Page 1790 - Economy & Policy News

Covid-19 to dent India's FY21 per capita income by 5.4%: SBI report

Among states, Delhi, Chandigarh, and Gujarat will be the worst hit with PCI falling 15.4 per cent, 13.9 per cent and 11.6 per cent, respectively in FY21

Covid-19: Bihar, Chhattisgarh, Jharkhand yet to transfer cash to workers

So far, states have transferred around Rs 5,000 crore, which is merely 16 per cent of the total cess funds of Rs 31,000 crore accumulated through the collection of cess from employers.

India's medium term fiscal outlook key for rating action: Thomas Rookmaaker

Fitch Ratings expect India's economic activity to contract by 5% in FY21 due to the strict lockdown measures imposed, before rebounding by 9.5% in FY22

CEA Subramanian says V-shaped recovery possible if Covid-19 contained

With a coronavirus vaccine still months or may be even years away, economists outside the government don't see a sustained recovery anytime soon.

Shutting India's doors will not help, says CEA amid anti-China sentiments

He said the country had followed the import-substitution model till 1991, and that approach has been discredited since

Economy is picking up, says FinMin as it gives out select indicators

This comes even as the April-June quarter, and the 2020-21 fiscal year are headed for a contraction, with some estimates pegging GDP contraction for the year to be as high as 6%

iPhone maker Foxconn eyes further India investment, sees bright outlook

Foxconn already makes smartphones in India for Apple Inc and Xiaomi Corp, though in March said it suspended production due to the novel coronavirus outbreak

Govt considers imposing customs duty on solar equipment from August

India does not now levy a customs tax on imports of solar cells and modules, most of which come from China

Visa suspension likely to cause minimal disruption for Indian IT firms

Recessionary environment, travel restriction to minimise the impact to a large extent

H-1B, L-1 visas suspension 'mildly negative' for Indian IT firms: Icra

Indian IT companies have reduced their dependence on the visas because of the tightening of visa issuances

Govt considering basic customs duty of 20% on solar energy equipment

At present, 15 per cent SGD is applicable on solar cells. This would be zero or nil from July 30, 2020

UPPCL scraps consignment of Chinese smart meters over military standoff

Smart meters are believed to improve energy efficiency through realtime monitoring and transmition of power consumption data

India's farm trade may rebound in second half of 2020: Fitch Solutions

Stating that the farm trade was greatly disrupted during the lockdown due to logistic issues, Fitch Solutions said both exports and imports collapsed over March-June

Our imports are driven by pure economics, not love for China: Rathin Roy

In a Q&A, the director of NIPFP, who steps down in August, dwells on his reasons for quitting and his future plans,

Covid-19 lockdown: 20 mn construction workers got Rs 4957 cr aid, says govt

About 17.5 million transactions were done directly into the bank accounts of the workers through Direct Benefit Transfer

Prompt policy measures helped to revive economy with minimal damage: FinMin

Stating that agricultural sector remains the foundation of the Indian economy, the ministry said that a normal monsoon, as has been forecast, should support the rebooting of the economy

India initiates probe into alleged dumping of aluminium foil from 4 nations

The applicants have alleged that dumping has impacted the industry and has requested for imposition of the anti-dumping duty on the imports

MSMEs may see another round of restructuring as RBI moratorium eases

Small businesses remain under stress as India ends lockdown to contain coronavirus outbreak

Fitch revises Indian GREs', HPCL's outlook to negative; IDRs at BBB-minus

Fitch has also revised the outlook on Hindustan Petroleum Corporation to negative from stable and affirmed the long-term IDR at BBB-minus

Galwan Valley clash: Govt plans to cap China FPI investments at 5%

The sources said the proposal had already been discussed by the DEA and Sebi and is awaiting feedback from the Prime Minister's Office (PMO).