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India's GDP to grow 7-7.5% in 2018-19, says Economic Survey
The Economic Survey tabled in Parliament by the Union Minister for Finance and Corporate Affairs, Arun Jaitley has predicted India's GDP to grow 7 - 7.5 percent in 2018-19, an increase from its prediction of 6.75 percent growth this fiscal. The survey underlines the role of the newly introduced Goods and Services Tax (GST), the new Indian Bankruptcy Code, the implementation of the recapitalization package to strengthen the public sector banks, further liberalization of FDI and the export uplift from the global recovery, in contributing to the economic growth this year.
Economic Survey 2018 carries pink theme to emphasise gender inequality
The Economic Survey 2018 started with the pressing issue of gender equality in the country. In a first, the survey document was in a pink cover in order to show the government's commitment and solidarity to women empowerment and equal rights. Explaining the significance of the pink cover, the finance ministry's Chief Economic Adviser Arvind Subramanian said, "In our bid to further the cause of women's empowerment, the cover of Economic Survey 2018 is pink." The survey, prepared by the CEA, highlighted that India has lower women participation in the labour force, "adversely affecting the growth potential of the economy".
Corporate tax cuts may be delayed further
Modi pledged in 2015 to bring down corporate taxes over four years, but corporate India still waits for the move. In his last budget before 2019 elections, Modi faces a revenue crunch that may make it challenging to deliver on his promise to lower the basic corporate tax rate over time to 25 percent from 30 percent. India is ranked 119 out of 190 countries when it comes to ease of paying taxes, according to the World Bank's Doing Business index. Modi has been trying to improve the investment climate by reducing red-tape. Despite the fiscal squeeze, corporate India still expects Finance Minister Arun Jaitley to deliver on the government's promises.
Cryptocurrency investors unable to link bank accounts to wallets
Though India is still straddling the fence when it comes to taking a stand on cryptocurrencies retail investors in the country are already in a soup.
According to a report in The Hindu BusinessLine, many investors are currently neither able to trade on several bitcoin exchanges in India nor use their linked bank accounts to withdraw/deposit money earned from trading. Given that a recent survey by the income tax department revealed 6 lakh active cryptocurrency traders in the country in nine cryptocurrency exchanges trading up to Rs 17,800 crore, this has amounted to a major problem. With banks and the bitcoin exchanges passing the buck to each other in response, investors don't know where to go for grievance redressal.
ISB highest-ranked Indian management institute globally
Every year, millions of Indian students appear for CAT to enrol in the management institute of their choice. While IIM-Ahmedabad is one of the most coveted institutes in India, Indian School of Business or ISB Hyderabad tops Indian B-school rankings in the world, according to the Financial Times London's Global MBA Ranking 2018. ISB was globally ranked 27th last year but has dropped to 28 this year, while IIM-A that was at the 29th spot last year has dropped to the 31st spot this year. IIM-Bangalore and IIM-Calcutta, meanwhile, have improved their rankings considerably.
Nestle enters pet-care market in India
Swiss major Nestle has entered the booming petcare industry in India. The FMCG major known for brands like Maggi, Munch, and Nescafe, is introducing its global range of premium dog food under the brand Purina Supercoat. The new business is placed under a separate wholly-owned subsidiary of Nestle - Purina Petcare India. Globally, Nestle's Purina is the second-largest pet food company after Mars Incorporated. It has an annual revenue of over Rs 700 billion. Since the Maggi crisis in 2015, Nestle has been venturing into newer categories and is focused on launching new products here.