Economy

UP in a position to offer land at preferential rates: Minister Siddharth Nath Singh

In conversation with Deepa Jainani, Uttar Pradesh’s minister for investment, export promotion and MSMEs in the state, Siddharth Nath Singh, expressed confidence that UP is well on the road to revival.
Land will be in abundance in UP. We have identified over 1.15 lakh acres of gram sabha land and barren land. News

India’s unemployment rate improved to 5.8 per cent in 2018-19: Govt data

The improvement in the job situation, according to the PLFS, was witnessed in both urban and rural areas as well as among men and women. 

Economy News

Bank NPAs may worsen to 11.6 pc by end of this fiscal due to coronavirus pandemic: Report

Fresh gross slippages are estimated to be at 5-5.5 per cent of standard advances during 2020-21, which will increase the banks' credit provision and impact their earnings, rating agency ICRA said in a

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CII cautions against increasing fiscal deficit to spur coronavirus-hit economy

In its agenda document 2020-21, the CII also refrained from making an estimate on economic growth this fiscal year given the uncertainty of the situation against the backdrop of COVID-19 pandemic.

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Forced savings during coronavirus lockdown to aid India’s borrowings: HSBC

Before the pandemic arrived, India’s gross savings rate had dipped to a more than decade-low of 30.1% in 2019, down from 37.8% in 2008, as companies, government and the consumers splurged.

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Now the coronavirus hotspot of Asia, India may find it tough to get back to 8% growth

The blow from a virtual shutdown of a nation of 1.3 billion people has been so severe that economists are struggling to forecast how long it will take to recover.

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GST collections in April nosedive as lockdown kept economic activity at a standstill

The government collected around Rs 43,000 crore as GST in April 2020.

gst collection in april, cgst, sgst, revenue News

Govt extends anti-dumping duty on certain steel items till December 4

The duty on imports of 'hot rolled flat products of stainless steel 304 series' from the said countries was first imposed by the finance ministry on June 5, 2015, for five years.

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Factory output in April may have shrunk by 40%; one week lockdown pushed March IIP to record low

Following the worst contraction ever -- 16.7 per cent -- in March, on the account of only a week’s lockdown, the industrial production likely shrunk by 35-40 per cent in April 2020.

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Rajiv Bajaj talks to Rahul Gandhi: Indian lockdown worst of both worlds: Govt flattened wrong curve

Industrialist Rajiv Bajaj is the latest to join the chorus of the commentators, economists and businesspersons, who are of the opinion that India’s over two-month coronavirus lockdown was not the be

Economy News

Thousands of crores of rupees saved: India fills strategic reserves to full capacity with cheap crude oil

India saved Rs 5,000 crore in foreign exchange while strengthening its energy security by filling the strategic reserves to full capacity with cheap crude oil.

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BCT Digital launches early warning systems to tackle NPAs

There has been an alarming increase in the number of bad loans, frauds, and non-performing assets in banks in recent times which have resulted in a critical imbroglio in the Indian banking system.

BCT Digital, early warning systems, credit monitoring, real-time monitoring solution, non-performing assets solution News

Government launches real-time-market in electricity

To their benefit, discoms now also have the option of buying power through real-time market when renewable sources are not able to supply as promised due to vagaries of nature.

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World Economic Forum summit to debate growth with climate focus

This innovative summit will be a very different annual meeting, reflecting the spirit of the Great Reset.

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No forced interest waiver on loan moratorium: RBI to SC

The fact that the waiver of interest is having far-reaching effect on the economy cannot be ignored and the larger public interest of the economy always takes precedence over the individual cases of h

The RBI on May 22 had granted extension of its previously announced three-month term loan EMI moratorium by another 3 months to August 31, 2020. News

Unlock 1.0 effect: E-way bills rise, confirm resumption of economic activities

With further rolling back of lockdown from June 1, more businesses activity is expected, giving a boost to e-way bill generation.

gst collection in april, cgst, sgst, revenue News

Construction cess fund: States so far transfer Rs 4,313 crore to workers hit by Covid

In the wake of the Covid-19 outbreak, the Centre on March 26 advised states to “adequately” transfer money from the fund directly into the accounts of an estimated 3.5 crore registered workers.

Sharma said acting on the advisory issued by the Centre, 21 states have so far transferred amounts ranging from Rs 1,000 to Rs 5,000 to the bank accounts of workers from the designated cess funds at their disposal. News

Reform Push: Cabinet clears Ordinances on farm trade, insolvency

The government could also allow trading through the e-NAM platform without going through the mandatory registration process as an extension of the current reforms done.

The ordinances are to give effect to the amendments proposed to the Essential Commodities Act and bring in two new Central laws on inter-state trading and contract farming. News

Covid crisis: Rural economy to recover much faster than urban, says Mahindra and Mahindra

On Wednesday, M&M said that the company had estimated the quantum of loss due to Covid-19 lockdown to the tune of 87,000 vehicles and around 30,000 tractors for the three months of April-June 2020.

Higher prices would lead to better realisation to farmers and the outlook of a normal monsoon has also aided expectations of a good kharif crop. News

Covid stimulus package: PMGKY beneficiaries receive Rs 53,248-crore assistance

Under the scheme, the Centre has been providing Rs 6,000 to each farmer spread over three equal instalments in a year.

On March 26, finance minister Nirmala Sitharaman had announced the PMGKY for the poor to help them fight the battle against coronavirus. News

Digital Tax row: US probing ‘Google Tax’ by India

New Delhi says tax doesn't specifically target US firms, avers trade talks won’t be impacted

Another source said the USTR announcement is just a first step towards a probe and isn’t an intimation of tariffs or other punitive measures as yet. News

COVID-19: FRBM framework will need to be updated, says former CEA Subramanian

Arvind Subramanian also said while labour reforms were necessary, the way they have been done by some states have undermined basic protections to workers, especially in light of the migrant crisis.

Economy News

Cabinet secretary-led empowered group, PDC formed to attract investments to India

The decision was taken at a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi. In order to provide support and facilitation to investors for investing in India, an Empowered Group

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Cabinet nod for ordinance to allow farmers to engage with processors, aggregators

The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020 aims to provide farmers a level playing field to market their produce without any fear of exploi

“Growth in agriculture and allied activities this fiscal hinges on a bumper food grains production. A normal monsoon will be critical, too. News
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