Page 1780 - Economy & Policy News

June GST collections at Rs 90,917 cr, up from Rs 62,009 cr mopped up in May

The government had allowed a relaxed time schedule for filing of Goods and Services Tax (GST) returns

World Bank approves $750 mn emergency response fund for India's MSME sector

This takes the World Bank's total commitment to $2.75 billion to support India's emergency Covid-19 response

Safe bet: Five reasons that will lead gold to all-time high price

Indian households supposedly hold 25,000 tonnes of gold valued at Rs.121.5 trillion, or almost 60 per cent of India's GDP.

The past three years of GST and the road ahead

The journey has been a mixed bag, as several issues remain unresolved: Let's turn back and revisit what GST has attained and it couldn't

India's factory activity contracts for third straight month in June

While the Nikkei Manufacturing Purchasing Managers' Index increased to 47.2 last month from 30.8 in May it was still below the 50-mark separating growth from contraction

Andhra govt withdraws 253.61 acres land from Amara Raja Infratech

Andhra Pradesh govt on Tuesday has withdrawn 253.61 acres of land allotted to Amara Raja Infratech Pvt Limited for the establishment of Digital World City/Industrial Park.

Railways to ply 700 more Mumbai local trains but not for general passengers

The trains will, however, only carry essential services personnel identified by the Maharashtra government

Countries burning fossil fuel can't give sermons on climate change: Joshi

Pralhad Joshi says he will replace mines from the auction if chief ministers object but they should understand this will change the economic situation in states.

Relief for pharma firms as govt starts clearing API imports from China

This comes after a week of economic disruption caused by introducing stringent scrutiny, resulting in shipments originating in China getting held up at Indian ports.

Limit expenses or won't sanction them: CBDT to HoDs in cost-cutting drive

Issues letter to heads of department asks to adhere to financial power

States continue to tap cheap rates to borrow more than originally planned

Seven state governments had lined up to borrow Rs 9,000 crore, but ended up borrowing Rs 12,000 crore from the markets because of the cheap rates.

Core sector output shrinks for third straight month in May, shrinks 23.4%

In May, the production of refinery products, a key export item, took the biggest hit. Output fell by 21.3 per cent after contracting by 24.2 per cent in April

Public debt accounts for 91% of Centre's Rs 94-trillion liabilities

Public debt accounted for 90.9 per cent of total outstanding liabilities as on March 31, 2020, said the quarterly report on Public Debt Management.

Covid-19 crisis: Banking credit shrinks 1.7% in May as lockdown bites

According to Reserve Bank of India (RBI) data, gross bank credit was down to Rs 91.08 trillion in May, from Rs 92.63 trillion in March.

India needs to increase fiscal stimulus to revive economy: Pronab Sen

The government in May announced a staggering Rs 20.97 trillion economic package, or about 10 per cent of GDP, which included Reserve Bank's Rs 8.01 trillion crore worth of liquidity measures

Covid-19 pandemic may set back banks' recovery by years, says S&P

It also expects non-performing assets (NPAs) to hit a fresh high this year.

Power producers need a new paradigm amid low, unpredictable demand

PPAs are proving inflexible in a regime of falling demand and the rise of renewable power

Decline in tax revenue collection narrows to 37% in May as economy picks up

Gross tax revenue in May stood at Rs 58,533 crore, against Rs 93,389 crore in the same month last year, revealed the data by the Controller General of Accounts on Tuesday.

India records current account surplus of 0.1% of GDP, at $600 mn in Q4

As against this, there was a deficit of $4.6 bn, or 0.7% of GDP in the year ago quarter and $2.6 billion (0.4% of GDP) in Q3 of 2019-20

April-May fiscal deficit at 58.6% of fiscal year target as revenue slumps

Total revenue was Rs 45,498 crore, or 2 per cent of the budgeted estimate of Rs 22.46 trillion, compared to 7.1 per cent for the same period last year.