221

Trade Deficit Widens To The Most In more Than Five Years, Worsening Outlook For Re

New Delhi: Trade deficit of India in July widened to the most in more than five years, worsening the outlook for the rupee that hit a record low on Tuesday. The gap between exports and imports reached $18 billion in July, fanned by a higher oil import bill, according to data released by India’s commerce ministry on Tuesday. That compared with the $15.7 billion median estimate in a Bloomberg survey of 24 economists and $16.6 billion in June.

The trade shortfall puts pressure on the current-account deficit, a key vulnerability for the economy and one of the reasons why the rupee has been among the worst-hit in Asia amid an emerging-market rout this year. The rupee dropped to as low as 70.08 per dollar on Tuesday as a collapse in Turkey’s lira hit investor sentiment, taking the slump in India’s currency down to 8.6 percent this year.

191

Flipkart Shuts Down eBay India; Stops Taking New Orders And Directs Users To Flipkart

New Delhi: eBay India has stopped taking new orders and was now directing users to Flipkart to buy and sell as Flipkart is shutting down eBay India. “eBay India will cease to exist. We will be launching a new value platform starting with refurbished goods very soon,” said Flipkart in a statement.

Flipkart had acquired eBay’s India unit last year as it raised $1.4 billion from global technology majors such as Tencent and Microsoft. Along with selling its India arm, eBay had also invested $500 million for an equity stake in the Indian e-commerce giant.

179

Rs Crashes To Record Low Of 69.91; Retail Inflation At 9-Month Low

New Delhi: The rupee on Monday crashed by Rs 1.08 or 1.57 per cent to end at a historic low of 69.91 against the US currency amid a global rout in currencies following fears that Turkish economic crisis could engulf world economy. The US dollar strengthened against the world currencies after the Turkish Lira dived almost 8 per cent, sparking a sell-off in global markets. "Fall in Turkish Lira mainly impacted the rupee, said a treasurer of a state-owned bank.

253

IT Unpreparedness Led To The Glitches In The Implementation Of The New Tax Regime, Says GST Official

New Delhi: Asenior official associated with GST has said that the IT backbone of the Goods and Services Tax (GST) was not given enough time to prepare a system to the satisfaction of the GSTN which led to the glitches in the implementation of the new tax regime.

However, he added, the system had now stabilized and the policymakers had also acknowledged the need to give enough time to the GSTN to implement any further changes to the system and that there should be smooth sailing in the days ahead despite major changes in the offing like complete overhaul of the return filing system.

From day one of GST rollout on July 1 last year, glitches and teething problems were experienced which were magnified when the e-Way Bill was rolled out on February 1. Goods and Services Tax Network (GSTN) CEO Prakash Kumar said that the original date for rollout of e-Way Bill was April 1 and preponing it to February “on a whim” was a mistake.

125

Budget Carriers, Surging Fuel Prices Pushes Jet Airways India Ltd Into A Corner

New Delhi: Challenge from budget carriers and surging fuel prices are backing the Jet Airways India Ltd into a corner, which was once at the forefront of India’s rapidly growing market for air travel.

Shares of the carrier, part-owned by Etihad Airways PJSC, plunged as much as 15% Friday in Mumbai after the company postponed announcing its first-quarter earnings, less than a week after denying a report that it needs drastic measures to cut costs and bolster its finances. The stock is headed for its worst year since 2011 as Jet Airways’s finances deteriorated and the default risk on its debt obligations increased.