Economy

No more happy hours! High Corona tax backfires, liquor sales halved in last 5 months

Currently, Pudduchery, West Bengal , Andhra Pradesh, Jammu & Kashmir and Rajasthan have a tax of 25% more than what it was in March 2020.
State excise duty on alcohol accounts for around 10-15% of its own tax revenue for majority of states, according to RBI report on ‘State Finances: A Study of Budgets of 2019-20’.

Modi Govt to provide fortified rice under mid-day meal programme: Food Secretary

Central government is distributing over 80 lakh tonnes foodgrains per month since April onwards

GST compensation: Centre borrows, transfers Rs 6,000 crore to 16 states, 2 UTs

The Centre had in August proposed two options to states: borrow Rs 97,000 crore (on account of GST implementation) from a special window facilitated by the RBI or the complete shortfall of Rs 2.35 lak

Shaktikanta Das says room for rate cut if inflation moderates; RBI MPC lists out 3 macro-financial risks

RBI Governor Shaktikanta Das said that the food inflation should moderate on the back of good Kharif harvest and a favourable rabi season.

monetary credit policy, repo rate, accommodative stance, shaktikanta das, rbi governor, inflation, repo rate

Forex reserves touch life time high of $555.12 billion

In the previous week ended October 9, 2020, the reserves had increased by USD 5.867 billion to reach USD 551.505 billion.

Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

At least 10 lakh jobs added in August 2020; EPFO data shows recovery in job market

aking together the new entrants and those who exited but returned, the net addition in EPF subscribers was nearly 10 lakh in August, after factoring out those who left in the month.  

EPFO, ESIC, employment scheme, social security scheme, jobs, employment

RBI board holds review meet to take stock of economic situation, other challenges

The meeting, which was held through video conferencing, also deliberated on the issues concerning financial stability in the present context.

The finance ministry was represented by Tarun Bajaj, Secretary, Department of Economic Affairs and Debasish Panda, Secretary, Department of Financial Services.

India- Argentina JTC: Indian Cos to bid for Hydrocarbon projects; Lithium Agreement to be operationalised soon

Ambassador of India to Argentina, Dinesh Bhatia attended the meeting, along with the Charge d’Affaires of the Embassy of Argentina in India, Martin Via.

The implementation of existing bilateral agreements and those under negotiation were also reviewed.(Photo credit - Indian Embassy in Buenos Aires)

Karnataka most preferred destination for investors, has attracted highest FDI inflow amid COVID: CM

In a series of tweets, the Chief Minister said Indias first sector-specific investment Rs 3,540 crore Consumer Electronics and Durable Goods cluster will come up in Hubbali.

Karnataka continues to be the most preferred destination for investors and has attracted the highest FDI inflow in the country in Apr-Jun 2020 quarter.

COVID-19 to push 150-175 million more people into extreme poverty: UN expert

Special Rapporteur on extreme poverty and human rights Olivier De Schutter said that between 150 million and 175 million more people will fall into extreme poverty, due to the epic fallout from COVID-

Stimulus resources saved for timely demand push: Principal economic adviser Sanjeev Sanyal

Now that many sectors of the economy are emerging out of the torpor caused by the lockdown, there is a case for a timely ‘generic’ push to demand to accelerate the economic revival, principal econ

Govt releases new series of retail inflation for industrial workers with 2016 base year

The government on Thursday launched a new series for Consumer Price Index — Industrial Workers (CPI-IW) changing the base year to 2016 from 2001, but said it will not have any immediate impact on th

Having said that, though, there appears to be some reasonably strong support (technically) at 74.50, and then 75.

Manufacturers eyeing domestic market to operate in SEZs

In a bid to integrate export ecosystem with the wider domestic economy, the government may allow manufacturers who make goods for domestic supplies to operate within the special economic zones (SEZs),

By September 2018, the IT zones had generated more than 14.6 lakh jobs, significantly more than what they had proposed, and contributed 54% of the total SEZ exports.

RBI’s on-tap TLTRO begins; why these 5 sectors were selected, and how they will drive India’s growth

Agriculture; agri-Infrastructure; secured retail; micro, small and medium enterprises (MSMEs); and drugs, pharmaceuticals, and healthcare sectors are covered under the On tap TLTRO scheme.

tltro, on tap tltro, rbi, reserve bank, economic recovery, economic woes, agriculture

Indians’ wealth rises amid coronavirus crisis; Credit Suisse tells how much it may further grow

The wealth per adult in India rose from $17,300 at the end of the calendar year 2019 to $17,420 at the end-June 2020.

ltc

Rural India surprises with job loss amid peak harvesting season in October; labour market stagnates

It is possible that employment under the MGNREGS has declined significantly in October.

farm jobs, rural jobs, kharif harvesting, MGNREGS

Marrying above legal age is good economic strategy for men, women; SBI research reveals why

Women will try to marry at above than the legal age, as this gives them exponentially higher payoff.

marriage, women marriage, NFHS, SBI, raising age for marriage for women

India recorded export growth of 4 per cent in September: UNCTAD

The UNCTAD's new global trade update said that global trade recorded a 5 per cent drop in the third quarter of 2020 compared with the same period last year.

Monetary & fiscal policies counter cyclical, accommodative: RBI governor Shaktikanta Das

Das was speaking at the launch of veteran bureaucrat NK Singh’s new book ‘Portraits of Power’.

Road to Revival: More stimuli soon to lift economy, says DEA secy

PLI scheme to be extended to more sectors, budget capex being pushed, asset monetisation in focus

I hope you have sought legal recourse to recover your money from the builder.

Kerala to fix MSP for veggies & fruits, among 16 crops, from November 1

The Kerala government on Wednesday decided to fix a minimum support price (MSP) for vegetables and fruits as part of its decision to support farmers and boost the agricultural sector.

PM to soon meet top global fund houses on infra financing: DEA Secy

There are fund houses around the world which are in touch with the government for investment in some good infrastructure assets which require patient capital, he said.

To augment infrastructure and create jobs in the country, a government task force has projected total investment of Rs 111 lakh crore in infra projects over five years.

Former RBI governor Raghuram Rajan cautions against import substitution

"If the focus (under Aatmanirbhar Bharat initiative) is on import substitution by erecting tariffs, which we have done lot of in the last few years, then I think it is a direction we have tried before

Govt open to further stimulus to lift economy, says DEA Secretary

The government had announced a Rs 1.70 lakh crore Pradhan Mantri Garib Kalyan Yojana (PMGKP) in March to protect the poor and vulnerable sections from the impact of COVID-19 crisis.

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