Read daily news briefs on economic issues collected from different sources.
After six years of introducing Goods and Services Tax (GST) as a new taxation regime, the government will ease criminal prosecution against tax evasion. The government has raised the threshold limit for initiating criminal prosecution to Rs.20 crore. [BL]
To promote employment generation and manufacturing in labour-intensive industries like leather and footwear industries government will include these industries in the Production Linked Incentives (PLI) scheme. [BL]
India is going to host a ministerial and industrial delegation from Taiwan as Taiwan aims to set up a semiconductor manufacturing industry in India. The meeting will also focus on the countries’ free trade agreement (FTA) as well. [ET]
Amid the rising case of harassment and blackmailing by digital lending firms, the Ministry of Home Affairs has issued a letter to states and union territories highlighting the issue of illegal lending and its harsh recovery process. [ET]
After the order of the Reserve Bank of India (RBI) to deactivate credit cards which have not been used for over a year, the number of credit cards continues to decline. In September total credit cards were 77.7 million which was 80.3 million in August and of the year. [ET]
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)