The GST Council approved the CGST and the SGST (the relevant acts for the centre and states). The interstate GST (IGST) is likely to be taken up tomorrow for approval. The GST Council began its 2-day meeting today and is likely to discuss crucial topics like compensation tomorrow. The issue of dual control is also likely to be addressed tomorrow by the GST Council. The GST Council needs to sort out the pending issues soon so that the GST Act can be effective at the earliest. While April 01st looks to be a remote possibility, the government wants to ensure that the launch date does not cross October 01st at any cost.
India has been one of the worst hit in terms of FII outflows with the Indian markets accounting for nearly 50% of total Emerging Market outflows in the last couple of months. The Indian markets (debt and equity combined) have seen outflows to the tune of nearly $9 billion between November and December 2016. For India it has been a double whammy. The surprise victory of Trump promises to make US dollar stronger while the demonetization has made FIIs cautious on India. This has resulted in India being among the worst performers among the EMs.
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