Economy

Changes to DICGC Act: Deposit insurance cover gets stronger

Customers to have access to deposits in 90 days if a bank goes bust; start-ups to benefit as a dozen offences by LLPs de-criminalised

Disinvestment: BPCL, LIC transactions by year-end, strategic sales in focus, says Dipam secretary Tuhin Pandey

LIC initial public offer (IPO) will be the largest IPO in India and one of the large IPOs globally as well, Dipam secretary said, adding that efforts are on to list the insurer in the fourth quarter of FY22.

Process of creation of unorganised sector database to begin next month

The database will be used for registration, enrolment, identification and collection of other required data for all unorganised sector workers including migrant workers and street vendors among others.

India expected to see 7 pc growth next fiscal: CEA

The International Monetary Fund (IMF) on Tuesday cut its economic growth forecast for India to 9.5 per cent for the fiscal year to March 31, 2022 as the onset of a severe second COVID wave cut into recovery momentum.

Cabinet clears amendment to DICGC Act; bank depositors to get coverage of up to Rs 5 lakh

The first 45 days will go for the bank, which has come under stress, to collect all the accounts where the claims will have to be made, and then it will be given to this insurance company, which in real-time will check it all up, and nearer the 90th day, depositors will get the money, she added.

Cabinet Briefing Highlights: Depositors of troubled banks to now get money back in 90 days, Nirmala Sithraman says

Cabinet Briefing Highlights: Finance Minister Nirmala Sitharaman, along with Union Minister for Information and Broadcasting Anurag Thakur shed light on the Union Cabinet's decisions.

Multi-pronged strategy to check malpractices in fertilizer supply chain: Assam minister

Assam Agriculture Minister Atul Bora has said that his department is working on various strategies at all levels of the fertilizer supply chain to check any black marketing or over-pricing of fertilizers in the state.

IMF trims FY22 India growth forecast to 9.5%

Raises 2021 global trade growth forecast by 130 bps to 9.7%

Kharif sowing picking up, early to gauge impact of stalled monsoon: Tomar

Kharif sowing has picked up in almost all major states with the advancement of monsoon, agriculture minister Narendra Singh Tomar said in a written reply in Lok Sabha.

IMF cuts India’s GDP growth forecast to 9.5 pc for FY22

For 2022-23, IMF expects economic growth of 8.5 per cent, larger than the 6.9 per cent it had projected in April. "Growth prospects in India have been downgraded following the severe second COVID wave during March-May and expected slow recovery in confidence from that setback," IMF said in its latest World Economic Outlook (WEO).

Deficit Financing: No plan to print extra money, says FM

Says judicious mix of supply- and demand-side measures to balance growth-inflation dynamics and support long-lasting growth

Pre-pack scheme: FM introduces Bill in LS to replace ordinance

Under the scheme, only the debtor gets to trigger its own bankruptcy process. It is designed to yield a faster resolution, cost less and reduce litigation often triggered by defaulting promoters to retain control of their firms, analysts have said.

Unemployment rate rises again to reach 7.14%

Unemployment rate in urban areas increased marginally to 8.01% from 7.94% a week before; the rise was sharper in rural areas, from 5.1% to 6.75%.

GST e-way bill generation gathers momentum in July

Average daily e-way bill generation was 20.2 lakh in the week ended July 25, compared with 20.4 lakh in preceding week and 19.24 lakh in the first 11 days of July.

Modi govt tables Bill in Lok Sabha to amend Insolvency Law

The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process

Higher inflation a transitory hump, to help RBI remain dovish in Aug review: Report

The Reserve Bank-led monetary policy panel is scheduled to announce the third monetary policy review on August 6, amidst the continuing spike in retail inflation that has breached the 6 per cent upper tolerance level for the past two consecutive months.

COVID 2nd wave may have more lasting damage on economy, exports to drive recovery: Moody’s Analytics

The Delta variant of COVID-19 is among factors now adversely affecting economies of the Asia-Pacific (APAC) region, but the economic hit from the current round of movement restrictions in the region will not be as severe as the recessions in the second quarter of last year.

Govt’s net tax collection rises 86% to Rs 5.57 lakh cr in Q1

"The net direct tax collection in the 1st quarter of FY 2021-2022 is Rs 2,46,519.82 crore as against Rs 1,17,783.87 crore during the same period of previous FY 2020-21 representing a growth of 109.3 per cent," Minister of State for Finance Pankaj Chaudhary said in a written reply to Lok Sabha.

Decommissioning coal power plants older than 25 years can save Rs 37K cr: Study

The CEEW-CEF study does not endorse large-scale decommissioning, it found that retiring 95 GW of capacity could cost between Rs 2.3 lakh crore and 3.5 lakh crore (USD 32 to 48 billion) to pay off debt and equity holders.

FM Sitharaman says no plan to print currency notes to tide over crisis

To a question on whether there is any plan to print currency to tide over the crisis, the Finance Minister said, "No Sir".

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