News Updates 15th April, 2016

Business Updates dated 15th April, 2016

• Ravi, Shankar Prasad, the Union minister for communication and information technology, said he expected Digital India to be a $1 trillion economy in the next five to seven years.

• Venture Capitalists and private equity players have slowed investments in Indian start- ups. Between January and March, 2015, $465 million was raised by Indian starts-ups. This year, funding has come down to $252 million.

• India may grow faster than 7.5%  gross domestic product growth rate it recorded last year, if predictions of above average monsoon rainfall come true: Finance Minister, Arun Jaitely.

• The centre has firmed up a comprehensive plan to increase India's port capacity to 3,000 million tonnes by 2025 fromt he present level of 1,400 million tonne. The government envisages an investment of Rs. 1 lakh crore to meet this target.

• No retro service tax on spectrum, mines. The Finance Ministry has clarified that the service tax proposed on auctioning of natural resources, including telecom spectrum, will be imposed prospectively for transfer of rights by government taking place after April 1.

• Oil oversupply to end later this year. IEA says world surplus will dimnish to 200,000 barrels a day in the second half from 1.5mn in the first half of this year.

• CBEC vide Notification No.  22/2016-ST dated 13th April, 2016 exempts service tax on registration services provided by government or local bodies.

• RBI eases reporting norms for overseas direct investments.
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• NBFC micro finance institutions can act as channelizing agents to disburse loans under special schemes of Governments: RBI. 

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