Economy

FM Sitharaman says cases against fugitives, economic offenders to be actively pursued:

"Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered. #PSBs have already recovered Rs 1357 Cr by selling such shares. A total of Rs 9041.5 Cr shall be realised by banks through sale of such attached assets"

Cabinet approves extension of Pradhan Mantri Garib Kalyan Anna Yojana for 5 months till November

The Cabinet on Wednesday approved a proposal to extend the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) to provide free ration to over 80 crore people, mostly poor, by five more months till Novemb

A prescription for GDP growth: Govt must spend, save economy from slipping again, forget deficit

Government must scale up spending, boost consumption, and ignore the rise in fiscal deficit, for now, to revive the economy.

Indian economy

Moody’s cuts 2021 India’s growth forecast to 9.6 pc, flags low vaccination rate as risk

The US-based rating agency said high-frequency economic indicators show that the second wave of COVID-19 infections hit India's economy in April and May. With states now easing restrictions, economic

Moodys pegs India GDP growth above 9 percent in FY22

Linkedin’s findings :Covid: Workforce confidence of women, Gen Z dips

This dip in confidence is reflected strongly across professionals from creative industries such as entertainment, design, and media & communications, who expressed being uncertain about the future of

The findings were based on the survey responses of 1,891 professionals from May 8 to June 4.

Bad bank guarantee: Finmin to seek Cabinet nod for Rs 31,000 cr-plan

“The proposal could be placed before the Cabinet for clearance very soon,” said a source. The government will offer guarantee on the security receipts (SRs) issued by the National Asset Reconstruc

ARCL is expected to acquire stressed assets at net book value by offering 15% of it upfront (in cash), and the rest (85%) in SRs.

Reforms boost, states borrowed Rs 1L cr extra: PM

“As a result, the aggregate borrowing permission granted to states for 2020-21 (conditional and unconditional) was 4.5% of the initially estimated GSDP,” Modi noted, adding that the “significant

In FY22, the Centre has set the borrowing limit for states to 4% of GSDP, including 50 basis points linked to capex goals.

One-third workers globally to work remotely by 2022: Gartner report

1 in 3 Indian employees to work remotely by 2022

Gartner’s senior research director, Ranjit Atwal, said hybrid workforce is the future of work, with both remote and on-site part of the same solution to optimise employers’ workforce needs.

Pandemic just a pause in India’s consumption & growth story: Sanjiv Mehta

He said that the effects of the pandemic were just a pause in India’s consumption and growth story. “It has been a speed-breaker in India’s growth journey, but will not change the trajectory.”

Compassion, sense-making, collaboration, purpose-driven, respond to crisis with speed and agility and brutal optimism will be important traits for the leaders of the future, Mehta said.

COVID effect: Confidence levels of working women, young professionals lowest amongst workforce

Further, the pandemic's recent peak in India has amplified the importance of work experience and professional connections, as young Indians were found twice as worried as their older cohorts, about th

The findings were based on the survey responses of 1,891 professionals from May 8 to June 4.

Assam microfinance relief package ‘positive’ from asset quality perspective

Assam's microfinance relief scheme is a “positive development” from an asset quality perspective and the relief provided is expected to reduce near-term loan losses for lenders, who were affected

money

Jobless rate up again

CMIE’s MD and CEO Mahesh Vyas, in an article earlier in the month, had said the spike in unemployment rate implied that a number of people who lost employment continued to look for jobs.

During the week ended on June 20, urban joblessness moved into double digit to 10.3% from 9.7% a week ago. Rural joblessness inched up at a higher pace to 8.92% from 8.23% recorded on June 13.During the week ended on June 20, urban joblessness moved into double digit to 10.3% from 9.7% a week ago. Rural joblessness inched up at a higher pace to 8.92% from 8.23% recorded on June 13.

Indications of revival in economic activity as states get into unlock mode: Survey

With states easing lockdown curbs due to declining number of COVID-19 cases, there are immediate indications of improvement in economic activity as companies are hopeful of better performance in the n

The virus resurgence has mainly dented aggregate demand, in contrast to last year when the lockdown also constrained supply.

India receives $64 billion FDI in 2020, fifth largest recipient of inflows in world: UN

The World Investment Report 2021 by the UN Conference on Trade and Development (UNCTAD), released Monday, said global FDI flows have been severely hit by the pandemic and they plunged by 35 per cent i

FDI

Impact on Indian economy after the COVID-19 second wave

Agriculture will see a deeper cut from the second wave compared to the first wave where it grew.

Agriculture, GDP Impact, effect of covid on agriculture, reflection of first wave, reflection of second wave, moody's prediction, nation wide lockdown

Commerce ministry to seek duty relief for SEZs

Currently, SEZ units are mandated to pay the regular customs duty on a product if they sell it in the domestic tariff area (DTA).

SEZs

GST was a mistake, time to undo the damage: Kerala FM KN Balagopal

Given that few states had witnessed their natural growth rates in recent years, it was legitimate to extend the GST compensation mechanism for five years beyond July 2022, he said.

(Of course, the 15th FC has sought to balance this by also rewarding efforts to control population even as it went by the 2011 census to determine inter se share of divisible-pool taxes among states).

Leather, its products’ export jumps to $641.72 mn in Apr-May 2021: CLE

The country’s export of leather, its products and footwear has jumped to USD 641.72 million in April-May 2021 from USD 146.79 million in the corresponding period last year, the Council for Leath

Govt open to more measures to boost economy: CEA

The government is open to coming out with more measures to boost the economy which has been hit by the second wave of the coronavirus pandemic, says Chief Economic Advisor (CEA) K V Subramanian

Recent GST clarifications and their impact: Tax relief in milling, pharma, education, food sectors

CBIC clarified that GST would not be levied on services provided by the Central or State Boards, including NBE, in the conduct of examinations for students including entrance exams

No intention of delaying fixing minimum wages and national floor wages: Labour Ministry

Earlier this month, the Centre constituted an expert group under the chairmanship of economist Ajit Mishra to provide technical inputs and recommendations on fixing these wages. The tenure of the gro

No intention of delaying fixing minimum wages and national floor wages: Labour Ministry

Govt to link innovative agriculture technologies to farms to help farmers in North East region

Under this scheme, so far 146 Biotech-KISAN Hubs have been established covering all 15 agroclimatic zones and 110 aspirational districts in the country, it said.

Normal monsoon to support economic recovery; will agri commodity price rally continue in coming days?

At a time when the Second Covid wave is spreading across the country, the good news is that both the IMD and private weather forecaster Skymet have predicted that India is likely to have a normal mons

Monsoon, Indian agriculture, Kharif, rabi

Fiscal policy needs to address triple whammy of inflation, low growth, threat of capital outflows

With both stagflation and the trilemma rearing their ugly heads at the same time it is difficult to see what more the central bank can do.

It is like believing the cobra has been defanged; it can now play to the snake charmer’s tune. Will it?
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