Page 477 - Economy & Policy News
Govt eases norms for shifting of used IT hardware goods to tariff areas
SEZs are treated as deemed foreign territory for customs laws and bringing goods from these zones into the domestic tariff area (DTA) or domestic market is tantamount to imports
 "Govt eases norms for shifting of used IT hardware goods to tariff areas")
ATF price cut by 4%; commercial LPG rate down Rs 1.5 per cylinder
The reduction in the price of jet fuel, which makes up for 40 per cent of an airline's operating cost, will ease the burden on already financially strained airlines
 "ATF price cut by 4%; commercial LPG rate down Rs 1.5 per cylinder")
Nearly 97% Rs 2,000 notes returned, Rs 9,330 cr still with public: RBI
"The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore...on May 19, 2023, when the withdrawal of Rs 2,000 bank notes was announced," RBI said
 "Nearly 97% Rs 2,000 notes returned, Rs 9,330 cr still with public: RBI")
Govt issues bare minimum terms of reference for 16th finance commission
The ToRs for the Commission strictly align with what is broadly enshrined in the Constitution
 "Govt issues bare minimum terms of reference for 16th finance commission")
UPI scales new high in December; 2023 value up 59% at Rs 183 trn
Monthly FASTag and IMPS transactions increase too, but those at Aadhaar Enabled Payment System fall
 "UPI scales new high in December; 2023 value up 59% at Rs 183 trn")
India may see lower savings from Russian oil in 2024 as discounts dip
Russian imports accounted for 39% of India's overall crude imports last year from 16% in 2022
 "India may see lower savings from Russian oil in 2024 as discounts dip")
Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year
To encourage taxpayers to file their ITRs and forms early, over 1.03 billion outreaches were made through targeted e-mail, SMS and other creative campaigns
 "Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year")
Govt project announcements, capex at new low, completion rates slow
It was at Rs 26,987 crore in the three months ended December, according to data from project tracker Centre for Monitoring Indian Economy (CMIE)
 "Govt project announcements, capex at new low, completion rates slow")
GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec
Average monthly gross GST collection -- Rs 1.66 trillion in the first nine months -- represents a 12 per cent rise over the Rs 1.49 trillion recorded in the corresponding period of FY23
 "GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec")
India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion
This marks the seventh month so far this financial year with collections exceeding Rs 1.6 trillion
 "India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion")
Petrol, diesel sales dwindle as winter sets in, PSU firms' data show
Petrol and diesel sales in India slumped in December as setting in of winter tapered demand, preliminary data of state-owned firms showed on Monday
 "Petrol, diesel sales dwindle as winter sets in, PSU firms' data show")
Vibrant Gujarat Summit: Investment push to create employment opportunities
The Gujarat government's thrust to create opportunities and foster a thriving workforce is evident in its numbers and expert analysis
 "Vibrant Gujarat Summit: Investment push to create employment opportunities")
Crude oil imports from Russia plunge in December on payment issues
After rising to an all time record of 2.15 million barrels a day in May, oil imports from Russia fluctuated downwards, experiencing a sharp decline between November and December
 "Crude oil imports from Russia plunge in December on payment issues")
CRISIL analysis: Oil, gas use to see 10-15% rise in FY24 amid sector growth
The trends indicate a positive trajectory across various segments of natural gas consumption
 "CRISIL analysis: Oil, gas use to see 10-15% rise in FY24 amid sector growth")
Govt to audit rising spot purchase of crude, House panel flags costly buys
The Committee has recommended that the Ministry should conduct an audit to see whether the purchases in spot tenders have actually resulted in cheaper costs
 "Govt to audit rising spot purchase of crude, House panel flags costly buys")
Import more crude grades to cut basket price: Parliamentary panel
India currently imports about 50 grades of crude oil in a year
 "Import more crude grades to cut basket price: Parliamentary panel")
India to build 2 billion-tonne coal stock by 2030, then hit pause button
According to the projections of the Ministry of Coal, the demand for coal will be close to 1.5-1.8 bt by 2030
 "India to build 2 billion-tonne coal stock by 2030, then hit pause button")
Govt appoints Arvind Panagariya as chairman of 16th Finance Commission
D K Srivastava, a member of the 12th Finance Commission, said Panagariya is well suited for the job as he has a very good understanding of the Indian economy and looked after the Niti Aayog
Inflation's pulse: Yellow peas imports to help potential chickpea shortfall
Advancements in pulses technology and its widespread adoption across India could help achieve self-sufficiency. For now, though, the hope is that matar will address the inflation matter
 "Inflation's pulse: Yellow peas imports to help potential chickpea shortfall")
California walnut imports witness sharp uptick after India's tariff removal
Chile is currently the top walnut supplier to India
 "California walnut imports witness sharp uptick after India's tariff removal")