Economy

Increased supply of state development loans may put pressure on states’ borrowing costs

As per the indicative calendar for the Q1FY21, state governments are likely to borrow Rs 1.27 lakh crore from the markets.
Economy News

Power companies’ troubles may mount in coming months; demand from commercial, industries collapses

India’s power sector performance is expected to see a significant decline in 2020-21, due to the likely prolonged disruptions caused by the Coronavirus pandemic.

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Electronics manufacturing: Govt notifies three incentive schemes; likely to create lakhs of jobs

The schemes are expected to create large scale electronics manufacturing in the country and open tremendous employment opportunities.

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Global economy could shrink by almost 1% in 2020 due to COVID-19 pandemic: UN

The analysis by the UN Department of Economic and Social Affairs (DESA) said the COVID-19 pandemic is disrupting global supply chains and international trade.

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Manufacturing PMI hit by coronavirus in March; factory output in coming months may fall sharply

Confidence towards business outlook has fallen to a record low, due to the Covid-19 concerns.

Economy News

DBT transfers decline sharply in FY20?

The website on Wednesday showed cut in transfers under some of the key schemes including MGNREGA and PMAY-Gramin.

DBT transfers, direct benefit transfers, MGNREGA, PMAY-Gramin News

Moving on moratorium: Repay if you can, else take a break, say top banks

SBI has specified that interest shall continue to accrue on the outstanding portion of the term loan during the moratorium period.

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Companies want interim dividend rule relaxed

Another relaxation sought is on Section 134 of the Companies Act, which deals with the report by the company board.

Generally, dividend is paid for a financial year after the final accounts have been prepared and the amount of distributable profits is available. News

RBI announces three more measures to fight Covid-19

In view of the disruption caused by the pandemic, the time period for realisation and repatriation of export proceeds for exports made up to or on July 31, 2020, has been extended to 15 months from th

For banks, RBI has decided to put on hold the activation of the framework on countercyclical capital buffer (CCyB) for a period of one year or earlier. News

MNRE tells discoms to clear renewable energy bills on time

Renewable energy plants which supply power to Punjab and Madhya Pradesh are owned by firms, including NTPC, Acme Solar, ReNew Power, Mahindra Renewables and Adani Power.

As FE recently reported, state-run Solar Energy Corporation of India (SECI) had refuted Uttar Pradesh’s claim that there would be ‘no cause for breach or liability’ under the force majeure clause if the state’s discoms fail to clear the renewable energy bills on time. (Representative image) News

Govt, RBI must not stop here, more steps needed: Pronab Sen

The problem is companies won’t be able to repay their loans for some time, and the RBI seems to have addressed this situation through the three-month moratorium.

Given the inability of companies and individuals to service loans and the moratorium on repayment, the RBI has to be vigilant about the stress building in the banking system. News

GST collection in March at Rs 97, 597 crore, down 8.4 %

Also, the weighted average GST rate is significantly below the revenue neutral rate estimated before the tax's launch, with a series of tax rate cuts by the GST Council widening the gap.

Gross GST collections during the whole of FY20 (April-March) were Rs 12.2 lakh crore, up just 3.8% year-on-year. News

Maharashtra eases power payment norms for industrial consumers

The ongoing lockdown in seen to take a toll on the finances of the state-run discoms which are finding it difficult to continue meter reading exercises and collect payments from consumers.

“The commission will take an appropriate view on the additional expenses that are likely to be incurred by the distribution licensees on account of additional interest on working capital” while reviewing tariffs, MERC said. News

PM Kisan : Rs 5,125 crore already transferred of April-July tranche

The total number of farmers expected to be covered by the current scheme may be around 11 crore by the end of FY21.

The PM-Kisan benefit should also be raised to Rs 12,000/year by the Centre and additional equal contribution by states. (File image) News

Small savings interest rate cut to make bank loans cheaper? Here’s what may make banks act now

The rate cut on small savings schemes is being seen as an enabling move for banks to make borrowings cheaper, in line with the government’s and RBI’s efforts.

small savings scheme, ppf, PPF, RBI, monetary measures, credit growth, borrowings from banks News

India’s power consumption shrinks 9.24% at 100.13 BU in March

The data also showed that during March 22-31, the power demand remained quite low as compared to March 1-21 period.

According to the National Load Dispatch Centre Data, the energy consumption stood at 100.13 billion units (BU) in March as compared to 110.32 BU a year ago. News

WTO, UNFAO, WHO call for keeping food trade flowing amid COVID-19 restrictions

Expressing concerns, it said uncertainty about food availability can spark a wave of export restrictions, creating a shortage in the global market.

The statement said food trade restrictions could also be linked to unjustified concerns on food safety. News

ICC seeks 30-day window after lockdown ends to meet obligations like tax filing, loan payments

In a statement, the ICC expressed concerns over the power producers' total outstanding dues owed by distribution firms which stand at Rs 88,311 crore in January 2020, saying it is a clear reflection o

In a statement, the ICC expressed concerns over the power producers' total outstanding dues owed by distribution firms which stand at Rs 88,311 crore in January 2020, saying it is a clear reflection of stress in the sector. News

World faces food crisis in wake of coronavirus: UN, WTO

Many governments around the world have put their populations on lockdown causing severe slow-downs in international trade and food supply chains.

They also stressed the need to protect employees engaged in food production, processing and distribution, both for their own health and that of others, as well as to maintain food supply chains. News

March GST collections below Rs 1 lakh cr, way behind target; FY20 govt revenue goal at stake

Full-year GST collection has grown only 4 per cent than the previous year in FY20.

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India well prepared, coronavirus impact will be ‘much smaller and manageable’: NITI Aayog member VK Paul

Thousands of people have died due to coronavirus infection in different parts of the world. Italy, Spain and Iran are among the countries that have recorded high number of deaths so far.

The number of coronavirus positive cases in the country increased to 1,637 on Wednesday and has claimed 38 lives. News

India’s fiscal deficit may shoot to 6.2% of GDP in FY21: Fitch Solutions

The package included cash handouts, free food for the poor, medical insurance for medical staff, and a temporary regulatory amendment for employees of small companies to dip into their pension fund to

Economy News

RBI relief for exporters: More time given to realise value of exports from Covid-19 hit nations

The Reserve Bank of India has extended the period of realisation of the value of exports to 15 months from the date of export.

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Abhijit Banerjee points holes in FinMin relief package: Bigger one required if lockdown persists

Nobel laureate economist Abhijit Banerjee has pointed out gaps in Finance Minister Nirmala Sitharaman’s economic relief package aimed towards helping the most vulnerable sections of the society amid

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