Page 1419 - Economy & Policy News
Sugar can be exported sans subsidy only under tighter global mkts: industry
Commodity is quoting at $415-420 a tonne in global market currently; industry says price range of $435-440 will make exports without subsidy support viable
 "Sugar can be exported sans subsidy only under tighter global mkts: industry")
A near-empty CBDT tackles arbitration cases, domestic tax issues
Four vacancies in the Central Board of Direct Taxes (CBDT) have not been filled despite the Appointments Committee of Cabinet (ACC) clearing names in February, exposing administrative gaps
 "A near-empty CBDT tackles arbitration cases, domestic tax issues")
Labour ministry hikes variable DA for workers in central sphere
The hike, which will be effective from April 1, 2021, will also result in an increase in rate of minimum wages for central sphere employees and workers
 "Labour ministry hikes variable DA for workers in central sphere")
IMF says it's ready to scale up collaboration with India during pandemic
The International Monetary Fund stands ready to strengthen its dialogue and scale-up its technical collaboration with India, spokesperson Gerry Rice has said
 "IMF says it's ready to scale up collaboration with India during pandemic")
Forex reserves near record high, jump $563 million to $590.028 billion
The country's foreign exchange reserves rose by $563 million to reach $590.028 billion in the week ended May 14, RBI data showed on Friday
 "Forex reserves near record high, jump $563 million to $590.028 billion")
Secure health facilities, oxygen plants during upcoming monsoon: Home secy
Union Home Secretary Ajay Bhalla on Friday reviewed the national disaster management apparatus and "advised" concerned agencies to be better prepared
 "Secure health facilities, oxygen plants during upcoming monsoon: Home secy")
Indian refiners process less crude in April as pandemic stalls activity
Refiners processed about 4.9 million barrels per day (bpd) or 19.89 million tonnes of oil last month, government data showed
 "Indian refiners process less crude in April as pandemic stalls activity")
RBI's higher payout to help govt tide over revenue losses: Analysts
After the RBI surprised the Centre with a record Rs 99,122 crore in surplus transfer for FY21, analysts said this will help the government tide over the revenue losses from lockdowns
 "RBI's higher payout to help govt tide over revenue losses: Analysts")
India's natural gas output rises 23% as RIL-BP fields start production
India's natural gas production jumped 22.7% in April after Reliance Industries Ltd and its partner BP Plc ramped up output from KG-D6 block
 "India's natural gas output rises 23% as RIL-BP fields start production")
SBI report pegs total Covid vaccination cost in India at Rs 3.7 trillion
Poorer states with high population would not be able to vaccinate themselves quickly. Richer states may have to pay a much steeper price given the global oligopolistic market, the report said
 "SBI report pegs total Covid vaccination cost in India at Rs 3.7 trillion")
India's crude imports stall in April as coronavirus stifles demand
Crude oil imports in April were at 18.26 million tonnes, although on a yearly basis they rose about 10.3%, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Thursday
 "India's crude imports stall in April as coronavirus stifles demand")
India's female innerwear market to double to $11 bn by 2025: RedSeer
Market will grow in smaller cities quicker: a trend supported by rising incomes and brand awareness.
 "India's female innerwear market to double to $11 bn by 2025: RedSeer")
China lead grows as INS Rajput, Navy's 1st destroyer, retires today
The PLA(N) has been commissioning three new destroyers every year, while Indian defence shipyards have been barely completing one destroyer every 2-3 years
 "China lead grows as INS Rajput, Navy's 1st destroyer, retires today")
Govt cuts sugar export subsidy to Rs 4,000 a tonne on global price rise
Trade sources said it might not impact exports much; of the existing quota of 6 million tonnes, 5.7 million tonnes have already been contracted at higher subsidy rate
 "Govt cuts sugar export subsidy to Rs 4,000 a tonne on global price rise")
Govt extends timelines for income tax compliance amid Covid-19 crisis
The I-T department also extended the ITR filing deadline for companies by a month till November 30
 "Govt extends timelines for income tax compliance amid Covid-19 crisis")
Centre considers a revamp of stressed asset guarantee scheme for MSMEs
As of May 14, guarantees of only Rs 68.39 crore had been issued, benefiting 632 businesses, a senior government official told Business Standard
 "Centre considers a revamp of stressed asset guarantee scheme for MSMEs")
Fear of unknown grips govt's privatisation plan with second Covid wave
Despite the uncertainty and unpredictability on how things will unfold, Centre is hopeful of completing transactions listed in Budget with a delay of one to two months
 "Fear of unknown grips govt's privatisation plan with second Covid wave")
Take extra care, ensure market processes are not undermined: Sitharaman
CCI should take "extra care" and ensure that no "omission or commission" result in undermining of market processes as businesses look for revival after the pandemic, says Nirmala Sitharaman
 "Take extra care, ensure market processes are not undermined: Sitharaman")
Banks may transfer 80 large NPA accounts for resolution to National ARC
It is expected that NPAs over Rs 2 trillion will move out of the books of the banks to the bad bank
 "Banks may transfer 80 large NPA accounts for resolution to National ARC")
Second Covid-19 wave: NBFCs brace for defaults, grim business prospects
The collections are down as staff is not able to reach out to customers.
 "Second Covid-19 wave: NBFCs brace for defaults, grim business prospects")