business news india

Finance Minister Nirmala Sitharaman: GST exemplifies cooperative federalism, empowering states | BusinessNews

by Isna

The Goods and Services Tax (GST) collections as a percentage of Gross Domestic Product (GDP) have reached pre-GST levels, Union Finance Minister Nirmala Sitharaman said on Monday. Underlining the milestones achieved under the GST regime, Sitharaman said it is a myth that all GST collections are “pocketed by the Centre”, adding that GST contributes significantly to state revenues.

The statement by Sitharaman came on the day of her having administered the oath to Justice (Retd) Sanjaya Kumar Mishra as the President of the GST Appellate Tribunal (GSTAT). Mishra’s appointment marks the beginning of the operationalization of the GSTAT, a crucial …

After 5 quarters, rural FMCG consumption outpaces urban: NIQ report | News

by Isna

3 min read Last Updated : May 07 2024 | 11:54 PM IST

India’s fast-moving consumer goods (FMCG) sector witnessed growth in rural consumption in volume terms outpace urban consumption for the first time in five quarters, in the January-March period.

According to a report from consumer intelligence firm NIQ, rural consumption grew at a rate of 7.6 per cent year-on-year (YoY) in Q1CY24, overtaking that in urban areas which stood at 5.7 per cent. This is a notable change from Q4CY23, when rural volume growth was at 5.8 per cent, and the urban consumption rate was higher at 6.9

…

UK economy grows slightly for second month in a row | BusinessNews

by Isna

The UK economy has grown slightly for the second month in a row, official figures show.

Gross domestic product (GDP) grew just 0.1% in February, the Office for National Statistics (ONS) said.

It’s another signal that the UK economy is working its way out of recession.

Growth of 0.3% was recorded last month – and that figure has been revised upwards from a previous estimate of 0.2%.

A recession was declared in February after data showed two quarters of economic contraction.

If the economy expands for three months, the UK will be officially out of recession.

February growth came thanks

…

Debts, questions surround Charity Hospital project | BusinessNews

by Isna

More than six months after a new development team was brought in to help jumpstart the stalled redevelopment of the former Charity Hospital building in downtown New Orleans, the project remains in limbo with unpaid bills to its architect, contractor and other vendors that total at least $5.7 million.

Public documents show three liens and a lawsuit have been filed against 1532 Tulane Partners, a consortium led by local apartment developer Joseph Stebbins and Israeli financier Yoel Shargian that was awarded the rights to the Tulane Avenue building in 2018.

The largest lien was filed in April 2023 for nearly

…

1 killed, 14 injured in Pak blast: Police | WorldNews

by Isna

At least one person was killed and 14 others injured in a bomb blast in Pakistan’s restive province of Balochistan, officials said on Saturday.

The blast happened in Balochistan’s Harnai district after an improvised explosive device exploded when a team from Mari Petroleum Company was conducting a gas exploration survey in the area.

Harnai deputy commissioner Javed Domki confirmed the incident and said one person was killed and 14 others were injured.

Nobody immediately claimed responsibility for the attack but ethnic Baloch extremists often target government installations. They blamed the federal government for exploiting the mineral wealth of the province.

…