Govt ties up with foreign labs to promote NIFTEM-made products (See 'TOG News')Mumbai Police to operate UAVs to enhance women's safetyGovt adopts cloud technology to boost e-governance (See 'TOG News')Govt prioritizes state-run DISCOMs for allotment of coal (See 'TOG News')TP - Without any agreement between assessee & its AEs, AMP expenses incurred by assessee cannot be termed as 'international transaction' & do not attract TP adjustment: ITAT (See 'TOG Latest')I-T - AO cannot make disallowance u/s 14A r/w Rule 8D when determining receipt of exempt income without examining a scheme in which assessee had invested: ITAT (See 'TOG Latest')Customs - The issue of determining classification of imported products, where involving appreciation of facts, does not warrant interference of writ court: HC (See 'TOG Latest')Central Excise - Exemption under Notfn No 89/95-CE can be claimed on waste generated during anufacture of Fatty acids, Wax, Gums & Spent earth: CESTAT (See 'TOG Latest')A Basic Primer on GDPR and its Relevance to the Indian Context (See 'TOG INSIGHT')India-CLMV business meet held in Cambodia to boost trade ties (See 'TOG News')TP - Order passed to reopen assessment where based on existing information, can be construed as 'change of opinion' & so non est in law: ITAT (See 'TOG Latest')I-T - An order of release passed u/s 132B is required to consider existing liabilities only & not those arising in future: HC (See 'TOG Latest')Central Excise - Partial exemption from duty cannot be interpreted as a complete exemption from duty: CESTAT (See 'TOG Latest')Service Tax - An officer of Additional Commissioner rank is empowered to rectify an error apparent from record in an Order-in-Original, within 2 years of it being passed: HC (See 'TOG Latest')Bring Diesel & Petrol under GST to cut prices: Fadnavis (See 'TOG News')
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Budget 2015
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Indian economy must protect itself from protectionism, says Gen VK Singh
By TOG News Service
Mar 13, 2018

TOG News Service, NEW DELHI, MAR 13, 2018: ADDRESSING the gathering at the inaugural session of The Gateway of India Geoeconomic Dialogue, 2018, the MoS for External Affairs, General (Dr.) VK Singh (Retd.), stated that nations of the world were dependent on each other, thus raising the need for greater synergy in what each nation did and benefited from. Drawing attention to the fact that the Indian economy had been hailed as the world's fastest growing large economy, he stated that the current GDP growth rate of 7% - 7.5% was very good in current circumstances. He also stated that the Indian manufacture sector needed to meet the demands being raised by the global and domestic economy.

Acknowledging the current trend to gravitate towards protectionism, Mr Singh stated that the global community needed to look seriously at the challenge of protectionism. He said that in the interconnected world of today, such challenge had become bigger. Thus he stated that Indian policies must be tuned to lead to win-win solutions and protect it from protectionism. Mr Singh stated that on the domestic economic front, the Government took a number of steps to maintain a multilateral rule-based world trading order.  He stated that the liberalization of FDI regime had resulted in growth in FDI as well as rise in the number of sectors that attract FDI.  Mr Singh drew attention to steps taken by the Government to enforce contracts that gave confidence to businessmen that their investments would be protected.

Turning to the taxation regime, Mr Singh stated that the Goods and Services Tax would yield even better results in times to come, through higher revenues, simpler processes for businesses and smoother provision of services. He stated that the Government was taking efforts to ensure that the system is continuously improved. The Minister also noted how initiatives such as Sagarmala, UDAAN and the opening of Chabahar port are improving various types of connectivity and reducing transaction costs in India.