Biggest decline: Malaysia’s GDP shrinks by 5.6%

Malaysia’s GDP contracted 3.4 per cent year-on-year in the fourth quarter of last year, rendering a 5.6 per cent drop for 2020, the biggest decline since the last 23 years, the country’s central bank said in a statement on Thursday. The bank said that the negative growth in Q4 was largely attributable to the imposition

Mexico’s economy rebounds to growth

Mexico’s economy could grow as much as 5 per cent in 2021 as it recovers from the impact of the coronavirus pandemic, President Andres Manuel Lopez Obrador said. In his first public appearance since contracting the virus and the subsequent quarantining, the President on Monday underscored his administration’s belief that lifting people out of poverty

Myanmar dismisses rumours about Demonetisation

Myanmar’s State Administration Council has announced that the citizens can continue the use of 5,000 and 10,000 kyat notes, while denying rumours of demonitisation of banknotes. In a statement on Wednesday, the Council said that rumours and fake news were spread in social media about the demonetization of 5,000 and 10,000 kyat notes published by

Phones may get expensive as custom duty hikes

Finance Minister Nirmala Sitharaman, during her Union Budget 2021-22 speech, said that withdrawing exemptions on parts of chargers and mobile phones will boost local manufacturing of smartphones….reports Asian Lite News In another bid to boost domestic manufacturing, the government on Monday announced an increase in custom duty for up to 10 per cent on mobile

Bihar CM terms Budget 2021 as ‘balanced’

Bihar Chief Minister Nitish Kumar has welcomed the Union Budget presented on Monday by Union Finance Minister Nirmala Sitharaman, describing it as a “balanced” Budget. Nitish reacted to the Union Budget saying, “Despite the Covid epidemic and problems in revenue collection, a balanced Budget was presented by the central government. It is welcome. I congratulate

Govt increases FDI limit in Insurance from 49% to 74%

Increasing FDI limits in insurance has been a longstanding demand of the United States where most of the big insurance majors are situated….reports Asian Lite News In a big boost to FDI inflows and the insurance sector, Finance Minister Nirmala Sitharaman on Monday announced increase of FDI limits from 49 per cent to 74 per

Centre to launch Securities Market Code

The Code will include SEBI Act, Govt Securities Act and Depositories Act. All these Acts will be amended for the Code….reports Asian Lite News Finance Minister Nirmala Sitharaman on Monday announced that the government will launch a Securities Market Code in a bid to streamline the securities market. The Code will include SEBI Act, Govt

‘Agriculture Infra Fund to be available for APMC mandis’

The announcement made by the Union government to strengthen the APMCs is quite significant given the ongoing farmers’ agitation against the three new Union farm laws introduced last year by the Central government….reports Asian Lite News Union Finance Minister Nirmala Sitharaman made a major announcement in the Union Budget 2020-21 related to the agriculture sector

Budget 2021: Rs 1,500cr scheme to boost digital payments

“To give a further boost to digital transactions, I earmark Rs 1,500 crore for a proposed scheme that will provide financial incentive to promote digital mode of payment,” said Sitharaman…reports Asian Lite News To boost digital payments, Union Finance Minister Nirmala Sitharaman on Monday proposed a Rs 1,500 crore scheme during her budget presentation. “To

Tax deduction on housing loans extended

The deduction so far was allowed on housing loans sanctioned on or before March 31, 2021…reports Asian Lite News In a bid to increase demand in the realty market, Finance Minister Nirmala Sitharaman on Monday announced to extend the additional deduction of up to Rs 1.5 lakh for interest paid on loans of purchase of