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High Impact Economic News

Suresh Prabhu confident of meeting $100-billion FDI target by 2020
Commerce and Industry minister Suresh Prabhu said that the government has set a target of attracting USD 100 billion in foreign direct investments over the next two years. Boosted by the USD 16-billion Walmart-Flipkart deal last August, which is the biggest-ever foreign fund inflow into the country-2018 saw the country for ...

Massive job creation in small businesses; MSME job growth at 14% in last 4 years
Jobs creation saw a growth of 13.9 per cent in the Micro, Small and Medium Enterprises (MSME) sector over the last 4 years, a survey showed. The micro firms created the largest number of jobs and are expected to continue with the trend in the coming 3 years as well, the CII survey which the industry body claims to be its largest in recent times, also noted.

Government will meet fiscal deficit target of 3.4 percent in FY 2019
Economic Affairs Secretary Subhash Chandra Garg exuded confidence that fiscal deficit target of 3.4 per cent for 2018-19 would be met as a shortfall in indirect tax collection would be compensated by lower expenditure. Our assessment at this stage is, indirect taxes, we will probably do as per the revised estimate, in indirect taxes, there might be some shortfall, ...

India's goods export to hit USD 330 billion in 2018-19
The country's goods export will touch USD 330 billion in 2018-19, which will be the highest ever, Commerce and Industry Minister Suresh Prabhu said. He said the country's merchandise exports have seen high growth in the past six years through sector-specific interventions, focused export promotion initiatives, and quick resolution of issues. He added that India is on the path to become the fifth largest economy this year.

Media and entertainment sector expected to cross Rs 2.35 lakh crore by 2021
Media and entertainment (M&E) sector grew to Rs 1.67 lakh crore in 2018, a growth of 13.4 per cent over 2017, says a recent report by EY and industry body FICCI. The report says that at the current trajectory,the sector is expected to cross Rs 2.35 lakh crore by 2021, at a CAGR of 11.6 per cent. The sector continues to grow at a rate faster than the GDP, reflecting the increasing disposable income and economic growth.

GST Council to meet on March 19 to finalise real estate tax structure
In a first-of-its-kind meeting of a federal forum in the midst of the code of conduct of general elections, the Goods and Services Tax (GST) Council is scheduled to meet on March 19 to finalise guidelines to support the changed tax rate structure for underconstruction houses. This would be the only substantive item that will be taken up, officials in the know said. The meeting will happen via a video conference.

Rs 20 coins soon to enter Indian economy for the first time
The Government will come out with the first ever Rs 20 coin which will be shaped like a 12-edged polygon with design of grains to denote farm dominance in the country. Besides, new series of one, two, five and ten rupees coins too would be minted, which will be circular in design and have denominations written in Hindi script. The exact date of issuance of these new series coins is yet to be announced.

India-Africa-biz conclave: Policymakers to strategise on increasing bilateral trade volume to $150 billion
Key policymakers from India and African nations will brainstorm on strategies for scaling up bilateral trade volume to USD 150 billion in the next few years at the India-Africa Project Partnerships Conclave to be held here between March 17-19. The event will mark the deepening of India-Africa economic and business ties and pave the way for a whole range of cross-border project partnerships.

Cabinet clears Rs 31,600 cr proposals for investment in 4 power projects
With an aim to revive the stressed power sector and encourage hydropower sector, the government approved investment proposals worth over Rs 31,600 crore in four power projects. These projects, including coal-based thermal plants and hydro power, are likely to be operational by 2023-24. The Cabinet Committee of External Affairs (CCEA) has approved investment of Rs 10,439.09 crore ...

India-SICA talks to take place soon to help promote bilateral trade and investments
Next round of talks of India- trade body Central American Integration System (SICA) forum will be taking place in the next few months, which will encourage better trade and bilateral relationship between the countries. SICA which is a small group of countries of Central America is very critical to India as it offers free exchange of trade with other countries in the United States and also with European nations.

Businesses using Aadhaar services need to pay up to Rs 20 for customer verification
Business organisations using Aadhaar services will now have to pay Rs 20 for each customer verification and 50 paise for authentication of each transaction carried out by the entities, the Unique Identification Authority of India (UIDAI) said. The gazette notification, the Aadhaar (Pricing of Aadhaar Authentication Services) ...

ONGC plans to invest more than $500 million in Mumbai High Field
State-run Oil and Natural Gas Corp. (ONGC) plans to invest more than $500 million in its flagship asset, Mumbai High, to boost hydrocarbon production. ONGC will employ enhanced oil recovery (EOR) methods to improve oil recovery from the offshore field and has completed a pilot programme.

calender March 12, 2019