The move comes even as India’s industrial production shrank 1.1% in August, the worst performance in almost seven years, reflecting a slump in demand and highlighting the challenge faced by the government in reversing the economic slowdown.
Piyush Goyal said e-commerce companies have no right to offer discounts or adopt predatory prices. "We will take stringent action against them, if there is violation of any law in letter or in spirit. Action will be taken as per the law."
The comment came on the line of the recent fraud in PMC Bank. He said it is the job of the regulator first to look into those issues and subsequently the RBI has allowed withdrawal of Rs 40,000, which covers around 77% of the affected people.
Speaking at an investors meeting in the IMF HQ, she assured international investors at an interaction session at the IMF's headquarters that the government was continuously working to bring reforms.
The Department for Promotion of Industry and Internal Trade (DPIIT), the finance ministry’s department of revenue and the home ministry are holding discussions on the matter, with plans for heightened oversight in the works.
According to CEA KV Subramanian, it is the right time to invest in the country as labour cost and other expenditure would be lower owing to the slowing economy and that it is investment which would spur economic growth.
Govts across the world have also found that they have to contend with ascertain morality that considers cheating on taxes very lightly. They have also found that compliance suffers when taxpayers harbour negative feelings towards authorities.
In June, a committee headed by NITI Aayog chief Amitabh Kant laid out a roadmap for the smooth roll-out of electric vehicles in a phased manner, as well as the setting up of battery manufacturing factories to bring down the costs of EVs.
The number of apprentices has almost doubled after the 15-day Pakhwada. The govt had introduced comprehensive reforms to the Apprenticeship Act, 1961, a move that saw about 7.5 lakh apprentices engaged in a span of two-and-a-half years.
Gadkari said the country needs to find ways to provide job opportunities for people in their villages so they don't need to leave their homes. The minister also said that skilled manpower was the biggest requirement in the country.
The PM Kisan scheme provides cash assistance up to Rs 1600 for new LPG connection and subsidy is transferred subsequently to more than 800 million Aadhar seeded bank accounts on every refill. The Ujjwala scheme uses an Aadhar-based payment mechanism.
The US, in January, imposed the toughest sanctions yet on Venezuela's oil industry, a move that scared away some global customers. But with few alternative suppliers, Reliance has been buying Venezuelan crude from Russian major Rosneft.
The Government has hit back at critics of the Good and Service Tax. Revenue Secretary Ajay Bhushan Pandey while admitting to need for improvement in GST, tells ET Now exclusively that Govt will look at data analytics to plug revenue leakages. Meanwhile, the issue of compensation fund will also be mulled by the upcoming GST Council. Ashna Mishra & Ruchi Bhatia caught up with him.
IMF has projected India's growth at 6.1% in 2019 and noted that Indian economy is expected to pick up at 7% in 2020. Even though revenue projections look optimistic, the IMF chief economist said India must not lose sight of its deficit goal.
Piyush Goyal said the ongoing economic slowdown was periodic. Reiterating on the Indo-US trade relations, he claimed it is not disputatious. India clocked in a 5% growth in Q1 and most global institutions have scaled down growth forecasts.
Revenue secretary Ajay Bhushan Pandey strongly refuted criticism that the goods and services tax was the cause of the current economic slowdown, saying it was a win-win for everyone, with the incidence of taxation coming down on every commodity.
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