Economy

Experts feel record-low solar tariff one-off and may not sustain

As much as 1,665 MW of renewable power projects (Acme: 600 MW, Torrent: 500 MW, Mytrah: 300 MW and ReNew: 265 MW) have sought to terminate their power purchase agreements (PPAs) with SECI.

US replaces Mauritius to become 2nd biggest FDI source for India during April-September 2020

Singapore with USD 8.30 billion foreign inflows continued to be the top source of FDI for India in April-September 2020-21. The country has received USD 2.1 billion inflows from Cayman Isands.

According to experts, increasing FDI from the US reflects the further strengthening of economic ties between the two countries.

I-T dept detects Rs 450 crore undisclosed income after raids in TN against two groups

"The searches, so far, have resulted in the detection of undisclosed income of more than Rs 450 crore," the Central Board of Direct Taxes (CBDT) said in a statement.

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GST returns deadline: Reminders to 25,000 defaulter taxpayers

After declining in the first five months, the GST collections came in higher in September and October compared with the corresponding period last year.

Top 25,000 GST payers of Oct yet to file returns in Nov, tax officers to send reminders

GST officers have identified top 25,000 taxpayers who last month filed GST returns but have not yet done so for November and would personally follow up with them by sending SMS and email communication

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We must look to leverage FTAs with countries having transparent trading mechanisms: Goyal

Free trade agreements are good for the nation and India must look to leverage these pacts with countries having transparent trading mechanisms and business systems, Commerce and Industry Minister Piyu

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Retail inflation for industrial workers rises to 5.91% in October

Retail inflation for industrial workers rose marginally to 5.91 per cent in October from 5.62 per cent in September this year mainly due to higher prices of certain food items.

Q2 GDP shows surprising resilience: Is it good enough to last?

The surprise resilience shown by the manufacturing sector that restricted GDP contraction to only 7.5 per cent in September quarter could be a result of massive purge in costs such as employee cost by

GST officers arrest one for Rs 129 crore tax evasion through illegal manufacture, supply of cigarettes

Officers of GST investigation arm DGGI have arrested a Haryana resident on charges of manufacturing and supplying cigarettes illegally and thereby evading taxes of over Rs 129 crore, the Finance Minis

India Remittances

Fourth edition of UEF World Summit to be held from Dec 4

The conference would provide a platform for entrepreneurs, companies, educationist and policymakers to connect globally and engage in a virtual platform.

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Punjab accepts Centre’s borrowing option to meet GST shortfall

Earlier this week, Kerala and West Bengal too had communicated to the Centre about accepting the borrowing option to meet GST revenue shortfall.

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Rising FDI indicates investors’ preference for India’s enabling environment: Goyal

FDI during September quarter 2019 stood at USD 14.06 billion.

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Highest FDI inflows to India coming from Singapore and USA; software sector biggest beneficiary

Historically, FDI equity inflows have been largely concentrated towards the services sector, accounting for 16.85% of the total inflows into India between April 2000 and September 2020.

Fiscal deficit: Government spending picks up in October

The Centre's budget spending in October rose 9.5% on year, after 26% decline seen in September and the budget estimate of 13.2% annual spending growth for FY21.

Back on track? At minus 7.5%, economy looks better than expected

A contraction in nominal GDP narrowed sharply to 4% in the September quarter from a record 22.6% in the previous three months.

The pull-down impact of net exports, which benefited from a Covid-induced demand-compression in the economy in Q1, exacerbated again in Q2, as imports recovered.

States to get loan from agriculture infrastructure fund for Kusum scheme

The scheme aims to set up 10 giga-watt (GW) of solar plants in barren lands of farmers, install 17.5 lakh agricultural solar pumps and connect agricultural electricity feeders with solar power to ensu

The Centre will provide 30% CFA for the scheme, while the state governments will give a 30% subsidy and the remaining 40% will be provided by the farmer.

FY21 GDP: Q2 data signal ‘upside potential’ to forecasts, says CEA KV Subramanian

Maintaining that he is “cautiously optimistic”, the CEA highlighted that this caution is warranted in light of the fact that the economic contraction is primarily driven by the pandemic.

Also, given the uncertainty, it is difficult to predict if the economy will enter the positive territory in the third or fourth quarters of this fiscal.

Estimates show ‘upside potential’ for economy this financial year: Chief Economic Adviser K V Subramanian

Giving outlook for the near future, he said, "We should be cautiously optimistic and the caution is warranted because economic impact is primarily due to the pandemic."

Fiscal deficit at 120 per cent of annual target at October-end

Out of the total revenue expenditure, Rs 3,33,456 crore was from interest payments and Rs 1,85,400 crore on account of major subsidies.

Total receipts in the April-October period of 2019-20 was nearly 45 per cent of the annual target.

Forex reserves climb $2.518 billion to record $575.29 billion

In the reporting week, the increase in the forex kitty was on account of a rise in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs rose by USD 2.835 billion to USD 533.103 billion, according to the weekly data by the Reserve Bank of India (RBI).

India enters unprecedented recession with two consecutive quarters of GDP fall

The second straight decline in GDP pushes Asia’s third-largest economy into its first technical recession in records going back to 1996, when the nation first started reporting quarterly GDP numbers

Gross domestic product declined 7.5% last quarter from a year ago, the Statistics Ministry said in a report Friday.

Eight core industries’ output contracts 2.5 pc in October

The production of eight core sectors had contracted 5.5 per cent in October 2019, data released by the Commerce and Industry Ministry showed on Friday.

During April-October, the sectors' output declined by 13 per cent as compared to a growth of 0.3 per cent in the same period of the previous year.

Govt mulls plan to bring FAME-like scheme for hydrogen-powered systems: Niti Aayog member

The government in April 2015 launched the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) scheme.

Saraswat said that already, there is a top-down approach as far as the hydrogen economy is concerned, right from the office of the Prime Minister and the Niti Aayog.

Downside risks to growth still persist amid uncertainty around COVID-19 vaccine availability: D&B

According to Dun & Bradstreet's latest Economy Forecast, a second wave of infections, which can't be ruled out, would lead to partial re-establishment of lockdowns, weaken the tentative signs of deman

Moreover, the need for additional stimulus packages from the government would add pressure to the already strained government finances, Singh said adding that "inflationary pressures, especially across non-food articles, pose concerns to the growth prospects".
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