News on Indian Economy
India is preparing to begin regular imports of Russian crude and coking coal, both from the far eastern region of Russia, where Indian state-run oil companies have invested billions of dollars in oil and gas projects. In this context it is fitting that the plan be revealed at Vladivostok, a major terminal of the Trans-Siberian railway.
The Income Tax department has made history with a quantum jump in the e-filing of Income–Tax Returns (ITRs) with an all-time high record of 49 lakh 29 thousand and 121 ITRs filed in a single day on 31st August 2019. This has perhaps created a history as the tax administration nowhere in the world has achieved such huge online e-filing ITRs in a single day and that too so smoothly
India will soon become the first country to deploy artificial intelligence (AI) and machine learning (ML) in the tax assessment process, as the Finance Minister Nirmala Sitharaman has promised to adopt faceless assessment system from October this year.
Built at a total cost of Rs 1,993 crore, the project acquired land spread across 1,900 acres and has 9 stations along the route. Officials said that the project reduces the distance between Venkatachalam and Obulavaripalle by 72 km.
Impacts lives of 3.25 lakh citizens via advanced technology for enhanced safety, smarter traffic control, sustainable environment, hygiene and more
Initially, the terminal would have the capacity to handle the movement of two to five cargo trains per day in and out, the spokesman said, adding the cargo trains would be ordinary goods trains, container trains or automobile trade trains, having the capacity to move 6,000 to 9,000 metric tonnes of goods per day.
India will start getting details of bank accounts held by its citizens in Switzerland from September, ending the era of Swiss bank secrecy.
The MoU signed by the FICCI and SICCI will provide handholding and facilitation to MSMEs of both sides as well as other businesses to help establish bases and joint ventures.
“Indian Oil has planned a Rs 2 lakh crore (US$ 28.62 billion) investment in the next five to seven years, to evolve into a future-ready corporate that provides comprehensive energy solutions,” Chairman Sanjiv Singh told shareholders at the company’s annual general meeting.
The move is also likely to benefit the sectors like logistics, warehousing, cold storage and transportation, which will have a positive circular effect on employment generation.
