Even while PM Narendra Modi has retained power for the next five years, India’s micro, small and medium enterprises (MSME), which 24.63 per cent to the GDP from service activities and 33.4 per cent to the manufacturing output, is hopeful of reforms across key challenge areas.
The rupee appreciated by 21 paise to 69.81 against the US dollar in opening trade Friday following the BJP's thumping victory in the Lok Sabha polls.
NEW DELHI: The new government will hit the ground running as it looks to get economic growth back on track by simplifying taxes, easing compliance and spurring demand.
Congratulating Prime Minister Narendra Modi on his win, FIEO President Ganesh Kumar Gupta said the exporting fraternity looks forward to his continuous guidance and support encompassing economic growth, sustainable & inclusive development for all based on robust fundamentals.
Bucking trends overseas, where governments lost elections after launching the Goods and Services Tax (GST), India appears to have voted overwhelmingly for the ruling party, suggesting that the new indirect tax regime has been widely accepted as a major economic reform.
The Reserve Bank of India, on Thursday, said it will allow large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of ₹5 per packet of 100 pieces to a higher rate subject to a maximum of ₹8 per packet.