Economy

Expect status quo on policy, but look out for signals from MPC

Ever since COVID-19 hit, the central bank’s message has been clear —the focus is on reviving growth first and foremost.
economy

Unemployment rate falls to 4-month low of 6.95% in July

Rural unemployment rate in July at 6.34% was closer to the March level of 6.15%. The unemployment rate in rural areas went up to 7.13% in April, further to 10.63% in May, but softened to 8.75% in June

Though the urban unemployment rate fell in July to 8.3%, it still remained high compared with 7.27% in March. The urban joblessness rate was 9.78% in April, 14.73% in May and 10.07% in June, according to CMIE.

Monsoon Review: Sowing picks up, Kharif area deficit narrows

Sowing of summer crop improved significantly in the past week, following widespread rainfall in many parts of the country

sowing , khrif area, monsoon rainfall, sowing of summer crop

MG-NREGS: Households with 100 days’ work up a quarter in Q1

During the same period last fiscal, a total of 3,18,532 households completed the 100-day work under the rural employment guarantee scheme, she said.

Robust receipts: Centre contains deficit at 18% of FY22BE in Q1

The Centre’s capital expenditure in Q1FY22 stood at Rs 1.11 lakh crore or 20.1% of the target as against 21.4% of the relevant target achieved in the year ago quarter.

The Centre’s net tax receipts more than tripled to Rs 4.13 lakh crore or 26.7% of FY22BE compared with a mere 8.2% of the corresponding target reported in the pandemic-hit quarter a year ago.

Inflation will moderate, to be below 6% in July: Chief Economic Advisor KV Subramanian

The CEA said in FY21, inflation was impacted because of the first wave of the pandemic which lasted longer, while the second wave saw distributed lockdowns and did not have a deep impact on inflation.

Speaking at a virtual conference organised by industry body Ficci, Subramanian also said tax revenues were expected to perform better.

Rajya Sabha clears Bill: Factoring law to draw 9,000 NBFCs, boost MSME cash flow, says FM Nirmala Sitharaman

Speaking on the Bill in the Rajya Sabha, Sitharaman said, “You can imagine the number of MSMEs that will directly benefit because of this.”

The new Bill will basically allow all NBFCs, instead of a select few, to engage in factoring business.

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

"The registration of the migrant workers on the portal shall address various challenges and issues related to the delivery of benefits of welfare schemes,” Teli said.

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.

Today, over 50% of the global seed market is controlled by 4 corporations.

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 re

Importantly, promoters will continue to run the MSMEs, unlike in the CIRP, where the resolution professional gets to run the affairs with guidance from financial creditors.

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%.

The rate reached its recent peak of 14.73% in the week ended on May 23. As the impact of the coronavirus ebbed and restrictions on mobility eased, overall unemployment rate showed signs of decline, but has again inched up.

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.

With the impact of the second Covid-19 wave waning and the vaccination drive making progress, parts of the economy are expected to look up from July.

Growing mafia economy a threat to Kerala’s development: Dr KN Harilal, former Planning Board member

Harilal said there has been a qualitative improvement in the civil services of the state over a period of time, but this is not on a par with the growing needs of the state.

Kerala economy

‘Job scenario improved in 2019-20, before pandemic played spoilsport’

According to CMIE, the unemployment rate in January this year was at 6.52%, 6.89% in February, 6.5% in March, 7.97% in April, 11.9% in May and 9.17% in June 2021.

labour survey

PIL seeks setting up of GST tribunal to cut backlog of cases

“The constitution of National and other Benches of the appellate tribunal under Section 109 of the CGST Act, 2017 is an absolute necessity of the hour and the respondents (government) cannot drag it

With the impact of the second Covid-19 wave waning and the vaccination drive making progress, parts of the economy are expected to look up from July.

Competition to lure investment hurting states’ tax revenues: R Mohan, former income tax commissioner

Kerala former finance minister Thomas Isaac said that the tax revenue and the per capita income of most states including Kerala are not in tandem.

income tax on crypto earnings

Free grains scheme: Rs 40,000 crore net increase in Budget estimate needed

In June, the Centre extended the validity of a programme to distribute free grains to 80 crore people until November from May-June.

Under the scheme, all the beneficiaries under the National Food Security Act (NFSA) are entitled to receive same amount of rice and wheat — 5 kg per person per month — extra, free of cost.

Inflation index reset: Wages under key govt schemes to rise

Sources in the labour ministry said that the new index with the new base year and the revised consumption basket will be launched “latest by the first week of September”.

CPI-AL and CPI-RL are released by the labour bureau, a wing under the Union labour ministry.

Covid vaccine inputs: WTO lists ‘bottlenecks’ plaguing global vaccine trade, flags absence of norms to expedite supply

The list is based on the issues identified and suggestions made by speakers at the WTO’s webinars in June on regulatory cooperation during the pandemic.

Initial data from the interim analysis on the immunogenicity of the combined use of the AstraZeneca and Sputnik V vaccines has demonstrated a “high safety profile” and “no serious adverse events or cases of coronavirus after vaccination”, RDIF said.

Crude import bill rises 190% to $25 billion in Q1FY22

Following the announcement, crude has corrected from the recent highs of $77/barrel a week back to the current level of around $68/barrel.

Although global crude prices in the past have been higher than the current levels, the current record-high retail price is largely the impact of the Centre cumulatively increasing surcharge and cess on petrol by Rs 13/litre in March and May 2020.

District co-operative banks’ bad loan ratio hits 12.6%: FM Nirmala Sitharaman

The minister said the gross non-performing assets (NPAs) of urban co-operative banks (UCBs), too, remained elevated at 11.3% (Rs 35,528 crore) at the end of March 2021. However, the gross NPAs of stat

Banks are required to take steps to initiate the legal process, wherever warranted, against the borrowers or guarantors for recovery dues, she said.

Govt seeks house nod for Rs 1.87-lakh-crore extra spend

However, the net cash outgo is reined in at just Rs 23,675 crore, as a substantial chunk (Rs 1,63,527 crore) of the extra spending will be met through savings from expenditure compression across sever

In a statement, the Finance Ministry said that India has seen "significant improvement" in the score in United Nations' Global Survey on Digital and Sustainable Trade Facilitation.

Tamil Nadu gets Rs 28,508 crore investment, to create jobs for 83,482 persons

As part of the investments, the state government on Tuesday exchanged 35 MoUs with a cumulative investment of Rs 17,141 crore and employment opportunities for 55,054 persons.

Out of five projects inaugurated by the chief minister, include Vikram Solar's new solar photovoltaic (PV) module GW manufacturing facility at Orgadam at an investment of Rs 5,317 crore.

Bond yields fall as crude oil prices ease

The most traded 5.63%-2026 and 6.64%-2035 gilts ended nearly 1-3 basis down to 5.6551% and 6.7804%, compared to the previous closes on Friday.

On Friday, the US 10-year Treasury yields remained near 1.3% after strong retail sales data, but fears over rising inflation continue to affect the sentiment.
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