India knocking at rare club of fast, steady growth economies says Edelweiss

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There are only 28 episodes ever when countries grew at over 6 per cent for 8 years or longer, Edelweiss Securities said in a research note, adding India is entering this rare club.

Indian economy is becoming more efficient through five broad themes — fast and steady rate of growth, market reforms, expanding digital footprint, revival in rural growth and creation of modern infrastructure, says a report.

 

Indian economy is becoming more efficient through five broad themes — fast and steady rate of growth, market reforms, expanding digital footprint, revival in rural growth and creation of modern infrastructure, says a report. “India is growing at a fast pace, largely driven by efficiency gains in doing business, tax collections, infrastructure and rural economy,” it added. There are only 28 episodes ever when countries grew at over 6 per cent for 8 years or longer, Edelweiss Securities said in a research note, adding India is entering this rare club. On landmark reforms, the report said while GST can increase highly productive formal organised employment, bankruptcy code can enhance liquidation and better utilisation of assets. Moreover, there has been a marked improvement in global competitiveness among major emerging markets and 90 per cent of FDI is now coming through the automatic route, replacing hot money, it added.

Regarding digital India, it said that apart from gains from extinguished liability, the real effect of demonetisation has been a repair of banks’ balance sheets and an increase in digital transactions.

An efficient rural India means higher rural income, which in turn would lead to large increase in discretionary spend hence stronger growth in India.

Edelweiss Securities further noted that equities are cheap relative to bonds.

“A comparison of Nifty’s earning yield vs the 10-year government bond yield shows that equities are currently very cheaply priced as compared to debt instruments and we should expect a shift in the allocation of funds from debt to equity,” it said.

The broader market is also showing bullish prospects.

“The number of stocks hitting 52-week highs are rising steadily and the total market cap of all NSE listed stocks (above 200 cr MCAP) is also at a new all-time high; suggesting strong momentum in broader market,” it said.

Source: http://www.financialexpress.com/economy/india-knocking-at-rare-club-of-fast-steady-growth-economies-says-edelweiss/552425/

India’s share of global economy to increase: Lars Heikensten, Executive Director, Nobel Foundation

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“Digitisation is part of our lives and necessary but it does have consequences”.

India’s share of global economy to increase: Lars Heikensten, Executive Director, Nobel Foundation

Lars Heikensten, executive director of the Nobel Foundation, said he expects India’s share of the global economy to increase while commenting on the role of the country in the emerging world order, ahead of the biennial Vibrant Gujarat Global Summit.

“For decades, the western world has been standing up for democracy, science and facts. Now these values are being questioned. Democratic countries like India, which also have a growing role in the world, need to step up. I think the policies of India are important,” he said. “The world needs more of values that India has been building since the 40s.”

The investor summit will for the first time see the participation of a galaxy of Nobel Laureates apart from various heads of state and global corporate leaders. The Nobel Foundation is the institution that manages the Nobel prizes for physics, chemistry, medicine, literature and peace.

Heikensten emphasised the need for adequate infrastructure to connect people to the digital economy. “In my country Sweden, everyone is connected today. With more people being connected in India, you will see people shifting to digital transactions,” he added.

He also addressed the digital divide and the need to bridge this chasm. “Digitisation is part of our lives and necessary but it does have consequences,” he said.

Heikensten has been governor of the Swedish Central Bank and held various positions in the Swedish ministry of finance, including that of director general and head of the economic affairs department.

“There are risks (with digitisation) and IT policies need to address these issues,” he told ET. “This is not something that will solve itself. People have been left behind in the process and I expect we shall see more and more academic debate on how to keep fairly equal, at the same time we have good economic development… The populist movements in the western countries reflect that people are left behind.”

He said that Sweden, for instance, has become less equal over the years.

“This is not the whole story part but an important part of the story,” Heikensten said. “But it is still very equal compared to the United States where there are wider income differentials between people.”

The link between digitisation of the economy and inequality is not a straightforward one. However, he pointed out that this marks the way forward and said that “we will see more and more countries moving towards digitisation as lot less cash is being used now than before.”

He said that India was one of the countries buying notes from Sweden.

Source: http://economictimes.indiatimes.com/articleshow/56533782.cms

Income Tax E-Filing Process – At a glance

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Steps for Income Tax E-Filing:

 

 

  1. Select appropriate type of Return Form – ITR and download appropriate Return Form from https://incometaxindiaefiling.gov.in/
  2. Fill your particulars of name, address. PAN Number, date of incorporation (date of birth, in case of individuals), sources of income and the amounts and other details in the ITR return offline and generate a XML file
  3. Register and create a user id/password. User id is always your PAN number.
  4. Login and click on relevant form on left panel and select “Submit Return”
  5. Browse to select XML file and click on “Upload” button
  6. On successful upload, acknowledgement details would be displayed. Click on “Print” to generate printout of acknowledgement/ITR-V Form.
  7. In case the return is digitally signed, on generation of “Acknowledgement” the Return Filing process gets completed. You may take a printout of the Acknowledgement for your records.
  8. Incase the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form. The tax payer has to fill-up the verification part and verify the same.
  9. The e-verification can be done using Aadhar number or through online banking. A duly verified ITR-V form should be submitted with the local Income Tax Office within 15 days of filing electronically. This completes the Return filing process for non-digitally signed Returns.
  10. For any assistance in filing the paper copy of the return please contact the Public Relations Officer of the local Income Tax Office.