‘Make in India’ Revival: Let’s Start by Simplifying GST Regime
5 years, 3 months ago

‘Make in India’ Revival: Let’s Start by Simplifying GST Regime

The Quint  

The biggest blows to ‘Make in India’ came from the government itself with the announcement of demonetisation and the hastily implemented Goods and Services Tax. In her budget speech and the many extra-budgetary press conferences, the Finance Minister announced a slew of measures aimed at propelling manufacturing growth. PM Modi stated that the corporate tax cut would give a great stimulus to Make in India and “attract private investment from across the globe”. Foreign investors will heed the call of “come and make in India” only when the government appears serious in its endeavours of righting its wrongs.

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History of this topic

India's Manufacturing Journey: A Decade of 'Make in India'
2 months, 4 weeks ago

India's Manufacturing Journey: A Decade of 'Make in India'

ABP News  

The article highlights the achievements of the Make in India initiative, a government-driven program aimed at turning India into a global manufacturing hub. It showcases how the initiative has contributed to India's economic growth, with the country ranking among the fastest-growing economies in the world. The article also highlights some of the challenges that the manufacturing sector is facing, including …

Major reforms expected by key sectors in Budget 2024, will it deliver?
5 months, 3 weeks ago

Major reforms expected by key sectors in Budget 2024, will it deliver?

New Indian Express  

With the first Union Budget after the Lok Sabha elections all set to be unveiled, there are great expectations regarding major policy and tax reforms. These expectations include: A new subsidy scheme similar to FAME II with a more comprehensive coverage; Streamlining policies towards R&D efforts in battery technology and grid integration for development of a widespread and reliable charging …

India’s economic boom won’t be derailed by its election shock
7 months, 1 week ago

India’s economic boom won’t be derailed by its election shock

CNN  

New Delhi CNN — Narendra Modi has declared victory in India’s election but he’ll need the support of smaller parties to govern, a shock result that could make it harder for him to pass major economic reforms. India boomed during Modi’s first two terms as prime minister, leapfrogging the United Kingdom to become the world’s fifth biggest economy and growing …

10 years of Modi government: Tax reforms, challenges
8 months ago

10 years of Modi government: Tax reforms, challenges

New Indian Express  

NEW DELHI: In the last 10 years of Modi government rule, India has undergone marked tax reforms focused on streamlining the tax framework, enhancing compliance, and fostering transparency. Key reforms common to Customs, GST, income tax, and corporate tax include digitisation for e-filing and digital payments, real-time data sharing to detect tax frauds, faceless assessment and appeals, dispute resolution schemes …

‘Breaking the Mould’ book review: An unrealistic vision of the future
1 year ago

‘Breaking the Mould’ book review: An unrealistic vision of the future

Live Mint  

Decades ago, the great trade economist Jagdish Bhagwati observed that India’s “misfortune” was to have almost too many “brilliant economists, an affliction that Far Eastern super-performers were spared”. In his latest book, Breaking The Mould: Reimagining India’s Economic Future, co-authored with Penn State professor Rohit Lamba, Rajan begins well by explaining why the Narendra Modi government’s subsidies to boost the …

Modinomics And Rising India
1 year ago

Modinomics And Rising India

News 18  

The International Monetary Fund recently called India a star performer, with India projected to contribute 16 per cent to global growth. The October 2023 IIP data also showed that the output of primary goods logged an 11.4 per cent growth compared to 2.1 per cent in the year-ago period. Speaking of India’s GDP, real GDP or GDP at constant prices …

To reach its economic potential, India must abandon protectionism
1 year, 4 months ago

To reach its economic potential, India must abandon protectionism

Hindustan Times  

It is not hard to see what enthuses the many evangelists for India’s economy. India’s government is convinced that reducing imports is necessary for its security and creating manufacturing jobs, and especially hopes to reduce imports from China. In 2022 value added in manufacturing accounted for 13.3% of India’s GDP, down from 15.6% in 2015 and the lowest since 1967; …

Will WTO ruling impact Make-in-India plans?
1 year, 8 months ago

Will WTO ruling impact Make-in-India plans?

Live Mint  

The World Trade Organization has found India’s tariffs on mobile phones and electronic components inconsistent with global norms. If its appellate tribunal now upholds the ruling, it could slow FDI flow into India’s booming electronics sector. Murali Kallummal, professor, Centre for WTO Studies, IIFT, said the panel’s ruling will therefore have no impact on the industry right now as the …

In 2022, India Was A Bright Spot in The World amid Gloom of War And Slowdown, 2023 Is The Time to Shine
2 years ago

In 2022, India Was A Bright Spot in The World amid Gloom of War And Slowdown, 2023 Is The Time to Shine

News 18  

As the global economy was normalising after a battering from the Covid pandemic, the Russia-Ukraine War broke out in 2022. India also extended assistance of about $4 billion to stabilise Sri Lanka’s economy which was in a tailspin in 2022, coupled with massive political upheaval. India’s growing strategic importance on the world stage is reflected in the establishment of the …

Indian manufacturing sector and the great transformation under Narendra Modi
2 years ago

Indian manufacturing sector and the great transformation under Narendra Modi

Firstpost  

With the vision of transforming India into a manufacturing hub, our government under the leadership of Prime Minister Narendra Modi took concrete steps towards improving various business parameters In 2014, when Prime Minister Narendra Modi took the reins of our nation, India had been tagged as one of the so-called “Fragile Five” nations alongside Indonesia, Brazil, Turkey, and South Africa, …

'Reforms in Every Sphere Make Greater Space for People and Freedom': PM
2 years, 5 months ago

'Reforms in Every Sphere Make Greater Space for People and Freedom': PM

News 18  

Prime Minister Narendra Modi on Friday said the ruling NDA has changed the notion that a strong government means it should control everything and everyone and hailed the spree of sectoral reforms, insisting it has opened up new avenues and given the much required infra push. This is why you see reforms in every sphere that make greater space for …

Critics are wrong, GST has strengthened federalism
2 years, 6 months ago

Critics are wrong, GST has strengthened federalism

Live Mint  

Today, 1 July 2022, marks five years since India’s introduction of the goods and services tax. The second good feature is that, contrary to media hype, the GST has strengthened the Indian federation by enabling seamless input tax credit even when supply chains cross state borders. The narrative that it has weakened the federation by imposing an authoritarian Centre on …

Sitharaman says India’s fundamentals sound because of steps taken by govt
2 years, 7 months ago

Sitharaman says India’s fundamentals sound because of steps taken by govt

Live Mint  

Finance minister Nirmala Sitharaman on Wednesday said India’s fundamentals are sound due to several steps taken by the government such as reducing corporate tax, ensuring that the economy is greatly digitized and bringing in the Goods and Service Tax and bankruptcy code. Citing a study, Sitharaman said the Pradhan Mantri Garib Kalyan Yojana reduced the probability of borrowing money significantly …

BJP has cost India jobs, made country weaker: Rahul in Lok Sabha
2 years, 11 months ago

BJP has cost India jobs, made country weaker: Rahul in Lok Sabha

Deccan Chronicle  

New Delhi: Congress leader Rahul Gandhi on Wednesday launched a scathing attack on the BJP-led government, saying that it has not just weakened India internationally by isolating it, but also internally by using the judiciary, Election Commission and Pegasus to "destroy the voice of the Union of states". In a fiery speech in Lok Sabha, Mr Gandhi also targeted Prime …

Budget 2022: Consumer Durables Makers Want FM Sitharaman to Reconsider Tax Slabs
2 years, 11 months ago

Budget 2022: Consumer Durables Makers Want FM Sitharaman to Reconsider Tax Slabs

News 18  

The economic impact of the Covid-19 pandemic in India has been largely disruptive. Here are a few key things that the consumer durables industry will expect finance minister Nirmala Sitharaman to address as she presents the Union Budget 2022. Reconsider tax slabs for certain categories to help address price hike issues The rationalisation of GST would play another crucial point …

Budget 2022: Is the BJP Govt’s Economic Reforms Momentum Dying?
2 years, 11 months ago

Budget 2022: Is the BJP Govt’s Economic Reforms Momentum Dying?

The Quint  

The NDA Government carried out a slew of important structural reforms in its first term. India’s highly complex and disintegrated indirect taxation system was replaced with the Goods and Services Tax, which replaced numerous Union and state taxes and cesses with a single national GST taxation system. The enactment of the Insolvency & Bankruptcy Code to defenestrate corrupt and inefficient …

Budget 2022: GST Cut, Incentives Likely for Startups and MSMEs? What Analysts Say
2 years, 11 months ago

Budget 2022: GST Cut, Incentives Likely for Startups and MSMEs? What Analysts Say

News 18  

Budget 2022 Expectations: Prime Minister Narendra Modi had earlier this month dedicated a special day for startups, to celebrate them and their success in taking India to new global heights. “In an effort to continue the economic growth of the country, we hope the Government will lower the interest rates and make higher capital availability to MSMEs as they are …

Goods and Services Tax as an unfinished agenda
3 years, 1 month ago

Goods and Services Tax as an unfinished agenda

The Hindu  

GST, or Goods and Services Tax, an institutional tax innovation intensively marketed in many countries by the International Monetary Fund and the World Bank, was wrapped in a “one nation one tax” package, and was accepted by India on the midnight of July 1, 2017. While the States have forgone a substantial part of their own tax revenue, they were …

The recovery toolkit: The Hindu Editorial on tax policy and economic recovery
3 years, 2 months ago

The recovery toolkit: The Hindu Editorial on tax policy and economic recovery

The Hindu  

The latest string of official numbers, including almost-record GST collections, healthy direct tax inflows, strong manufacturing and exports, provide some confidence that the economy has lurched back from the danger zone for the second time in less than a year owing to the COVID-19 pandemic. If September’s activity reflects pre-festive stocking, the actual festive spending may keep GST numbers propped …

India Inc should increase its appetite for risk: Modi
3 years, 5 months ago

India Inc should increase its appetite for risk: Modi

The Hindu  

Calling on India Inc to strengthen its partnership with the government to build “brand India”, Prime Minister Narendra Modi on Wednesday asked industry to increase its risk-taking appetite and step up investments, especially in research and development. India, whose tax policies once used to cause disappointment among investors, today has the world’s most competitive corporate tax and faceless tax system,” …

PM Modi at CII Session: 'New India Ready to Move Forward with New World'
3 years, 5 months ago

PM Modi at CII Session: 'New India Ready to Move Forward with New World'

News 18  

Praising Indian industry’s continuous effort to make the country better, Prime Minister Narendra Modi said on Wednesday, “New India ready to move forward with new world.” He was addressing a special session organised by Confederation of Indian Industry. “It is the result of the country’s faith in our industry that today the ease of doing business is increasing, and the …

Govt Will Do Whatever it Takes to Make India Engine of Global Growth, Says PM Modi to Investors
4 years, 2 months ago

Govt Will Do Whatever it Takes to Make India Engine of Global Growth, Says PM Modi to Investors

News 18  

Prime Minister Narendra Modi on Thursday wooed global investors by showcasing the recent agriculture and labour reforms and faster-than-anticipated reflating of the economy and asserted that the government will do whatever it takes to make India the engine of global growth resurgence. Speaking to 20 top global investors, the Prime Minister said the “Self-Reliant India” campaign does mean the country …

Economic anarchy being spread by Central govt: Sonia on GST compensation cess
4 years, 2 months ago

Economic anarchy being spread by Central govt: Sonia on GST compensation cess

Live Mint  

Congress president Sonia Gandhi on Sunday hit out at Prime Minister Narendra Modi led union government over the recent compensation controversy in the GST Council and said that its denial will impact the functioning of state governments. Taking a strong stance, Gandhi said that this could be the ‘first example of economic anarchy’ being spread by the union government. Gandhi’s …

Mixed messaging: The Hindu Editorial on India as an investment destination
4 years, 4 months ago

Mixed messaging: The Hindu Editorial on India as an investment destination

The Hindu  

Prime Minister Modi last week elaborately pitched India as an investment destination that could serve as a manufacturing hub at the heart of global supply chains. This tack is consistent with recent initiatives to explore supply-chain synergies with other economies, including Japan, as an escalating border feud casts a shadow over India’s economic and trade ties with its northern neighbour. …

GST second major attack on India's unorganised economy: Rahul Gandhi
4 years, 4 months ago

GST second major attack on India's unorganised economy: Rahul Gandhi

India TV News  

Congress leader Rahul Gandhi on Sunday said the NDA's Goods and Services Tax is not a tax system but an "attack" on India's poor and on its small and medium businesses and urged all to stand against it. Dubbing the GST as "Gabbar Singh Tax", he said it is the second major attack on India's unorganised economy and is an …

Comment | Re-imagining and reinventing the Indian economy
4 years, 4 months ago

Comment | Re-imagining and reinventing the Indian economy

The Hindu  

The COVID-19 pandemic has disrupted the global economy and India is no different. b) MSMEs which are the lifeline of the country, generating wealth for the middle class c) Startups which bring innovation and transformation to our country’s economy d) Our Indian Brothers and Sisters living abroad, the NRIs and OCIs — they not only serve as unofficial ambassadors of …

Govt to offer production linked incentives to boost manufacturing
4 years, 5 months ago

Govt to offer production linked incentives to boost manufacturing

India Today  

India is working on offering production linked incentives for up to five sectors to boost domestic manufacturing, a top finance ministry official said on Thursday, bolstering efforts to attract new investments in the coronavirus-stricken economy. The government earlier announced production linked incentives for large scale electronic goods makers for five years, to attract investments in mobile phone manufacturing and electronic …

Modi administration cut corporate taxes, it’s industry’s turn to invest: Anurag Thakur
4 years, 6 months ago

Modi administration cut corporate taxes, it’s industry’s turn to invest: Anurag Thakur

Live Mint  

Minister of state for finance Anurag Thakur on Friday urged business leaders to start investing in the economy taking advantage of the lower corporate tax rate and other measures taken to make life easier for businesses. Thakur said that Indian industry used to talk about lower corporate tax rates prevalent in certain countries. Last September, finance minister Nirmala Sitharaman announced …

Taxes need to be simplified for a self-reliant India: Nirmala Sitharaman
4 years, 6 months ago

Taxes need to be simplified for a self-reliant India: Nirmala Sitharaman

Live Mint  

Finance minister Nirmala Sitharaman on Wednesday said that taxation, especially Goods and Services Tax, needs to be further simplified to make life easier for tax payers, a critical requirement for a self-reliant nation. Sitharaman’s promise about simplifying the tax administration comes a day after Prime Minister Narendra Modi thanked tax payers along with farmers for strengthening the government’s hands in …

Opinion | Modi's historic Rs 20 lakh crore stimulus package will certainly build a new self-reliant India
4 years, 8 months ago

Opinion | Modi's historic Rs 20 lakh crore stimulus package will certainly build a new self-reliant India

India TV News  

In his address to the nation on Tuesday, Prime Minister Narendra Modi announced a massive Rs 20 lakh crore stimulus package, equivalent to 10 per cent of GDP, to kickstart the economy which had come to a standstill during the 50-day lockdown. Giving a call for building a "self-reliant India", Modi promised a new set of reforms focused on land, …

India, US can work closely, but there are limits
4 years, 10 months ago

India, US can work closely, but there are limits

Deccan Chronicle  

When then US President Richard Nixon landed in New Delhi at the height of a boiling Indian summer in 1969, Prime Minister Indira Gandhi received him with the far from welcoming remark: “You came at the wrong time of day and the wrong time of the year.” That comment could be made on Monday to President Donald Trump, not because …

GST ’biggest madness of the 21st century’: Subramanian Swamy
4 years, 10 months ago

GST ’biggest madness of the 21st century’: Subramanian Swamy

Live Mint  

Describing India's latest tax reform GST as "the biggest madness of the 21st century," BJP leader and Rajya Sabha MP Subramanian Swamy on Wednesday said that the country needs to grow at 10 per cent per annum to become a superpower by 2030. Speaking on "India - an Economic Superpower by 2030", organised by the Pragna Bharati here, Swamy said …

Narendra Modi pitches 'Make in India' during 'Pariksha Pe Charcha 2020', asks students to strengthen country's economy by buying India-made products
4 years, 11 months ago

Narendra Modi pitches 'Make in India' during 'Pariksha Pe Charcha 2020', asks students to strengthen country's economy by buying India-made products

Firstpost  

The third edition of Modi’s interaction programme with school students ‘Pariksha Pe Charcha 2020’ is being held at Talkatora Stadium in New Delhi New Delhi: Prime Minister Narendra Modi on Monday pitched for the Central government’s ‘Make in India’ initiative at the Pariksha Pe Charcha 2020, asking students to do their bid in strengthening the country’s economy by buying Indian-made …

Why ‘Make in India’ has failed
4 years, 11 months ago

Why ‘Make in India’ has failed

The Hindu  

On September 25, 2014, the Indian government announced the ‘Make in India’ initiative to encourage manufacturing in India and galvanize the economy with dedicated investments in manufacturing and services. The three major objectives were: to increase the manufacturing sector’s growth rate to 12-14% per annum in order to increase the sector’s share in the economy; to create 100 million additional …

Ahead of Budget 2020, Narendra Modi, Amit Shah meet economists, experts at NITI Aayog; discuss steps to revive growth
5 years ago

Ahead of Budget 2020, Narendra Modi, Amit Shah meet economists, experts at NITI Aayog; discuss steps to revive growth

Firstpost  

The meeting assumes importance as the government is in the process of formulating Budget proposals for 2020-21 New Delhi: Prime Minister Narendra Modi is meeting economists and experts at the NITI Aayog to discuss the state of economy and steps to be taken to revive growth which is estimated to drop to 5 percent during the current fiscal. pic.twitter.com/ES5BLAZkl7 — …

Economy is in intensive care with no quick relief in sight; can cutting personal tax, raising GST offer a magic cure?
5 years, 1 month ago

Economy is in intensive care with no quick relief in sight; can cutting personal tax, raising GST offer a magic cure?

Firstpost  

Economists love to give names for periods of prolonged economic slowdown. The former chief economic advisor, Arvind Subramanian, calls the current economic crisis the country is experiencing as India’s ‘great slowdown’, something he equates to the economic crisis India witnessed in FY'91-92 when the gross domestic product growth rate fell to 1.1 percent, currency tumbled and most macroeconomic indicators collapsed. …

Country to get third economic ‘jolt’ soon
5 years, 2 months ago

Country to get third economic ‘jolt’ soon

The Hindu  

The Congress party has alleged that the Narendra Modi government was getting ready to give the country its third economic ‘jolt’ after demonetisation and the flawed implementation of Goods and Services Tax by signing the Regional Comprehensive Economic Partnership soon. The new pact would destabilise the local markets with increased imports from China and the biggest sectors to be hit …

Decision to cut corporate tax in India revolutionary: PM Modi at Global Business Forum
5 years, 3 months ago

Decision to cut corporate tax in India revolutionary: PM Modi at Global Business Forum

India Today  

Addressing top business leaders at the Bloomberg Global Business Forum, Prime Minister Narendra Modi on Wednesday said the government's decision to slash corporate tax is a revolutionary move. PM Modi was referring to the recent tax cut announcement by Finance Minister Nirmala Sitharaman-a move aimed at providing relief to domestic businesses amid a sharp demand slowdown. PM Modi also highlighted …

Corp tax cut may be the beginning of more reforms
5 years, 3 months ago

Corp tax cut may be the beginning of more reforms

Live Mint  

The government last week cut tax rates on corporate incomes. The recent corporate tax rate cuts don’t seem to be an application of supply-side economics, rather an attempt to reform the corporate tax structure. Expert panels had found the corporate income tax system to be in need of reform and advised rate cuts, simplification and removal of provisions that introduced …

Corporate tax cut makes India attractive destination for investment: Guv Das
5 years, 3 months ago

Corporate tax cut makes India attractive destination for investment: Guv Das

Live Mint  

Describing the government's move to slash corporate tax rate as a bold measure, RBI Governor Shaktikanta Das on Tuesday said it has made India a very attractive destination for foreign investment. In the biggest reduction in 28 years, the government on Friday cut corporate tax rate by almost 10 percentage points as it looked to pull the economy out of …

The Hindu Explains | What corporate tax cut means for the Indian economy
5 years, 3 months ago

The Hindu Explains | What corporate tax cut means for the Indian economy

The Hindu  

In its boldest gambit yet to stir up the economy, the government on Friday issued an ordinance to reduce the corporate tax rate for domestic firms and new manufacturing units by 10 to 12 percentage points, effectively bringing India’s tax rates on par with its competing Asian peers. The story so far: Finance Minister Nirmala Sitharaman on Friday, among other …

Corporate tax cut historic; govt leaving no stone unturned to make India a better place to do business: Narendra Modi
5 years, 3 months ago

Corporate tax cut historic; govt leaving no stone unturned to make India a better place to do business: Narendra Modi

Firstpost  

Prime Minister Narendra Modi on Friday termed as “historic” the cut in corporate tax rates and asserted that economic announcements made in the last few weeks show that his government is leaving no stone unturned to make India a better place to do business New Delhi: Prime Minister Narendra Modi on Friday termed as “historic” the cut in corporate tax …

Historic: PM Narendra Modi hails corporate tax cut
5 years, 3 months ago

Historic: PM Narendra Modi hails corporate tax cut

India TV News  

Asserting that economic announcements made in the last few weeks show that his government is leaving no stone unturned to make India a better place to do business, Prime Minister Narendra Modi on Friday hailed Finance Minister Nirmala Sitharaman's economy booster. It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve the competitiveness of …

Automakers should approach the state govts to form a consensus on GST rate, says Anurag Thakur
5 years, 4 months ago

Automakers should approach the state govts to form a consensus on GST rate, says Anurag Thakur

Live Mint  

New Delhi: The union government will stand by the automobile industry and will take steps to stimulate demand in the months to come, said Anurag Thakur, minister of state, Ministry of Finance and Corporate Affairs, during the 59th annual session of the Automotive Component Manufactures Association of India. Taking a cue from the assertions of Finance Minister Nirmala Sitharaman, the …

State of Indian economy: Decoding the 5% problem
5 years, 4 months ago

State of Indian economy: Decoding the 5% problem

Hindustan Times  

On Friday, the Central Statistics Office released India’s GDP figures for the quarter ending June 2019. The measures announced in the conference held on 23 August can be classified into three broad categories and also listed in order of importance: boosting business sentiment in the economy, removing supply-side hurdles to the flow of credit and working capital, and boosting demand …

Opinion | A blueprint to fire up country’s slowing economy
5 years, 6 months ago

Opinion | A blueprint to fire up country’s slowing economy

Live Mint  

The maiden budget presented by the first full-time woman finance minister and economist Nirmala Sitharaman provides a blueprint to fire up the slowing economy and realise Prime Minister Narendra Modi’s vision of India becoming a $5 trillion economy by 2025. The budget seems to have placed heavy emphasis on sustainable job creation through targeted investment in specific infrastructure, such as …

A $1.4 trillion India spending push tops Modi 2.0 agenda
5 years, 7 months ago

A $1.4 trillion India spending push tops Modi 2.0 agenda

Live Mint  

India’s economy is set for a major boost if Prime Minister Narendra Modi follows through with key campaign promises following his party’s sweeping election victory. “Given that there is limited fiscal space it is hard to see them meeting those targets,” said Shilan Shah, senior India economist at Capital Economics Ltd. in Singapore. “But even if they are partially fulfilled, …

Rahul Gandhi vows to reform GST, seek investment as poll nears
6 years ago

Rahul Gandhi vows to reform GST, seek investment as poll nears

Live Mint  

New Delhi: India’s main opposition Congress party will simplify the goods and services tax and take “rational economic decisions” to attract foreign investment if voted back to power in a general election due by May, its leader Rahul Gandhi said on Saturday. Gandhi, scion of India’s Nehru-Gandhi dynasty, said during a visit to Dubai that foreign investment was at a …

GST cheer for government as states’ shortfall drops
6 years, 3 months ago

GST cheer for government as states’ shortfall drops

Hindustan Times  

Amid a sense of doom and gloom spread by the falling rupee, rising oil prices and widening current account deficit, the government has at least one reason to cheer: compensation due to state governments for loss of revenue stemming from introduction of the goods and services tax in July 2017 is dropping sharply. Latest calculations by the ministry of finance …

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