Covid-19: World Bank approves USD 500 mn loan to support India's informal working class amid pandemic

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Foreign exchange reserves up USD 99.2 billion in FY 2020-21: RBI data

The valuation gain, reflecting the depreciation of the US dollar against major currencies and increase in gold prices, amounted to USD 11.9 billion during 2020-21, compared to USD 5.4 billion during 2019-20, RBI said.

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Economy recovering but may take longer to achieve $5 trillion goal: Sanyal

"Of course, disruptions will be there. We had set a target of becoming a USD 5 trillion economy by 2024-25. It may take an additional year or so to achieve this," Sanyal said. "But given the shocks we went through (due to the COVID-19 pandemic), it's nothing."

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TikTok removes more than seven million suspected under-age accounts

The video-sharing app is popular with teenagers who are allowed to set up an account from the age of 13.

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The video-sharing app is popular with teenagers who are allowed to set up an account from the age of 13.

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Nearly double-digit GDP growth expected in FY22: PEA Sanjeev Sanyal

The growth will be bolstered by a slew of structural reforms undertaken by the government to address supply side constraints and opening more and more sectors for foreign investment, said Principal Economic Adviser Sanjeev Sanyal said.

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CBIC to honour taxpayers' contribution to GST success

“On the eve of completion of 4 years of the GST, it has been decided to honour the tax payers who have been a part of the GST success story… this step marks the first effort by the government to directly communicate to the GST taxpayers for their contribution,” the Board said in a statement Wednesday.

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Tech, policy changes to drive $30-35 billion in e-sales, farm inputs by 2025: Report

The report further highlighted that the three Bills passed in September 2020, by Parliament on agriculture-focused reforms, are intended to encourage investment in direct farmer purchase by corporate, free movement of food items from production to consumption centre and private investment in storage.

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S&P maintains stable outlook for India, cautions of downgrade if growth slips

“The stable outlook reflects our expectation that India's economy will recover following the resolution of the Covid-19 pandemic, and that the country’s strong external settings will act as a buffer against financial strains despite elevated government funding needs over the next 24 months,” said S&P.

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India ends FY21 with current account surplus for first time in 17 years

The current account balance- comprising net of India's export of goods and services- recorded a surplus of 0.9 per cent of GDP in 2020-21 as against a deficit of 0.9 per cent in 2019-20 on the back of a sharp contraction in the trade deficit to $ 102.2 billion from $ 157.5 billion in 2019-20, according to the preliminary numbers released by RBI.

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India’s consumer digital economy to be $800 billion by 2030: RedSeer

RedSeer chief executive Anil Kumar said in a statement: "With the impact of Covid-19, digital services have served very well, which is evident in high customer satisfaction and willingness to keep using digital as a key channel to meet their needs. The next wave of entrepreneurs will create innovations which will make the Indian model successful globally.”

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India reports current account surplus of 0.9% in pandemic-affected FY21

The country's current account deficit widened to USD 8.1 billion or 1 per cent of GDP for the March quarter, as against a surplus of USD 0.6 billion or 0.1 per cent of the GDP in the year-ago period and a deficit of 0.3 per cent in the preceding December quarter, as per the central bank data.

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Retail inflation for industrial workers rises marginally to 5.24% in May

"Year-on-year inflation for the month (of May) stood at 5.24 per cent compared to 5.14 per cent for the previous month (April 2021) and 5.10 per cent during the corresponding month (May 2020) a year before," a labour ministry statement said.

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World Bank approves USD 500 million loan to support India's informal working class amid pandemic

The loan will create greater flexibility for states to cope with the ongoing pandemic, future climate and disaster shocks, World Bank said in a statement.

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Cabinet clears additional Rs 19,041 crore for BharatNet

The approval comes within days of finance minister Nirmala Sitharaman announcing additional funding of Rs 19,041 crore for the BharatNet project, taking the total cost to Rs 61, 109 crore.

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Eight core sectors' output rises 16.8 per cent in May

Infrastructure output, which comprises eight sectors including coal, crude oil and electricity and accounts for nearly 40% of industrial output, rose by 35.8% year on year in the first two months of the fiscal year beginning in April, the data showed.

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May fiscal deficit at Rs 1.23 lakh crore, 8.2% of FY22 target

Net tax receipts were Rs 2.34 trillion while total expenditure was Rs 4.78 trillion, the data showed.

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Prices of veggies, fruits rise further in Delhi markets due to higher fuel rates impact: Traders

Vegetable and fruit traders, however, said that rates were not that steep at this point but indicated that these consumables might get dearer in coming weeks if diesel prices continue to swell in the same fashion.

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Google cracks down on financial-scam adverts

Regulators and campaigners say more needs to be done.

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Regulators and campaigners say more needs to be done.

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Cabinet approves Rs 6.29-lakh crore COVID-19 relief package announced by FM

As part of the package to support the COVID-19 pandemic-hit economy, Sitharaman had on Monday announced Rs 1.5 lakh crore of additional credit for small and medium businesses, more funds for the healthcare sector, loans to tourism agencies and guides, and waiver of visa fee for foreign tourists.

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DGTR for imposing countervailing duty on aluminium wires from Malaysia

"The authority recommends imposition of definitive countervailing duty...for a period of five years," DGTR said in a notification. The authority considers it necessary to recommend imposition of the duty on the imports, it added.

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This comes amid growing tensions between the website and the government over new IT rules.

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Government extends Amitabh Kant’s tenure, upgrades USOF post

“The Appointments Committee of the Cabinet has approved extension in tenure of Shri Amitabh Kant, CEO Niti Aayog for a further period of one year beyond June 30, 2021 i.e upto June 30, 2022 or until further orders,” the Department of Personnel and Training in a notification said.

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Council workers suspended over TikTok cemetery videos

The clips, filmed at a Derby cemetery, were described as "insensitive and disrespectful".

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The Tesla founder's satellite-internet business passes 69,000 users but subsidises dish cost.

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The clips, filmed at a Derby cemetery, were described as "insensitive and disrespectful".

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Elon Musk sets out Starlink goals

The Tesla founder's satellite-internet business passes 69,000 users but subsidises dish cost.

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Have sunset clause for economic laws constraining growth: Vijay Kelkar

Kelkar, who has also served as the Union finance secretary, cited the Land Act and Rent Act while illustrating the constraints posed by laws which were revolutionary at some point of time.

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Government cuts import duty on crude palm oil to 10%

Currently, customs duty on crude palm oil is 15 per cent, while it is 45 per cent for all other categories of palmolein (RBD Palm Oil, RBD Palmolein, RBD Palm Stearin and any Palm Oil other than Crude Palm Oil).

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Industry bodies to take up GST issues with govt; GST to mark 4 years on July 1

Simplifying input tax credit procedures, addressing issues arising from inverted duty structure, exploring faceless assessment within the GST structure, introducing process of rectification of returns and improvement in the GST Network system are some of the recommendations that will be highlighted by the industry.

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Personal loans grow 13.5 pc in March 2021: RBI

As per the Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), March 2021' released by the RBI, private sector banks registered a higher loan growth compared to the other bank group.

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Niti Aayog CEO Amitabh Kant gets another extension, till June 2022

The Appointments Committee of the Cabinet has approved the extension in tenure of Kant for a further period of one year beyond June 30, 2021 i.e upto June 30, 2022 or until further orders, it said.

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Covid-19: Govt allocates 199 lakh tonnes of foodgrains for free distribution during July-November

The Centre spent Rs 1,33,972 crore last year to implement the PMGKAY programme and will incur expenditure of another Rs 93,869 crore this year, taking the total cost to the exchequer to a whopping Rs 2,27,841 crore.

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FM asks ministries to surpass capex target set for FY22

During a meeting with senior officials to review the status of implementation of Budget announcements and measures to expedite infrastructure investment, she also urged the ministries and their Central Public Sector Enterprises (CPSEs) to ensure clearance of Micro, Small and Medium Enterprises (MSME) dues by July 31.

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Slew of reforms by govt to spur investment: Chief Economic Adviser K V Subramanian

Stressing that India is the only country among large economies that has done a slew of reforms in the last one-and-a-half years, Subramanian said these are especially focused on removing a lot of supply side frictions paving way for investment to flow in.

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Govt disburses Rs 25.25 crore seed capital to SHGs in 1st year of PMFME

The Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME), launched on June 29 last year, aims to enhance the competitiveness of existing individual micro-enterprises in the unorganised segment of the food processing industry and promote formalisation of the sector.

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Stats office to implement more reforms: Rao Inderjit Singh

The minister said that the ministry is developing a General Survey Solution called 'e-Survey Instrument and Generalised Multimodal Application' (e-SIGMA) for real time validation that would reduce the time lag, which will transform the survey ecosystem.

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India to be the second fastest growing economy after China this year

The projected growth rate is below consensus , but it will be the second fastest in Asia after China which is expected to grow 8.5 per cent, Singapore will be the third fastest which is expected to grow by 6.5 per cent. The caveat here is that a lot of India's growth could be due to the base effect.

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Allow buyers to claim ITC even if supplier defaults in depositing GST: PHD Chamber

Ahead of GST Day on July 1, industry body PHD Chamber of Commerce has raised the issue of blocking input tax credit and said the buyer should be allowed to claim credit for taxes paid on inputs, even in cases when the supplier has defaulted in the tax payment.

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RBI in a bind amid weak growth, surging inflation; may not hike rates till Q1 FY23: Report

The central bank may hike the repo rate only by the first quarter of next fiscal (April-June 2022) and continue to maintain the accommodative stance in the interim, Barclays' chief India economist Rahul Bajoria said in a note.

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Centre creates online portal to collect real-time govt, private warehouse details

The portal has been designed in view of the delay in timely collection of warehouse data, and lack of platform to collect private warehouse details and storage capacity. According to the official, "Creation of an online portal is a step closer to achieve the objective of National Food Security Act (NFSA) in a transparent manner."

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Ease of doing business: Website on enforcing contracts launched

A web portal which seeks to be a source of comprehensive information on legislative and policy reforms being undertaken on the "Enforcing Contracts" regime for Ease of Doing Business in India was launched by a top law ministry official. As of now, only the cities of Delhi and Mumbai are under the purview of the Ease of Doing Business survey by the World Bank.

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RIP Pepper robot? SoftBank 'pauses' production

Production of the robot is suspended and will only be restarted if there is a need for it.

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Production of the robot is suspended and will only be restarted if there is a need for it.

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Soaring pump prices a threat to India's recovery and inflation

The record-high gasoline and diesel prices are leaving some Indian car owners unable to afford the cost of using their vehicles and spurring the country’s transport industry to agitate for change.

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US judge throws out Facebook anti-trust lawsuits

The judge said lawsuits filed by the FTC and a group of states were vague or occurred too long ago.

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The judge said lawsuits filed by the FTC and a group of states were vague or occurred too long ago.

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Fiscal impact of fresh stimulus package under 1% of GDP: Experts

According to the finance ministry, the total value of the latest package came up to Rs 6.29 lakh crore, representing about 3% of GDP.

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Haryana govt extends date of crop loan repayment

The move will benefit about 3.5 lakh farmers of the state, who are likely to get interest relief of about Rs 35 crore, according to an official statement.

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EU approves data flow to UK but adds sunset clause

Personal data can continue to be sent if UK maintains "adequate" data protection.

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Personal data can continue to be sent if UK maintains "adequate" data protection.

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Govt to formulate streamlined approval process for PPP projects, core infra asset monetisation

The new policy for appraisal and approval of PPP proposals and monetisation of core infrastructure assets, including through InvITs, is aimed at ensuring speedy clearance of projects to facilitate private sector's efficiencies in financing construction and management of infrastructure.

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$400 bn export target ambitious but achievable, needs aggressive marketing: FIEO

“The government aims at the export of $400 billion in the current fiscal. This looks a little ambitious but certainly achievable... Such a target requires an aggressive marketing strategy and venturing into new markets,” FIEO president A Sakthivel said, adding that free trade agreements with the UK, Europe, Australia, and the US would help further push the country's exports.

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India set to report strong growth this fiscal, to cross 7% GDP by FY24

India saw far less economic impact during the second wave of Covid-19 pandemic compared to the first wave as the national lockdown affected economy during the first wave while the lockdowns during second wave were confined to some parts of India, said Subramanian.

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It is a ''lifeline dose'' to a wide number of sectors: ASSOCHAM on Rs 6.29 lakh crore stimulus package

Mr Sood added on top of ECLGS, Loan Guarantee Scheme for Covid affected sectors, to the tune of Rs 1.10 lakh crore and Rs 7500 crore credit guarantee for the micro finance institutions would provide further relief to the businesses hit hard by the pandemic.

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Watch: FM Nirmala Sitharaman announces eight economic relief measures to boost key Covid-hit sectors

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Apple lists products that pose risk to pacemakers

Patients should use iPhone 12 and other listed devices at a safe distance.

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Patients should use iPhone 12 and other listed devices at a safe distance.

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Business activity recovers for fifth week as cases, lockdowns ease: Report

The business activity now is only 13 percentage points lower than levels observed before the onset of pandemic in March 2020, Nomura said, citing the movement in a proprietary index of business activity resumption.

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Rs 1.75 lakh crore disinvestment target on track: Chief Economic Advisor

In an interactive session, organised by Federation of Telangana Chambers of Commerce and Industry, the CEA said robust GST collections, over Rs one lakh crore per month for eight months in a row shows that consumption is picking up indicating positive signal for growth.

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CIDCO calls for Expression of Interest for development of Nhava Island in Navi Mumbai

The location of the Nhava island is close to the Mumbai Trans-Harbour Link (MTHL) project which seeks to connect Sewree in Mumbai and Nhava.

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EPF support under Aatmanirbhar Bharat Rozgar Yojana extended till March 31

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FM rolls out loan guarantee scheme for tourist guides, travel agencies

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FM announces stimulus package for economic revival, raises ECLGS scheme limit to Rs 4.5 lakh crore

Finance Minister Nirmala Sitharaman announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including health sector, which includes guarantee cover for expansion or for new projects.

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Government extends Atmanirbhar Rojgar Yojana deadline till March 2022

Even workers who had lost jobs during the pandemic period between March 1, 2020 and September 30 and later got employed under EPFO registered establishments after October 1, 2020 will be eligible for benefits under the scheme subject to the wage ceiling.

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Rs 1.1 lakh crore loan guarantee scheme for COVID-19 affected sectors: FM Nirmala Sitharaman

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