Economy

At 6.09% in June, inflation breaches RBI threshold, MPC may yet stay put on rate cut path

Of course, transportation services (thanks to recent duty hikes on fuel) and certain food articles were among the major drivers of the June inflation.

Also, the latest data showed while overall food inflation has moderated, core inflation has risen from about 4% in March to 5.1% in June, according to an Icra estimate.

FM Sitharaman reviews Atma Nirbhar Bharat progress: Rs 60,000 cr disbursed to MSMEs under collateral-free loan scheme

Existing Partial Credit Guarantee Scheme (PCGS) has been revamped and extended to cover the borrowings of lower rated NBFCs, HFCs and other Micro Finance Institutions (MFIs).

General Financial Rules 2017 amendment news

Healthcare spends, making India slum-free should be govt’s priority: Experts

At the seventh economic conclave - organised by State Bank of India on Saturday, there was an unanimity among the economists on laying greater thrust on decentralisation in policy-making in the future

Lockdown impact: Industrial output index down 34.7%

‘Graded pick-up’ recorded in May after 57.6% plunge recorded in April

Lockdown impact, Industrial output index, IIP data, Consumer non-durables, Covid-19 pandemic, rural economy

Shrimp exports to US decline by 58% in May

During initial days of the lockdown, the Indian seafood sector was working at 20-25% capacity, with most of the laboratories remaining closed.

In April 2020, exports stood at 22,229 tonne, against 17,749 tonne in April 2019.

Global economic revival relies on India’s growth: PM Modi

“This is a India that is reforming, performing and transforming,” he said addressing the inaugural address at the India Global Week 2020.

Referring to the country’s agricultural sector, the PM said that reforms in this domain have opened up opportunities to invest in storage and logistics.

GST evasion on hand sanitisers being probed

Experts said that while the mis-classification of products to avail lower rate is used by unscrupulous businesses often, the surge in sale of hand sanitisers since March due to the Covid19 pandemic at

Some of the businesses are believed to be using an incorrect harmonised system of nomenclature (HSN) for the product, in what led to a loss of at least `50 crore to the exchequer since the launch of GST.

Public limited companies just 0.6% of GST taxpayer base but pay 35% of revenue

Other top revenue contributors are firms constituted as private limited companies — about 6.75 lakh or 5.9% of total taxpayers have paid 27.5% of the revenue.

Similarly, only 0.2% taxpayers are public sector undertakings but contribute above 9% of revenue under GST.

Cabinet decisions: Capital infusion of Rs 9,950 crore into 3 insurers in FY21; Rs 1-lakh-crore agri infra fund gets nod

“Further, the process of merger has been ceased so far in view of the current scenario and instead, the focus shall be on their profitable growth,” the finance ministry said in a statement.

Since the Centre already provided Rs 2,500 crore to the insurers in FY20, the total official infusion into them since last fiscal would be Rs 12,450 crore.

Monsoon session: Bills on regulation of co-op banks, relief from insolvency, agri reforms top agenda

The government has to get Parliament’s approval for both the Bills as well as similar other Bills, provisions of which are already in force thanks to the ordinances issued.

The session will likely be a hybrid one with both physical and virtual attendance by MPs to maintain social distancing to avoid spread of coronavirus.

Cabinet extends EPF sop, approves affordable rental housing scheme under Pradhan Mantri Awas Yojana

Further, the Cabinet approved extension of time limit for availing three free refill LPG cylinders under the Pradhan Mantri Garib Kalyan Yojana for Ujjwala beneficiaries by three months till September

I-T dept moves Supreme Court in Bharti Airtel GST refund case

“As a consequence, the deficiency in reporting the eligible ITC in the months of July-September 2017 in the form GSTR-3B has resulted in excess payment of cash by Bharti,” the high court stated.

Bharti had moved the HC seeking refund of excess tax of Rs 923 crore.

Covid could make microfinance repayments contactless: R Baskar Babu, MD and CEO, Suryoday Small Finance Bank

However, we are not really pushing the customer to repay and the focus is on letting them take their time, but being in touch with the customer.

Supreme Court notice to government on fresh plea for air ticket refund

The petition filed by the Air Passengers Association of India will be heard along with the already pending petition filed by Pravasi Legal Cell

Supreme Court, air ticket refund, covid 19 lockdown, Air Passengers Association of India, covid 19 outbreak, domestic passenger flights

Industrial activities in Chhattisgarh pick up pace

As lockdown measures begin to ease, the pace of industrial activities in the state has picked up with nearly 1.5 lakh people getting employment.

Industrial activities in Chhattisgarh, capital investment, production in chhatisgarh, covid 19 pandemic, industrial units in chhattisgarh

Why markets may not see significant correction on account of Q1 results

The cheaper valuations have encouraged a lot of companies to raise capital at lower valuations and going by recent trends, we believe that there will be appetite for companies that offer value to thei

G Pradeepkumar, chief executive officer, Union Asset Management Company

India’s unemployment rate is coming down, but it’s still quite high

The rate began to fall in the week ended May 31 when it fell to 20.2% after hovering around 24% in the three preceding weeks.

The recovery in labour participation rate is slowing down also.

FM Sitharaman asks PSUs to meet capex targets to revive Indian economy from coronavirus impact

The Centre has maintained a brisk pace in its capex in April-May and intends to achieve the target of Rs 4.12 lakh crore for FY21 compared with Rs 3.37 lakh crore in FY20.

The combined capital expenditure by the CPSEs and departmental undertakings like NHAI and Indian Railways with annual capex budgets above Rs 500 crore, turned out to be Rs 4.41 lakh crore in FY20.

Delayed subsidy, poor billing inflated discom losses in FY19

According to the latest report, state governments released 89.4% of the subsidy booked by their respective discoms, significantly lower than the 95.6% disbursed in FY18.

The worst performer in this regard wase Andhra Pradesh, which released only Rs 1,250 crore against the subsidy claim of Rs 6,052 crore made in the fiscal.

Maharashtra agriculture department files FIR against 13 companies for poor soybean seeds

Vijay Ghawate, director (Quality Control), agriculture department, said the authorities had received complaints from around 30,000 farmers that the soybean seeds purchased for sowing this Kharif seaso

soybean seeds, Maharashtra agriculture department, Kharif season, Vidarbha region, Marathwada

Finance Ministry report says green shoots in economy visible, lists indicators that show revival

The finance ministry has asserted that “green shoots” have started to emerge in the economy, even as it acknowledges that the International Monetary Fund has pegged India's FY21 growth at minus 4.

The finance ministry had held meetings with the bankers last month to improve credit flow.

Buy now, pay later options push consumption; households still under financial stress

Consumption spends picked up in some segments during the month of June as lockdown restrictions were eased in many parts of the country, payment industry players said.

online payment news

Sobha’s housing sales fall 30% Q-o-Q in Q1 FY21

Sobha said it continues to enjoy sufficient liquidity from banks and financial institutions to meet obligations.

Covid to push share of stressed debt to 18.2% from 11.6%: India Ratings

As economic uncertainties continue to linger, lenders are most likely to deploy their capital at the upper end of the credit curve with a shorter tenure, despite having adequate liquidity.

Your Money: Credit growth of banks to remain slower in near term

The credit-to-deposit (CD) ratio stood at 73.9% for the fortnight ended June 19, 2020 as compared to 73.5% for the previous fortnight and 77.2% for the fortnight ended June 21, 2019.

Commercial mining: SC refuses to interfere with Centre’s decision to auction Jharkhand coal blocks

Prime Minister Narender Modi had last month launched the auction of 41 coal mines under the new regime, under which the private miners would be sharing revenues with the government.

Employee retention in the age of gig economy: Organisations need to go the extra mile to make employees feel valued

Trends suggest that providing career paths internally boosts employee engagement, which translates into retention.

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