Page 514 - Economy & Policy News
RBI launches two key surveys which will provide inputs for monetary policy
The next bi-monthly monetary policy is scheduled during December 6-8
 "RBI launches two key surveys which will provide inputs for monetary policy")
India needs rural model that focuses on income from non-farm sources: Chand
Chand said NITI Aayog is working on the new development model for India with the same focus on boosting incomes from the rural non-farm sector
 "India needs rural model that focuses on income from non-farm sources: Chand")
France announces 100 mn euro loan to support India's Smart Cities Mission
The loan supports India's innovative flagship Smart Cities Mission and builds on the CITIIS 1 programme, also supported by the European Union
 "France announces 100 mn euro loan to support India's Smart Cities Mission")
Unemployment rate in October rises to more than two-year high, says CMIE
The weakest monsoon rains in five years is weighing on farming output in the world's second-biggest producer of rice, wheat and sugar
 "Unemployment rate in October rises to more than two-year high, says CMIE")
Petrol, diesel consumption jumps in Oct as festive spending surges: Report
Petrol sales by three state-owned fuel retailers rose 3 per cent in October to 2.87 million tonnes while diesel consumption was up 5 per cent at 6.91 million tonnes
 "Petrol, diesel consumption jumps in Oct as festive spending surges: Report")
Power consumption grows nearly 22% to 138.94 billion units in October
In the year-ago period, power consumption stood at 113.94 BU, higher than 112.79 billion units recorded in October 2021, according to government data
 "Power consumption grows nearly 22% to 138.94 billion units in October")
India's October manufacturing PMI slips to 55.5, lowest in eight months
The hiring activity and business confidence slipped to a five-month low in October, said S&P Global
 "India's October manufacturing PMI slips to 55.5, lowest in eight months")
GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever
Average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, 11 per cent higher Y-o-Y, said the Ministry of Finance on Wednesday
 "GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever")
Govt may extend curbs on rice exports as output expected to drop: Report
Despite export restrictions, local rice prices remain almost 15% higher than a year ago
 "Govt may extend curbs on rice exports as output expected to drop: Report")
Price of commercial LPG cylinder hiked by Rs 101, effective from November 1
Commercial cylinder price: With this, the retail price of a commercial LPG cylinder in New Delhi will be Rs 1,833
 "Price of commercial LPG cylinder hiked by Rs 101, effective from November 1")
India braces for 8% sugar output dip as sugarcane crop suffers: Trade body
The trade body did not provide an estimate for net sugar production after the diversion of sucrose for ethanol production, but it stated that the output would exceed the country's annual consumption
 "India braces for 8% sugar output dip as sugarcane crop suffers: Trade body")
Festive season spending booms as consumers splurge, buoying economy
The sales are a key indicator of the health of consumption, which makes up about 60% of India's gross domestic product
 "Festive season spending booms as consumers splurge, buoying economy")
UK officials pressured to drop IP law demands in India trade talks
Critics say the changes would damage India's position as a leading provider of generic drugs - essentially "copycat" versions of those which fall out of patent
 "UK officials pressured to drop IP law demands in India trade talks")
Delhi govt's GST, VAT collections rose by 17% in first half of FY24
"With this increase, the GST and VAT collections are likely to cross the estimated collection targets this year," said a senior government officer
 "Delhi govt's GST, VAT collections rose by 17% in first half of FY24")
India's gross tax receipts remain robust; fiscal deficit at Rs 7.02 trn
Upward trend mainly due to spike in corporation tax mop-up
 "India's gross tax receipts remain robust; fiscal deficit at Rs 7.02 trn")
Electoral bonds generated donations worth Rs 9,188 cr, BJP's share at 57%
The BJP received Rs 5,272 crore and the Congress received Rs 952 crore, while the rest went to other parties
BS BFSI Summit: Crypto a threat to financial stability, says RBI guv Das
At BS BFSI Summit, Das expressed his concerns about regulating the use of cryptocurrencies and questioned the major tenets surrounding crypto terminology
 "BS BFSI Summit: Crypto a threat to financial stability, says RBI guv Das")
Govt hikes windfall tax on crude to Rs 9,800 per ton, reduces on diesel
The windfall tax on aviation turbine fuel that had been 1 rupee/liter has been removed, the notification said
 "Govt hikes windfall tax on crude to Rs 9,800 per ton, reduces on diesel")
BS BFSI Summit: Q2 GDP numbers likely to surprise on upside, says RBI's Das
Inflation is priority at the moment; India well placed compared to other countries to deal with global risks, says Reserve Bank of India Governor Shaktikanta Das
 "BS BFSI Summit: Q2 GDP numbers likely to surprise on upside, says RBI's Das")
Gulf crudes make a comeback as Russian Urals grade turns expensive
Russian oil's share of India's overall crude import basket down 8 percentage points in October amid lower discounts
 "Gulf crudes make a comeback as Russian Urals grade turns expensive")