NEW DELHI, Oct 1 (Reuters) – India recovered a meagre $575
million of unreported funds under a tax amnesty scheme that
offered a chance to citizens to disclose overseas assets by
paying tax and a penalty, raising doubts over a campaign against
Only 638 people declared assets under the tax amnesty that
closed on Tuesday. Tax authorities had expected many more
NEW DELHI, Sept 25 (Reuters) – India’s government has
ordered an investigation into Volkswagen AG cars
after the German automaker said it had used software in its
diesel models to circumvent emissions tests in the United
U.S. regulators last Friday said the world’s top automaker
by sales had installed “defeat device” software in models such
as the Jetta, Beetle and Golf to lower emissions during testing.
In normal conditions, the emissions exceeded permitted limits.
NEW DELHI (Reuters) – India does not need further fiscal stimulus to revive the economy, despite record low inflation and growth seen at the lower end of an 8.1-8.5 percent target this financial year, chief economic adviser Arvind Subramanian said on Wednesday.
Comments by Subramanian earlier this month that a sharp drop in inflation meant the economy was in or close to deflationary territory led to a debate over whether public spending should increase to boost growth, along with calls for rates cuts.
NEW DELHI (Reuters) – Indian policymakers highlighted the resilience of Asia’s third-largest economy on Thursday, as world markets braced for what could be the first increase in U.S. interest rates since before the global financial crisis.
Addressing a business conference, Finance Minister Arun Jaitley outlined the government’s growth-friendly reform agenda and promised within days to resolve tax disputes with investors that have blighted India’s image as a place to do business.
NEW DELHI (Reuters) – India is considering allowing state retirement funds to invest more in equities and opening them up to private-sector management to improve returns, as Prime Minister Narendra Modi seeks to expand the country’s tiny pensions net.
Hemant Contractor, head of the Pension Fund Regulatory and Development Authority (PFRDA), told Reuters he was pushing for state pension funds to be allowed to invest up to half of their funds in stocks, up from the current 15 percent.
NEW DELHI (Reuters) – India’s merchandise exports shrank far more than expected in August, falling for the ninth month and adding to Prime Minister Narendra Modi’s concerns that Asia’s third-largest economy may not be creating enough jobs for unemployed youth.
Jobs are a critical issue for the government, struggling to revive growth to a rate that will create employment for the millions who join the workforce every year.
NEW DELHI, Sept 15 (Reuters) – India’s merchandise exports
shrank far more than expected in August, falling for the ninth
month and adding to Prime Minister Narendra Modi’s concerns that
Asia’s third-largest economy may not be creating enough jobs for
Jobs are a critical issue for the government, struggling to
revive growth to a rate that will create employment for the
millions who join the workforce every year.
NEW DELHI, Sept 14 (Reuters) – India imposed a 20 percent
import tax on some steel products with immediate effect on
Monday, Finance Minister Arun Jaitley said, as the government
investigates a threat to domestic companies from rising imports
from China, Japan, South Korea and Russia.
“Notification is being issued imposing a provisional
safeguard duty effective from today on hot-rolled flat products
of non-alloy and other alloy steel in coils of a width of 600 mm
or more at the rate of 20 per cent ad-valorem for a period of
200 days,” the finance ministry said in a statement.
NEW DELHI (Reuters) – Gujarat, the state Prime Minister Narendra Modi ran for more than a decade, is India’s best place for conducting business, the World Bank said on Monday, in a report that ranks the country’s states in an effort to encourage them to cut red tape.
The report, prepared with support from KPMG on the request of the Modi government, gains importance by coming before the World Bank’s annual Doing Business report, which ranks nations and is expected to be released next month.
NEW DELHI, Sept 8 (Reuters) – Prime Minister Narendra Modi
and his top economic team on Tuesday assured a group of
billionaires that India could withstand global turbulence and
China’s economic slowdown, then asked them to open their
The meeting at Modi’s residence came as India’s rupee fell
to two-year lows and a stock market sell-off wiped out most of
the record gains made since he took office last year. Markets
bounced back after the session.