Page 218 - Economy & Policy News
Net direct tax kitty rises 13% to Rs 21.26 trillion so far in FY25
During the year, the government collected Rs 10.44 trillion from four instalments of advance tax as against Rs 9.11 trillion in the previous fiscal, registering a growth of 14.62 per cent
 "Net direct tax kitty rises 13% to Rs 21.26 trillion so far in FY25")
India's merchandise trade deficit narrows to $14.05 billion in February
Merchandise trade deficit for March was $14.05 billion, compared with economists' forecast of $21.65 billion
 "India's merchandise trade deficit narrows to $14.05 billion in February")
WPI inflation rises to 2.38% in Feb from 2.31% in Jan on fuel and power
The fuel and power index increased by 2.12 per cent to 153.8 (provisional) in February from 150.6 (provisional) for the month of January
 "WPI inflation rises to 2.38% in Feb from 2.31% in Jan on fuel and power")
India, New Zealand restart FTA negotiations after a 10-year hiatus
The announcement coincides with New Zealand Prime Minister Christopher Luxon's visit to India
 "India, New Zealand restart FTA negotiations after a 10-year hiatus")
India should seek reciprocity from EU on medical devices under FTA: GTRI
"To achieve a fair trade deal, India must demand reciprocity. India should cut tariff on medical devices only if the EU reduces its non-tariff barriers," Global Trade Research Initiative (GTRI) said
 "India should seek reciprocity from EU on medical devices under FTA: GTRI")
J&K Assembly passes Rs 7,019 crore grants for five key departments
During discussions, the deputy chief minister highlighted that the public works department oversees a 40,000-km road network and is set to blacktop 4,000 kilometres of roads in 2025-26
 "J&K Assembly passes Rs 7,019 crore grants for five key departments")
J&K received 8,500+ investment proposals worth over Rs 1.69 trn: Dy CM
The government has provided land measuring for industrial purposes to 213 non-local people and 1,751 locals under the Industrial Policy 2016-26 and Industrial Land Allotment Policy 2021-30
 "J&K received 8,500+ investment proposals worth over Rs 1.69 trn: Dy CM")
India, China saw strong trade growth in Q4 2024 amid risks: UN report
Developing nations, particularly China and India, saw better than average trade expansion, while many developed nations experienced trade contractions
 "India, China saw strong trade growth in Q4 2024 amid risks: UN report")
MSME industry bodies urge RBI to tweak norms for ecommerce exports
A digital verification system linked to bank accounts could further streamline the process
 "MSME industry bodies urge RBI to tweak norms for ecommerce exports")
Govt likely to bring back single tax return system for search cases
Single return may cover six years plus part-year when investigation is done
 "Govt likely to bring back single tax return system for search cases")
India-US discuss reciprocal tariffs, 1st phase of bilateral trade agreement
Goyal met key officials of the Donald Trump-led administration in Washington last week, including Greer, and his counterpart Howard Lutnick to discuss urgent trade issues
 "India-US discuss reciprocal tariffs, 1st phase of bilateral trade agreement")
Inflation eases, but RBI may not go for aggressive rate cuts: Economists
India's headline CPI inflation eased to 3.61 per cent in February - the lowest since July 2024 - on the back of a sharp decline in food inflation, mostly due to lower vegetable prices
 "Inflation eases, but RBI may not go for aggressive rate cuts: Economists")
India to become world's third-largest economy by 2028: Morgan Stanley
According to Morgan Stanley, India was the 12th largest economy in the world in 1990, slipped to 13th position in 2000 before rising to 9th rank in 2020 and 5th in 2023
 "India to become world's third-largest economy by 2028: Morgan Stanley")
Rupee gains for third straight day; forex reserves surge $15 billion
The rupee gained 0.58 per cent against the dollar this month, while weakened 1.6 per cent in 2025
 "Rupee gains for third straight day; forex reserves surge $15 billion")
New IIP series may use GST data, be seasonally adjusted: MoSPI Secy
Besides, the new IIP series will be chain-based, as the annual survey of industries (ASI) data is available to adjust the weights of different industries
 "New IIP series may use GST data, be seasonally adjusted: MoSPI Secy")
Centre assures exporters will protect their interests amid US tariff threat
The issues related to the country's exports were discussed during a virtual meeting chaired by Commerce and Industry Minister Piyush Goyal
 "Centre assures exporters will protect their interests amid US tariff threat")
RBI to set up 'On Tap' cohort on climate change risks: Guv Malhotra
As a central bank, he said the RBI is mindful of its role in addressing and mitigating risks to the financial system from climate change
 "RBI to set up 'On Tap' cohort on climate change risks: Guv Malhotra")
Food prices cool Feb inflation to 3.61%; IIP rises to 8-month high in Jan
Rajani Sinha, chief economist at CARE Ratings, said food inflation is likely to remain benign in the coming months but any weather-related disruptions could play spoilsport
 "Food prices cool Feb inflation to 3.61%; IIP rises to 8-month high in Jan")
Speed of digital penetration at individual level needs to be stepped up
The State of India's Digital Economy Report 2025 says that India is the third largest digitised country in the world at an aggregate level
 "Speed of digital penetration at individual level needs to be stepped up")
US tariffs on steel & aluminium come into effect; MSMEs to be hit
While large steel players that produce carbon steel products may not see any major impact, since exports of such products is limited
 "US tariffs on steel & aluminium come into effect; MSMEs to be hit")