IOC to seek review on withdrawal of tax sops by Odisha govt 

The Odisha government Sunday withdrew tax sops allowed to Indian Oil Corporation Limited’s (IOC) Paradip refinery. Chairman B Ashok, said the company has a strong case and will take it up with the state for reconsideration.   The Odisha government Sunday withdrew tax sops allowed to Indian Oil Corporation Limited ’s (IOC) Paradip refinery. Chairman B Ashok, said the company has a strong case and will take it up with the state for reconsideration. The government had earlier promised a 11-year deferment of sales tax on products sold by Paradip refinery in Odisha. The agreement will lapse this month and the state has decided to discontinue the tax break allowed to the refinery.

Demonetisation process is almost complete: 

Jaitley Finance Minister Arun Jaitley today said the demonetisation process is almost complete, hailing it as the "smoothest possible replacement" of high denomination currency anywhere in the world. | Finance Minister Arun Jaitley today said the demonetisation process is almost complete, hailing it as the "smoothest possible replacement" of high denomination currency anywhere in the world. Describing the government's decision to take Rs 500 and Rs 1,000 notes out of circulation as a move towards creating a "new normal" in India, the minister told an audience of students and academics at the prestigious London School of Economics that it would ultimately lead to far higher growth rates.

Q3 GDP growth may fall to 6.1% as demonetisation impact 

 The GDP growth for the quarter ended December 31, is expected to be in the range of 5.5 to 6.5 percent. Last year, the GDP grew by 7.2 percent in the same period.The full impact of the government's decision to demonetise high denomination currency in November is likely to show up in the December quarter's GDP growth number that comes out Tuesday. According to a median of five economists' estimates surveyed by Mint , the economic growth in the third quarter this fiscal may decline to 6.1 percent. The GDP growth for the quarter ended December 31, is expected to be in the range of 5.5 to 6.5 percent. Last year, the GDP grew by 7.2 percent in the same period. The third quarter's GDP number will be an important indicator of how the economy fared in the aftermath of demonetisation.