Page 1140 - Economy & Policy News
India's retail inflation likely reached RBI's 6% upper limit in Jan: Poll
Inflation is climbing across the world and India is no exception but price rises have stayed relatively tame by historical standards, allowing the RBI to leave interest rates unchanged for now.
 "India's retail inflation likely reached RBI's 6% upper limit in Jan: Poll")
India's fuel demand reined in by Covid-19 restrictions in January
Fuel consumption in the world's third biggest oil consumer, a proxy for oil demand, totalled 17.61 million tonnes, down 3.7% from December
 "India's fuel demand reined in by Covid-19 restrictions in January")
Union Bank of India looks to move to a new tax regime in FY23
Rajkiran Rai G, managing director (MD) & chief executive officer (CEO), Union Bank, said the net profit is increasing as DTA is coming down every quarter.
 "Union Bank of India looks to move to a new tax regime in FY23")
IPO-bound LIC's AUM rose Rs 1 trillion from March-September 2021
As of September 2021, 61.67 per cent of LIC's AUM was held in participating policies, 37 per cent in non-participating policyholder investments, 1.15 per cent in unit-linked policies
 "IPO-bound LIC's AUM rose Rs 1 trillion from March-September 2021")
Govt's e-portal for biz approvals off to a brisk start: How does it work
Portal in testing phase, getting states on board still a challenge
 "Govt's e-portal for biz approvals off to a brisk start: How does it work")
Govt bans import of foreign drones to boost Make in India, lists exceptions
The decision has been taken with a view to promote local manufacturing under Make in India scheme
 "Govt bans import of foreign drones to boost Make in India, lists exceptions")
Capex-funding plan for FY23 gets flak from some non-BJP ruled states
While Bengal, Kerala and TN hit out, Maharashtra welcomes Centre's move
 "Capex-funding plan for FY23 gets flak from some non-BJP ruled states")
Finance Minister Nirmala Sitharaman to address RBI board on Feb 14
It has been a custom that the finance minister addresses the RBI board, consisting of RBI Governor and existing four deputy governors, after the budget
 "Finance Minister Nirmala Sitharaman to address RBI board on Feb 14")
Capital gains tax regime needs to be tweaked: Revenue secretary Tarun Bajaj
Revenue secy says rates and holding periods should be streamlined
 "Capital gains tax regime needs to be tweaked: Revenue secretary Tarun Bajaj")
Australia's trade minister to visit India to advance FTA negotiations
An official statement by Tehan's office on Tuesday said he will travel to India to advance negotiations on a free trade agreement and promote Australia as a premium destination for students, tourist
 "Australia's trade minister to visit India to advance FTA negotiations")
5G band unlikely to cause interference to aircraft, says Centre
The frequency band of 3300-3670 MHz identified for 5G technology in India is sufficiently spaced out from the 4200-4400 MHz band, used for radio altimeter in planes
 "5G band unlikely to cause interference to aircraft, says Centre")
Moody's expects OMCs' margins to improve over 12-18 months on higher demand
'We expect the regional refining benchmark to average around $3-4/bbl over the next 12-18 months, balancing our expectations of demand recovery alongside incoming capacity additions,' says Moody's
 "Moody's expects OMCs' margins to improve over 12-18 months on higher demand")
Once low-profile NSSF now a key player in Centre's finances for past 7 yrs
While govt's market borrowings have doubled from FY16 to FY22, NSSF loans to finance fiscal deficit have grown 11x
 "Once low-profile NSSF now a key player in Centre's finances for past 7 yrs")
Lion's share of unspent balances is with social sector ministries: CGA data
Merely bumping up money to spend will not lead to faster utilisation; CGA has identified a host of reasons for balances lying idle, not least of which is the pandemic
 "Lion's share of unspent balances is with social sector ministries: CGA data")
India received total FDI of $54.1 bn during April-Nov 2021-22
Total FDI comprises equity inflows, reinvested earnings and other capital
 "India received total FDI of $54.1 bn during April-Nov 2021-22")
Government plans to open FDI in space sector: Jitendra Singh
In a written reply to a question in the Lok Sabha, Singh said that there are many more startups registered under other categories are also involved in the space domain
 "Government plans to open FDI in space sector: Jitendra Singh")
Centre to ensure higher opening stock of urea & DAP for next kharif season
To ensure adequate and timely supply of fertilisers to farmers in the next 2022 kharif season, government targets higher-than expected opening stock of urea and DAP, a senior government official said.
 "Centre to ensure higher opening stock of urea & DAP for next kharif season")
Taxpayers can update ITRs only once in an assessment year: Official
To correct any discrepancy or omissions, the Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes
 "Taxpayers can update ITRs only once in an assessment year: Official")
Highway projects worth Rs 3.36 trn sanctioned in 3 years to FY21: Govt
In a written reply to the Rajya Sabha, the Road Transport and Highways Minister said that time for the completion of a project is generally kept two-three years from the date of the award
 "Highway projects worth Rs 3.36 trn sanctioned in 3 years to FY21: Govt")
Rupee fell by 5 paise to close at 74.79 against US dollar
At the interbank foreign exchange, the rupee opened at 74.70 against the American dollar, and later witnessed an intra-day high of 74.68 and a low of 74.87 against the greenback
 "Rupee fell by 5 paise to close at 74.79 against US dollar")