Page 1306 - Economy & Policy News
August service activity grows at fastest pace since pandemic began
The IHS Markit Services Purchasing Managers' Index rose to 56.7 in August - its strongest pace since the pandemic hit the country in March 2020.
 "August service activity grows at fastest pace since pandemic began")
Parliamentary panel to talk divesting RBI of debt management role
Experts say not a good idea when the country is recovering from the Covid crisis
 "Parliamentary panel to talk divesting RBI of debt management role")
Reliance's cheap JioPhone can unleash a credit revolution across the globe
A small band of policy influencers may unlock the next big prize for banks: the billions who operate outside the formal finance sector.
 "Reliance's cheap JioPhone can unleash a credit revolution across the globe")
Build smart infrastructure to improve ease of access: DEA Secy Ajay Seth
Economic Affairs Secretary Ajay Seth on Thursday underlined the need for building smart infrastructure to improve ease of access
 "Build smart infrastructure to improve ease of access: DEA Secy Ajay Seth")
Centre plans PSU land sale worth more than Rs 600 crore via e-bidding
Parcels worth more than Rs 600 crore may be sold via new platform
 "Centre plans PSU land sale worth more than Rs 600 crore via e-bidding")
Account Aggregator system can democratise credit, bolster lending ecosystem
An AA enables a free and instant exchange of financial data between FIUs and FIPs with the consent of customers
 "Account Aggregator system can democratise credit, bolster lending ecosystem")
IBC not a panacea for all ills, needs holistic assessment: IBBI chief Sahoo
Says haircuts taken by lenders is not IBC's fault, creditors staring at a haircut of 78% were not only rescued under the Code but their haircut was reduced to 61%
 "IBC not a panacea for all ills, needs holistic assessment: IBBI chief Sahoo")
Is Indian Ocean Dipole the only measure of this year's below-par monsoon?
Experts say though rains have recovered the past few days, they won't wipe off the deficit and the 2021 monsoon season will end with a shortfall of 5-6% from the normal
 "Is Indian Ocean Dipole the only measure of this year's below-par monsoon?")
How govt saved over Rs 20,000 cr by silently applying brakes on LPG subsidy
While there was no need for subsidy in the low-oil-price phase of 2020, LPG prices have zoomed in 2021. But the Centre has not transferred subsidy at any point this year
 "How govt saved over Rs 20,000 cr by silently applying brakes on LPG subsidy")
India, UK agree to be ambitious on services deal in FTA negotiations
Pointing out that services make up 71% of UK's GDP and 54% of India's, the statement released after India-UK dialogue said both countries recognise importance of services in their economies
 "India, UK agree to be ambitious on services deal in FTA negotiations")
UK to invest $1.2 bn in govt and private green energy projects in India
The investments will support India's goal of 450 Gw renewable energy by 2030, the British High Commission stated
 "UK to invest $1.2 bn in govt and private green energy projects in India")
Exports rise 45% to $33 bn in August; trade deficit at four-month high
This, despite a 45% YoY spike in shipment values; non-oil, non-bullion import growth was 34% YoY
 "Exports rise 45% to $33 bn in August; trade deficit at four-month high")
ISMA again writes to PMO urging it to increase minimum sale price of sugar
Says though FRP has been raised several times the past few years, MSP has not been hiked the past 30 months
 "ISMA again writes to PMO urging it to increase minimum sale price of sugar")
Retail licence bidding to supply liquor in Delhi to open on Friday
Bidding for retail licences to supply liquor in 12 zones of the national capital will open on Friday with the Excise Department of the Delhi government
 "Retail licence bidding to supply liquor in Delhi to open on Friday")
Insolvency law's success needs to be appreciated, say experts
The insolvency law has provided a framework for resolution of stressed assets, and its success needs to be appreciated in comparison with the situation that prevailed prior to its implementation
 "Insolvency law's success needs to be appreciated, say experts")
Bigger firms pass on surging input costs to consumers, smaller ones stuck
Smaller manufacturers are resorting to cuts in the wage bill to keep afloat, as the demand situation in the economy remains low
 "Bigger firms pass on surging input costs to consumers, smaller ones stuck")
CAG urges for greater use of new age tech for optimal use of resources
CAG Girish Chandra Murmu stressed on greater use of new age technologies such as data analytics, artificial intelligence and machine learning to enable auditors make optimum use of resources.
 "CAG urges for greater use of new age tech for optimal use of resources")
FinMin notifies rules for calculating taxable interest in PF account
The finance ministry has notified rules for calculation of taxable interest on employee contributions to provident fund of over Rs 2.5 lakh per annum.
 "FinMin notifies rules for calculating taxable interest in PF account")
Top headlines: August exports rise 45%; RRVL gets sole control of Just Dial
Business Standard brings you the top stories this evening
Judicial reforms for strengthening contract enforcement next focus: Sanyal
Weak contract enforcement is the "single biggest hurdle" for economic growth and Narendra Modi government will be focusing on legal and administrative reforms, a senior finance ministry official said
 "Judicial reforms for strengthening contract enforcement next focus: Sanyal")