Page 370 - Economy & Policy News
GST Council likely to mull on online gaming, reduce tax on fertiliser
The council may also discuss the recommendations made by the Standing Committee on Chemicals and Fertilisers in February to reduce GST on nutrients and raw materials
 "GST Council likely to mull on online gaming, reduce tax on fertiliser")
Centre anticipates Rs 70k crore GST cess surplus from 'sin' goods
The surprise surplus is attributed to impressive revenue generation from taxes on the so called "sin" goods like pan masala, cigarettes
 "Centre anticipates Rs 70k crore GST cess surplus from 'sin' goods")
Budget 2024: FM vows Centre's support to states via timely tax devolution
At the pre-budget meeting with state finance ministers, Nirmala Sitharaman also nudged states to take advantage of the scheme under which the Centre gives 50-year interest free loan to states
 "Budget 2024: FM vows Centre's support to states via timely tax devolution")
Entrepreneurship a viable path to economic rejuvenation: TAC Security head
Arora believes that fostering a culture of entrepreneurship can be the key to revitalising Punjab's economy and addressing its woes lies in collaboration between entrepreneurs and the government
 "Entrepreneurship a viable path to economic rejuvenation: TAC Security head")
Boost enforcement mechanism to prevent child labour: Centre to states, UTs
The labour ministry asked states to make use of the online portal Platform For Effective Enforcement for No Child Labour for complaints
 "Boost enforcement mechanism to prevent child labour: Centre to states, UTs")
Rs 26 trillion of India's economy formalised in FY16-FY23, says SBI
According to the World Bank data, at 2017 international prices, 44% of India's population spent less than $3.65 per day
 "Rs 26 trillion of India's economy formalised in FY16-FY23, says SBI")
RBI's MPC minutes: External members make a strong case for rate cut
Internal members cite high food for status quo
 "RBI's MPC minutes: External members make a strong case for rate cut")
Forex reserves drop $2.92 bn to $652.89 bn for week ended June 14
In the previous reporting week, the kitty had jumped by $4.307 billion to $655.817 billion, a new all-time high after consecutive weeks of increase in the reserves
 "Forex reserves drop $2.92 bn to $652.89 bn for week ended June 14")
GST rate rationalisation panel reconstituted, Bihar dy CM named convenor
The GoM also includes West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda, and Kerala Finance Minister K N Balagopal
 "GST rate rationalisation panel reconstituted, Bihar dy CM named convenor")
Govt considers tax reductions as part of $6 billion consumer boost
Officials in the Ministry of Finance have discussed proposals to reduce taxes for consumers with the highest propensity to spend
 "Govt considers tax reductions as part of $6 billion consumer boost")
Easing inflation no respite for people's financial woes: Kantar report
Rural market 'bright spot' for consumer goods products, says consumer research firm
 "Easing inflation no respite for people's financial woes: Kantar report")
Rising imports from China powering India's electronics production
Other countries such as Korea and Taiwan combined have seen their imports hit $4.5 billion in FY24 but they are still half of China and Hong Kong combined
 "Rising imports from China powering India's electronics production")
India tech stack will help stimulate growth: HUL's Nitin Paranjpe
HUL executive chairman says FMCG continues to be strong in India
 "India tech stack will help stimulate growth: HUL's Nitin Paranjpe")
Engage NSC more actively for robust surveys: NSC chairman to govt
Tussle between the commission and govt agencies has been going on since its inception in 2006,' says former NSC head
 "Engage NSC more actively for robust surveys: NSC chairman to govt")
Export projection for FY25 underway, working on ease of doing biz: DGFT
"Export target for current fiscal is not yet finalised," DGFT Santosh Kumar Sarangi told reporters after interacting with the exporters of Kolkata
 "Export projection for FY25 underway, working on ease of doing biz: DGFT")
Retail inflations for agricultural, rural workers remain almost flat in May
According to the statement, the point-on-point inflation rate based on CPI-AL was recorded at 7.00 per cent in May 2024, showing a deceleration from 7.03 per cent in April this year
 "Retail inflations for agricultural, rural workers remain almost flat in May")
MSMEs: The nuances beyond financial parameters
With the new government, the hope for a new gambit for MSMEs is a pressing priority at the moment, and any move is welcome in the wake of World MSME Day to be celebrated on June 27
 "MSMEs: The nuances beyond financial parameters")
Gains in manufacturing and services sectors push flash PMI to 60.9 in June
The survey also noted that pace of job creation was at its strongest in over 18 years
India's biz activity grows faster in June, job creation at 18-yr high: PMI
The manufacturing index showed bigger gains to 58.5 from 57.5 in May while the dominant services industry's reading rose slightly to 60.4 this month from 60.2
 "India's biz activity grows faster in June, job creation at 18-yr high: PMI")
Eyeing 2025 polls, Aus aims early completion of trade deal with India
Both nations had signed the interim trade deal, also known as India-Australia Economic Cooperation and Trade Agreement (ECTA) that came into force on December 29, 2022
 "Eyeing 2025 polls, Aus aims early completion of trade deal with India")