India’s current account comprising the net of India's export of goods and services recorded a surplus of $ 6.5 billion or 0.9 per cent of GDP in Apeil-June'21 quarter as against a surplus of $ 19.1 billion or 3.7 per cent of GDP a year ago, according to the preliminary numbers released by the Reserve Bank of India.
The deficit figure in the current fiscal appears much better than the previous financial year when it had soared to 109.3 per cent of the estimates.
“On the whole, the core sector growth rate is encouraging as it points to further acceleration during the course of the year as the government gets down to spending more as indicated to all ministries,” said Madan Sabnavis, chief economist at CARE Ratings.
Patel who was in Guwahati on Thursday while talking to media persons said that, “Tea Development & Promotion Scheme (TDPS) which is for five years from 2021-22 has earmarked Rs 967 Crore for supporting tea growers. We have a sector specific allocation of Rs 98 Crore for increasing exports from Northeast India.”
The current account surplus stood at $6.5 billion compared to a surplus of $19.1 billion in the same quarter a year ago. In the preceding January-March quarter the current account was in a deficit of $8.1 billion.
At the item level, cow milk, dairy milk, mustard oil, palm oil, soyabean oil, almond, sugar-white, tea leaf, cooking gas, hospital/nursing home charges, petrol for vehicle, and toilet soap, are responsible for the rise in the index.
Cement production expanded the most among all industries at 36.3 per cent in August, 2021 over August, 2020
There is an urgent need to deal with the agriculture value chain, which would help in improving the quality of income in rural areas and ushering in socio-economic transformation in the country, Puri said while virtually addressing an event organised by industry body PHDCCI.
"The GOI envisages to disinvest its shareholding in CPSE’s through the Offer for Sale through Stock Exchange Mechanism/sale of Shares in stock market (Dribbling) from time to time for which this Request for Proposal (RFP) for Empanelment of merchant bankers-cum-selling brokers is being floated," the department said.
Net tax receipts were Rs 6.45 lakh crore while total expenditure was Rs 12.77 lakh crore, the data showed.
"At least 11,635 stockholders have registered declaring 3097694.42 tonne of stock of pulses on the official portal of Department of Consumer Affairs as on September 20, 2021," the ministry said in a statement.
According to Brickwork Ratings, the road sector suffered a major setback during the initial lockdown. The rating agency said in order to resolve the funding gap more innovative ways are needed.
“JAM trinity, overall digital transactions which started from demonetization and has been accelerated by the pandemic positions India singularly well for technology-led growth,” he said.
With this loan, the bank has so far approved 28 projects in India amounting a total of USD 6.7 billion, said AIIB Vice President for Investment Operations D J Pandian, who oversees all sovereign and non-sovereign lending for the AIIB in South Asia, the Pacific Islands and South-East Asia.
We cannot regulate international shipping rates. It is market driven and we are in dialogue with them to see that more ships dock in India. But since it is an international phenomenon and affects all exporters across the world and all international trade, I do believe that while it may take some time, it may not affect as badly as was thought earlier.
"Salient debt indicators such as external debt as a ratio to GDP at 21.1%, debt service ratio at 8.2%, and foreign exchange reserves to external debt ratio at 101.2% are in a zone of comfort," said Sitharaman. "The long-term debt constitutes the bulk."
"The Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods of the description specified when imported into India, from the whole of the duty of customs leviable," the Board said in a notification issued on September 29.
The government said the capital infusion and planned IPO will increase ECGC's underwriting capacity up to ₹88,000 crore and facilitate additional exports of ₹5.28 lakh crore over a five-year period.
“I'm happy to look at a trillion dollar target for the next 10 years between the US and India. I'm happy to engage with the US, and look for expanding our economic partnership so that then all four members of the QUAD would have very strong economic ties with each other,” Goyal said at an event organised by the US-India Strategic Partnership Forum (USISPF).
The government has decided to extend the timeline of the Emergency Credit Line Guarantee Scheme (ECLGS) till March 31, 2022, or till guarantees for an amount of Rs 4.5 lakh crore are issued under the scheme, whichever is earlier.
During the current fiscal, he said, growth would be in double-digits and it could moderate to 6.5 - 7 per cent in the next financial year. The Economic Survey 2020-21, released in January this year, had projected GDP growth of 11 per cent during the current financial year ending March 2022.
The validity of the scheme has been extended by another six months till March 31, 2022, the ministry said in a statement. The government has been receiving demands from various industry bodies and other stakeholders to extend the scheme to ensure continued support to eligible sectors/businesses.
An econometric analysis of the link between inflation and output gap over 15 year or 60 quarters period period the link between inflation and output gap was strong between 2016 to 2018 but started weakening since then.
Reserves to external debt ratio, however, increased to 101.2 per cent from 85.6 per cent during the same period, thereby consolidating the country's position as a net creditor to the world, as per the status report on India's external debt released by the ministry.
“The existing FTP 2015-2020, which is valid up to September 30, 2021 is extended up to March 31, 2022,” the directorate general of foreign trade (DGFT) said in a notification.
ECGC Limited is a wholly-owned CPSE of the government of India and provides insurance covers to banks against risks in export credit lending to the exporter borrowers. It was set up with the objective of improving the competitiveness of the exports by providing credit risk insurance and related services for exports.
The target reset is buoyed by expectations of robust tax collections in the coming months and achievement of assets-sale target.
The government will inject Rs 4,400 crore in the ECGC over a period of five years beginning 2021-22, said Commerce Minister Piyush Goyal told reporters after the Cabinet meeting.
For projects bid between July 1, 2017, and October 13, 2017, NHAI would not reimburse the GST on annuity under the change in law as bids were invited inclusive of GST.
The government has also reached out to industry to indicate the possible asks that India could make to the EU and UK for inclusion in the sustainable chapter. Senior government officials are in the UK at present to finalise the terms of reference of the pact.
Sources said the meeting was attended by Chief Economic Advisor K V Subramanian and other officers from the Department of Economic Affairs and Moody's analyst. The meeting is a precursor to Moody's annual sovereign rating action.
According to Crisil's report, GST could grow 20 per cent whereas, the sales tax is seen clipping at 25 per cent. GST and sales tax on petroleum and liquor, major components of revenue, are likely to rebound strongly.
ICRA has revised its projection of the real GDP growth in 2021-22 to 9% from 8.5% while Care has raised its forecast to 9-9.2% from 8.8-9% earlier. Economists at the two agencies said the GDP outcome has been better than expected in the first quarter and prospects for the second half of the year are brightening.
As per India's proposal submitted at WTO, overfishing would be self-determined by a member or by Regional Fishery Management Organisation.
As per the report, households and micro and small enterprises were most affected in the latest downturn and will slow the recovery while they repair their balance sheets. Inflation remains relatively high, and public debt worries persist.
The Global FinTech Fest, has been organised by Internet and Mobile Association of India (IAMAI), along with its sister organisations Fintech Convergence Council (FCC), Payments Council of India (PCI), and National Payments Corporation of India (NPCI).
In 2019, Telangana with 67.2 per cent had the highest proportion of its rural households indebted and Nagaland with 6.6 per cent had the lowest proportion of its rural households indebted.
Besides, it will increase localisation, accelerate investments towards a local EV ecosystem and has the potential to make India an export hub in the global auto supply chain, Icra said in the report.
The idea is to fast-track the work on minimum wages so that employers, including the Centre and state governments, are prepared well in advance to shell out mandatory minimum wages once the Codes are rolled out.
In the last seven years, several such measures have been taken due to which there is an improvement in competitiveness, innovation, and ease of doing business. Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said all the reforms related to compliance burden were put in four different buckets - simplification, rationalisation, digitisation and decriminalisation.
The FTP is a set of guidelines and instructions by DGFT pertaining to the import and export goods of India. Its aim has been to facilitate the growth in exports of goods and services in the country.
After three consecutive weeks of contraction, power demand registered tepid growth of 0.8 per cent as compared to the previous week while labour participation rate picked up to 41.3 per cent from 39.8 per cent the previous week.
Big gains are expected from the monetary authority making its IOUs available to the public directly, as electronic cash that can be spent or saved without requiring a commercial bank in the middle.
The minister said that Coir Industry is a traditional, labour-intensive, agro-based and export-oriented industry.
The government had pegged its gross borrowing target for FY22 at Rs 12.5 lakh crore in the Union Budget 2021-22, presented by finance minister Nirmala Sitharaman earlier in February.
“Second half government borrowing did not spring any negative surprise barring a negligible increase in market borrowing,” said Madan Sabnavis, chief economist at CARE Ratings. It also reflects that telecom relief package did not dent the fiscal condition. Bond market was apprehensive but should now calm down.”
While addressing the inaugural meeting of the Australia India Business Champions, Australia’s trade minister Dan Tehan said that India has become an important and relevant partner for Canberra’s economic strategy, especially in the areas of trade and investments.
Gross borrowing includes repayments of past loans. Repayment for past loans in the next financial year has been pegged at Rs 2.80 lakh crore.
