Economy

Kharif season: Most crops being sold below MSP

Mandi prices of most crops have consistently been below their minimum support prices (MSPs) throughout this kharif season.
kharif season

FinMin releases weekly instalment of Rs 6,000 cr to states to meet GST compensation shortfall

The ministry in a statement said it has released the 12th weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.

The amount has been borrowed this week at an interest rate of 4.43 per cent.

GST officers arrest one for operating 46 fake firms, passing on ITC worth Rs 82.23 cr

The network of fake firms was operated by Arvind Kumar, who used to pass fake ITC for a commission of 4 to 4.5 per cent of the invoice amount.

"The total fake ITC quantified so far is Rs 82.23 crore generated out of the fake billing of Rs 541.13 crore which is expected to increase as the investigation progresses," it added.

Forex intervention by RBI to touch $93 billion by March, says report

The report by the Wall Street brokerage Bank of America Securities also expects the central bank to raise banks' HTM (held-to-maturity) limits of excess government securities by 2 per cent of their bo

So far this fiscal, the central bank's forex intervention has touched USD 73.7 billion, according to the assessment by Bank of America Securities India economists Indranil Sen Gupta and Aastha Gudwani.

ESG, elections, fiscal support: 6 macro factors to watch as India plans to vaccinate 30 crore people

If the year 2020 was truly a head-spinning year, a year like no other, 2021 will be an exhilarating albeit bumpy one.

Indian economy, covid vaccine

Union Budget 2021: Need higher focus on demand revival, boost in growth engines to spur Covid-battered economy

Union Budget 2021 India: As the countdown for the Union Budget 2021 has begun, all eyes are now set on how the Finance Minister’s attempts to walk the tightrope to strike a balance and play the role

Budget 2021-22, Union Budget 2021

China’s economy grows by 2.3% in 2020, bucking global COVID-19 slowdown trend

As per the NBS data, China's value-added industrial output, an important economic indicator, went up 2.8 per cent year on year in 2020.

china economy

Export recovery: Rivals Vietnam, China far outpace India

Trend exposes structural factors blunting India's competitiveness

Big jump in CPSE capex, Q3 matches H1

State governments have slowed down investments significantly in the current fiscal year and the Centre's Budget capex also looks constrained, due to the pandemic-induced revenue shortfalls.

Three dozen CPSEs, with capex plan of at least Rs 500 crore, invested Rs 2.9 lakh crore or about 60% of their annual capex target of Rs 4.95 lakh crore in April-December of FY21.

Govt procures paddy worth Rs 1.06 lakh crore so far this kharif season

The government has procured 25 per cent more paddy so far in this kharif marketing season

Paddy procurement

Demand to rationalise GST on food delivery business to 5 per cent

Customers taking food delivery at their home or office are paying 13 per cent higher price on the same food and beverages compared to customers who are walking down to restaurants as the dine-in tax r

GST

‘Indian economy may contract 25 pc in current fiscal’

The Indian economy is not recovering as fast as the government claims and the country's economy may contract 25 per cent in the current financial year, noted economist Arun Kumar said on Sunday.

indian economy

Excise duty collection jump 48 pc this fiscal on record hike in taxes on petrol, diesel

Excise duty collection during April-November 2020, was at Rs 1,96,342 crore, up from Rs 1,32,899 crore mop-up during the same period in 2019, according to data from the Controller General of Accounts

petrol price

RBI remains steadfast to take any further measures to support growth: Shaktikanta Das

In a bid to maintain financial stability, Das emphasised the need for banks to raise resources in advance as a buffer.

RBo governor, Shaktikanta Das, Indian economy, financial stability, need for banks to raise resources, NBFCs, fiscal sustainability and external sector viability

Union Minister Nitin Gadkari pitches for more research to identify import substitute products

Instead of importing spare part, the industry should help their vendors to find an indigenous replacement, Gadkari said in a virtual meeting on Friday.

nitin gadkari, import substitution in India

Road to Recovery: Imports rise for the first time in 10 months

Reflect nascent revival of domestic demand

Overall, merchandise exports still still down by 15.7% up to December this fiscal, while imports contracted by 29%.

Commerce minister exhorts Indian investors to support start-ups in BIMSTEC region

BIMSTEC or The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is a grouping of seven countries in South Asia and South-East Asia.

I have been making an earnest appeal on several occasions to try and encourage Indian capital to expand their horizon to support start-ups in India particularly at an early stage.

Kerala budget focuses on infrastructure development, jobs

Finance Minister Thomas Isaac said Kerala is implementing the biggest state-level anti-recession infrastructure package in India of Rs 60,000 crore using KIIFB funds.

While criticising the Centre’s farm laws, Isaac increased the base price of natural rubber to Rs 170 per kg,procurement price of paddy to Rs 28 per kg and coconut to Rs 32 per kg.

Planning to install rooftop solar plant? Beware of fake claims! Govt says only DISCOMS are authorised

The government on Friday cautioned consumers against rooftop solar companies that are claiming to be "authorised vendors" for the implementation of Grid-connected Rooftop Solar Scheme.

solar panel

Economy likely to contract up to 7.5% this fiscal, may see 9-11% growth in FY22: Former CEA Arvind Virmani

Addressing a virtual event organised by industry body PHDCCI, Virmani said in the upcoming Budget, the government should come up with policies to accelerate India's economic growth.

Former chief economic adviser Arvind Virmani

Exports up marginally to USD 27.15 billion in December

The merchandise exports were valued at USD 27.11 billion in December 2019 while imports had totalled USD 39.59 billion.

"The trade deficit for December 2020 was estimated at USD 15.44 billion as against the deficit of USD 12.49 billion in December 2019, which is an increase of 23.66 per cent," according to the government data.

Forex reserves up by USD 758 mn to lifetime high of USD 586.082 bn

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

In the previous week ended January 1, the reserves had increased by USD 4.483 billion to USD 585.324 billion.

Tamil Nadu 11th state to implement ‘One Nation One Ration Card’ reform: FinMin

In view of the resource requirement to meet the challenges posed by the COVID-19 pandemic, the government had in May enhanced the borrowing limit of the states by 2 per cent of their gross state domes

This has enabled the states to mobilise additional financial resources to fight the pandemic and maintain the standards of service delivery to the public. (Representative image)

India took ‘very decisive’ steps to deal with coronavirus pandemic: IMF chief Kristalina Georgieva

Georgieva said that she is impressed by the appetite for structural reforms that India is retaining.

At the same time, she said that one of the aspects of India's reforms that are still lagging is on gender equality.
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