Total collection of indirect taxes - excise, customs and service tax - increased by more than 5 per cent year-on-year in the six months ended September 30 this year, fresh figures released by the finance ministry showed.
According to the recently released official figures, total collection of indirect taxes increased 5.1 per cent to nearly Rs 228,550 crore during April to September quarter of current financial year.
Indian investors are confused about the way the stock markets are heading in 2013. The stock market investors have managed to get good returns from stock markets in year 2012, however going forward, the market direction will mainly depend on hot money coming to Indian market.
Indian companies have performed really well in the past few quarters and that kept the momentum in the stock markets as results were good. However, going forward, the economy is facing trouble and growth in India is lower.
The Election commission (EC) has asked the union government to stop raising the cap on subsidised LPG (cooking gas) cylinders, emphasizing that raising the cap just ahead of the Gujarat assembly polls would violate the code of conduct.
Chief Election Commissioner VS Sampath announced the diktat immediately after Oil Minister Veerappa Moily announced the proposal to raise the cap on subsidised LPG cylinders from 6 to 9 per household per year.
Responding to former Comptroller & Auditor General official RP Singh's rebellious comments on the 2G audit report, a group of retired CAG officials have accused the Congress-led UPA government of making a deliberate attempt to damage a crucial pillar of the fundamental structure of the Indian Constitution.
On Wednesday, a group of retired senior CAG officers said in a signed statement that they were gravely concerned over the government's unprecedented, long-drawn-out and ferocious campaign against the CAG.
Reliance Industries Limited (RIL) has dismissed anti-corruption activist-turned-politician Arvind Kejriwal's allegations pertaining to its D-6 block in the Krishna Godavari (KG) basin, saying the allegations were lacked any truth or substance.
On Wednesday, Kejriwal and his associate Prashant Bhushan had accused RIL of getting undue favours pertaining to gas production deals. The duo claimed that both the BJP-led NDA and Congress-led UPA governments were responsible for RIL obtaining the contract for producing gas at D-6 block.
Gujarat Chief Minister Narendra Modi has hit back at the central government asking the Prime Minister Manmohan Singh to provide details about the expenditure on UPA chairperson Sonia Gandhi's foreign trips.
The congress party is demanding an apology from the Mr. Modi for his earlier comments that Rs 1880 crore was spent from the public money for funding foreign trips of Mrs. Gandhi. However, Mr. Modi remained defiant and asked Congress to provide details to prove him wrong before it demands as apology.
Gujarat Chief Minister Narendra Modi has accused the ruling UPA government of using CBI as a tool to harass political opponents.
He criticized the government for the arrest of former state minister Amit Shah and claimed that the minister was falsely accused in the Sohrabuddin Sheikh fake encounter case.
After withdrawing from Congress-led UPA coalition government, Trinamool Congress (TMC) chief & West Bengal CM Mamata Banerjee on Monday reached Jantar Mantar to launch the first ever protest against the union government's new reforms.
Mamata parted her ways with the UPA after the government at the centre hiked the price of the diesel, placed a cap on the usage of subsidized cooking gas (LPG), and opened multi-brand retail sector to foreign investors.
Naveen Patnaik, chief minister of Odisha and president of Biju Janata Dal (BJD), has declared that his party would not support the UPA government at the Centre in any circumstances.
The Congress-led UPA government is in search of new allies after Trinamool Congress chief Mamata Banerjee withdraw support to the centre government over diesel price hike and foreign direct investment (FDI) in retail.
Punjab Chief Minister Parkash Singh Badal on Thursday predicted early Lok Sabha polls, and said his party was battle-ready for any such situation.
On the sidelines of a conference in Chandigarh, Mr. Badal said that the Congress-led coalition at the center was bound to crumble because of the continuing internal tussle and distrust among key allies.
Speaking on the topic, he added, "UPA is crumbling. Mid-term polls are a definite possibility. And we are battle-ready for any situation like this."
Congress chief Sonia Gandhi will hold a meeting with top leaders of the party on Wednesday to review the political situation after Trinamool Congress' decision to withdraw support to UPA government.
Trinamool Congress leader & West Bengal Chief Minister Mamata Banerjee announced the party's decision to withdraw support to coalition government after three-hour long marathon meeting on late Wednesday.
Most of the private sector coal companies, which were called by the Inter Ministerial Group (IMG) to explain why they delayed the development of the coal blocks allotted to them, blamed procedures for the delay.
Representatives of the private coal companies said sluggish land acquisition rules and forest clearances prevented them from commencing production on time. They also alleged government-run coal companies got undue attention.
The Coal Ministry has estimated that allottees of 60 coal blocks may have enjoyed benefits worth as much as Rs 1.97 lakh crore by receiving these blocks for free, a source familiar with the developments in the ministry said.
The union government allotted 60 coal blocks to private as well as public sector companies without any competitive bidding between the years of 1998 and 2009. Of these 60 coal blocks, seven were awarded by the BJP-led NDA government between 1998 and 2004, while 53 were allocated by the UPA government.
While the Opposition led by BJP and many allies of the UPA are aggressively opposing the government’s proposal to open the retail market of India to foreign investment, former president A P J Abdul Kalam has openly support the proposal.
Mr. Kalam support foreign direct investment (FDI) in retail, saying developing countries need an atmosphere of competitiveness and aggressiveness to become developed.
P Chidambaram, finance minister of India, has finally approved the controversial proposal to increase foreign direct investment (FDI) in insurance and pension sector from 26 per cent to 49 per cent.
Besides seeking the proposed increase in the FDI limit in the sectors, the bill also demands to fortify regulation of the insurance sector and allow foreign re-insurers to participate in the Indian market.
A finance ministry official announced, "The bills (pension and insurance) have been cleared and are ready to go to the cabinet."
Trinamool Congress chief Mamta Banerjee has arrived in Delhi to the UPA co-ordination committee meeting for the first time on Wednesday. Trinamool Congress - the second biggest ally of the coalition government - had not attended the committee's first meeting on August 8.
Apart from Mamta, Trinamool Congress leader and railway minister Mukul Roy will also attend the meeting.
Congress feels that it is better to not give any importance to Baba Ramdev or Team Anna. However, the leadership in Congress is forgetting that common man in India is suffering and he wants the change in the system.
CRISIL Research has cut India GDP growth forecast to 5.5 per cent for 2012-13 based on lower foreign investment inflows to the country. The report has reduced the estimates from earlier 6.5% GDP growth.
CRISIL report also expects the WPI inflation to remain higher at 8 per cent. Indian economy is already struggling lower growth. The policy in-action of UPA government will result in lower foreign investment and can reduce growth in various sectors.
Team Anna announced entering politics after the UPA government did not listen to their demands. After many agitations under leadership of Anna Hazare, the team has finally decided to face the politics parties in elections.
There are different views from major parties on Team Anna’s political aspirations. However, one thing is sure that there will be a change in the Indian political scene.
Omar Abdullah, the chief minister of Jammu and Kashmir has said that former President A P J Abdul Kalam should not stand in the presidential election again as Pranab Mukherjee is most likely to be chosen as the next president of India.
"Kalam has been a very successful President and has won hearts of the people as the President. It does not befit him to contest the elections when his chances of winning are almost next to zero," Omar said while he was speaking to media persons.