>>The MSME ministry has established an export promotion cell to create a sustainable ecosystem for micro, small and medium enterprises (MSMEs), The ministry has also proposed to formulate a governing council that will be chaired by secretary of the MSME ministry, The Cell would evaluate readiness of MSMEs to export their products and services, recognise areas where improvements are required in order to be able to export effectively and efficiently and integration of MSME into global value chain.
SEBI allowed custodial services in commodity market
>>Markets regulator Securities and Exchange Board of India (SEBI) has allowed custodial services in the commodity derivatives market, which would enable participation of institutional investors, including mutual funds, in the segment. SEBI stated that under the new framework, existing custodians will be permitted to add commodities as an asset class and provide physical delivery of both the securities and commodities. Currently, the regulation on custodian of securities provides safekeeping of securities, gold or gold related instruments, title deeds of real estate and services incidental.
Growth to remain in 7-7.5% range in next few years: PM advisory panel
>>The Economic Advisory Council to the Prime Minister, headed by NITI Aayog Member Bibek Debroy stated that India's economic growth is expected to remain in the range 7-7.5 per cent in the next few years. The growth rate can be easily increased by 1 per cent by addressing structural problems through reforms. The Central Statistics Office (CSO) in its latest forecast pegged the growth at 7.2 per cent for 2018-19. The EAC-PM is an independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister.
India to surpass UK in world's largest economy rankings in 2019: PwC
>>India is likely to surpass the United Kingdom in the world's largest economy rankings in 2019, to become world's fifth largest economy, according to a report by global consultancy firm PwC.
>>As per the report, while the UK and France have regularly switched places owing to similar levels of development and roughly equal populations, India's climb up the rankings is likely to be permanent.
>>PwC's Global Economy Watch report projects real GDP growth of 1.6 per cent for the UK, 1.7 per cent for France and 7.6 per cent for India in 2019. According to World Bank data, India became the world's sixth largest economy in 2017 surpassing France and was likely to go past the UK which stood at the fifth position. The US was the world's largest economy with a size of 19.39 trillion dollars, followed by China at 12.23 trillion dollars at the second place in 2017.
Maharashtra FM-led GoM to look at issues related to lottery under GST
>>A ministerial panel headed by Maharashtra Finance Minister Sudhir Mungantiwar will examine uniformity of taxation on lottery under GST or other issues arising out of it. Under GST, state-organised lottery falls under the 12 percent tax slab while state-authorised lottery attracts 28 percent tax. The panel will also examine any other issue related to enforcement, including the legal frame work, in order to curb evasion of tax on lottery and suggest appropriate tax rate to address the problem. The GoM for lottery will submit its report to GST Council in next its meeting for approval.
GST on Haj reduced from 18% to 5%
>>GST on Haj has been reduced from 18 per cent to 5 per cent and this will significantly lower the air fare thus saving Haj pilgrims’ 113 crore rupees this year
>>For the first time since the independence that 2,340 women from India will go on 2019 Haj without Mehram
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