All stories by Joyeeta Dey
Divestment: Fearing backlash, govt opts for minority stake sales over outright privatisation
Rediff.com25 Dec 2023With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
Modi's ambitious privatisation plans have few takers
Rediff.com28 Dec 2022It was touted as a game changer but big-ticket privatisation has been a mixed bag as the government faces unanticipated challenges of lukewarm investor response, employee union agitation and legal hurdles. Prime Minister Narendra Modi's often-repeated statement 'the government has no business to be in business' guided the drawing up of an ambitious privatisation pipeline. While Air India sale succeeded, Bharat Petroleum Corporation Ltd (BPCL) divestment failed.
Trade pact with Israel 'only when we get a good deal', says Goyal
Rediff.com7 Sep 2022The proposed India-Israel trade pact should be beneficial to both nations and until New Delhi gets a good deal, it would not do an agreement, Commerce and Industry Minister Piyush Goyal said. India and Israel are negotiating a free trade agreement (FTA) since May 2010. "With Israel, until we get a good deal, we will not do an FTA. It has to be reciprocally beneficial," the minister said in San Francisco on Tuesday while interacting with the Indian community.
Trade pact with Israel 'only when we get a good deal', says Goyal
Rediff.com7 Sep 2022The proposed India-Israel trade pact should be beneficial to both nations and until New Delhi gets a good deal, it would not do an agreement, Commerce and Industry Minister Piyush Goyal said. India and Israel are negotiating a free trade agreement (FTA) since May 2010. "With Israel, until we get a good deal, we will not do an FTA. It has to be reciprocally beneficial," the minister said in San Francisco on Tuesday while interacting with the Indian community.
India keen to take international trade to $2 trn by 2030: Goyal
Rediff.com7 Sep 2022India's goods and services exports have already crossed $675 billion in last fiscal year and the country is now aspiring to take international trade to $2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said. Interacting with faculty, researchers, and students at the Stanford University here, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a $30 trillion economy. "...by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a $30 trillion economy on a business as usual scenario and possibly a $35-45 trillion economy if some of the aggressive plans that the government is putting together work well.
Airlines told to share international fliers' PNR with customs
Rediff.com9 Aug 2022With this, India joins 60 other countries that collect PNR details of international passengers.
Shipping Corp, BPCL among CPSEs to be privatised in FY23
Rediff.com3 Feb 2022The 2022-23 Budget has projected a disinvestment target of Rs 65,000 crore for next financial year. This is significantly lower than the estimated Rs 1.75 lakh crore budgeted for 2021-22. In the revised estimates, the target for 2021-22 has been cut to Rs 78,000 crore.
2021: A year of many firsts for the revenue dept
Rediff.com23 Dec 2021A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Why Air Indias' privatisation sailed & BPCL's is dragging on
Rediff.com19 Dec 2021Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
PM-CARES to foot over 80% cost of phase 1 of vaccination drive
Rediff.com2 Feb 2021The PM-CARES fund, which has been set up to provide relief during the coronavirus pandemic, has contributed over Rs 2,200 crore for the first phase of vaccination drive, which is looking to inoculate frontline healthcare workers, the Expenditure Secretary said on Tuesday.
India's tax pie gets altered because of pandemic
Rediff.com4 Jan 2021India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
GST: From 'Gabbar Singh Tax' to a strong tax-compliance tool
Rediff.com27 Dec 2018The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
From 227 items to 50! Sin, luxury goods to face 28% GST
Rediff.com11 Nov 2017Goods like chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks and marble will now attract 18% GST>
Foodgrains, cereals, milk to be cheaper under GST
Rediff.com18 May 2017The GST rates for all but six items were finalised at the first day of the two-day meeting of the GST Council, headed by Union Finance Minister Arun Jaitley and comprising state representatives.
FM Jaitley, Pak minister share cold vibes at global meet
Rediff.com6 May 2017Frosty Indo-Pak relations after the beheading of Indian soldiers by Pakistani troops were on full display in Yokohama, Japan.
Oppn-ruled states get Centre to delete 3 GST minutes
Rediff.com18 Feb 2017In a first, Opposition-ruled states on Saturday got the Centre to delete from the records three minutes of the last GST Council meeting that provided for tweaking of agreed criteria for division of taxpayers under the Goods and Service Tax regime.
FM says Indian economy to touch $5 tn in few years. Do you agree?
Rediff.com2 Jun 2016India, he said, has opened up its markets and stepped up public investment including in the infrastructure space and is concentrating a lot on boosting expenditure to improve the quality of rural life
India Inc backs second term for Rajan
Rediff.com2 Jun 2016"I think the Governor has been doing a great job for the country and we would certainly see it as a very positive move if he were reappointed," Naushad Forbes, president, CII.
Economy on 'upward curve', monsoon, GST to push growth: Jaitley
Rediff.com1 Jun 2016Finance Minister Arun Jaitley on Wednesday said the country is on an "upward curve" and a good monsoon, GST passage and increased infra and rural spending will further accelerate the growth.
An upbeat Jaitley woos Japanese investors; promises tax reforms
Rediff.com31 May 2016Jaitley said a very large number of reforms have taken place over the last few years and that has helped in restoring the credibility of the Indian economy