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Economy

Lockdowns: No immediate financial aid to migrant workers

Though business and industry are yet to face labour crunch, the exodus of workers from cities like Delhi and Mumbai have forced the government to sit back and take note.

Cabinet okays subsidy for urea produced via coal gasification

Talcher Fertilizers — a joint venture of Coal India, GAIL (India), Rashtriya Chemicals and Fertilizers and Fertilizer Corporation of India — is setting up the 1.27 million tonne per annum capacity urea plant based on coal gasification technology in Odisha with an estimated investment of Rs 13,277 crore.

Agri ministry, ICAR to promote bio-fortified varieties cereals & pulses via revamped NFSM

Agriculture secretary Sanjay Agarwal appraised officials and scientists about the preparatory steps taken by the ministry for observance of International Year of Millets in 2023 and requisite convergence modalities, according to an official statement.

GST law: Taxman must not proceed to attach property in haste, says SC

The SC's ruling comes at a time when the government is showcasing the recent months' surge in GST collections as proof of effective anti-evasion steps. Earlier, during the hearing of the case, the apex court noted that “Parliament had aimed to give the GST as a citizen-friendly tax structure”.

UP’s own tax revenue in FY21 just 73% of BE, down 1.6% on year

The collections under VAT and GST heads fell short by 26.8% of the target during the fiscal. While the target was to collect 91,568 crore, the actual collections were Rs 67,057.39 crore. However, when compared to last year’s actual collections of Rs 68,832 crores, the Rs 67,057-crore mop-up in 2020-21 is a fall of 2.6%.

Cabinet approves MoU between India, Bangladesh to increase cooperation in trade remedies

The MoU seeks to foster better cooperation between the relevant authorities of both the countries so as to discourage unfair trade practices and promote rule based bilateral trading, the statement added.

Cabinet gives ex-post facto approval for amendments to Finance Bill, 2021

The amendments were essential to clarify and rationalise the proposals further and address stakeholders' concerns arising out of the proposals enumerated in the Finance Bill.

RBI activity in forex market balanced, not accumulating reserves, says Commerce Secretary Anup Wadhawan

For the second time since the start of the pandemic, India on Monday figured on the US treasury department's watchlist of currency manipulators. The central bank's dollar purchase at 5 per cent of the GDP exceeding the 2 per cent threshold was cited as the reason.

Retail inflation for farm, rural workers rise marginally in March

"Point-to-point rate of inflation based on the CPI-AL and CPI-RL increased to 2.78 per cent and 2.96 per cent in March 2021 from 2.67 per cent and 2.76 per cent, respectively, in February 2021," the labour ministry said in a statement.

Govt approves subsidy policy for urea produced through coal gasification

It would assist in reducing urea imports to the tune of 12.7 lakh tonne per annum leading to savings in foreign exchange, Commerce Minister Piyush Goyal told reporters after the Cabinet meeting.

Icra cuts its FY22 GDP estimate by 0.5%, sees economy expanding by 10.5%

Domestic rating agency Icra on Tuesday cut its 2021-22 growth estimate by 0.5 per cent on the upper end, as a newer spate of lockdowns and restrictions get imposed in pockets to arrest the rising COVID-19 cases.

Need complete trust between industry, govt to sustain growth amid Covid situation, says FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said there should be complete trust between the industry and the government to sustain growth amid the COVID-19 situation.

Exports reviving, may be in positive territory in FY22: Commerce Secretary Anup Wadhawan

The country's exports are reviving and the shipments are expected to be in the "solid" positive territory in this financial year, Commerce Secretary Anup Wadhawan said on Tuesday.

Localised lockdowns already hitting economic activities: Report

With the pandemic caseload remaining over 2.5 lakh for the second day, a report has warned of the grim economic scenario as with even limited restrictions on people's movement and some businesses, power consumption and e-way GST bill collections are already down.

India likely to waive customs duty on COVID-19 vaccine imports

While Russia's Sputnik V vaccines are due to arrive this month or latest by next month, manufacturers like Moderna and Johnson and Johnson have been urged to seek emergency use approval in India.

Cyclone Amphan of 2020 resulted in $14 billion economic losses in India: UN report

The ‘State of the Global Climate 2020' report, released on Monday, said that extreme weather combined with COVID-19 dealt a double blow for millions of people in 2020.

Unemployment in urban India surges to 10.72%: CMIE

This reflects a shift in the burden of job losses to urban India, reversing the trend of rural India largely bearing the brunt of Covid-induced strain on employment.

New Covid surge may upend fuel demand recovery

After Maharashtra, Delhi and Rajasthan have imposed limited period lockdowns, which will impact travel and business activity. Other states have implemented curfews at different times of the day and of varying durations.

Govt working to save lives, livelihood: FM Sitharaman tells India Inc amid COVID surge

The economy contracted by a whopping 23.9 per cent in the first quarter (April-June) of the previous financial year due to the outbreak of the COVID-19 pandemic.

Delhi’s new liquor policy: What is it and why it is facing opposition? Here’s everything you need to know

The Delhi government has made some bold changes in its new excise policy regime. And those changes have set many tongues wagging, especially in opposition to those changes.