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Politics

12% tax revenue growth achievable in 2020-21 fiscal: Revenue secretary

NEW DELHI: A 12 per cent growth in tax collections next fiscal may look ambitious to some but for revenue secretary Ajay Bhushan Pandey it is achievable in an economy that is projected to clock a 10 per cent nominal GDP growth. The economy slowing down to its slowest growth in 11 years together with …

Politics

As China returns to work, it is hardly business as usual

SHENZHEN: The Chinese economy will sputter towards normal on Monday after the coronavirus outbreak forced an extended holiday, although numerous stores and factories will remain shut and many white collar employees will continue working from home. The usually week-long Lunar New Year holiday was extended by 10 days in much of China amid mounting alarm …

Politics

Forex kitty rises $4.6 billion to $471.3 billion

MUMBAI: The country’s foreign exchange reserves swelled by $4.607 billion to $ 471.3 billion in the week to January 31, helped by a rise in foreign currency assets, according to RBI data. In the sixth bi-monthly monetary policy of 2019-20 announced on Thursday, the Reserve Bank of India (RBI) had said foreign exchange reserves touched …

Politics

200% import duty hike to hit toy business in India: Importers

KOLKATA: More than a one lakh retailers across the country will be hit by 200 per cent import duty hike, toy importers, who went on strike on Saturday, said. The Centre, in the Union Budget, has proposed raising the import duty on toys from 20 per cent to 60 per cent from the next fiscal, …

Politics

NTPC Q3 net profit up 23% to Rs 3,198 crore

NEW DELHI: State-run NTPC on Friday reported around 23% jump in consolidated net profit at Rs 3,198 crore in December quarter, mainly due to higher revenues. The company had posted a consolidated net profit of Rs 2,608 crore in October-December quarter of 2018, a BSE filing said. According to the statement, total income of the …

Politics

Anil Ambani tells UK court his ‘net worth is zero’ despite fleet of cars, private jet and yacht

LONDON: Former billionaire Anil Ambani, once the sixth richest man in the world, declared to a UK court on Friday his “net worth was zero” and that he was bankrupt. Three Chinese banks — Industrial and Commercial Bank of China Ltd (ICBC), China Development Bank and the Export-Import Bank of China — are suing Ambani …

Politics

Over 200 partnerships finalised at defence expo on Friday

LUCKNOW: Over 200 partnerships and technology transfer initiatives involving state-run defence majors, private firms and foreign arms manufacturers were sealed on Friday at the defence expo here, providing for joint development of military hardware and weapons systems. The pacts were inked at the on-going defence expo, two days after Prime Minister Narendra Modi set a …

Politics

Consumers’ mood is worsening, slack building: Survey

NEW DELHI: Consumer sentiment in India worsened to an almost five-year low and manufacturing slack at companies widened to the most on record, indicating Asia’s third-largest economy is yet to put a floor under growth. The current situation index fell to 83.7 in January, the lowest since March 2015, according to the Reserve Bank of …

Politics

Without reforms, Gulf oil wealth could vanish by 2034: IMF

DUBAI: Energy-addicted Gulf states must undertake much deeper reforms or risk seeing their wealth drain away in 15 years as global demand for oil slides, the IMF (International Monetary Fund) warned on Thursday. “At the current fiscal stance, the region’s financial wealth could be depleted by 2034,” the IMF said in a study on “the …