Daily News Podcast: Indian economy set for a surge, says Prez Kovind : Bulletin: Business Today
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Daily News Podcast: Indian economy set for a surge, says Prez Kovind

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BusinessToday.In | July 2, 2018

Indian economy set for a surge, to touch USD 5 trn by 2025: Prez  

President Ram Nath Kovind today said the Indian economy is set for a surge with the GDP size expected to double to USD 5 trillion probably by 2025.
He was speaking after launching the platinum jubilee celebrations of chartered accountants' apex body ICAI. "Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the GDP to USD 5 trillion," Kovind said. The President said that adherence to a fair taxation system is much more than merely providing revenue to the government which is part of the same social contract that underpins the Constitution.

Walmart India gets half of biz via non-store sales  

US retail major Walmart is now getting nearly half of its business through non-store or out-of-store sales channels, which include B2B e-commerce, associates' driven sales and call centres, a company official has said. While, the rest half of its business still comes through in-store walk-ins, where its members visit its stores and purchase.Besides, Walmart India is also going to open another fulfilment centre soon at Lucknow after opening its first such facility in Mumbai last year.

FDI inflow growth rate dips to 5-year low in FY18

Foreign direct investment (FDI) in India seems to be petering out. According to the latest data released by the Department of Industrial Policy and Promotion (DIPP), FDI inflows growth rate recorded a five-year low of 3 per cent at $44.85 billion in 2017-18. In contrast, foreign inflows had grown by 8 per cent in 2013-14, under the previous government, albeit after recording a negative growth of 38 per cent in 2012-13.The current government had managed to initially multiply the FDI inflow growth rate to 27 per cent in 2014-15 and 29 per cent in the following year, but it dived to just 8.67 per cent in 2016-17.

CIOs looking at increasing spends on cyber security: EY  

Companies across sectors may increase their spending on cyber security as a percentage of the overall IT budget as they look to comply with privacy laws and protect organisations against new emerging threats, says a report by consultancy firm EY. A survey conducted by EY found 42 per cent respondents saying they are "willing to invest more than 10 per cent of their annual IT budget on cyber security". The report highlighted that the "onslaught" of Industry 4.0 technologies such as artificial intelligence (AI), Internet of Things (IoT) and machine learning (ML) -- being considered and adopted -- are drastically increasing the attack-surface for companies.

Honda Cars India posts 37.5 pc rise in domestic sales  

Honda Cars India (HCIL) today reported a 37.5 per cent increase in its domestic sales to 17,602 units in June on account of strong sales of all new Amaze. The company had sold 12,804 units in the domestic market in June 2017, HCIL said in a statement. "The recently launched All New Amaze which has been receiving an overwhelming customers' response sold a remarkable 9,103 units in June'18, strongly contributing to company's growth last month," HCIL said adding that HCIL has received over 26,000 bookings of the all new Amaze since its launch.

GST rate cut possible as revenue to exceed Rs 13 lakh crore this fiscal: Piyush Goyal

Finance Minister Piyush Goyal on Sunday said he expected GST collections to exceed Rs 13 lakh crore in the current financial year and this higher revenue would provide headroom to cut tax rates. The interim finance minister said, "with more people coming under the tax net, and successful implementation of the e-way bill system, there will be scope for rationalisation of tax slabs."
Under the four-tier Goods and Services Tax (GST), which was rolled out on July 1, 2017, taxes are levied in the brackets of 5 per cent, 12 per cent, 18 per cent and 28 per cent. On top of the highest tax bracket, a cess is levied on luxury goods such as big cars and sin goods such as sugary drinks and cigarettes
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