News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
NITI Aayog sets up Task Force to promote job creation through Exports

By TIOL News Service

NEW DELHI, SEPT 07, 2017: NITI Aayog has set up a Task Force to lend a major thrust to job creation by enhancing India’s exports. While the Indian workforce has high aspirations, a majority of the workers are still employed in low-productivity, low-wage jobs in small, micro and own-account enterprises. An urgent and sustained expansion of the organized sector is essential to address India’s unemployment and under-employment issue. An important strategy is also to enable a shift towards more labour-intensive goods and services that are destined for exports. Given the importance of exports in generating jobs, India needs to create an environment in which globally competitive exporters can emerge and flourish.

The steps outlined by the taskforce to address this challenge of creating well-paid, formal sector jobs, include:

1.Proposing a comprehensive plan of action to generate employment and alleviate under-employment in both goods and services sectors and low wages by boosting India’s exports in key labour-intensive industries

2.Recommending sector-specific policy interventions in key employment sectors

3.Recommending measures to enhance trade in services with high employment potential

4.Identifying key macroeconomic factors constraining exports and suggesting methods to address these constraints

5.Assessing the effectiveness of existing schemes to promote exports

6.Addressing issues related to logistics, export credits and trade facilitation

7.Suggesting ways to enhance the availability of data on trade such that it is reliable, globally comparable and timely, particularly with respect to trade in services.

Members of the Task force include CEO, NITI Aayog, Secretary, Department of Commerce, Secretary, Department of Industrial Policy and Promotion, Secretary, Department of Economic Affairs,Secretary, Ministry of Textiles. Leading economists and industry experts are also members of the Task Force, whichwill submit its report by November 2017.

Annex: Comnposition of the Task Force

1.Vice Chairman NITI Aayog - Chairperson

2.CEO, NITI Aayog – Member

3.Secretary, Department of Commerce -- Member

4.Secretary, Department of Industrial Policy and Promotion -- Member

5.Secretary, Department of Economic Affairs – Member

6.Secretary, Ministry of Textiles -- Member

7.Mr. Rajeev Kher, former Secretary, Department of Commerce – Member

8.Mr. Ajit Ranade, Chief Economist, Aditya Birla Group

9.Mr. Praveen Chakravarty, Senior Fellow, IDFC Institute

10.Dr. Jayanta Roy, formerly of The World Bank -- Member

11.Mr. Harish Ahuja, MD, Shahi Exports – Member

12.Mr. D. Shivakumar, Chairman and CEO, PepsiCo, India – Member

13.Mr. Sunil Vachani, Executive Chairman, Dixon Electronics – Member

14.Mr. Dipak Deva, CEO, Kuoni Travels, former President WTTDC

15.Mr. Dhiraj Nayyar, OSD, NITI Aayog -- Convener


POST YOUR COMMENTS
   

AR not Afar by SK Rahman

TIOL Tube Latest

Shri Shailendra Kumar, Trustee, TIOL Trust, giving welcome speech at TIOL Awards 2023




Shri M C Joshi, Former Chairman, CBDT




Address by Shri Buggana Rajendranath, Hon'ble Finance Minister of Andhra Pradesh at TIOL Awards 2023