Economics

'Need to moderate rate, widen tax base for Viksit Bharat goal by 2047'

There is a need for a shift in the taxation mindset from rates to revenue by moderating tax rates and widening base in order to achieve the goal of 'Viksit Bharat' by 2047, experts said. They underscored the need on transition from rates to revenue focused on lowering tax rates, enlarging the tax-paying base and thereby creating the means for financing of India's investment and development needs. "Conventional higher tax rates haven't resulted in significant tax buoyancy. Recognising this fact, governments in India since 1991 onwards have clearly batted for moderate tax rates leading to greater levels of transparency and compliance," EY India senior partner Sudhir Kapadia said. Time has come to bite the bullet for reforms in direct taxes, he said, adding, there could be one simplified rate structure for businesses and for individuals, there could be one simple three-rate structure with low or moderate rates, no surcharges and cesses and no significant deductions. On GST, he said, a

Infosys Prize gets age limit, now only for researchers up to 40 yrs old

The existing prize categories will remain largely unchanged, except for Economics, which will now be a separate category instead of being under Social Sciences

Govt ups MSP for raw jute by Rs 285 to Rs 5,335 per quintal for FY25

The government on Thursday approved a Rs 10,037-crore new industrial development scheme, UNNATI, for northeast states. The Union Cabinet in a meeting approved the Uttar Poorva Transformative Industrialization Scheme, 2024, here, an official release said . The central sector scheme has been announced for the development of industries and employment generation in the states of North East Region. The scheme's main objective is to generate gainful employment, which will lead to the area's overall socio-economic development. The scheme will create productive economic activity in the manufacturing and service sectors. Under the scheme, incentives would be provided to investors for setting up new units or undertaking significant expansion of the existing units. The scheme will be effective from the date of notification and up to March 31, 2034, along with eight years of committed liabilities.

From ecosystems to economics: The potential of a 'species stock exchange'

Creating interdependence between funding and ecological outcomes can establish an accountable framework, augmenting the efficacy of conservation initiatives

Quantum computing will unleash full potential of AI: Pasqal co-founder

Georges-Olivier Reymond, co-founder of Pasqal, spoke with Pranjal Sharma at the World Economic Forum's annual meeting in Davos about applying quantum computing

Big UK inflation drop bolsters bets on Bank of England cuts early next year

The annual rate of increase in consumer prices dropped to 3.9% from 4.6% in October, pushed down in part by cheaper petrol, for its lowest reading since September 2021

India's going back to import substitution is wrong way to go: Anne Krueger

Anne Krueger, First deputy managing director of the International Monetary Fund spoke on India's growth prospects

Claudia Goldin wins the Economics Nobel for work on gender pay gap

The economic sciences award was added by Sweden's central bank in 1968, called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

China slides to brink of deflation, adds urgency for economic stimulus

The consumer price index was unchanged last month from a year earlier - the weakest rate since prices fell in February 2021, according to data released by the National Bureau of Statistics on Monday

Measures to encourage investment an important aspect of Modinomics: Gadkari

Measures to encourage capital investment have been an important aspect of Modinomics as it is not just a wealth creator but also a means of employment generation, said Union minister Nitin Gadkari on Friday. In the 60 years of Congress rule, hatred was spread against capitalists. During the Congress rule, governance was budget-centric, said the minister of road transport and highways here at an event on the achievements of nine years of the Narendra Modi government. Encouraging domestic capital investment, and bringing foreign capital for development are necessary to eradicate poverty, he said. Works worth Rs 9 lakh crore are being carried out with a budget of Rs 900 crore because the Modi government is encouraging capital investment, said the senior BJP leader. Capital investment creates wealth and jobs, he stressed. Recalling his days as the PWD (public works department) minister of Maharashtra in the 1990s, when the undivided Shiv Sena-BJP alliance was in power, Gadkari said he

Delhi University's economics faculty opposes bid to drop 3 elective papers

The 3 electives are: 'Economy, State and Society', 'Production Relations and Globalisation', and 'Economics of Discrimination'

Making economics palatable

In Edible Economics, Ha-Joon Chang takes a global approach to food to deliver a stinging critique of the neoclassical order

Indian govt allows Lankans to hold $10,000 worth of rupee in cash

SL banks must open nostro accounts with Indian banks

You're not welcome! UAE bars entry for those with single name: Air India

Single named passengers will not be allowed entry into the UAE with immediate effect under the new guidelines

FM Sitharaman likely to begin pre-Budget talks from third week of November

FM Nirmala Sitharaman and senior officials will hold eight meetings in all with all stakeholders

European connect: SpiceJet links Amritsar and Italy with one-stop flights

SpiceJet is connecting Amritsar with Rome Fiumicino with a Boeing 737 Max twice a week and will also fly the plane between Amritsar and Milan Bergamo thrice weekly

Climate change targets pose stark challenge for the developing world

Floods and drought, hurricanes and heat waves will make the path out of poverty much more difficult. But trying to limit climate change poses its own set of problems for the developing world

Indians think combating global warming is good economics: Report

A significant proportion of the adult population in India appears convinced that steps taken to combat climate change and global warming will actually be good economics

Startup funding drops by 80% YoY to $3 bn in Q3 of Calendar 2022: Tracxn

Average ticket size also dips across all funding stages, late-stage sees biggest fall of 70%, indicating that investors aren't willing to make large investments until economic conditions improve

Crisis Nobels: A reminder sound banking regulation is vital

It may be hard to remember a time when the need to protect the workings of the banking system and possible response to a major crisis was as clearly understood