Top headlines: Q1 GDP data, core sector output slowed to 8%, and more
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 "Top headlines: Q1 GDP data, core sector output slowed to 8%, and more")
India's Vedanta ran a "covert" lobbying campaign to weaken key environmental regulations during the COVID-19 pandemic, the Organised Crime and Corruption Reporting Project (OCCRP) said in an article on Thursday. In January 2021, Vedanta Group Chairman Anil Agarwal told former environment minister Prakash Javadekar the government could add "impetus" to India's economic recovery by allowing mining companies to boost production by up to 50 per cent without having to secure new environmental clearances, the OCCRP said. Read more...
Q1 GDP data: Investment growth comes up short despite govt capex push
Investment growth moderated slightly in the economy during the first quarter (Q1) of the current financial year (2023-24, or FY24), notwithstanding the front-loading of capital expenditure (capex) by the Centre. This was also the case despite a pick-up in demand during the period after two dismal consecutive quarters. Although growth in gross fixed capital formation (GFCF), representing investment, fell to a five-quarter low of 7.96 per cent, the comparison with the first two quarters of the previous year is a bit askew due to the low year-on-year (Y-o-Y) base of those periods. When comparing the investment growth rate in Q1 of this financial year with the previous two quarters, the fall was not too significant. Read more...
India made history in August with its instant payment system Unified Payment Interface (UPI) crossing 10 billion transactions in volume for the first time in a month. Based on data available until August 30, released by the National Payments Corporation of India (NPCI), the transaction volume reached 10.241 billion. In terms of value as well, UPI transactions are poised to reach a new high, having already reached Rs 15.18 trillion, within striking distance of the previous high of Rs 15.34 trillion, which was recorded in July of this year. Read more...
India's core sector output slowed to 8% in July 2023, shows govt data
Output of eight key infrastructure sectors — known as the core sector — marginally slowed to 8 per cent in July from 8.3 per cent in June. This is due to a low base effect and positive growth in all the eight sectors during the month. In July last year, the core sector had grown by 4.8 per cent. The print for June 2023 was also revised slightly upwards to 8.3 per cent from 8.2 per cent estimated earlier. Read more...
India's gross tax revenue up 2.8% at Rs 8.9 trillion so far in FY24
India's gross tax revenue up 2.8% at Rs 8.9 trillion so far in FY24
India’s gross tax revenue, comprising both direct and indirect taxes between April and July, reported a growth of merely 2.8 per cent to Rs 8.9 trillion compared to the same period a year ago, as shown by government data on Thursday. This growth was dampened by direct tax figures, offsetting the healthy growth in goods and services tax collections and Customs duties. While net tax revenue contracted by 12.6 per cent to Rs 5.8 trillion up to July, accounting for 25 per cent of the Rs 23.3 trillion full-year target, this could be attributed to the increased tax devolution to states during the period. Read more...