Page 1157 - Economy & Policy News
Interest on non-payment of GST may be recovered without notice
But with court backing, the authorities are considering doing it in some cases of mismatch in the invoices
 "Interest on non-payment of GST may be recovered without notice")
GIFT City draws big players with biz sops; banks, PEs register with IFSCA
Twenty foreign and Indian banks are now part of the IFSC ecosystem
 "GIFT City draws big players with biz sops; banks, PEs register with IFSCA")
BS Number Wise: A measure of the economy: companies and capex
When demand is uncertain, the biggest private enterprises seem better able to build factories, expand resources and create jobs
 "BS Number Wise: A measure of the economy: companies and capex")
Fuel demand, capacity addition by refiner likely to inflate oil import bill
Demand for all fuels rose 5 per cent in the April-December period to 148 mt from a year earlier, according to the oil ministry
 "Fuel demand, capacity addition by refiner likely to inflate oil import bill")
Hard lessons for banks and FIs from a decade of bad infrastructure loans
Loans to the sector became huge NPAs largely due to the practice by lenders of offering unconditional mobilisation advance and time gap between preparation of a DPR and awarding the bid
 "Hard lessons for banks and FIs from a decade of bad infrastructure loans")
More takers for Infra fund among primary farm co-ops than large players
Loan limit of Rs 2 crore under the scheme works better for small warehouse projects with godowns of 3,000 sq ft, but fails to enthuse corporations and FPOs with larger projects on the table
 "More takers for Infra fund among primary farm co-ops than large players")
Govt notifies drone certification scheme to boost indigenous manufacturing
Along with the liberalised drone rules, airspace map, the PLI scheme and the single window DigitalSky Platform, this will help drone manufacturing industry in India, says govt
 "Govt notifies drone certification scheme to boost indigenous manufacturing")
Ajit Pawar urges Centre to extend GST compensation to states for two years
Maharashtra Deputy Chief Minister and state Finance Minister Ajit Pawar on Wednesday urged the union government to extend the period of GST compensation from Centre to States for two more years
 "Ajit Pawar urges Centre to extend GST compensation to states for two years")
Bring natural gas under GST for PM's vision of gas-based economy: Industry
Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel.
 "Bring natural gas under GST for PM's vision of gas-based economy: Industry")
More pain for emerging economies when developed world raises rates: IMF
The IMF reduced its 2022 growth forecasts for the emerging economies in Asia to 5.9% from 6.3% previously in its latest outlook
 "More pain for emerging economies when developed world raises rates: IMF")
Economy has recovered 'handsomely' from Covid disruptions: Panagariya
Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23
 "Economy has recovered 'handsomely' from Covid disruptions: Panagariya")
ESIC scheme adds about 1.02 million new members in November 2021
Around 10.28 lakh new members joined the ESIC-run social security scheme in November 2021 against 12.39 lakh in the previous month, official data showed on Tuesday
 "ESIC scheme adds about 1.02 million new members in November 2021")
MGNREGA unpaid dues may be around Rs 21,000 cr by FY22-end, says PAEG
So far, less than 5 per cent of households employed have completed 100 days of work in the current fiscal year
 "MGNREGA unpaid dues may be around Rs 21,000 cr by FY22-end, says PAEG")
India and US need a free trade agreement, says USIBC president
India and the United States must have a Free Trade Agreement for the protection of their businesses and people, Atul Keshap, the new president of USIBC said.
 "India and US need a free trade agreement, says USIBC president")
Omicron effect: IMF cuts India's GDP forecast for FY22 to 9% from 9.5%
On a calendar year basis, it projected India's GDP growth at 8.7 per cent in 2022 and 6.6 per cent in 2023
 "Omicron effect: IMF cuts India's GDP forecast for FY22 to 9% from 9.5%")
Centre, J-K to collaborate for next generation administrative reforms
The Department of Administrative Reforms and Public Grievances (DARPG) under the Union Personnel Ministry will collaborate withJ&K government for next-generation administrative reforms
 "Centre, J-K to collaborate for next generation administrative reforms")
Goyal reviews fast track implementation of infra projects via PMG portal
The PMG is an institutional mechanism to facilitate the resolution of bottlenecks in infrastructure projects
 "Goyal reviews fast track implementation of infra projects via PMG portal")
CII calls for doing way with ceiling on service fee for EV charging
CII also recommended waiver of GST on end-user for availing charging for EVs
 "CII calls for doing way with ceiling on service fee for EV charging")
Gems and jewellery exports up 71% during Apr-Dec to $28.9 billion
Top five export destinations for the sector included the US, Hong Kong, the UAE, Belgium and Israel
 "Gems and jewellery exports up 71% during Apr-Dec to $28.9 billion")
India could spend 11% of GDP in reaching net zero emissions by 2050: Report
Annual capital spending on physical assets in India would rise from around $300 billion in 2020 to an average of $600 billion between 2021 and 2050, McKinsey believes
 "India could spend 11% of GDP in reaching net zero emissions by 2050: Report")