Economy

Gita Gopinath to be number 2 at IMF

In a statement late on Thursday the IMF said “some realignment in the roles and responsibilities of the fund’s senior management team is being undertaken”.
As its chief economist, Gopinath led the IMF’s research department through the unprecedented Covid-19 crisis and a global economic meltdown, the worst peacetime debacle since the Great Depression.

E-way bill generation moderates in November

The daily average for the week ended November 28 was 23.29 lakh. The daily average for the first 24 days of October was 22.68 lakh, 3.8% higher than that for the first 26 days of September.

Between November 1 and 28, as many as 5.58 crore e-way bills were generated.

Modest recovery: India GDP grows at 8.4% in Q2

Unless the new coronavirus variant Omicron plays havoc, the economy may remain on the path of recovery through the second half.

inflation, gdp

IPPs seek stricter rules to ensure quicker payments from discoms

The disputed amount for central government owned power plants stood at Rs 4,220.3 cr while for private power producers, the same was much higher at Rs 19,312.7 cr.

Robust recovery: Expect double-digit growth in FY22, says CEA

Various independent agencies, including the International Monetary Fund, have projected India's growth in the range of 8.7%to 9.4% in FY22.

Centre’s fiscal deficit at just 36% of FY22BE in Apr-Oct

Both revenues and expenditures are seen overshooting the respective budget targets by `1.5-2 lakh crore each in the current fiscal year, allowing the deficit target of 6.8% of the GDP to be met.

The corresponding figures for the comparable periods in FY21 and FY20 were 119.7% and 102.4%, respectively.

Fuel-stocking norms for power plants made more flexible

Designed by the CEA, these norms allow lower fuel stocks during the periods of low demand and mandate larger inventories during high-demand seasons.

CAG: Only 21% of cess on crude oil utilised for intended purpose in 5 yrs

Responding to CAG findings, the petroleum ministry has said that the government was financing various activities from the budget which included proceeds from the cess, and this qualified as being for

CAG flags understated govt liability in FY18, FY19

The Centre undertook a clean-up drive of its books in the Budget for FY22, transferring certain below-the-line food subsidy to above-the-line and clearly showing extra-budgetary mop-ups, in a marked s

Gross direct tax collections up 68% till Nov 23, refunds slow

The collections were also aided by a 11% year-on-year decline in refunds at about Rs1.22 lakh crore till November 23 of FY22. The refunds were also 16% lower than Rs1.46 lakh crore during the period i

Direct tax collections prior to refunds till November 23 of FY22 rose 48% on year to Rs8.15 lakh crore; such collections in the period were 18% higher than the corresponding period in FY20.

DBT savings: Rs 2.23L cr & counting

With more schemes being covered under DBT and the scope of such transfers under already DBT-enabled schemes being on the rise, the savings are continuing to increase.

This is giving the managers of government finances significant relief, when the Covid-related additional spending commitments on welfare and as economic stimulus has increased the fiscal burden.

Job creation under govt schemes declines

DDU-GKY is a placement-linked skill development programme for wage employment, run by the ministry of rural development. Employment generation under the scheme fell to just 50,000 in 2020-21 compared

PM-SVANidhi Scheme has facilitated collateral free working capital loan up to Rs 10,000 for one-year tenure to street vendors, to help them resume their businesses.

Budget wish-list: Oil producers seek tax sops to raise domestic output

The exemption was available to the sector from March, 2012 till the introduction of GST on June 30, 2017.

The players want restoration of exemptions from excise duties (basic excise duty, special excise duty and additional duty, which now cumulatively stands at Rs 21.8/litre) on the diesel procured for hydrocarbon explorations and production activities.

Govt plans further cut in compliance burden: Piyush Goyal

Goyal pitched for making mediation the preferred mechanism for commercial dispute resolution, instead of rushing to courts every time there is a dispute.

He also favoured deeper engagement among industry, government and judiciary to find solutions to the vexed issues of delay in the resolution of commercial disputes within the country’s legal framework.

Assam govt to roll out microfinance relief scheme, distribute cheques among borrowers

To start with, the Himanta Biswa Sarma-led government is scheduled to roll out the special one-time relief in a three-day event commencing on November 28.

This will be the first phase of the cheque distribution programme. After the special relief was announced on June 18, the government signed a memorandum of understanding (MoU) with microfinance lenders for the implementation of the scheme in August.

India-US deal: Google tax leeway for India till OECD tax pact takes effect

Delhi can continue to collect levy on large US-based non-resident e-commerce firms in the interim, may have to return excess collected later

Tax experts feel that the India-US agreement, which also prevents Washington from taking retaliatory trade action against India citing the equalisation levy, will put to rest relevant trade disputes between the two countries.

US raises anti-dumping duty on shrimp exports by India

USDOC on Wednesday issued the final results of the fifteenth administrative review of the anti-dumping duty order on frozen warm-water shrimp from India by fixing an anti-dumping duty rate of 7.15%. I

Under the US Tariff Act of 1930, all tariffs come automatically under review every five years and the anti-dumping duty on shrimp imports from India, China, Brazil, Thailand and Vietnam imposed from 2005 would be revoked or continued on the basis of a fresh evaluation.

Borrowing costs for states lowest since April

The yield on G-Sec has fallen due to a fall in US Treasury yields and the easing of oil prices in the international market. Currently, the yield on benchmark 6.10%-2031 bond yield is trading at 6.3657

If G-Sec yields go down, SDL yields will follow,” said Pankaj Pathak, fund manager, fixed income at Quantum Asset Management.

Rate index updated, to impact minimum wages

“The new series on WRI has been compiled on half-year basis as against the annual in the existing series. The new WRI series would be point-to-point, half-yearly, with reference date as January 1 an

The field work for collection of current wage data was conducted during January 2021 to June 2021. The overall WRI for all the 37 industries combined together stood at 119.7 in 2020.

People hoarded less cash during second Covid wave

According to the RBI data, the CIC rose just 4.9% until November 12 this fiscal, compared with 13.5% and 6.2% in the corresponding periods of FY21 and FY20, respectively.

Nevertheless, cash remains the king. As of November 12, the CIC made up for 13.4% of the budgetted FY22 nominal GDP, way above the pre-demonetisation level (November 4, 2016) level of 11.7%. Of course, the ratio this fiscal is lower than 14.5% at the end of FY21. This reinforces the fear that five years after the government announced demonetisation to curb the black money menace, cash still rules.

Centre transfers Rs 95,082 crore to states as tax share

The higher devolution was promised by Union finance minister Nirmala Sitharaman on November 15.

tax

Demand decline: Daily e-way bill generation falls post-festive season

The daily average for the first 24 days of October was 22.68 lakh, 3.8% higher than the daily average for the first 26 days of September. Between November 1 and 21, as many as 3.95 crore e-way bills w

All India Transporters Welfare Association (AITWA) joint secretary Abhishek Gupta told FE.

Gujarat APMCs to be benefited by Centre’s decision to repeal farm laws

As per the new Act, monopoly of APMCs ended over the primary trade and made jurisdiction of market yards limited to their premises.

Enactment of the old Essential Commodities Act will have a good impact on end users of afro-commodities as far as prices are concerned, he opined.

Interview: KM Abraham, CEO, Kerala Infrastructure Investment Fund Board: ‘KIIFB has robust governing mechanism, its model sustainable’

The CAG has expressed this view for the second time in two years, even as the state assembly had rejected the observation when it was first made.

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