According to Section 43B(h) of the Income Tax Act, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes.
“Hopefully the fourth quarter … will also have (growth) of 8% or above 8% resulting in 2023/24 having an average growth in GDP of 8% or over 8%,” Sitharaman said during the event in Mumbai.
Foreign brokerages, Goldman Sachs and Morgan Stanley, have stated that the MPC may keep the repo rate on hold in the first half of the fiscal. They have predicted the first rate cut in the July-September quarter.
Fresh inflation data released earlier is “pretty much in line with our expectations,” he said. But Powell reiterated it won’t be appropriate to lower rates until officials are confident inflation is on track toward their 2% goal.
Indian Prime Minister Narendra Modi plans to prioritize completing free trade agreements with Britain and Oman, requiring ministries to set annual goals for the next five years.
Production rebounded for refinery products (2.6% vs -4.3%), and rose faster for electricity (6.3% vs 5.7%), coal (11.6% vs 10.2%), crude oil (7.9% vs 0.7%), natural gas (11.3% vs 5.5%), cement (10.2% vs 5.7%).
Rajan, in a Bloomberg interview, said it is unlikely that India will not be a developed economy by 2047 adding that it would be "nonsense" to talk of that goal "if so many of your kids don't have a high school education and drop-out rates remain high."
Arvind Panagariya, who served as Niti Aayog's Vice Chairman from January 2015 to August 2017, said Prime Minister Narendra Modi worked hard over the past 10 years to make India a friendly place for businesses, so investment is coming in.
Taking to social media platform X, the CM said: "One expects the country’s Finance Minister to speak the truth. Unfortunately, she has been consistently denying the written word".
The union minister for road transport and highways says, InvIT bonds offer an unique opportunity to the common men to participate in the country’s rapid infra building and get healthy return on their investments…
India's Finance Ministry predicts strong growth and private investments for FY25, despite challenges from oil prices and global supply chain issues, requiring higher household savings for capital formation.
Chair Jerome Powell, speaking to reporters after the Fed’s decision Wednesday, demurred when asked whether officials would lower rates at their coming meetings in May or June, repeating that the first reduction would likely be “at some point this year.”
The Reserve Bank of India has projected GDP growth for the next financial year at 7 per cent on the back of improved household consumption and upturn in the private capex cycle.
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