Finance Minister Nirmala Sitharaman on Friday said the government and the Reserve Bank are closely monitoring the stock market, which is facing intense volatility amid mounting coronavirus fears.

A decision to approve the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi here.

The government and the Reserve Bank of India were closely monitoring the impact of coronavirus on the Indian economy and stock markets and will take all steps necessary, Finance Minister Nirmala Sitharaman said on Friday.

NEW DELHI : Federal indirect tax body, the GST Council, will not increase GST cess on items like automobiles at its meeting on Saturday but will instead consider fixing anomalies in the tax structure which may see tax rate changes on items like mobile phones, footwear and textiles, said a person aware of discussions between union and state governments.

The Indian textile industry has been facing problems like technological obsolesce, high input cost in power and capital, poor access to credit, fragmented units and absence of fibre neutrality for some time, textiles minister Smriti Irani told parliament upper house recently.

NEW DELHI : After contracting for six consecutive months, India’s merchandise exports turned positive in February, along with merchandise imports, even as the Covid-19 pandemic threatens to derail the recovery process.