IT department launches an upgraded website for Tax Payers.

The IT department has launched an upgraded version of its website with better links for its tax payers. The new website http://www.Incometaxindia.Gov.In has a special tab named as Tax payers service where they can go and  get links related to PAN card , e-filling of returns and checking refunds. It also has a section where the tax payer can go and check various circulars and notification from Income Tax Department.

The website is developed and managed by National Information Centre or NIC and has improved on various features required by Tax payers to manage their return . In a statement issued by Senior IT official ” The new website has been made operational and a special section on tax FAQs for senior citizens and other class of taxpayers has also been brought out prominently.”

 

Indian slated to be a double digit economy soon.

According to Home minister Rajnath Singh India is slated to become a double digit economic power soon. Speaking at a press conference Mr Singh said that India has become one of the hottest destination for Foreign Investors. According to him the present government has taken substantial steps to improve the economic condition of the country and followed the path set by Atal Bihari Government in 2004. Taking a dig at previous government , Mr Singh said that he was confident that India would reach a double digit growth soon and bureaucracy in financial matters was a thing of past .

But after 2004, even though there was growth initially, the momentum lost gradually. The country could not achieve the desired growth. They could not match the momentum achieved by the Vajpayee government. By 2014, the economic condition of the country further deteriorated. When the Modi government assumed charge, you all know what was the economic condition of the country. “India has become the hot favorite destination for foreign investors. I am sure in a few years, India’s economic growth would in double digit”

The government has made many structural and procedural reforms in order to crub corruption and bureaucracy from financial matters and have ensured that the government is in a path of economic growth in the coming years.

There is a sense of confidence among investors. This government means business, this government is business friendly, this government is investors friendly, a decisive government, India will soon become one of the five top economies in the world. We are trying to make common people part of the development process,” he concluded.

Asian Development Bank to get an Indian director.

American president Barak Obama named Indian origin Swati Dandekar as the director for Asian Development Bank.She will replace Robert M Orr and will hold an ambassador post.

Along with Swati eight other administrative posts were also announced. In a statement issued by The White House , the President said that “”I am confident that these experienced and hardworking individuals will help us tackle the important challenges facing America, and I am grateful for their service. I look forward to working with them.”

Dandekar is an American citizen of Indian origin . She did her graduate from Nagpur University and Post graduate from Bombay University. Prior to this appointment she served in Lowa state senate from 2009 to 2011 and was part of the Iowa Sate House of representative from 2002 to 2008.

 

Ola, now worth $5billion,raises 500 million

Indian Taxi app unicorn Ola, has raised 500 million from a series of new and existing investors.The series F funding was lead by investor Baillie Gifford and existing investors like Tiger Global,Falcon edge, Softbank group and DST global.With this amount Ola has raised a total of $1.4billion from investors.The company plans to use the money to further accelerate in the existing markets and penetrate in more cities and town.The company’s app has already crossed more than 1 million in downloads and has recieved more than 1 billion bookings so far.The company is present in more than 100 cities across India.

The funding comes at an intersting time when the global market leader Uber, has planned to invest $1billion to tap the growing Indian internet population.Uber targets only high end customers in the country and is present only in 22 cities.
“As we pursue our mission to build mobility for a billion people, we are excited about bringing onboard partners who can help us get there faster,” Bhavish Aggarwal, co-founder and CEO of Ola said in a statement. “We will continue to build for the local market through innovative solutions like Ola Share, Ola Prime and Ola Money, as we grow the mobile ecosystem in India.”

According to Uber it plans to surpass its total ridership in US.The basic difference between the two services was that OLA allowed cash payement to its customers while uber only focused on the in app payments.Both the companies have come to common terms if we talk about payments.OLA recently launched its in app wallet named OLA money which allows customers to makepayments in app.

Yes Bank to issue bonds,plans to raise funds.

Private Lending company Yes bank signed a MOU with London stock exchange to work toghtether on an debt and equity issuances in the form of bonds.The company will list green bonds worth $500 m by December 2016 to raise funds.The initiative is the part of bank strategy to raise $1billion equity.Global Depository Receipts popularly known as (GDR) will be one of the known vehicle to raise funds.

“We will endeavour to improve the access to long term overseas funds for corporate in India, through capital markets in the UK particularly towards Green Infrastructure Financing, which is high on India’s agenda. We also look forward to working with the LSE in establishing London as the leading centre for rupee denominated offshore capital raising.” said Rana Kapoor, Managing Director & CEO of Yes Bank

Previously IFC listed a $3.15 billion bond through masala bonds on London Stock Exchange.

India and UK agree on a $3.2 bn pound deal on enegry and climate change.

PM Modi and his UK counterpart David Cameron agreed on $3.2 billion pound deal on energy and climate change . The agreement comes ahead of the Paris climate summit to be held earlier next month .The two countries reaffirmed the importance of the issue of climate and energy change and stressed on global reforms in order to reduce the damage done due to increasing global footprint.The countiries also focussed on economic growth and energy security in recent times.

“The UK and India’s partnership on energy is going from strength to strength. We share world-class expertise in research and innovation. The UK’s experience in green finance and technology in particular makes us well-placed to work together to promote secure, affordable and sustainable supplies of energy and address climate change,” said UK energy and climate change secretary Amber Rudd.

“The upcoming talks in Paris will be a crucial moment in the fight against climate change and I am pleased to be able to work closely with India to ensure that the deal we secure helps to keep the below 2 degree limit on global warming within reach,” she said in a joint statement for both the countries.

The pacakge will include 3.2 billion pound of commercial agreement , joint research and initiatives to share scientific , commercial and financial policy expertise. The idea is to create a knowledge share on research, development and deployment of clean energy.

The two prime ministers also welcomed the completion of negotiations of Nuclear Cooperation Agreement and the signing of a Memorandum of Understanding (MoU) related to civil nuclear collaboration between India and UK.

Government plans to achieve $900 bn export target : Nirmala Saitharaman

Government is taking steps to achieve $900 bn exports target by 2020 ,Industry and commerce minister Nirmala Saitharamna said in a statement.Government is taking steps to facilitate “Make in India” intitiative so as to achieve targets set by the Foreign trade policy.Government has already initiated a slew of incentives as part of Foreign Trade policy to double the export targets.

Currently India’s good export worth is around $300 billion while service export worth is around $150 billion.Contrary to various goverment initiatives India’s merchandise export dipped by 24.33% in September 2015.The reason for the same is said to be slow in demand of shipment ofpetroleum products , iron ore and engineering goods.When probed on the slowdown in China and India’s impact on the slowdown she said that the presence of Young population and lower cost of production in India is an advantage as compared to the neighbouring country.
“China is becoming a costlier place to produce. China’s population is moving towards retirement…There is a structural adjustment which is happening in China, that is, moving from an export led kind of an economy to a consumer led economy.

“A lot of manufacturers are getting out of China because its no longer the place to be in and on the contrary, we have an advantage in terms of young population and cost of production being far lesser and therefore we will be able to attract a lot of manufacturing into india.” she said in a press conference.

India has a global trade defecit of $48 bilion in 2014 -15.

G-20 countries should invest in Digital Infrastructure : Sunil Bharti Mittal .

India’s largest telecom operator Airtel’s chief has urged G20 leaders to invest in Digital infrastructure in order to deliver a brighter future to its citizens.He was speaking at the Digital Inclusion summit at on going G20 summit in Turkey .Mittal spoke on how internet can play a vital role in improving the economic growth of any country.Addressinvg a gathering of top business leaders in Antalya , Mittal stressed on nee to bring more women and youth into the mainstream economy .He spkoe at length on how Small and Medium Enterprises provide jobs to 60% of employable population in the world.”Globally, 95 per cent of the enterprises are SMEs. They can become a major source of employment opportunities and support a more inclusive economic growth,” he added.

Mittal also focussed on the four point agenda given by ICC B20 for the revival of global business environment .The agenda includes rectifiction and implementation of WTO’s trade fecilitation agreement , taking actions towards creating more oppurtunities for young and women in labour market , creating country specific strategies to bost investment in infrastructure projects.The trade fecilitation agreement or TFA can boost the tradeflows by $3.6 trillion creating more than 20 million jobs.The TFA can also remove the tariff barriers of the world and could lead to an increase in SME exports by 80%.

According to him the global unemployment rate is 5.9% and for the young it is at a staggering rate of 13.1%.He focussed on iclusion of young and women in the financial participation.

$6.3 billion railway project between China and Laos by 2020 , China Economic Herald

China plans to complete 418 KM (260 mile) railway line from a border town to laos by 2020 . The nw route planned will connect various economic market in the coming years. Both the countries agreed on a joint project worth $40 billion to be completed by 2020 which would connect the border town of Bolten to the Laos capital Vientiane.

The deal was signed between senior officials from National development & Reform commission and China’s Railway cooperation. Export and Import bank of china will provide funds for this project .Laos is said to be the [oor landlock country but China has shown an avide interest in the region in the recent time . The aim is to buid a top economics route across south eadt Asia by 2020 . The project will be funded 70% by the Chinese government while 30% of the capital will be invested by Laos.The route would help connect China to other south eastern countries like Malaysia and Thailand.

Chinese government has already announced a 200 billion yuan project for the pilot economic zone in the field of education,health and transport.

PM Modi announce deal worth $13.7 billion after UK visit.

Commercial deals worth $13.7 billion were announced on Friday after PM modi endend his second day of his maidin tour of the United Kingdom.Focusing towards a healthy financial collabration both PM modi and British PM David Cameron discussed possible partnership of both the countried in education , health and skill development . PM Modi’s pet projects like Skill India and Make in India were the prime focus in the meeting between both the head of States.

Investment by big enterprises like OPG Power Ventures ($4350 million) , King’s College Hospital ($150 million) . Lightsource ($300 million) were the highlights of the deals done under FDI .Investment by Indian Companies like India Bulls ($100 million) and TVS ($30 million) were also discussed .