IMF retains India’s FY20 growth forecast at 7.5%; CRISIL predicts a modest recovery at 7.3%

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The International Monetary Fund (IMF) has retained its growth projection for Indian economy at 7.5 per cent for 2019-20 and said it is likely to accelerate to 7.7 per cent in 2020-21. This comes on a day when China announced that its GDP recorded its lowest growth rate in 28 years at 6.6 per cent […]

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India set to overtake China to become the second largest oil consuming country: Wood Mackenzie Report

India will surpass China to become the second largest oil demand growth centre globally in 2019 on back of buoyant auto fuel and LPG consumption, research and consultancy group Wood Mackenzie said. In a report, Wood Mackenzie said India’s oil demand growth recovered strongly in 2018, overcoming the aftermath of the implementation of Goods and […]

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Reform measures and GST benefits to drive India’s growth momentum — ADB

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India will reverse 2 years of declining growth as the economy is set to expand by 7.3% in fiscal year (FY) 2018 and 7.6% in FY2019, aided by various growth-oriented policy measures, a new Asian Development Bank (ADB) report said. The Bank said in its latest Asian Development Outlook (ADO) 2018 report that the dip in growth […]

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Accumulation of GST threatening India’s aluminium recycling industry

The accumulation of the goods and services tax (GST) due to over-valuation of imports of aluminium scrap is adversely affecting India’s aluminium recycling industry, which is mostly in the medium and small sectors. Industry officials said the industry faced a risk of shutdown if the issue was not resolved immediately. “The aluminum recycling industry, which […]

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India’s cotton output forecast to 37.5 million bales, but ginning industry peeved at the latest GST notification

A recently introduced 5 percent goods and services tax (GST) on supply of raw cotton under the reverse charge mechanism (RCM) by the Indian government is making the ginning industry unhappy. Earlier, the government had postponed the implementation of the RCM till March 31, 2018. The notification says that the GST on supply of raw […]

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