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Hans India
5 days ago
- Business
- Hans India
EAM Jaishankar thanks Kyrgyzstan for support and solidarity in countering terrorism
New Delhi: External Affairs Minister (EAM) S. Jaishankar on Thursday held a meeting with Kyrgyzstan Foreign Affairs Minister Zheenbek Kulubaev Moldokanovich, discussing ways to enhance cooperation between the two countries and also thanking him for Bishkek's support and solidarity in countering terrorism. "A productive meeting with FM Zheenbek Kulubaev of Kyrgyz Republic. Thanked him for their support and solidarity in countering terrorism. Discussed our cooperation in banking, education, energy, health, connectivity and capacity building. Today's signing of Programme of Cooperation is a step forward in deepening our bilateral ties," EAM Jaishankar posted on X after the meeting. Along with Kulubaev, four other Central Asian foreign ministers - including Bakhtiyor Saidov (Uzbekistan), Rashid Meredov (Turkmenistan), Sirojiddin Muhriddin (Tajikistan) and Murat Nurtleu (Kazakhstan) - are in New Delhi to attend the two-day 4th India-Central Asia Dialogue as India continues to put a strong foot forward in enhancing anti-terror and de-radicalisation partnerships across the region. Earlier in the day, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and the visiting Kyrgyz Foreign Minister signed the Protocol and exchanged Instrument of Ratification of the Bilateral Investment Treaty (BIT) between both countries. The Bilateral Investment Treaty (BIT) signed on June 14, 2019 in Bishkek between the Government of the Republic of India and the Government of the Kyrgyz Republic, enters into force with effect from Thursday and replaces the earlier agreement enforced in May 2000, ensuring continuity in the protection of investments between the two nations. "The India-Kyrgyz BIT marks a significant milestone in strengthening bilateral economic relations and fostering a secure and predictable investment environment. The BIT aims to promote and protect interests of investors of either country in the territory of the other country," read a statement issued by the Ministry of Finance. The BIT balances the investor rights with the sovereign regulatory powers of both countries, and reflects a shared commitment to create a resilient and transparent investment climate. It is expected to further encourage cross-border investments and deepen economic cooperation between India and Kyrgyzstan. During the meeting held within the framework of the 4th Ministerial Meeting of the Central Asia-India Dialogue, both countries discussed the current state and prospects of Kyrgyz-Indian cooperation in the financial and investment sectors. "Particular attention was paid to the establishment of direct correspondent relations between banks of Kyrgyzstan and India and the development of investment cooperation in priority areas. The meeting concluded with confirmation of the parties' mutual willingness to strengthen cooperation between the financial institutions of the two countries," stated Kyrgyz Foreign Ministry.
Business Standard
5 days ago
- Business
- Business Standard
India-Kyrgyzstan Bilateral Investment Treaty comes into force
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and Minister of Foreign Affairs of the Kyrgyz Republic, Zheenbek Kulubaev Moldokanovich signed the Protocol and exchanged Instrument of Ratification of the Bilateral Investment Treaty (BIT) between the Government of the Republic of India and the Government of the Kyrgyz Republic, in New Delhi, today. The Bilateral Investment Treaty (BIT) signed on 14th June, 2019, in Bishkek, between the Government of the Republic of India and the Government of the Kyrgyz Republic, enters into force with effect from today, i.e. 5th June 2025. This new BIT replaces the earlier agreement enforced on 12th May 2000, ensuring continuity in the protection of investments between the two nations.
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Business Standard
06-05-2025
- Business
- Business Standard
No Pakistan-related issues discussed: ADB on meeting with FM Sitharaman
The Asian Development Bank on Monday said that issues related to Pakistan were not discussed during the bilateral meeting with ADB President Masato Kanda and Finance Minister Nirmala Sitharaman. "The Asian Development Bank (ADB) is aware of media reports claiming that issues related to Pakistan were discussed during the bilateral meeting between ADB President Masato Kanda and Indian Finance Minister Nirmala Sitharaman on the sidelines of the 58th ADB Annual Meeting in Milan, Italy," said the multilateral development bank as per an official release. Finance and Corporate Affairs Minister Nirmala Sitharaman on Monday met ADB President Masato Kanda and Italian Finance Minister Giancarlo Giorgetti on Monday and talked about the initiatives India is taking to foster economic growth. Finance Ministry officials also said that there was no discussion on issues related to Pakistan with ADB President and the Italian Finance Minister. In her meeting with Masato Kanda during the 58th ADB Annual Meeting in Milan, Sitharaman reiterated that India focuses on private sector-led economic growth and has been consistently creating a conducive policy ecosystem through bold initiatives. Tensions have risen between India and Pakistan following the Pahalgam terror attack. The government has said that perpetrators will face severe punishment. FM Sitharaman is in Milan to attend the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB), scheduled to take place in Milan, Italy, from May 4 to 7, 2025.
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Business Standard
01-05-2025
- Business
- Business Standard
Bouncing back: April's net GST kitty at fresh high of ₹2.09 trillion
India's net goods and services tax (GST) receipts grew 9.1 per cent in April to hit a fresh monthly record of over ₹2.09 trillion, making a significant improvement over the mild 7.3 per cent uptick in revenues this March, despite a 40 per cent sequential surge in refunds. April's gross GST revenues, based on transactions done in March, rose 12.6 per cent to almost ₹2.37 trillion, with the collection from domestic transactions up 10.7 per cent and import revenues rising by a sharper 20.8 per cent. Apart from financial year-end compliances and production targets, taxation experts attributed some of the rise in import revenues and refunds to exporters' rush to beat the US' impending 'Liberation Day' trade tariff plans. Business Standard calculations, based on the provisional GST tally released on Thursday, peg the growth in net GST revenues from transactions concluded in 2024-25 at a tad over 8 per cent, with gross receipts rising 9.5 per cent. Net revenues from economic activity in FY25 grew to over ₹19.73 trillion from ₹18.26 trillion a year earlier. Total receipts pertaining to the FY25 activity stood at ₹22,35,310 crore, compared to ₹20,41,481 crore for FY24 transactions. In April, refunds for domestic transactions grew 22.4 per cent, while GST refunds to exporters shot up 86.1 per cent to nearly ₹14,000 crore. At ₹27,341 crore, total refunds were up 48.3 per cent from a year ago, and 39.3 per cent higher than March. 'The trend of increase in refunds observable during the past few months indicates that the online refund processes have now achieved a good degree of stability,' said M S Mani, partner at India. 'The net GST collections crossing ₹2 trillion in April indicates a strong economic performance in the last month of the previous financial year as these relate to transactions in goods and services in March,' he added. 'The figures showcase the resilience of the Indian economy and the effectiveness of cooperative federalism,' said Union Minister of Finance and Corporate Affairs Nirmala Sitharaman in a social media post, expressing 'deepest gratitude' to taxpayers for their 'faith in the GST architecture'. She also conveyed her regards for the efforts of 'Finance Ministers of all states and state GST authorities, who remain equal partners in India's GST framework'. The notable 20 per cent increase in import refunds is a consequence of an increase in exports of finished goods which contain imported input items. As the government refunds GST levies on imported inputs used in exports, the rise in revenues from imports and refunds to exporters in April, suggests a positive influence of substantial exports to the US market prior to the announcement of reciprocal tariffs, indicated Saurabh Agarwal, tax partner at EY. 'While a potential moderation in absolute GST collections is anticipated in the next six month due to the current global economic climate, the overall outlook for the Indian economy remains optimistic. This positive sentiment is fueled by emerging manufacturing opportunities as businesses seek to establish alternative supply chains globally to mitigate future tariff-related disruptions,' said Agarwal. Abhishek Jain, indirect tax head and partner at KPMG said the record GST collections in April 'reflect ongoing recovery and growth', but 'a significant contributor is also the year-end reconciliation process, which typically results in additional tax payments by businesses to align their returns during the year'.
Time of India
01-05-2025
- Business
- Time of India
Domestic efficiencies, competitiveness must for economic resilience: FM Sitharaman
Kolkata, Finance and Corporate Affairs Minister Nirmala Sitharaman on Thursday said the most effective path for building economic resilience is to build domestic efficiencies and competitiveness. The government sees the private sector as a trusted co-partner in development, she said while addressing the officers of Ministry of Corporate Affairs after inaugurating the 'Corporate Bhavan' in New Town here. #Pahalgam Terrorist Attack Nuclear Power! How India and Pakistan's arsenals stack up Does America have a plan to capture Pakistan's nuclear weapons? Airspace blockade: India plots a flight path to skip Pakistan "In this phase of a rapidly evolving global policy landscape with a number of imponderables, our conviction is that the most effective path to building economic resilience is to build domestic efficiencies and competitiveness," the minister said. Sitharaman further said that improving ease of doing business is a key component of the vision to ensure India becomes a global economic powerhouse. Continue to video 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo She said that the government remains committed to simplifying business regulations to encourage entrepreneurship , strengthening institutions that promote fairness and accountability in corporate governance, and supporting a culture of innovation and skill development. Sitharaman also stated that the country's regulatory frameworks must not only safeguard good governance but also enable enterprise, encourage formalisation, and build trust in the systems. Live Events She further said that the Corporate Bhavan will become a true single-window interface for companies, insolvency professionals, auditors, startups, and investors seeking timely corporate regulatory services. The consolidation of services at the Corporate Bhavan will help significantly cut costs, accelerate approval process, and improve operational efficiency - all of which will help enhance ease of doing business, she added. The Union Minister also said that the first ever ' Prime Minister Internship Scheme (PMIS) Facilitation Centre' is also located in the Corporate Bhavan, Kolkata. It will help the aspiring interns in getting the information and issues related to their applications, she said. The seven-storey building has a built-up area of 13,239 square meters built at a cost of Rs 150.43 crore. It is designed with a focus on energy efficiency, waste recycling, smart parking, and the well-being of its occupants. The MCA CII PMIS Centre, a collaborative initiative between Ministry of Corporate Affairs (MCA) and Confederation of Indian Industry (CII), aims to connect eligible youth (aged 21-24) with internship opportunities offered by participating companies. Through a dedicated three-member team, the centre will focus on identifying eligible candidates who are not in full-time education or employment, providing comprehensive guidance, and facilitating their registration and application in the PM Internship Scheme.
