Plan and Policy

Plan & Policy

Centre’s share of oil riches far greater than states’ pie

The Centre has put the responsibility of making petrol and diesel cheaper on states by way of a cut in duty, but in reality it is the Central government that has walked away with the lion’s share of tax collection from the oil sector.

According to the Petroleum Planning & Analysis Cell (PPAC) in the oil ministry, the Centre earned a staggering Rs 2,73,502 crore as taxes and duties from the petroleum sector in FY17 against Rs 1,88,435 crore raised by states during the same period.

SBI Life hopes to cross industry growth rate in new premium

With the idea of insurance changing from being a mere tax-saving instrument to an investment for a better life, private life insurer SBI Life hopes that its individual premium business would surpass the industry growth rate of 11-13 per cent in the next few years.

Market research agency Crisil in its life insurance study has projected an industry growth rate of 11-13 per cent in its individual premium business over the next three-five years.

Centre eyes record rabi crop output

The government has set an ambitious target of 137.55 million tonnes in foodgrain output this rabi season, more than the record production achieved last year, even with the main wheat growing states Uttar Pradesh and Madhya Pradesh receiving deficient rainfalls.

India to be 3rd largest economy by 2028

With the economy growing at a robust pace, India is likely to overtake Japan and Germany to become the third largest economy in the next 10 years but needs to be consistent in reforms and focus more on the social sector, British brokerage HSBC has said. It is estimated that India will be a $7 trillion eco­nomy in 2028 as compared with less than $6 trillion and $5 trillion for Germany and Japan, respectively.

Jurisdiction-free I-T assessment on the cards

To check corruption and harassment, the tax department will soon launch a pilot of “jurisdiction-free assessment” where a tax officer will not get to know identity of the assessee as allotment of cases will be done randomly by computers rather than on the basis of area.

The success of the pi­l­ot, to be first carried out in Delhi and Mumbai, will determine if the plan has to be expanded all over the country, a senior revenue department official said. The country is divided into 18 tax zon­es. Taxpayers are asses­sed by the officers of the region they are based in.

RBI may keep policy rate on hold till FY18-end

The Reserve Bank of India is expected to pause rate cuts for the rest of 2017-18 as retail inflation is likely to tread higher towards 4.7 per cent by March, says a Kotak Institutional Equities report.

According to the report, both CPI and WPI inflation have bottomed out and retail inflation is inching towards 4.7 per cent and wholesale towards 3.6 per cent by March 2018.

Asia forex reserves booming

Across much of Asia, foreign currency reserves have never been stronger. India’s forex reserves are set to hit a new high of $400 billion, enough to cover a year of imports, while holdings of international currencies in South Korea, Taiwan, Thailand and Indonesia are all at record levels.

China’s reserves – the world’s biggest – posted a seventh straight gain in August to $3.09 trillion, helping to reverse a near $1 trillion decline.