Economy

Retail loans accounted for greater share of banks’ moratorium books: RBI

Banks and non-bank lenders are almost unanimous in stating that the share of their asset books under moratorium has already begun to decline in the second phase of the moratorium, starting June.

Aatmanirbhar Bharat package: 45% of targeted 2.5 crore farmers covered under Kisan Credit Card

The government has set Rs 15 lakh crore agriculture credit target for FY21, up from Rs 13 lakh crore last year.

Economic revival: Another round of stimulus measures likely, says Niti Aayog VC

On Wednesday, chief economic adviser Krishnamurthy V Subramanian had said that the government is initiating more fiscal measures to reverse the sharp growth slide, which has been exacerbated by the Co

At over 322% of GDP, global debt almost 40% more than that seen during 2008 crisis: RBI

The report added that $20 trillion worth of bonds and loans will fall due for repayment by the end of 2020 from this, EMs will have to repay $4.3 trillion.

Banks’ capital adequacy ratio may fall to 13.3% in a baseline scenario: RBI report

Many public and private banks announced to raise funds last month to maintain healthy capital ratios.  State Bank of India (SBI) chairman Rajnish Kumar declared that lender endeavors to maintain capi

Covid effect: Indian liquor sales likely to decline 35-40% this year

Globally too, consumption of liquor and spirits will see an overall decline of 15% due to the restrictions on on-premise consumption.

Stuck realty projects get Rs 8,767 crore from govt’s investment fund; 60,000 houses to be completed

An alternate investment fund, set up to extend last-mile funding to complete stuck housing projects, has approved Rs 8,767 crore for 81 projects.

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Battling slowdown, FM Sitharaman asks 7 CPSEs to achieve 50% of capex target by end-September

With a nearly 40% share, CPSEs have in recent years been the main pillar of public capex and have largely kept pace, even as the other two segments — central budget (25%) and states (35%) faltered.

GST: E-invoicing for large businesses to kick in from October 1

The adoption of e-invoice system is aimed at facilitating convenience to the taxpayers by further simplifying the GST return system.

Eye on job creation: Tamil Nadu signs 16 MoUs for investments worth Rs 5,137 crore

Previously, on May 27, the Tamil Nadu government had signed 17 MoUs worth Rs 15,128 crore with various companies aiming to generate employment for 47,150 persons.

No more ban on deemed approval for GST registration

During the lockdown period, many businesses had seen long delays in getting their GST registration confirmed, and found no help on raising the issues with the authorities.

The GST policy wing issued instructions last week that all registration applications as on June 30 that have remained pending till July 15 be granted deemed approval.

CBDT, CBIC sign pact for data sharing

In addition to regular exchange of data, CBDT and CBIC will also share with each other, on request and spontaneous basis, any information available in their respective databases which may have utility

The agreement comes into force from the date it was signed and is an ongoing initiative between the two organisation, the government said.

Faceless assessment a big success, to be future norm: CBDT chief

“A lot of things would depend on the discretion of assessing officer in manual assessment. We have completely revamped it. Instead of territorial jurisdiction, we have brought in dynamic jurisdictio

Faceless Income Tax Assessment

GST fraud: 1,377 exporters, 10 ‘star exporters’ go untraceable after illegally claiming crores in refund

Sources said that 7,516 exporters have been put on the ‘risky’ exporter list as on date. Out of these, 2,830 exporters are being currently denied IGST refund and drawback facility worth Rs 1,363 c

India’s forex reserves hit record high of $516 billion

A BofA Securities report dated July 13 estimates that the RBI should be able to sell $50 billion of forex to protect the rupee, and even after that the import cover for over 12 months would be retaine

Admin expense 3 times more than expenses of research in ICAR: Tomar

He added that till resource allocation improves, agriculture scientists need to think about how to produce best results in the current circumstances.

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Sponge iron makers ask govt to impose 30% export duty on pellets

Restricting exports of iron ore pellets would help in bringing down the steel prices in the country at affordable levels which in turn will help in increasing consumption of steel.

India exported 12.6 million tonne (MT) pellets in 2019-20, up from 9.3 MT a year ago.

June data: First monthly trade surplus after 18 years

India witnessed its first monthly merchandise trade surplus since January 2002 in June, as export contracted by just 12.4% y-o-y to $21.91 billion, while imports collapsed by 47.6% to $21.11 billion,

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Govt defends 18% GST on alcohol-based sanitisers, says a lower rate could hit domestic production

The initial intelligence developed by Central Economic Intelligence Bureau (CEIB) pointed out the fraud saying that many sugar mills and distilleries are mis-classifying hand sanitisers under the HSN

“The GST rates on various items are decided by the GST Council where the central government and all the state governments together deliberate and take decisions,” it added.

PM Modi calls for ‘broad-based’ ties with EU, laments weakening of rule-based global order

Outlining current global challenges at the India-EU Summit, Modi lamented the fact that the rules-based international order has come under pressure, in a subtle hint that several countries are getting

PM pointed out that India and the EU are natural partners in ensuring peace and stability in the world and this assumes more importance in the current context

Piyush Goyal-Wilbur Ross meeting: CEOs pitch for India-US free trade agreement

Before the pandemic, India had planned to wrap up the “limited” deal with the US first and then explore the feasibility of a broader FTA after the American presidential elections in November, sour

Commerce minister Goyal reiterated the “extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity”.

‘Production growth must to meet rising steel exports’

The view is sure to generate a whole lot of discussions and past references of similar tragedies, but the crisis of this dimension in terms of loss of humans, everyone would agree, had not taken place

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Covid blues: Wedge between CPI, WPI widens

The huge gap reflects decent margins cornered by retailers, especially in essentials like food items, during the pandemic, while a pan-India lockdown kept a lid on WPI in manufactured products.

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Unemployment rate falls to pre-lockdown level; CMIE says fall in labour participation ‘debilitating’

The CMIE, however, termed as ‘debilitating’ the fall in labour participation rate that stood at 40.4% for the week ended July 12 from its recent peak of 42% in the week ended June 21.

The unemployment rate also declined from 7.8% to 6.3%.

Moody’s changes outlook on Tata Steel to negative

At the same time, Moody’s has confirmed the B3 CFR of Tata Steel UK Holdings (TSUKH), a wholly-owned subsidiary of Tata Steel, and changed its outlook to negative from ratings under review.

Moody’s expects the company’s leverage, as measured by adjusted debt/adjusted Ebitda will increase to 7.5x by the end of fiscal 2021 from 6.6x a year earlier, and stay in breach of the current 4.5x downgrade trigger for its rating.

FM Sitharaman stresses on subsidy releases for timely claim settlement under PMFBY

Under the PMFBY, farmers pay a fixed 1.5% of sum insured for rabi crops and 2% for kharif, while it is 5% for cash crops. The balance premium is paid by the Centre and states in a 50:50 ratio.

Challenges and the status of implementation of the scheme for the current season were discussed.

Asset quality and profitability of banks in India and ASEAN economies will deteriorate, says Moody’s

The net interest income (NII) of banks will decrease due to margin contraction, while credit costs will rise due to weaker asset quality, it stated.

“The extent of loan deterioration will depend on the pace of economic recovery, efficiency of government support packages and regulatory forbearance, “ Moody’s said.
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