Page 1266 - Economy & Policy News
Fitch cuts India's FY22 GDP forecast to 8.7%, but pegs FY23 growth at 10%
Fitch Ratings said India''s 'BBB-/Negative' sovereign rating 'balances a still-strong medium-term growth outlook and external resilience from solid foreign against high public debt, a weak financial
 "Fitch cuts India's FY22 GDP forecast to 8.7%, but pegs FY23 growth at 10%")
India's aluminium makers face 'precarious situation' on coal crunch
Tightening supplies of coal have triggered a power crisis in India as about 70% of the nation's electricity is fired by the fuel.
 "India's aluminium makers face 'precarious situation' on coal crunch")
55% of India's employed professional report feeling stressed: LinkedIn
This was despite drastic work transformations. keeping up with these changes the past 18 months has adversely affected the mental health of the country's working professionals
 "55% of India's employed professional report feeling stressed: LinkedIn")
Icra says FY22 port cargo volumes to remain robust, exceed pre-Covid level
During April-August period all segments, except fertilisers, posted healthy year-on-year growth; better numbers can be attributed to base effect
 "Icra says FY22 port cargo volumes to remain robust, exceed pre-Covid level")
Is India looking at a V or W-shaped economic recovery in FY22?
If one looks at year-on-year growth, the recovery is V-shaped after the first quarter because of 20 per cent economic expansion
 "Is India looking at a V or W-shaped economic recovery in FY22?")
Pandemic hits India's prospects to become $5 trn economy by FY25: Economist
It is highly unlikely that India will become a $5 trillion economy by 2024-25 due to the slowdown caused by the COVID-19 pandemic, University of Massachusetts professor Vamsi Vakulabharanam has said
 "Pandemic hits India's prospects to become $5 trn economy by FY25: Economist")
Business glitters for jewellers as gold prices fall 17%, economy recovers
Reprieve in the pandemic means they can eye a recovery in their most lucrative sales period.
 "Business glitters for jewellers as gold prices fall 17%, economy recovers")
Cargo insurance premiums up 33%; second fastest after personal accident biz
This is significant as the cargo insurance market had declined by close to 8 per cent in FY21
 "Cargo insurance premiums up 33%; second fastest after personal accident biz")
Cabinet approves bonus equal to 78 days' wage for 1.1 mn railway employees
An expenditure of nearly Rs 1,985 crore will be incurred on this.
 "Cabinet approves bonus equal to 78 days' wage for 1.1 mn railway employees")
At G20 conference, FM bats for strengthening effectiveness of FATF, IMF
In the run up to assuming the G20 presidency in 2023, India is working towards identifying the "vacuum areas" in international policy coordination: Sitharaman
 "At G20 conference, FM bats for strengthening effectiveness of FATF, IMF")
Coal shortage in India leads to soaring costs for steel producers
'Mills are paying more than four times the normal costs for procuring coal from e-auctions and from mines'
 "Coal shortage in India leads to soaring costs for steel producers")
Stubble burning down 83% this year so far but the days ahead look hazy
How far this trend will be maintained needs to be observed since excessive rains in September have delayed harvesting of the paddy crop
 "Stubble burning down 83% this year so far but the days ahead look hazy")
Affordable housing loan defaults surge to 7.2%, says rating agency Icra
The ultimate losses to lenders could be limited, given the secured nature of loans
 "Affordable housing loan defaults surge to 7.2%, says rating agency Icra")
Cabinet nod for seven new textile parks with Rs 4,445 crore outlay
The parks will be set up at greenfield or brownfield sites. States with contiguous and encumbrance-free land parcels of over 1,000 acres, along with other textiles ecosystems can apply
 "Cabinet nod for seven new textile parks with Rs 4,445 crore outlay")
Only a third of economic offences end in convictions: govt crime data
Majority of trials end in acquittals, 10% end with a discharge for those falsely accused and for whom there isn't sufficient evidence of the crime
 "Only a third of economic offences end in convictions: govt crime data")
Centre to revise coal stock norms to avert future crisis
The power sector's current daily demand is 1.7 mt, of which 1.3 mt is met by CIL
 "Centre to revise coal stock norms to avert future crisis")
New excise policy: Delhi govt seeks applications for serving liquor
Moving ahead with the implementation of its new excise policy, the Delhi government has invited applications from hotels, clubs, motels, bars and restaurants for serving liquor on their premises
 "New excise policy: Delhi govt seeks applications for serving liquor")
India in last stage of finalising details on global minimum tax: FM
Finance Minister Nirmala Sitharaman on Wednesday said India is "very close" to arriving at the specifics of the two-pillar taxation proposition at the G20 and is in last stage of finalising details
 "India in last stage of finalising details on global minimum tax: FM")
Cabinet approves Rs 4,445-cr PM MITRA Yojana to set up 7 mega textile parks
The PM MITRA will be developed by a special purpose vehicle owned by state governments and the central government in PPP mode
 "Cabinet approves Rs 4,445-cr PM MITRA Yojana to set up 7 mega textile parks")
Coal ministry says in process of finalising mine closure framework
The ministry is in consultation with the World Bank for obtaining support and assistance in this programme
 "Coal ministry says in process of finalising mine closure framework")