"If the government is not going to support economic growth, then I am afraid we will only limp back. That's because you are then depending entirely on what the private sector will do. And the data from today’s release reinforces that view that both private consumption and private investments are weak."
The scheme was notified for 8,555 products including employment-generating marine, agriculture, leather, and gems and jewellery sectors in August and aims to refund exporters duties and taxes such as VAT on fuel used in transportation, Mandi tax and duty on electricity used during manufacturing.
The coronavirus, which has struck in two waves, has killed hundreds of thousands of people and at times has brought cities to a halt. Infections and deaths have eased, and the country is returning to work. Economists predict that growth could surge in the second half of the year on paper.
The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO) on Tuesday.
The growth in credit to industry remained subdued at one per cent in July 2021 compared to 0.9 per cent in the year-ago period, the data showed.
Proceeds from the 10-year loan will support AFC’s continued mission to bridge Africa’s infrastructure gap and drive the sustainable economic growth urgently required on the continent. India Exim Bank, the sovereign export credit agency of India, has actively sought opportunities to co-finance projects in Africa through credit lines to support infrastructure development. Africa Finance Corporation draws capital from a diverse range of international investors and lenders as part of its strategy to maintain Africa’s second highest investment grade credit ratings.
India's economic growth surged to 20.1 per cent in the April-June quarter of this fiscal, helped by a low base in the year-ago period, amid a devastating second wave of the COVID-19. The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO) on Tuesday.
In the first quarter of FY22, India's economy saw a growth of per cent. However, this number must not be confused with a strong recovery because of a low base effect. The pandemic caused economic activity to take a hit, last year. Growth was forecast at 21.4 per cent for this quarter by the RBI.
The core sector output grew 9.4% despite a waning base effect. The core sector output comprises of the eight prime industries namely coal, crude oil, natural gas, refinery products, steel, cement, fertilizer and electricity.
The government has pegged this fiscal's deficit at 6.8 per cent of the GDP. Improving tax collection should provide relief as experts say that the numbers can be achieved easily.
In its August update to 'Global Macro Outlook 2021-22', Moody's retained India's growth forecast for the 2021 calendar year at 9.6 per cent and 7 per cent for 2022.
Tied grants are meant to ensure the availability of additional funds to the rural local bodies over and above the funds allocated by the Centre and states for sanitation and drinking water under the Centrally Sponsored Schemes.
Exports from these zones had taken a hit during the fiscal year 2020-21 due to Covid disruptions and lockdown.
NCDEX SOYDEX is a price based index that tracks the price movement in the futures contracts of its underlying - soybean and refined soy oil on a real-time basis. The weightage of soybean and refined soy oil in the index will be 67.92 percent and 32.08 percent, respectively.
The much awaited first quarter GDP numbers will be out today around 5.30 pm. We take a look at the key indicators that capture India’s first quarter economic performance compared to what it was in the same quarter last year.
RBI’s estimate has been revised down from its earlier projected growth of 26.2 percent in the first quarter to 21.4 percent. The central bank, in June, anticipated annual GDP to grow at 9.5 percent instead of 10.5 percent while stringent lockdowns after the second wave of Covid-19 pandemic questioned the growth of the economy.
The big pop, however, will likely obscure a slowing from the previous quarter, caused by activity curbs to stem the second wave of the virus. While the government doesn’t report an official quarter-on-quarter figure, Bloomberg Economics estimates the economy slumped sequentially, contracting 12% from the January-March period.
The discussion paper related to CIRP, released on Friday, is focused on three issues — code of conduct for committee of creditors (CoC), restrictions on request for resolution plans and use of ‘Swiss challenge’ method, and treatment of live bank guarantees and line of credit as claims.
The index, which compared business activity with the pre-pandemic levels of March 2020, had fallen steeply during the two waves of infections, which were accompanied by lockdowns.
Stating that news on the pandemic has been mixed, Nomura cautioned that a potential third wave cannot be ruled out, especially with the festive season approaching.
"More tax-efficient and user-friendly mechanisms like allowing tax benefits in Infrastructure Investment Trust (InvITs) as eligible security to invest under Section 54EC of the Income-Tax Act, 1961, are important starting points for initiating retail participation in the instruments," the Aayog has recommended.
Though the consignments comprise only small quantities of dry fruits and spices, those will still help meet demand during the upcoming Ganesh Chaturthi and Navratri festivals.
Export Promotion Council for EoUs and SEZs (EPCES) is the nodal body, set up by the commerce ministry, to promote shipments from these zones.
A holistic infrastructure development programme that aims to boost employment opportunities and productivity of industries, Gatishakti was announced by Prime Minister Narendra Modi during his Independence Day speech on August 15. The initiative is set to be launched in September.
Similarly, the wholesale price of tomato at Jalgoan in Maharashtra -- the country's sixth largest tomato growing state -- fell by 80 per cent to Rs 4 per kg on August 28 from Rs 21 per kg in the year-ago period.
First-quarter GDP data, due Tuesday, is also likely to show double-digit growth. That will mark the fastest growth the Indian economy has seen in any quarter to date.
The proposed amendments include capping revisions on bids to two times, banning unsolicited bids and empowering the Committee of Creditors to decide on the timeframe and thresholds for improvement on the resolution plan in advance.
The One District One Product plan doesn’t do away with traditionally popular products, but in fact manages to include new ones. For example, Darjeeling tea is obviously still on the list, however, a new addition would be pencils from Pulwama, Jammu and Kashmir.
The plan that will give a major push to connectivity to major industrial clusters across the country will be a employment booster at a time when the country is recovering from pandemic.
Last year, the Centre brought down hundreds of Chinese apps for engaging in activities 'prejudicial to the sovereignty, integrity and security of the country'.
India, attempting to grab a larger piece of the trade pie after the fallout of the US-China relationship over an ongoing trade war, could take center stage with the Indian PM’s focus on meeting climate goals.
Srikanth Badiga, currently serving as the member of Central Governing Council, has been unanimously elected as the new vice-chairman.
Under the franchisee model, multinationals allow Indian companies to operate certain stores, hotels or entities with their global brand name, against which they charge a percentage of profit or royalty or any other income.
The late fee for non-furnishing of GSTR-3B for July 2017 to April 2021 has been capped at Rs 500 per return for those taxpayers who did not have any tax liability.
It was launched by Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry and Dairying in presence of Meenesh Shah, Chairman, NDDB, it added.
Under a free trade agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.
"Considering the difficulties being faced in issuing and amending Form no 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of payment of the amount (without any additional amount) to 30th September, 2021," it said.
The Pension Fund Regulatory and Development Authority (PFRDA) has revised the guidelines on entry and exit following an increase in the maximum age for joining the NPS from 65 year to 70 years of age. The entry age for NPS has been revised to 18-70 years from 18-65 years.
The survey also said about 46 per cent of the 117 CEOs, who participated in the survey, expected more than 10 per cent revenue growth of their respective company in the first half of the current fiscal as compared to the first half of pre-pandemic year 2019-20.
In a letter shot off to the prime minister on August 25 this year, the body argued that if the pensions of the Members of Parliament and Members of Legislative Assemblies are not taxable, then why does the government levy income tax on the pension of retired employees.
"Despite the Covid-19 severe shock, India's macroeconomy is more healthy and ready for faster growth than it has been for a long time. That recovery from both the first and second waves was faster than expected points towards inherent strengths of the economy," she said.
The meeting is to be held soon after first-quarter GDP numbers projected around 20 per cent growth against a contraction of 24.4 per cent recorded in the same quarter of the last financial year.
The government aims to come out with the IPO and subsequent listing of Life Insurance Corporation (LIC) on the bourses in the January-March quarter of 2022.
While there are speculations on the cryptocurrency, the virtual currency enthusiasts know for sure, that these are only the ups and downs that come in their investment plan.
However, it's not clear whether the currency will be launched based on the distributed ledger technology or a centralised ledger. Cryptocurrencies work on the distributed ledger technology platform.
Estimates of growth for the first quarter gyrate between a low of 14.2% to as high as 23.3%. The RBI has projected a growth of 21.4% in the first quarter. The impact of the local lockdowns imposed by different states to limit the impact of the second wave of the coronavirus is certainly going to shave some of the exuberance off the growth figures. How much that would be will be clear on August 31.
"A strong rebound is expected on the back of rapid vaccinations, a recovering monsoon boosting agricultural output, thrust on infrastructure investments by the government, growth in exports, which have performed remarkably during April–June registering a growth of 18 per cent over the same period in the pre-pandemic year of 2019-20.
