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GDP PLUNGES TO 6.1 PERCENT

  After a more or less giddy ride of being the “the world’s fastest-growing large economy”, India for the first time since 2015 trailed China in the growth rate. The country registered a growth rate of 6.1% in the March quarter. This growth rate is much below the GDP growth of 8 per cent in 2015-16, 7.5 per cent in the previous year and the expected growth of 7.1% the current year. Demonetisation seems to [...]

paytm payment bank

    Paytm will be launching its payment bank at Noida on 23 May 2017. It is expected to grow to 31 branches across the country in its first year itself. The company has also said that in this period it would try and build 3000 customer service points. Customers who deposit INR 25,000 in the payment bank would be given cash-back of INR 250. Paytm Payments Bank is supposed to receive investments worth INR [...]

gst set for rollout

On 19 May, the tax rates for the ensuing Goods and Services Tax (GST) tax regime were decided by the GST Council. The new rates are supposed to come into effect from 1 July 2017. A meeting was held in this regard at Srinagar. It has been stated that education and healthcare would be exempted from GST. Hasmukh Adhia, the Union Revenue Secretary of India, has also revealed that expenses such as metro travel, local [...]

10 new nuclear reactors in India

The domestic nuclear manufacturing industry just got a major boost with the government announcing plans to indigenously design and build 10 Pressurized Heavy Water Rectors (PHWR) on a fast track mode. Coming at a time when the NDA government is completing its third year in office, Union Minister of Power Piyush Goyal made the dramatic announcement in a meeting with the press. The move is expected to give ‘Make in India’ initiative its biggest fillip [...]

wannacry ransomware attack

On 12 May 2017, the world woke up to a blank computer screen with a message confirming access to their computer files had been locked and that a $300 ransom payment, made in the form of the cryptocurrency – bitcoin, could get them to receive a patch that would unlock the files. If you didn’t pay, the data would be lost forever. The ransomware was “WannaCry” and it did make people want to cry, especially [...]

Protectionist Wave in Indian IT Industry

Ever since Donald Trump became the President of the United States (POTUS), one question that has been doing the rounds in India is how will its information technology (IT) industry work. Ever since he was campaigning to become POTUS, Trump has been a major opponent of outsourcing, which is something that the IT industry of India thrives on. In fact, as far as the leaders of this industry are concerned this is a burning question [...]

engineering in india

Engineering is one of the most coveted choices for students who wish to undergo undergraduate and postgraduate studies in India. There are thousands of engineering colleges in the country but only about 3000 of them have the necessary recognition. Fewer yet are deemed universities. Each year lakhs of students pass out of these colleges, each with the hope of making it big, earning a lucrative sum each year. Most of them prefer to take up [...]

low growth rate impact on real estate

“Roti, kapda, aur makaan” have been the primary life goals of an average Indian since time immemorial. But the historic demonetization undertaken by Prime Minister Narendra Modi in November 2016 could have changed it all, at least the Makaan bit. According to a recent survey by leading trade association, Associated Chambers of Commerce of India (Assocham), demand for real estate in some of the leading cities of India has fallen despite a sharp decline in [...]

Banking Regulation Act Amendment

Bank loan defaulters will now find it more difficult to get away as the RBI gets more teeth to deal with the problem. The Cabinet has just cleared a proposal to amend Section 35A of the Banking Regulation Act through an ordinance and sent the same to the President for his assent. The overall non-performing assets (NPAs) of the banks has crossed Rs 6.07 lakh crore as on 31st December 2016, of which the public [...]

mp adopts first jan-dec fiscal year format

Late last month, Indian Prime Minister Narendra Modi had indicated that his government would consider doing away with the colonial legacy of adhering to the April – March financial year cycle. Such a move could mean reworking the entire budgetary and tax filing systems. Before the union government could study the consequences of such a shift and present this idea to the union cabinet, the Madhya Pradesh government has decided to move the budget cycle [...]