Businesses can upload sale, purchase invoices on GSTN portal from July 24Foreign investors have pumped in nearly Rs 11,000 crore in the capital markets in the first two weeks of this month, enthused by the trouble-free rollout of GST and stimulating Indian economy.
The latest inflow comes following a net infusion of over Rs 1.62 lakh crore in the previous five months (February-June) on several factors. Prior to that, such investors had pulled out over Rs 3,496 crore from debt markets in January.
According to latest depository data, FPIs invested a net Rs 498 crore in equities during July 3-14, while they poured Rs 10,405 crore in the debt markets during the period under review, translating into a net inflow of Rs 10,903 crore (USD 1.7 billion).
With the latest inflow, total investment in capital markets (equity and debt) has reached Rs 1.6 lakh crore (over USD 24 billion) this year.
Rs 8,00,000 cr NPAs may face bankruptcy proceedings by Mar 2019: AssochamBusinesses can start uploading their sale and purchase invoices generated post July 1 on the GSTN portal from July 24, a top company official said today.
The Goods and Services Tax has kicked in from July 1 and so far, the GST Network, the company handling the IT backbone for new tax regime, has been facilitating registration of businesses.
"We plan to launch the invoice upload utility on the portal on July 24 so that businesses can come forward and start uploading the invoices on a daily or weekly basis to avoid month-end rush," GSTN Chairman Navin Kumar told PTI.
Statsguru: Rural India's distress conundrumEmboldened by the Banking Regulation (Amendment) Ordinance, the RBI is expected to push for resolution bad loans worth around Rs 8 lakh crore by March 2019, a move that could bring down the NPAs and improve the financial health of banks, a study by Assocham said.
"So, it should be safe to assume that the non-performing assets (NPAs) mess would largely be resolved by the first quarter of financial year 2019-20," Assocham study titled 'NPAs Resolution: Light at the end of tunnel by March 2019' said.
This would be helped by a combination of several factors - turnaround in the economic cycle and some resolute steps by the government and the Reserve Bank of India to fix the issue, it said.
Although entire NPAs could be put on the altar of Insolvency and Bankruptcy Code (IBC) resolution mechanism, it has to be seen how much and how fast they actually goes out from the balance sheets of banks which at this point of time seem very stressed, it said.
It is no secret that NPAs are a big drain on the financial health of banks especially public sector banks (PSBs).
For example, 27 PSBs collectively made an operating profit of Rs 1.5 lakh crore in 2016-17, but after allowing for the provisioning for bad loans, among others, net operating profit slipped to a paltry Rs 574 crore.
If balance sheet numbers are anything to go by, it simply brings home the fact that banks have no capacity to do fresh corporate lending that is necessary for pushing subdued private sector investment, the study said.
Never seen something like this before from Chinese media:
Be calm, strategise to take on Indian mfg sector: Chinese media tells China
India is receiving a "massive influx" of foreign investments which will greatly enhance its ability to develop the manufacturing sector and China should "keep calm" and start working on a more effective growth strategy for the new era, a state-run newspaper said today.
"This massive influx of investment by foreign manufacturers is of great significance for India's economy, employment and industrial development," an article in the Global Times said.
"China should be calm seeing India's rise. To cope with competition from India, China could start working on a more effective growth strategy for the new era now," it said.
"If in the past India lacked capital, a developed manufacturing sector and skilled manufacturing workers, the foreign manufacturing inflow is now helping India address the problem, backing up the government's 'Make in India' initiative," it said.
The influx of foreign manufacturers is addressing some of India's weaknesses and enhancing its manufacturing ability, with Chinese companies also playing an important role in the process, according to the article.