Page 2272 - Economy & Policy News
Cyclone Fani likely to hit Odisha govt's FY20 revenue generation
The state government is likely to present the annual budget for 2019-20 in July
 "Cyclone Fani likely to hit Odisha govt's FY20 revenue generation")
India, SA ask WTO to review moratorium on e-commerce customs duties
In a joint communication submitted to the WTO on Tuesday, both the countries have stated that the "General Council needs to revisit" all the issues on the e-commerce moratorium
 "India, SA ask WTO to review moratorium on e-commerce customs duties")
Bank of India puts Rs 30,000-crore non-performing asset accounts on sale
The public sector bank did not mention the amount, and said the information regarding the accounts will be given separately to the bidders
 "Bank of India puts Rs 30,000-crore non-performing asset accounts on sale")
In second term, Narendra Modi shifts to 5th gear for Ujjwala scheme
Under Modi 2.0, this is priority and officials have identified at least 10 districts with the lowest average refill rate of below two a year
 "In second term, Narendra Modi shifts to 5th gear for Ujjwala scheme")
Air India deal likely to be sweetened further, PIM expected by July 7
The govt has decided to come out with the preliminary information memorandum (PIM) inviting expression of interest (EoI) by the first week of July
 "Air India deal likely to be sweetened further, PIM expected by July 7")
SBI targets 10-12% growth on the back of healthy credit revival, recoveries
In the financial year ended March 2019, SBI posted a standalone profit of Rs 862 crore and a consolidated profit of Rs 2,300 crore
 "SBI targets 10-12% growth on the back of healthy credit revival, recoveries")
Freeing petrol pump licensing to enhance competition in fuel retail: ICRA
An expert committee on easing of fuel retailing licensing rules in its report said the requirement of authorisation from the central government to market petrol and diesel should continue
 "Freeing petrol pump licensing to enhance competition in fuel retail: ICRA")
Chhattisgarh has no plans to return land alloted to projects now abandoned
The government had earlier returned the land it had acquired for Tata Steel's Bastar project
 "Chhattisgarh has no plans to return land alloted to projects now abandoned")
IGST credit accrued in FY18 won't lapse even if not availed, assures FinMin
The ministry also advised taxpayers to file the correct data about tax payment and other details as reported in monthly sales returns in annual return GSTR-9 by omitting the auto populated data
 "IGST credit accrued in FY18 won't lapse even if not availed, assures FinMin")
Yogi govt to constitute UP Metro Rail Corp for Agra, Kanpur projects
Noida Metro Rail Corp, set up to pilot metro rail project in Noida and Greater Noida towns, won't be subsumed under new entity and will exist as an independent body
 "Yogi govt to constitute UP Metro Rail Corp for Agra, Kanpur projects")
Number of ATMs dips, PoS centres see rise in digital payments push
While digital payments are seeing exponential growth, cash shows no signs of slowing
 "Number of ATMs dips, PoS centres see rise in digital payments push")
13 feared dead in Air Force crash; overhaul of AN-32 aircraft languishes
Ukraine-Russia spat over Crimea derails AN-32 fleet modernisation
 "13 feared dead in Air Force crash; overhaul of AN-32 aircraft languishes")
Explained: The controversy around 3-language policy and 'Hindi imposition'
Draft of a new education policy released by the Centre came under fire from Opposition parties who alleged that it proposes to 'impose Hindi' on non-Hindi speaking states
 "Explained: The controversy around 3-language policy and 'Hindi imposition'")
Despite rate cuts, India's moribund housing market stuck in low gear: Poll
House prices are expected to rise 2.5% next year and 3.8% in 2021, well below the projected pace of consumer price inflation for those periods.
 "Despite rate cuts, India's moribund housing market stuck in low gear: Poll")
Shunned at home, India's shadow banks are paying more for foreign funds
The country's non-banking financial companies have raised more than $2 billion of overseas bonds and loans in 2019, a record compared with the same period in previous years
 "Shunned at home, India's shadow banks are paying more for foreign funds")
US' withdrawal of GSP benefits from India smells of lobbyist's hand
US President Donald Trump signed a proclamation on Friday, stating that the GSP scheme, which offered duty-free market access to more than 3,000 items exported from India, would be withdrawn on June 5
 "US' withdrawal of GSP benefits from India smells of lobbyist's hand")
Trade mis-invoicing cost India $13 bn in tax revenues in 2016, says report
The findings are part of a report by Washington, DC-based think tank Global Financial Integrity
 "Trade mis-invoicing cost India $13 bn in tax revenues in 2016, says report")
Skymet advises farmers to delay crop sowing due to weak monsoon onset
Skyment predicted the onset of monsoon over Kerala on June 7 against its earlier forecast of June 4
 "Skymet advises farmers to delay crop sowing due to weak monsoon onset")
GST Council likely to tweak textiles rates in line with global markets
At present, there are three rates - 5%, 12% and 18% - for various items under the textile sector
 "GST Council likely to tweak textiles rates in line with global markets")
$1-trn investments in each of next 5 years can spur GDP growth to 10%: CII
Around $5.74 trillion would be needed to boost GDP growth to levels that can pull up 27 crore Indians from below the poverty line, and generate 70-80 lakh jobs a year, CII president said
 "$1-trn investments in each of next 5 years can spur GDP growth to 10%: CII")