Page 1697 - Economy & Policy News
IT dept launches functionality for banks to check refund filing status
The Income Tax department on Wednesday said it has launched a functionality for scheduled commercial banks to check status of income tax returns filed by entities based on their PAN
 "IT dept launches functionality for banks to check refund filing status")
Why a bullion exchange can be a game changer for India's gold economy
The move is seen as a game changer for India's bullion industry, and is expected to put India in a position to set its own price of gold
 "Why a bullion exchange can be a game changer for India's gold economy")
IT refunds worth Rs 98,265 cr issued to 2.62 mn taxpayers in 5 months
This include personal income tax (PIT) refunds amounting to Rs 29,997 crore issued to 2.45 million taxpayers
 "IT refunds worth Rs 98,265 cr issued to 2.62 mn taxpayers in 5 months")
Fintech deals double to $1.17 bn during Jan-Jun despite slowdown: Report
The first quarter of 2020 saw fund inflows jumping fivefold and the same in the second quarter added 50 per cent more
 "Fintech deals double to $1.17 bn during Jan-Jun despite slowdown: Report")
India mulling anti-dumping duty on acrylic fibre from EU, Peru, others
The domestic industry has suffered material injury due to dumping of the product by these nations, according to a notification of DGTR
 "India mulling anti-dumping duty on acrylic fibre from EU, Peru, others")
Electricity demand improves to 98% of pre-Covid-19 level in August: ICRA
The electricity demand recovery on an all-India level has largely been led by northern and eastern states with a year-on-year (y-o-y) increase of 6-13 per cent in demand in July 2020, it said
 "Electricity demand improves to 98% of pre-Covid-19 level in August: ICRA")
Government allows airlines to increase capacity upto 60% of total capacity
Indian airlines resumed their domestic operations from 25 May after being grounded for two months due to the lockdown to contain Covid-19 pandemic
 "Government allows airlines to increase capacity upto 60% of total capacity")
Non-US destination look to lure more Indian students with easier visa norms
Canada, Ireland emerge as new education hotspots as Australia and UK get their act together
 "Non-US destination look to lure more Indian students with easier visa norms")
UP is the new Kerala in terms of remittances from Indians in the Gulf
The northern state houses 21 of the top-50 districts from where most low-skilled Indians go overseas for employment, followed by Bihar with seven; Kerala has only one
 "UP is the new Kerala in terms of remittances from Indians in the Gulf")
Capping MEIS benefits at Rs 2 cr to seriously affect exporters: FIEO
The government on Tuesday capped export incentives under the scheme at Rs 2 crore per exporter on outbound shipments made during the period from September 1 to December 31, 2020
 "Capping MEIS benefits at Rs 2 cr to seriously affect exporters: FIEO")
Western Railway saves Rs 3 cr by generating solar power at 75 stations
These rooftop solar plants generate a whopping 8.67MW
 "Western Railway saves Rs 3 cr by generating solar power at 75 stations")
Kashmir can be a model for sustainable economies of tomorrow: Haseeb Drabu
Haseeb Drabu was the Finance Minister of Jammu and Kashmir from 2015 to 2018. He tells Aditi Phadnis the government needs to cast a fresh eye on the state's economic development
 "Kashmir can be a model for sustainable economies of tomorrow: Haseeb Drabu")
To soften Covid-19 blow, India plans to extend MGNREGA to the cities
The program, when approved, may be rolled out in smaller cities and initially cost about 350 billion rupees ($4.8 billion), said Sanjay Kumar, a joint secretary
 "To soften Covid-19 blow, India plans to extend MGNREGA to the cities")
India's sugar crop faces delays with Covid-19 raging throughout nation
India's sugar harvest begins in October, when other major producers are winding down
 "India's sugar crop faces delays with Covid-19 raging throughout nation")
Unlock: Major garment export factories back to 60-80% capacity utilisation
The development comes months after shipments were kept on hold by international customers due to lockdown imposed in their respective countries
 "Unlock: Major garment export factories back to 60-80% capacity utilisation")
Covid-19 is a WhatsApp moment for healthcare, says Nandan Nilekani
In an interview with Bibhu Ranjan Mishra, he talks about how the learning from Aadhaar implementation, of doing things at scale using technology, will come in handy for implementing agencies
 "Covid-19 is a WhatsApp moment for healthcare, says Nandan Nilekani")
Raters see India's GDP contracting more in FY21 than projected earlier
Prescribe demand booster dose from govt, but many say that's unlikely to come
 "Raters see India's GDP contracting more in FY21 than projected earlier")
US-India trade deal can be finalised before or soon after Prez polls: Goyal
The "whole package" of the US-India trade deal is almost ready and it can be finalised when the local political situation in the United States is conducive
 "US-India trade deal can be finalised before or soon after Prez polls: Goyal")
Kashmir industry body flags business concerns with Nirmala Sitharaman
The Kashmir Chamber of Commerce and Industry (KCCI) flagged concerns of the business community during an online conference with Union Finance Minister Nirmala Sitharaman
 "Kashmir industry body flags business concerns with Nirmala Sitharaman")
98% of exporters, especially MSMEs will benefit under MEIS: Piyush Goyal
Ninety-eight per cent of exporters, especially MSMEs will benefit under MEIS with reward cap of Rs. 2 crore/ Importer Exporter Code from September 1 to December 2020
 "98% of exporters, especially MSMEs will benefit under MEIS: Piyush Goyal")