaktikanta Das said last week that food price volatility remains a concern

Panda's research areas span monitoring and analysis of macro-economic trends and prospects, evaluation of alternative trade and fiscal policy options from the point of view of growth and distribution

Inflation was expected to return to the RBI's target next quarter but be above it in subsequent quarters, according to a separate Reuters survey on the longer-term outlook