TP - Corporate guarantee commission should be worked out at 0.50% of average amount of loan outstanding from AEs: ITAT (See "TOG Latest')I-T - Unit specific R & D expenditure can be excluded for apportionment of expenses against units enjoying benefit u/s 80IB & 80IC: ITAT (See 'TOG Latest')Customs - DC Motor of e-bike is classifiable under tariff item 85013119 & Revenue cannot initiate proceedings without contesting adjudication order attaining finality: CESTAT (See 'TOG Latest')Central Excise - Duty demand for alleged clandestine removal of goods cannot be raised without producing any corroborative evidence: CESTAT (See 'TOG Latest')Lt Gen (Retd.) DS Hooda likely to become next Governor of J&K (See 'TOG News')Shillong selected as 100th Smart CityArvind Subramanian quits as Chief Economic Advisor, FM accepts resignationIndia set to become most productively efficient nation: Kant (See 'TOG News')Prabhu launches National Strategy for standardisation of products (See 'TOG News')GST: A Frightening but Fascinating Future world…! – Part II (See 'TOG INSIGHT')President Kovind approves imposing Governor's Rule in J&KTP - Routine captive service provider cannot be compared to entity providing liaison services, in garb of broad functionality, by adopting TNMM method of benchmarking: ITAT (See 'TOG Latest')I-T - Provisions of notification mandating assessees to file all appeals before first appellate authority electronically should not be strictly applied during transition period: ITAT (See 'TOG Latest')Central Excise - Remanding an issue for re-verification serves no purpose after a 20-year gap considering the difficulty in tracing witnesses for cross-examination: CESTAT (See 'TOG Latest')Service Tax - Exemption from service tax is available on services provided in a Special Economic Zone: CESTAT (See 'TOG Latest')J&K CM Mehbooba Mufti resigns after BJP pulls out of coalition govtGovt lays production targets for off-shore wind power (See 'TOG News')Ministry of HRD opens up National Digital Library containing over 1.7 crore textsDefence ministry ramps up preparation against cyber threats (See 'TOG News')
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Indian economy to have V-shaped revival, says Secy for Economic Affairs
By TOG News Service
Mar 09, 2018

TOG News Service, NEW DELHI, MAR 09, 2018: THE Secretary for Economic Affairs, Mr Subhash Chandra Garg, yesterday stated that the 7.2% expansion in the economy during October-December quarter had put the country in one of the highest growth brackets in the world, and that recovery would continue to be sharp going ahead. It may be mentioned that the third quarter growth of 7.2% was highest in five quarters. In fact, the previous high was recorded at 7.5% in the July-September quarter of 2016-17.

In the first quarter of the current fiscal, the GDP grew at 5.7%, while the second quarter growth stood at 6.5%. Addressing the media, he stated that the first quarter of FY 2018 was where the economy bottomed out, and that it would experience a very strong V-shaped recovery. He further stated that the growth in the second and third quarters brought evidence of the same. Thereby, as per the second advanced estimates of the Central Statistics Office (CSO), the economy is expected to grow at 6.6% in the current fiscal ending March 31, compared to 7.1% in 2016-17.

In fact, top officials of the finance ministry, led by Mr Garg, including chief economic advisor Mr Arvind Subramanian and principal economic advisor Mr Sanjeev Sanyal, had earlier met Fitch director, sovereign ratings, Mr Thomas Rookmaaker and other officials. The meeting was ahead of the annual review of the country rating by Fitch. In this regard, Mr Garg stated the global rating agency had a good assessment of the country's future prospects. Notably, Fitch had last upgraded India's sovereign rating from BB+ to BBB- with stable outlook on August 1, 2006.