Economy

RBI announces on-tap liquidity window of Rs 50,000 cr for healthcare infra, services firms

Das further said SFBs are now being permitted to reckon fresh lending to smaller MFIs (with asset size of up to Rs 500 crore) for on-lending to individual borrowers as priority sector lending.

Businesses, households adapting to lockdowns; demand dent to be lower than last year: Shaktikanta Das

He said the second wave of infections is debilitating, but "not unsurmountable" and the "battle ready" RBI is committed to go unconventional and devise new responses as and when the situation demands.

S&P: Second COVID wave may derail India’s budding recovery; 8.2-9.8 pc GDP growth in diff scenarios

"India's second wave has prompted us to reconsider our forecast of 11 per cent GDP growth this fiscal year. The timing of the peak in cases, and subsequent rate of decline, drive our considerations,"

S&P Global Ratings, india GDP growth, current fiscal year, India covid 2nd wave, reconcider 11 per cent grwoth, S&P Global Ratings Asia-Pacific chief economist Shaun Roache.

RBI running key ops from a 250-member-strong quarantine centre, says Shaktikanta Das

The Reserve Bank is running some of its key operations from a 250-member-strong quarantine centre -- a souped-down version of the war-room it had set up in mid-March last year

RBI, quarantine centre, Governor Shaktikanta Das, quarantine facility of RBI with 250 professonls, Covid-19 pandemic, coronavirus vaccination, RBI operations

RBI Guv Highlights: Shaktikanta Das rolls out stimulus measures amid 2nd Covid wave; liquidity, credit, more

RBI Governor Highlights: RBI Governor Shaktikanta Das on Wednesday unveiled liquidity support measures amid rising Covid-19 cases in India.

shaktikanta das, RBI, RBI meet

PM Modi holds virtual summit with British counterpart Johnson; UK PM announces £1bn worth of trade, investment

In a bid to boost bilateral trade and investment and unlock the potential for the relationship from the private sectors of both countries, India and UK launched an Enhanced Trade Partnership (ETP) to

An important part of the ETP is the £1 billion in new UK-India trade and investment, including in vital and growing sectors such as health and technology which sets the ambition to double the value of UK-India trade by 2030.

Raghuram Rajan says India’s coronavirus crisis reveals complacency and lack of foresight

India’s overwhelming surge of coronavirus infections has revealed complacency after last year’s first wave, as well as a “lack of foresight, a lack of leadership,” according to Raghuram Rajan,

Diplomats from India, S Africa work together in US on TRIPS waiver to COVID-19 vaccines

Diplomats from India and South Africa are working together to convince American lawmakers and policymakers on the need to support their proposal before the WTO to temporary waive some of the TRIPS dur

Diplomats from India and South Africa, TRIPS Waiver, IP laws temporary waiver,Covid vaccination, WTO, making covid vaccination to help global economies

Govt invites EoI latest by June 17 for Rs 11k-cr food processing PLI scheme

Issuing detailed operational scheme guidelines for its Production Linked Incentive (PLI) scheme, the food processing industries ministry Monday invited an expression of interest latest by June 17 so t

PLI sceme, food processing ministry, Production Linked Incentive, processed food manufacturing, ready to cook/ready to eat (RTC/RTE) food,, Piyush Goyal,

Covid-19 curbs push unemployment rate to four-month high of 8%

The spike in the unemployment rate was seen both in urban and rural areas. While the unemployment rate in urban areas was at 9.78%, the highest in eight months, in rural areas, it was 7.13%, a four-mo

75 lakh people lose jobs in April as lockdowns sprout; unemployment at a 4-month high: CMIE chief

The situation on the employment front is expected to continue to remain challenging going forward as well, CMIE’s managing director and chief executive Mahesh Vyas said.

As of March 2021, there were 43.8 million people in India who were unemployed and were willing to work, Vyas wrote.

Govt waives IGST on import of COVID-relief material received as donation for free distribution

Last week, the government slashed IGST rate on import of oxygen concentrators for personal use to 12 per cent, from 28 per cent, for two months till June 30.

GST covid

Wheat procurement increases over 70 pc to 292.52 lakh tonnes this marketing season so far: Govt

This year, Haryana and Punjab switched from indirect payment of MSP to direct online transfers to farmers' bank accounts following a central government direction.

"Wheat procurement is going on at a brisk pace in the procuring states/UTs of Punjab, Haryana, Uttar Pradesh, Chandigarh, Madhya Pradesh, Rajasthan and other states with purchase of over 292.52 lakh tonne up to May 2, 2021," the food ministry said in a statement.

FM Sitharaman calls for sharing of technologies on COVID vaccines; says no space for vaccine nationalism

Stressing that there cannot be any vaccine nationalism, Finance Minister Nirmala Sitharam on Monday urged nations to share technologies on COVID vaccines amid the pandemic.

Finance Minister Nirmala Sitharaman

Barclays cuts FY22 GDP growth forecast to 10%; says local lockdowns to cost USD 38 billion till June

Blaming the slow pace of vaccinations and uncertainty around the number of those infected and dead in the second COVID-19 wave, global brokerage firm Barclays cut India's FY22 GDP growth estimate to 1

GDP

Sharp growth in exports reflects pick-up in demand in western markets: TPCI

TPCI on Monday said that healthy exports growth in labour-intensive sectors such as jute, carpet, handicrafts and leather indicates that demand is picking up in the western markets.

TPCI, labour intensive market, growth in exports , demand in western market, TPCI Founder Chairman Mohit Singla, grwoth in April export growth

COVID-19 crisis: CII calls for strongest national steps, curbs on economic activity

Industry body CII has urged the government to take "strongest" national steps including curtailing economic activity to contain the spike in COVID-19 cases in the country.

CII, Covid crisis, Uday Kotak, curtailing economic activity, healthcare infrastructure, eployment of armed forces and central security forces for logistics, infrastructure and personnel;

Factory orders, production rise at slowest rates in 8 months in April in India: PMI

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) was at 55.5 in April, little changed from March's reading of 55.4.

PMI, India's manufacturing sector activity , intensification of covid-19 crisis, Purchasing Managers' Index , rate im grwoth, hurdle of rising global price, Covid-19 surge

Govt appoints Rabi Sankar as next RBI deputy governor

Rabi Sankar fills the vacancy created by the retirement of BP Kanungo on April 2, after completing a one-year extension.

Rabi Shankar, Kunago, RBI deputy governor, Appointments Committee of the Cabinet , Shankar portfolio, fintech, information technology, payments system and risk monitoring.

Govt waives late fee for delayed filing of March, April GSTR-3B, tax payment

The government has waived late fee on delayed filing of monthly return GSTR-3B and tax payment for the months of March and April and also cut interest rate for late filers.

delayed filing of monthly return GSTR-3B , late feww waier, commerge ministry, GST, Central Board of Indirect Taxes and Customs , April sales return GSTR-1

Exports jump to USD 30.21 bn in April; trade deficit at USD 15.24 bn

India's exports in April jumped nearly three-folds to USD 30.21 billion from USD 10.17 billion in the same month last year, according to commerce ministry's preliminary data released on Sunday.

Indian exports, Commerce ministry report, exports from india surge, trade deficit of India, Covid-19 pandemic, exports affected by pandemic

Government slashes IGST on oxygen concentrators for personal use to 12%

On inter-state movement of goods as well as imports, an Integrated-GST or IGST is levied, which accrues to the Centre. The amount paid as IGST can be utilised by businesses for claiming credit while m

oxygen concentrator

GST revenue hits all-time high of Rs 1.41 lakh cr in April

During the month, the revenues from domestic transaction (including import of services) are 21 per cent higher over the last month.

The revenues for the month of April 2021 are 14 per cent higher than Rs 1.23 lakh crore collected in March.

India’s power consumption grows 41 pc in April

Power consumption in February this year recorded higher at 104.11 BU compared to 103.81 BU last year despite the fact that 2020 was a leap year.

COVID-19: Centre releases Rs 8,873 cr to states from SDRF

The funds from the SDRF may be used by the states for various measures related to the containment of COVID-19, including meeting the cost of oxygen generation and storage plants in hospitals, ventilat

Govt sets record target to raise foodgrain production by 2% during 2021-22

The government has set a target to buy 42.74 MT for the central pool during 2021, which is nearly 10% more than actual quantity purchased last year.

MGNREGA: April demand under rural jobs scheme highest in seven years

The MGNREGS dashboard, maintained by the rural development ministry, showed 2.6 crore households and 3.7 crore persons were looking for work in April this year, higher by 91% and 85%, respectively, ov

In the whole of 2020-21, 7.56 crore households and 11.19 crore individuals got work under MGNREGS and a total of 389.31 crore person-days of work was created, averaging 51.51 days of work for every household who got work.
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