Economy

RBI provides Rs 50,000-crore liquidity for extending Covid-19 loans to healthcare

Khara further said two vaccine manufactures have reached out to SBI for loans, and they can be given loans under the new facility.
SS Mallikarjuna Rao, MD and CEO of Punjab National Bank, said on-tap liquidity of Rs 50,000 crore for Covid-related health care sector along with the incentives for banks like priority sector classification and higher interest on surplus liquidity window will ease access to emergency health services.

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,

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

Data Monitor: Traffic at govt ports fell to 3-year low in FY21

The total consolidated cargo traffic handled at the government-run ports (major and non-major) dropped to a three-year low in FY21

The total consolidated cargo traffic handled at the government-run ports (major and non-major) dropped to a three-year low in FY21

Gas-based power plants want relaxed bidding norms for ONGC tender

Severely stressed gas-based power plants wants the government to relax the norms to bid for fuel from state-run Oil and Natural Gas Corporation’s (ONGC) KG-DWN-98/2 field located off shore in the ea

gas based power plants, ONGC bidding, Association of Power Producers, Krishna Godavari basin, relaxed bidding norms

Alstom delivers 100th locomotive to the Indian Railways in Rs 25k-crore deal

This project was a first-of-its-kind ‘Make in India’ initiative to pave the way for bringing advanced innovation and technology to the country.

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.

PLI scheme going under utilised, says Niti Aayog vice chairman

He stressed that the share of manufacturing in GDP should increase and limiting manufacturing only to small scale would not suffice.

The Niti Aayog, he said, was looking into coal and other natural resources mining and the reforms recommendations, once implemented, will help in resolve the problems of higher production of natural resources for economic growth.

GST exemption sought on Covid drugs, equipment

It asked for a direction to the Central government to invoke its powers under Section 11 of the Central GST Act 2017 to lift imposition of GST on medical grade oxygen, oxygen concentrators, ventilator

This would have the effect of preventing black marketing, hoarding of such drugs and other medical equipment, as well as would ensure that the same is available to the citizens at affordable cost,” the plea states.

Apeda plans to revamp, improve National Programme for Organic Production standards

These steps, along with a focus on organic variety with GI products, may help the country to further expand exports of organic produce, which grew 51% to $1.04 billion during FY21.

APEDA, NPOP, agri export promotion body, Agricultural and Processed Food Products Export Development Authority, National Programme for Organic Production (, GI products

Kerala to buy 1 crore doses of vaccine from manufacturers

CM Pinarayi Vijayan said that the government is committed to giving Covid-19 vaccine free-of-cost to all those above 18 years of age

Online registration will be compulsory for getting a jab, and there would be no on-the-spot registration, he said.

RBI committee on ARCs invites stakeholders’ views and suggestions

Last year, the ARC association and lenders like State Bank of India (SBI) had sought clarifications from RBI on the involvement of these entities in resolution plans under the Insolvency and Bankruptc

The panel will review the existing legal and regulatory framework applicable to ARCs and recommend measures to improve efficacy of the same.

Limited availability of oxygen tankers hampering supplies

Oxygen production capacity has been ramped up from 7,259 metric tonne (MT) to 9,103 MT and sales of oxygen had reached 7,017 MT as on April 24.

The government was also working on hiring tankers from outside the country, Goyal said.

Non-food credit growth falls to 5.4% in fortnight ended April 9

Banks have already started hinting that they will turn more cautious in extending loans. On Saturday, ICICI Bank told analysts in a post-results call that it will, “calibrate [its] growth in the nea

Farmer body opposes move to bring in staggered FRP payments

Earlier this month, Maharashtra sugar millers had advocated adopting the Gujarat model for payment against the purchase of sugarcane and to begin the practice of payment in three stages during the sug

The Centre has constituted a high-level committee to look into a recommendation made by the Niti Aayog to implement a model of staggered payments to sugarcane growers and has asked state governments to submit their suggestions on this issue.

Barrier-free Trade: Solar imports from China seen surging in FY22

The pace of solar capacity addition slowed 45% annually to 4.8 GW in April-January FY21.

MPC members worried over fallout of low rates for savers

RBI governor Shaktikanta Das said that it is still too early to offer explicit forward guidance on the course of monetary policy.

Not only that, RBI was able to beat back the NDF spread, which is a loud harbinger of sentiment, from well over 15 paise to a respectable 2-3 paise last week.

Focus on capex: Centre removes monthly spend caps

The objective of the latest directive is to facilitate allocation of additional funds from the department of economic affairs’ discretionary corpus of Rs 44,000 crore to those departments who show g

The move is in contrast with the announcement of curbs on expenditure imposed from April last year after the pandemic broke out.

Covid-19 surge: FM Sitharaman asks industry to wait & watch for next few days

Along with the new vaccination guidelines and with the five-fold strategy adopted in handling the Covid cases — test, track, treat, Covid-19 protocols and vaccination — there will be a sense of re

“I would request the industry to watch the next few days a bit more carefully, and then assess for yourself what this quarter is going to be like,” the finance minister exhorted.

New ‘liberal’ policy: States to spend a tidy sum for vaccination drive

India (the Centre and states) spend 1.26% of GDP (FY20BE) on health, way behind Brazil at 6.8%, Turkey 10.5% and Mexico 11.6%. States were estimated to spend spend about Rs 1.9 lakh crore in FY20BE wh

Of course, the actual cost would be much less given that 100% vaccination is unlikely; also a segment of the healthcare workers and other frontline workers who have already received vaccine are in the 18-45 age group.

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 converge

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 ape

Justice Chandrachud, writing for the bench, said that the conditions which are prescribed by the statute for a valid exercise of the power, based on tangible material, must be strictly fulfilled.

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

The state government’s earning from transport stood at Rs 5,905.95 crore in FY21, against its target of Rs 8,650 crore, a dip of 31.7%. When compared to 2019-20 collection of Rs 7,173.20 crore, the shortfall was 17.7%.

Adar Poonawalla urges US to lift ban on jab material exports

SII has committed to make 1 billion doses of Covavax and the company has to supply 500 million doses of this globally through GAVI.

Poonawalla on Friday tweeted, “if we are to truly unite in beating this virus, on behalf of the vaccine industry outside the U.S., I humbly request you to lift the embargo of raw material exports out of the U.S. so that vaccine production can ramp up. Your administration has the details.”
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