Page 1075 - Economy & Policy News
India's tax revenues soar to a record high of Rs 27.07 trillion in FY22
In terms of tax buoyancy, the overall tax buoyancy was 1.9 in FY22, with direct tax buoyancy at 2.8 and indirect tax buoyancy at 1.1.
 "India's tax revenues soar to a record high of Rs 27.07 trillion in FY22")
Piyush Goyal seeks investments from Australia; assures better returns
He said Australian firms that would invest in India can own 100 per cent of their companies and keep their technology and trade secrets
 "Piyush Goyal seeks investments from Australia; assures better returns")
Delhi govt unveils blueprint of its five-year plan to generate 2 mn jobs
In the meeting, Kejriwal said 2 million jobs in five years is perhaps a first-of-its-kind experiment in the budget-making exercise
 "Delhi govt unveils blueprint of its five-year plan to generate 2 mn jobs")
India's exports rise by 37.57% to $9.32 bn in 1st week of 2022-23
Export excluding Petroleum, has increased in this period by 24.32% over same period of 2020-21 and up by 392.46% over same period of 2019-20
 "India's exports rise by 37.57% to $9.32 bn in 1st week of 2022-23")
India to export 3-3.5 million tonnes of wheat in Apr-July: Food Secy
The country's wheat exports crossed 70 lakh tonnes in 2021-22 as against 21.55 lakh tonnes in 2020-21, according to the official data
 "India to export 3-3.5 million tonnes of wheat in Apr-July: Food Secy")
FASTag collections top Rs 4,000 crore in March, FY22 mop-up Rs 38,000 crore
Almost a third of the toll revenue came in the last quarter of the financial year alone
 "FASTag collections top Rs 4,000 crore in March, FY22 mop-up Rs 38,000 crore")
Govt creates task force to boost capacity in Animation and Gaming sector
The task force will be headed by I&B Secy, will submit first action plan within 90 days
 "Govt creates task force to boost capacity in Animation and Gaming sector")
RBI trims FY23 growth forecast to 7.2% amid geopolitical uncertainties
The RBI on Friday kept the benchmark interest rate, repo -- at which it lends short term money to banks -- unchanged at 4%
 "RBI trims FY23 growth forecast to 7.2% amid geopolitical uncertainties")
India's tax collections soar to record high of Rs 27.07 trillion in FY22
Direct taxes, which comprise income tax paid by individuals and corporate tax, came in at Rs 14.10 lakh crore -- Rs 3.02 lakh crore higher than the budget estimate
 "India's tax collections soar to record high of Rs 27.07 trillion in FY22")
'Turning the policy corner': What experts have to say about RBI decisions
RBI monetary Policy: As the central bank keeps the repo rate unchanged at 4 per cent, here is what the industry experts has to say
 "'Turning the policy corner': What experts have to say about RBI decisions")
RBI revises inflation and growth forecasts; holds policy rates
In its first monetary policy announcement of 2022-23, the RBI projected inflation to be at 5.7 per cent this financial year. Real GDP growth for the year estimated at 7.2 per cent
 "RBI revises inflation and growth forecasts; holds policy rates")
How has India's consumption inequality come down to a four-decade low?
A recent IMF working paper said that India's consumption inequality during the Covid-affected 2020-21 fell to near the lowest level in the last 40 years. It was due to the govt's free ration scheme
 "How has India's consumption inequality come down to a four-decade low?")
Run-up to monetary policy review: Nudging but not rocking the boat
In the April policy, a change to a "neutral" stance will provide the MPC with more operational flexibility to move in case the inflationary pressures intensify
 "Run-up to monetary policy review: Nudging but not rocking the boat")
CNG price hiked by Rs 2.50 per kg for 2nd day; total increase at Rs 12.50
CNG prices in the national capital on Thursday were hiked for the second day in a row by Rs 2.50 per kilogram, taking the total increase since March to Rs 12.5 per kg.
 "CNG price hiked by Rs 2.50 per kg for 2nd day; total increase at Rs 12.50")
Consumption inequality fell to a near-four-decade low in FY21, shows data
IMF study attributes it to free foodgrain supply to 800 million beneficiaries
 "Consumption inequality fell to a near-four-decade low in FY21, shows data")
FY22 ends with bank credit growth of 8.6%; retail, agri mainstay
FY22 saw the adverse effects of the pandemic until September 2021, followed by a turnaround in credit, especially to industry and retail, from October
 "FY22 ends with bank credit growth of 8.6%; retail, agri mainstay")
Irdai seeks to remove Rs 100 cr entry cap for new players in insurance biz
Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players
 "Irdai seeks to remove Rs 100 cr entry cap for new players in insurance biz")
Demand of over Rs 500 crore additional tax slapped on PE/VC funds
The tax authorities gave assessment orders to at least 12 such houses last week, and initiated penalty proceedings against them
 "Demand of over Rs 500 crore additional tax slapped on PE/VC funds")
Rajnath Singh releases third list of defence items banned for import
These weapons and platforms will be incrementally banned for import, with some items embargoed from December 2022, and additional items added each December until 2027
 "Rajnath Singh releases third list of defence items banned for import")
Rajnath releases 3rd list of defence equipment in Make-in-India push
The defence minister said India's self-reliance in the defence sector does not mean working in isolation from the rest of the world