No matching items found
Sitharaman and RBI Governor Das arrive to attend the RBI's central board meeting in New Delhi. File photo/ Reuters
Indian Finance Minister Nirmala Sitharaman announced a slew of measures on Friday to revive sagging investment in Asia's third largest economy including a cut in corporate taxes.
Sitharaman told a news conference that the effective corporate tax rate will be lowered to 25.75% from 30%, which she said would be at par with Asian peers.
The government also scrapped the minimum alternative tax for domestic companies.
India’s current account (CA) balance deficit grew to $68 billion in 2018-19 from $49 billion the previous year, according to the International Monetary Fund (IMF), which said the deficit was justified by development needs.
Bangladesh Prime Minister Sheikh Hasina has arrived in India for a visit during which she is expected to sign agreements on increasing trade and investment and improving regional connectivity.
The Indian government may end the cross-holding structure existing in the oil sector as it looks to further consolidate operations of public sector enterprises and go ahead with its privatisation plan by getting a fair valuation of assets.
The proposed changes in the FDI limit for insurance is part of another round of overhaul of the FDI policy that the government is looking to implement to make the policy progressive and less restrictive.
"We had a very difficult two years. We didn't have foreign exchange and couldn't pay our debts. We have avoided a huge crisis because we didn't default (payments). But I know it hasn't been easy for the people, I understand the difficulties they faced and still are facing,” he said in a televised address to the nation.
The flag hoisting ceremony was also held at the Pakistan Consulate General Dubai on the occasion of the 74th Independence Day. The ceremony was held in a manner keeping in view the local laws on social gatherings due to COVID-19.
Dewa has successfully installed 240 electric vehicle charging stations in different areas of Dubai such as government offices, airports, petrol stations, shopping malls, commercial offices, clinics and hospitals, residential complexes and establishments.
Consequently, Vijayan will not unfurl the tricolour at the main Independence Day function on Saturday, with Devasom Minister Kadakampally Surendran stepping in for him, in the ceremony, which will last only 10 minutes.