Economy

Rise of 4.8% in January global steel production a welcome development

Has the steel industry left behind the phase of declining demand, fresh capacity addition not finding adequate market, falling prices, rising production cost and therefore a continuous period of poor Ebitda?
steel industry, global steel production, demand of steel, poor Ebitda, Covid19 pandemic, ASEAN markets, IEBR, steel demand in road, railway, induatrial park, metro connectivity, railway,

ED probe into Kerala govt body causes a flutter: state FM Thomas Isaac

Kerala is a state with a high revenue deficit, gets revenue deficit grants from the Centre. KIIFB has had a pivotal role in mobilising funds for infrastructure development from avenues outside the sta

During her recent visit to the state Union Finance Minister Nirmala Sitharaman had questioned the role of the KIIFB in Kerala budget-making.

Private power plants seek Odisha govt’s help to cut water charges

The industry body also objected against the state’s norm to increase water charges by 10% every year.

Generally, the power plants consume around 60% of the water allocated to them.

‘Software tax’: SC ruling to force tax dept to cough up a tidy sum

Foreign software suppliers will breathe a sigh of relief with the long uncertainty finally reaching a well-founded outcome in their favour,” said Ravi Mahajan, partner at Ernst & Young LLP.

Tax experts said that while a precise estimate of the aggregate TDS amount is not immediately available, they said the refunds, including interest accrued, could add up to Rs 50,000 crore or more.

Inflation targeting: Current target band should be extended for 5 more years, says Niti Aayog vice-chairman Rajiv Kumar

India’s economy regained quite a lot of lost steam in the December quarter, to register a flat growth of 0.4% after two consecutive quarters of deep contraction caused by the pandemic, according to

In FY21, the GDP would contract by 8%, the sharpest drop in recorded history, as per the second advance estimate released recently; the contraction was previously seen at 7.7%.

Non-food credit growth rises to 6.61% in February

As on February 12, outstanding non-food credit stood at Rs 106.28 lakh crore, showed data released by the Reserve Bank of India.

With $4.9 billion inflows so far in 2021, India continues to attract FPIs

In the last two weeks of February, the markets erased nearly 50% of the post-Budget gains after markets globally saw selling as the US treasury yields crossed 1.6% and touched a one-year high.

However, going forward experts believe that the markets are expected to remain buoyant, the economic recovery and earnings growth are expected to support the markets in the long-term.

Centre closing down departments systematically to ease regulations

The government has already closed down bodies like Jute Advisory Board, All India Handloom Board and such others to remove “patently absurd regulations” that are coming in the way of starting a ne

The government is focused on creating more assets laying emphasis on infrastructure buildings that would to lead to create more jobs, Sanyal said.

Healthy growth for port volumes in January

In TEU terms, major ports’ container volumes of 930k TEUs were up 8.1% y-y (down ~1% m-m), and were significantly above pre-COVID-19 levels (avg. for Apr 2019-Feb 2020) of 836k TEUs.

In TEU terms, major ports’ container volumes of 930k TEUs were up 8.1% y-y (down ~1% m-m), and were significantly above pre-COVID-19 levels (avg. for Apr 2019-Feb 2020) of 836k TEUs.

Govt announces ‘One District One Focus Produce’ programme

It took almost nine months to design after Prime Minister Narendra Modi, during his interaction with officials in May last year on ways to boost the agriculture sector, underlined the importance of de

The government has already set a target to achieve $60 billion agri exports by FY22.

We must continue to trade with China, says Rajiv Bajaj

Bajaj Auto is already working through partners to enter the three or four ASEAN markets where the company is not present as these are strongholds for Japanese companies.

Bajaj was speaking at the Asia Economic Dialogue 2021, addressing a panel discussion on 'Building Reliable Global Supply Chains', organised by the ministry of external affairs and Pune International Centre.

Fuel taxes: Centre and states need to act jointly, says FM

A day after prime minister Narendra Modi stated that the government has no business to be in business and that un-utilised public assets will be monetised under a medium-term plan, Sitharaman also sai

“There is no hiding the fact that revenue for the governments is there in fuel. At the same time, the government wants the end consumer to pay less for the fuel. For the purpose central and state governments need to decide mutually,” she said.

Cryptocurrencies safe or not? RBI governor voices ‘major concerns’

He simultaneously added that blockchain technology is different from cryptocurrencies and the benefits of the former have to be exploited. “But, on crypto, we have major concerns from the financial

At the same time, the central bank is on track to launch its digital currency, he said, without specifying a timeline for the completion of the project.

Research cruise to study marine mammal population

A joint initiative of CMFRI,the Marine Products Export Development Authority (MPEDA) and the Fishery Survey of India (FSI),the cruise is aimed at closely observing and monitoring of marine mammal stoc

The research initiative assumes significance in the wake of emerging seafood trade-related challenges faced by the fishermen targeting high-value resources and the export market players of India.

MPEDA, NCDC join hands to boost marine exports

In a bid to improve exports of marine products, the state-run Marine Products Export Development Authority (MPEDA) has signed an MoU with the National Cooperative Development Corporation (NCDC).

Exports

Drive against GST fraud: 12 arrested, including CA

The Directorate General of GST Intelligence (DGGI) and the C-GST Commissionerates arrested 12 persons including a chartered accountant on Tuesday in connection with fake-invoices frauds.

arrest, GST fraud

Covid surge in Maharashtra and Kerala: Rise not due to UK or SA strains, says govt

Speaking of the E484K strain along with the N440K one that has been detected in Kerala and Telengana, Paul said, “The three variants (UK, South Africa and Brazilian strains) as well as the N440K and

With the government saying the UK and South African mutations are not responsible for the surge in Maharashtra and the high absolute numbers in Kerala, the focus is back on the failure to observe Covid-appropriate behaviour.

Maharashtra government sets up panel to suggest APMCs’ alternative income sources

The Maharashtra government is looking at several options to generate alternate sources of revenue for Agricultural Produce Market Committees (APMCs) that may struggle to survive once the farm laws are

APMC

India, Mauritius sign limited trade pact

Under the “limited” agreement, India will have preferential access to the Mauritius market for 310 products, while Mauritius will get access for 615 products. New Delhi will also have access to ab

The agreement was signed in the presence of Mauritius’ Prime Minister Pravind Jugnauth and India’s external affairs minister S Jaishankar.

Uttar Pradesh Budget 2021: Thrust on healthcare and infra, FY22 deficit seen at 4.2%

The Budget has given a huge thrust on upgrading health infrastructure and making provisions for Covid vaccination, along with prioritising infrastructure.

While Rs 2,000 crore has been allocated for the international airport in Jewar, Rs 101 crore has been provisioned for the expansion of the airport in Ayodhya.

Employment Survey: Govt to launch five pan-India surveys on migrant and domestic workers

The survey on migrant workers is aimed at estimating the number of migrant workers in the country and also to collect information on their living conditions, working conditions and other socio-economi

The main objective of the all-India quarterly establishment-based employment survey is to measure relative change in employment situation over successive quarters in sizeable segment of non-farm economy covering eight sectors of the economy.

CECPA: Cabinet clears trade pact with Mauritius

Similarly, Mauritius will get access to products, including frozen fish, speciality sugar, biscuits, fresh fruits, juices, mineral water, beer, alcoholic drinks, soaps, bags, medical and surgical equi

The CECPA will be signed by both the countries on a mutually convenient date and will come into force from the first date of the following month.

Non-food credit growth slips below 6%: RBI data

The total bond issuances in January amounted to Rs 60,942 crore, 4% lower than in December, 2020 and and 27% lower year-on-year, data from Prime Database showed. Banking and term -lending entities acc

The emergency credit line guarantee scheme (ECLGS) has also helped step up loan sanctions to small enterprises.
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