News digest: Govt cuts extra loans, GST Council meet, Sensex, and more

From government cutting extra loans to Sensex tops 35,000 high, BS brings you top stories to keep up with business news

Govt cuts extra loans to Rs 200 bn, FY18 fiscal deficit could reach 3.4%
 
The government has announced that it is reducing additional borrowing to Rs 200.00 billion from Rs 500.00 billion earlier, in the current financial year (FY18), signalling to markets and experts about the Centre’s commitment to fiscal consolidation. Read more
 
Centre mulls permitting 100% foreign investment in private banks
 

The Union government is holding talks to increase foreign investment limits in private sector banks to 100%, from 74% at present. It is also considering a hike in the foreign investment cap for public sector banks (PSBs), from 20% to 49%, a top government official said. Read more

 
Ahead of GST Council meet, states flag increasing revenue shortfall
 
The Group of Ministers (GoM) to look into the implementation of information technology for the Goods and Services Tax Network (GSTN) has raised concerns over the increase in shortfall in average revenue for states under the GST regime. This, coupled with subdued collections under the composition scheme, indicated that traders may be continuing to evade taxes or under-report revenues. Read more
 
Sensex tops 35,000 as banks rally after govt cuts borrowings to Rs 200 bn
 
A sharp rally in banking stocks saw the benchmark Sensex top the 35,000-mark for the first time, while the 50-share Nifty inched towards 10,800 on Wednesday. Benchmark indices gained close to one per cent as investor sentiment got a boost amid cooling of bond yields after the government announced a cut in additional market borrowing for the current financial year. Read more