Thursday 18 June 2015

Top economy news of the day - June 18, 2015

The Cabinet Committee on Economic Affairs increased the minimum support price of paddy by Rs. 50 to Rs. 1,410 per quintal for this year. 

Newspaper
The Cabinet Committee on Economic Affairs (CCEA) increased the minimum support price (MSP) of paddy by Rs. 50 to Rs. 1,410 per quintal for this year.

The Cabinet cleared 'Housing for All by 2022' scheme with an increase in interest subvention to 6.5% on housing loans to economic weaker section (EWS). 

Government has increased import duty of flat and long steel products effective 16 June. Duty on flat products has been increased from existing 7.5% to 10% and on long products it was raised to 7.5% from 5.5% at present.

The government has cancelled approvals of 22 special economic zones, including that of Tamil Nadu Industrial Development Corporation and True Developers, as no "satisfactory" progress was made to execute the projects 

The government approved Rs75.3bn projects in Maharashtra for widening of stretches of NH 6 under its flagship road building programme NHDP.

Proposals for foreign direct investment amounting to around Rs40bn by four pharma and medical devices firms, including Torrent Pharmaceuticals and Biocon's research services arm Syngene, were approved by the government. 

Gearing up to roll out GST from April 1, 2016, the Finance Ministry set up two committees to suggest tax rates and look into IT preparedness for the new indirect tax regime. 

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