Page 1006 - Economy & Policy News
At Rs 42,679 crore, advance tax collection up 48% in April-June quarter
Direct tax collection, net of refunds, stood at Rs 2.81 trillion, initial estimates show
 "At Rs 42,679 crore, advance tax collection up 48% in April-June quarter")
Don't see any adverse impact of US Fed Reserve rate hike: DEA secy Seth
The government does not see any adverse impact on the Indian economy post the US Federal Reserve's decision to raise interest rates by 75 basis points, Economic Affairs Secretary Ajay Seth said
 "Don't see any adverse impact of US Fed Reserve rate hike: DEA secy Seth")
SAT gives ICEX another chance, quashes withdrawal of permanent recognition
Tribunal says 'the ship may be sinking but the leakages can be plugged', pulls up Sebi for concluding exit of top officials would necessarily lead to closure of the exchange
 "SAT gives ICEX another chance, quashes withdrawal of permanent recognition")
'Sebi acted in haste': Chanda Kochhar gets interim relief from SAT
Tribunal directs Kochhar to file a fresh application before Sebi
 "'Sebi acted in haste': Chanda Kochhar gets interim relief from SAT")
World shares resume slide on growth fears as Swiss, UK hike rates
Stocks around the world keep falling amid Swiss and UK's respective central banks' lending rate hikes along with fears that these moves may drive markets into recession.
 "World shares resume slide on growth fears as Swiss, UK hike rates")
SC seeks Rs 200 cr from Bajaj Allianz as compensation for farmers crop loss
The Supreme Court's notice said if Bajaj Allianz does not deposit the amount the stay will be vacated
 "SC seeks Rs 200 cr from Bajaj Allianz as compensation for farmers crop loss")
SC asks Haryana discom to pay Rs 1,408 cr to Adani Power, clear dues
Adani was entitled to a sum equivalent to 50 per cent of the outstanding it claims, the court said on February 1
 "SC asks Haryana discom to pay Rs 1,408 cr to Adani Power, clear dues")
States showing warning signs of stress; need corrective action: RBI article
Observing that the slowdown in own tax revenue, a high share of committed expenditure and rising subsidy burdens have stretched state government finances already exacerbated by Covid, the article said
 "States showing warning signs of stress; need corrective action: RBI article")
India needs Rs 4-trn investment for 113 GW RE projects in pipeline: Report
According to the report titled 'Accelerating India's Clean Energy Transition', about 103 GW of utility-scale renewable power generation projects are in the pipeline in India
 "India needs Rs 4-trn investment for 113 GW RE projects in pipeline: Report")
Central banks across the globe opt for shock and awe to tame inflation
The Federal Reserve has just delivered its biggest interest rate rise in over a quarter of a century and even the hitherto dovish Swiss National Bank has taken markets by surprise
 "Central banks across the globe opt for shock and awe to tame inflation")
WTO members could finalise a trade deal in 'next couple of hours'
Negotiations on fisheries are going on and members are quite close to a deal with carve-outs for India and other developing countries, said an Indian trade negotiator on condition of anonymity
 "WTO members could finalise a trade deal in 'next couple of hours'")
India better placed than many others to avoid stagflation: RBI article
The article noted that global economic conditions continue to deteriorate as ratcheting up of commodity prices and financial market volatility have led to heightened uncertainty
 "India better placed than many others to avoid stagflation: RBI article")
Unemployment rate dips to 8.2% in Jan-Mar 2022, shows NSO survey
Joblessness was high in January-March in 2021 mainly due to the staggering impact of the lockdown restrictions in the country, which were imposed to curb the spread of the deadly coronavirus.
 "Unemployment rate dips to 8.2% in Jan-Mar 2022, shows NSO survey")
India proposes settling Russia trade in rupees as purchases rise: Report
New Delhi plans to use about $2 billion equivalent of rupees deposited at Russia's state-controlled VTB Bank PJSC and Sberbank of Russia PJSC
 "India proposes settling Russia trade in rupees as purchases rise: Report")
How will 5G auction effect telcos and industry 4.0?
The govt has given its nod to the rollout of 5G services in India by conducting spectrum auction from July 26. How will all this impact the rollout of 5G, telcos and industry 4.0? We have the answer
 "How will 5G auction effect telcos and industry 4.0?")
Govt discusses future export of hydrogen with Japan, Germany
Singh, who is also the minister for new and renewable energy, informed that India is aiming to produce 20 million tonne (MT) of green hydrogen by 2030
 "Govt discusses future export of hydrogen with Japan, Germany")
India jumps 6 places to 37th rank on IMD's World Competitiveness Index
India witnessed the sharpest rise among the Asian economies, with a six-position jump from 43rd to 37th rank on the World Competitiveness Index compiled by the Institute for Management Development
 "India jumps 6 places to 37th rank on IMD's World Competitiveness Index")
UAE suspends exports and re-exports of Indian wheat for four months
UAE's economic ministry cited international developments that have affected trade flows as the reason behind the suspension
 "UAE suspends exports and re-exports of Indian wheat for four months")
India's trade deficit hits record high of $24.3 bn in May: Govt data
Preliminary estimates released earlier in the month had put the trade deficit at $23.3 billion
 "India's trade deficit hits record high of $24.3 bn in May: Govt data")
India stares at fuel shortage with spike in under-recovery at OMCs
The under-recoveries suffered by OMCs are around Rs 20-25 a litre for diesel and Rs 14-18 a litre for petrol, said sources
 "India stares at fuel shortage with spike in under-recovery at OMCs")