Page 308 - Economy & Policy News
5-year Cruise Bharat Mission launched: Govt eyes 1 mn sea cruise passengers
The mission includes setting up of a dedicated fund, easing of cabotage regulations and financial incentives
 "5-year Cruise Bharat Mission launched: Govt eyes 1 mn sea cruise passengers")
India's current account balance in $9.7 billion deficit in Q1FY25
Aditi Nayar, chief economist at ICRA, said, "While the CAD expectedly widened in Q1FY25, it undershot our forecast primarily due to secondary income."
 "India's current account balance in $9.7 billion deficit in Q1FY25")
Industrial sector growing at fast pace, can aim 9% growth: NITI CEO
According to the ASI data, the number of persons employed in manufacturing industries rose 7.5 per cent in 2022-23 to 1.85 crore from 1.72 crore in the previous year
 "Industrial sector growing at fast pace, can aim 9% growth: NITI CEO")
Key infra sectors' growth contracts 1.8% in August, shows govt data
The growth of core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 13.4 per cent in August 2023
 "Key infra sectors' growth contracts 1.8% in August, shows govt data")
Total employment in manufacturing industries up 7.5% in FY23: Govt survey
The number of total persons engaged in manufacturing industries increased to 1,84,94,962 in 2022-23 from 1,72,15,350 in 2021-22
 "Total employment in manufacturing industries up 7.5% in FY23: Govt survey")
India should not push US for GSP benefits as gains are marginal: GTRI
It also suggested that India should not seeks the resumption of the scheme in the upcoming India-US Commercial Dialogue on October 2
 "India should not push US for GSP benefits as gains are marginal: GTRI")
India's current account deficit widens to 1.1% of GDP in April-June 2024
The current account deficit stood at $9.7 billion, or 1.1 per cent of the GDP, in the fiscal first quarter, compared with a deficit of $8.9 billion or 1 per cent of GDP in the same quarter a year ago
 "India's current account deficit widens to 1.1% of GDP in April-June 2024")
India's fiscal deficit for Apr-Aug at Rs 4.35 trn, 27% of full-year target
Net tax receipts for the period were 8.74 trillion rupees, or 34% of the annual target, compared with 8.04 trillion rupees for the same period last year, according to the data
 "India's fiscal deficit for Apr-Aug at Rs 4.35 trn, 27% of full-year target")
Statsguru: FPI investments rise on India's strong growth outlook, IPO boom
Net investments by FPIs reached a five-quarter high, with a net inflow of over $11 billion as of September 26 in the July-September quarter (Q3) of calendar year (CY) 2024
 "Statsguru: FPI investments rise on India's strong growth outlook, IPO boom")
NITI Aayog to overhaul schemes for SC/STs, minorities & vulnerable groups
The Development Monitoring and Evaluation Office of NITI Aayog has sought proposals from consultancy firms to support the evaluation of Centrally Sponsored Schemes
 "NITI Aayog to overhaul schemes for SC/STs, minorities & vulnerable groups")
After Sebi, Parliament committee to conduct CCI's performance review
The Public Accounts Committee of Parliament, chaired by Congress leader KC Venugopal, has decided to assess the performance of regulatory bodies established by Acts of Parliament this financial year
 "After Sebi, Parliament committee to conduct CCI's performance review")
Smartphones overtake diamonds in India's exports to US, shows data
Nearly 50% of India's FY24 outbound iPhone shipments went to US
 "Smartphones overtake diamonds in India's exports to US, shows data")
CCI's latest merger overhaul may push deal timelines, increase filings
The amendments bring welcome changes like shorter assessment timelines and CCI hearings, but experts believe they may hinder ongoing deals and increase workload
 "CCI's latest merger overhaul may push deal timelines, increase filings")
Mechanism to control GST fraud in ITC claims expected in November
In FY24, Central GST officers booked 9,190 cases involving fake ITC worth Rs 36,374 crore
 "Mechanism to control GST fraud in ITC claims expected in November")
ELI schemes likely to favour large companies, Labour Ministry told
Employer bodies share concern as part of stakeholder meet with govt
 "ELI schemes likely to favour large companies, Labour Ministry told")
Rupee steady against US dollar in CY24, weakens vs euro and pound
Experts say RBI's action in dollar market may had an impact
 "Rupee steady against US dollar in CY24, weakens vs euro and pound")
Rajasthan CM Bhajanlal gives approval to investment promotion scheme
New and emerging sectors like aero and space, defense, drones, semiconductors, agri-tech and waste recycling have also been included in the policy
 "Rajasthan CM Bhajanlal gives approval to investment promotion scheme")
Goyal holds discussions with 140 firms getting production-linked incentives
The minister engaged with 140 companies out of the 1,300 manufacturing units across 14 sectors, which have been the beneficiaries of the scheme
 "Goyal holds discussions with 140 firms getting production-linked incentives")
Govt mulls new regulatory mechanism for FDI supervision and oversight
India is a major destination for foreign direct investments given its 1.4 billion market, stable policies, demographic dividend, good investment returns and skilled workforce
 "Govt mulls new regulatory mechanism for FDI supervision and oversight")
FPIs inflow hit 9-month high in equities in Sept, surpasses Rs 1trn mark
FPI inflows are likely to remain robust, driven by global interest rate easing and India's strong fundamentals