Page 1853 - Economy & Policy News
Three UPA-era initiatives prove crucial in Modi govt's war on Covid
While they provide a social security for India's poor and destitute, all three have undergone significant changes for better or worse, under the NDA regime
 "Three UPA-era initiatives prove crucial in Modi govt's war on Covid")
Tough times for sugar mills as demand from business consumers dwindles
Low offtake of sweetener as cold drink units, ice-cream factories, and sweet shops remain shut due to lockdown. No offtake from liquor plants, paper units and OMCs for byproduts either
 "Tough times for sugar mills as demand from business consumers dwindles")
Why India must chance raising debt despite risk of a sovereign downgrade
Vast attention to debt by rating agencies may be exaggerated, as every key economy is borrowing heavily. It is the pace of post-pandemic economic recovery that will interest foreign investors
 "Why India must chance raising debt despite risk of a sovereign downgrade")
Covid-19 economic impact to be much greater than assessed earlier
Large-scale contraction across sectors in April; which way the GDP will go depends largely on how long the lockdown stays
 "Covid-19 economic impact to be much greater than assessed earlier")
Govt appoints Tarun Bajaj as Director on Reserve Bank Central Board
As a Joint Secretary in the Department of Financial Services for four years, he was looking after the insurance division
 "Govt appoints Tarun Bajaj as Director on Reserve Bank Central Board")
Tirupur garment units may not resume work before May 6 over scrutiny issues
District admin portal being updated, go-ahead only for for exporting units, buying offices, export offices and export-related job work units
 "Tirupur garment units may not resume work before May 6 over scrutiny issues")
With record excise duty hike on fuel, Modi govt may gain Rs 1.6 trn in FY21
Together with Rs 39,000 crore in annual revenues gained from the March 14 excise duty hike of Rs 3 per litre each on petrol and diesel, the government stands to gain as much as Rs 2 trillion
 "With record excise duty hike on fuel, Modi govt may gain Rs 1.6 trn in FY21")
Use of technology integral for Covid-19 containment strategy: Harsh Vardhan
The GoM was informed that close to 90 million users had downloaded the Aarogya Setu app as on May 4
 "Use of technology integral for Covid-19 containment strategy: Harsh Vardhan")
Petrol, diesel excise hike can add Rs 1.4 trn to govt's coffers: Barclays
Apart from the increase in central government taxes, several states and union territories, including Delhi, Haryana, Assam, Punjab, also have raised the state tax on fuel
 "Petrol, diesel excise hike can add Rs 1.4 trn to govt's coffers: Barclays")
Covid-19 impact: India services PMI falls to lowest ever in April
India's services activity collapses as coronavirus palayses global economy -PMI
 "Covid-19 impact: India services PMI falls to lowest ever in April")
Act responsibly or mining lease will be scrapped: Chhattisgarh govt to NMDC
NMDC Ltd presently mines 90 per cent of its iron ore from Chhattisgarh's leftist insurgency-hit Dantewada district
 "Act responsibly or mining lease will be scrapped: Chhattisgarh govt to NMDC")
Govt to do away with mandatory washing of coal for thermal power units
The environment ministry now in its latest note has said, "In the overall scheme of coal, mine, washery and power plant, the extent of ash content in mined coal remains the same"
 "Govt to do away with mandatory washing of coal for thermal power units")
People registered under Companies Act 2013 can file GSTR-3B via EVC: Govt
A person registered under provisions of Companies Act 2013 shall, during the period from 21st April 2020 to 30th June 2020 shall be allowed to furnish the return
 "People registered under Companies Act 2013 can file GSTR-3B via EVC: Govt")
Top 10 biz headlines: IT firms on cost-cutting, PE players' post-Covid plan
Here are top 10 business headlines on Wednesday
 "Top 10 biz headlines: IT firms on cost-cutting, PE players' post-Covid plan")
Coronavirus outbreak pulls down rail freight traffic to historic low
Data shows freight traffic and earnings are down for the first time in 18 yrs
 "Coronavirus outbreak pulls down rail freight traffic to historic low")
Hand out temporary ration cards, money to the poor: Abhijit Banerjee
Economist and former RBI Governor, Raghuram Rajan had a similar interaction with Gandhi last week
 "Hand out temporary ration cards, money to the poor: Abhijit Banerjee")
HC rejects revenue dept arguments, allows pre-GST credit till June 30
Court says 90-day limit after GST rollout under rule 117 of CGST Act, on which revenue dept relied, is directional, not mandatory
 "HC rejects revenue dept arguments, allows pre-GST credit till June 30")
Mumbai's prime residential market may witness a price decline of 3%: Report
According to Knight Frank's Prime Global Residential Forecast, in 2021 Mumbai's prime residential market is expected to witness a price decline of 3 per cent.
 "Mumbai's prime residential market may witness a price decline of 3%: Report")
Banks park Rs 8.42 trn of surplus funds with RBI, hinting lending pause
The record amount is a worrying sign for the economy: either there is no demand for credit or banks are scared to lend.
 "Banks park Rs 8.42 trn of surplus funds with RBI, hinting lending pause")
Vashi APMC traders see supplies to Mumbai impacted over movement curbs
Bar on inter-city movement. Those coming from Mumbai to Navi Mumbai will have to find a place to stay in Navi Mumbai itself
 "Vashi APMC traders see supplies to Mumbai impacted over movement curbs")