The Indian Rupee (INR) breached the 70-mark against the US Dollar. This would be good news for exporters. However, experts are cautioning the exporters that the benefits from a weaker currency would be negated by the higher price to pay for crude oil. The rupee rapidly slid after India got affected
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Demonetisation Affected MSME Credit Growth
A Reserve Bank of India (RBI) study said that demonetisation negatively affected the credit growth of the Micro Small and Medium Enterprises (MSME) sector. The implementation of the Goods and Services Tax (GST) did not greatly affect the overall credit to MSMEs. The RBI conducted the study to assess the credit
Massive Imports of Steel hits Indian domestic Steel Industry
Steel from manufacturers in Japan and South Korea are landing up in the Indian markets, thus denting the Indian domestic steel industry. US President Donald Trump imposed an import duty on steel this year, forcing the mills in that country to redirect the supply. An internal document from the Ministry of
GST Council forms GoM to Address MSME Issues
As per Finance Minister Piyush Goyal’s statement after the 29th GST Council Meet, the GST Council, under the aegis of the Ministry of Finance, has constituted a Group of Minister (GoM) for Micro Small and Medium Industries. Minister of State (MoS) Finance, Government of India, Shiv Pratap Shukla is the convener
Customs Board Notifies Exchange Rate of Foreign Currency Relating to Imported / Exported Goods
The Central Board of Indirect Taxes and Customs has determined the rate of exchange of conversion on each of the foreign currencies into Indian currency or vice versa, with effect from 17 August 2017. The Board has notified this, exercising its powers that Customs Act, 1962 (52 of 1962) section 14 has conferred
PIA Celebrated 72 nd Independence Day on 15 August 2018
[vc_row][vc_column][vc_column_text] The Peenya Industries Association (PIA) celebrated the 72 nd Independence Day on 15 August 2018. The PIA managing committee members and office-bearers, led by President Sri. Malyadri Reddy M., Hon. Secretary Sri. Muralikrishna B., hoisted the tricolour in the premises of the Peenya Industries Association office. Most of the participants in the
Wholesale Price Index for All Commodities Increased in July 2018
[vc_row][vc_column][vc_column_text] The Ministry of Commerce and Industry, in its press release said that the official Wholesale Price Index for all commodities (base: 2011-12=100) for July 2018 rose to 119.7 (provisional) from 119.2 (provisional) — registering an increase of 0.5 per cent. The ministry said that the annual rate of inflation, based on
MSMEs set to get more procurement orders from NALCO
Micro, Small and Medium Enterprises (MSMEs) will soon get an increase in procurement orders from Nalco. Nalco Ltd Chairman and Managing Director T K Chand said that the company will increase procurement of materials from the MSME from the current INR 400 crore to INR 1,200 crore. Chand said that with
India working on new Industrial policy with Textile focus
The Indian commerce and industry ministry has observed that the textile and footwear manufacturing sectors and their exports are concentrated in a few states. Therefore, the ministry intends to formalise an industrial policy that will include special provisions for the textile and footwear sectors. This would help these two sectors