The controversial Citizenship (Amendment) Bill, which has sparked widespread protests from the northeastern states and Opposition parties, has been passed by the Cabinet and is likely to be tabled in the Lok Sabha on December 9.The Bill was passed by the Lok Sabha in January but lapsed without being cleared in Rajya Sabha. The Modi government has made passing of the Bill top priority and the process to ease the concerns of the Northeastern states is underway with Home Minister Amit Shah meeting with representatives of those states.Here we look at the major talking points of an amendment which seeks to redefine the definition of nationality of a nation which has been grappling with influx of illegal immigrants:Close What is the Citizenship (Amendment) Bill, 2019? related news India's air passenger traffic grows 3.6% in October; pace slower than seen in 2018: IATA Canada Pension Plan Investment Board to invest up to $600 mn in India through NIIF MHA sanctions Rs 100 cr to set … [Read more...] about What is the Citizenship (Amendment) Bill 2019 and why is it in the news?
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The 2019 edition of OECD Economic Surveys: India report has projected India's gross domestic product (GDP) to grow at 5.8 percent for the financial year 2019-20."Growth has slowed since mid-2018, from a hefty pace, reflecting the sharp deceleration in private consumption," the report underlines.Changes in insurance regulations and liquidity stress in the non-banking financial companies (NBFCs) have affected car sales while the shutdown of one major airline and volatility in fuel prices have weighed on consumer confidence, the survey said.Close The report, despite forecasting muted GDP growth for India, says that the country remains a growth champion despite recent slowdown and going forward, growth is projected to recover. related news Govt may rework findings of Household Consumer Expenditure survey Country in trouble as PM Modi, Amit Shah live in 'imaginary' world: Rahul Gandhi Govt cannot suppress my voice in Parliament: Chidambaram For 2020, the survey projects … [Read more...] about OECD report projects India’s FY19-20 GDP growth to be 5.8%
Any reduction in GST rates for the remaining of the current fiscal year is unlikely, a senior government official said."The revenue situation is difficult. There's a possibility that the Centre may have to pay more in compensation to states," the official told Moneycontrol.In its last meeting held in September, the GST Council approved a cut in tax rates on hotel rooms with a tariff of Rs 7,500 and above to 18 percent and those with tariff below Rs 7,500 to 12 percent. GST on room tariff below Rs 1,000 has been scrapped.Close Many industries have been demanding a GST rate cut to boost a slowing economy. Passenger vehicle sales in the world's fourth-largest automobile market have slumped in the past year as lack of financing options, increase in ownership costs and an economic downturn have discouraged people from buying cars. related news Govt taking steps to check onion prices: FM Sitharaman Opposition-ruled states meet FM over delay in GST compensation Global … [Read more...] about Big-bang GST rate reduction unlikely for this fiscal year
Moneycontrol BureauThe Reserve Bank of India (RBI) left the repo rate unchanged in its December policy review while maintaining accommodative stance, as it expects past monetary easing and measures taken by the government to feed into the real economy gradually.All six members of Monetary Policy Committee (MPC) voted in favour of a pause, the central bank said in a statement on December 5.Close To catch all the action from the Monetary Policy Meet, click here related news RBI Credit Policy | To issue draft norms for cooperative banks to strengthen safety of deposits Households expect inflation to rise, businesses see weak demand: RBI survey RBI Credit Policy | Monetary Policy Committee raises consumer inflation target for October-March to 4.7-5.1% Following are the key takeaways from the monetary policy:On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 5, 2019) decided to:- … [Read more...] about RBI Monetary Policy: A quick read of the policy document
HDFC Asset Management Company share price declined 4.7 percent intraday on December 5 after the company said it will use a greenshoe option for sale of additional 0.86 percent stake via offer for sale (OFS).The two-day offer for sale issue has opened for subscription on December 4 only for non-retail investors and today, it will remain open for retail investors as well.The floor price for the issue has been fixed at Rs 3,170, a discount of 7.88 percent to Tuesday's closing price.Close Standard Life Investments, the promoter of the company, told exchanges that it has proposed to sell up to 47,50,000 equity shares through offer for sale (representing 2.23 percent of the total paid-up equity share capital) of HDFC Asset Management Company, with an option to additionally sell up to 38,50,000 equity shares (representing 1.81 percent). related news Rate-sensitive stocks trade mixed after RBI keep interest rates unchanged ICICI Bank share price hits record high; analysts say … [Read more...] about HDFC AMC promoter to sell additional stake via OFS; share price falls 4%