Page 1891 - Economy & Policy News
Govt cuts domestic natural gas price by 26% for first half of FY21
The rate for gas produced from difficult fields will be $5.61 mBtu on gross calorific value basis.
 "Govt cuts domestic natural gas price by 26% for first half of FY21")
Develop innovative methods to fund requirements: FM Sitharaman at G20
She was speaking at the 2nd Extraordinary G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, held in a virtual manner.
 "Develop innovative methods to fund requirements: FM Sitharaman at G20")
Govt extends foreign trade policy, other export benefits for one year
Currently, tax benefits are provided under the Merchandise Export from India Scheme for goods and the Services Export from India Scheme).
 "Govt extends foreign trade policy, other export benefits for one year")
PPF to fetch 7.1%, NSC 6.8% as govt cuts small savings interest rates
This is because the government went for one of the steepest cuts of up to 1.4 percentage points in these interest rates to facilitate banks to lower their rates.
 "PPF to fetch 7.1%, NSC 6.8% as govt cuts small savings interest rates")
RBI reallocates portfolios of deputy governors after Vishwanathan retires
RBI now functions with three deputy governors - B.P. Kanungo, M.K. Jain and Michael Patra
 "RBI reallocates portfolios of deputy governors after Vishwanathan retires")
Warehousing industry struggles with reduced staff amid Covid-19 lockdown
The technology-driven logistics company that focuses on truckload (more than 800 km) transportation in India has its truckers waiting at these warehouses to unload essential cargo for over a week now.
 "Warehousing industry struggles with reduced staff amid Covid-19 lockdown")
Coronavirus fear: Govt issues ordinance, 100% tax rebate for PM-CARES Fund
The Ordinance also amended the provisions of the Income Tax Act to provide the same tax treatment to PM-CARES Fund as available to the Prime Minister's National Relief Fund
 "Coronavirus fear: Govt issues ordinance, 100% tax rebate for PM-CARES Fund")
Essential supplies face disruption as Covid-19 cripples road transport
The possibility of harassment by cops and fear of the unknown have forced a large number of truck drivers to abandon vehicles at the transport centres and flee home.
 "Essential supplies face disruption as Covid-19 cripples road transport")
IMF can help develop methods to meet Covid-19 related financing: FM at G20
FM was speaking at the 2nd Extraordinary G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, held in a virtual manner.
Covid-19: InvITs may find it hard to meet 90% dividends distribution rule
Surplus generation will remain limited in Q1FY21 and NHAI compensation may take time, so till then, the liquidity buffer will be used for operating expenses and debt servicing, says Icra
 "Covid-19: InvITs may find it hard to meet 90% dividends distribution rule")
Rise in petroleum production drives core sector output to 11-month high
Grows by 5.5% in Feb, driven by petroleum production, rise in electricity output
 "Rise in petroleum production drives core sector output to 11-month high")
Fiscal deficit for April-February touches 135.2% of Revised Estimates
The data released by the Controller General of Accounts on Tuesday shows that to meet the RE for 2019-20, the central government will have to garner Rs 5.03 trillion in total revenues in March
 "Fiscal deficit for April-February touches 135.2% of Revised Estimates")
Govt cuts interest rates on small savings schemes as lockdown continues
Interest rates were also cut for a senior citizens saving scheme and National Savings Certificate
 "Govt cuts interest rates on small savings schemes as lockdown continues")
Covid-19 lockdown: No coercion on taxpayers to pay up, clarifies FinMin
Income-Tax department had asked field formations to contact taxpayers over phone or email to follow up on pending collections
 "Covid-19 lockdown: No coercion on taxpayers to pay up, clarifies FinMin")
FY20 disinvestment mop-up at Rs 50,298 cr, govt misses budget target
In the Budget 2019-20, disinvestment revenue was pegged at Rs 1.05 trillion. However, in the RE, the projection was lowered substantially to Rs 65,000 crore
 "FY20 disinvestment mop-up at Rs 50,298 cr, govt misses budget target")
Govt to borrow Rs 4.88 trillion in first half of FY21: DEA Secretary
Finance Minister Nirmala Sitharaman had in her budget for 2020-21 pegged gross borrowing in the new financial year at Rs 7.8 trillion, higher than Rs 7.1 trillion estimated in the current fiscal
 "Govt to borrow Rs 4.88 trillion in first half of FY21: DEA Secretary")
Covid-19: Govt extends lower withholding tax orders validity by 3 months
Due to Covid-19 outbreak, there is severe disruption in the normal working of almost all sectors, including functioning of the Income Tax department
 "Covid-19: Govt extends lower withholding tax orders validity by 3 months")
Covid-19 induced lock-down to dampen investment scenario: Study
Four out of the six parameters- investment rate, bank credit offtake, industrial production of capital goods and new investment projects are pointers to deteriorating investment scenario
 "Covid-19 induced lock-down to dampen investment scenario: Study")
Sonnagar-Dankuni freight corridor section likely to get aid from World Bank
The 538-km stretch is estimated to cost Rs 15,000 crore
 "Sonnagar-Dankuni freight corridor section likely to get aid from World Bank")
Covid-19: Recession for world economy; India, China likely exceptions: UN
The report did not give a detailed explanation as to why and how India and China will be the exceptions as the world faces a recession and loss in global income that will impact developing countries
 "Covid-19: Recession for world economy; India, China likely exceptions: UN")