Page 582 - Economy & Policy News
Tax filing will have to double every nine years to meet FY47 target
Growth rate to achieve target would be over 8% per annum
 "Tax filing will have to double every nine years to meet FY47 target")
ITR filings increased threefold in each tax bracket: FM Sitharaman
Taxable workforce will be 85.3% by 2047 against 22.5% now
 "ITR filings increased threefold in each tax bracket: FM Sitharaman")
Rupee falls to 3-week low against dollar amid weakness in Asian currencies
Moreover, oil companies bought dollars as the Brent crude oil prices rose to $88.70 per barrel, which further weighed on the Indian currency
 "Rupee falls to 3-week low against dollar amid weakness in Asian currencies")
Services PMI slows down in Aug as sales wane off despite record exports
Optimistic outlook of companies bodes well for growth prospects, says S&P Global survey
 "Services PMI slows down in Aug as sales wane off despite record exports")
Punjab records 28% jump in GST revenue in April-August this fiscal
A total of Rs 8,524.17 crore in GST has been mopped up during the first five months of the current fiscal against Rs 6,648.89 crore collected in the year-ago period, Cheema said
 "Punjab records 28% jump in GST revenue in April-August this fiscal")
Reserve Bank of India likely to bring in CBDC in call money market
The central bank introduced the wholesale pilot for CBDC transactions for the government bond auctions last year
 "Reserve Bank of India likely to bring in CBDC in call money market")
Fintechs can act both as competitors and collaborators: T Rabi Sankar
He said regulators also draw comfort in these arrangements as traditional financial entities- banks, NBFCs which are well regulated will continue to discharge the basic responsibility
 "Fintechs can act both as competitors and collaborators: T Rabi Sankar")
Aug inflation number likely to remain high, moderation expected from Sept
Inflation is expected to start moderating from September onwards due to fall in prices of vegetables like tomatoes, restrictions imposed on the export of non-basmati rice
 "Aug inflation number likely to remain high, moderation expected from Sept")
Coal dispatch grows 6% to over 324 MT during Apr-Aug: Coal ministry
Coal dispatch to the power sector was at 306.70 MT during the year-ago period, the Ministry of Coal said
 "Coal dispatch grows 6% to over 324 MT during Apr-Aug: Coal ministry")
India remained top buyer of Russian Ural oil in Aug despite rising prices
Indian refineries said in August that the Urals discount to the dated Brent benchmark crude had narrowed too much, making them cut purchases of the grade in September
 "India remained top buyer of Russian Ural oil in Aug despite rising prices")
Inflation expected to moderate from September: RBI governor Shaktikanta Das
He said the monetary policy framework in India had evolved in line with developments in theory and country practices, the changing nature of the economy, and developments in financial markets
 "Inflation expected to moderate from September: RBI governor Shaktikanta Das")
India to become green fuel destination for shipping sector: R K Singh
Singh said that the Centre will come out with pilot projects for the storage of green hydrogen and green ammonia for round-the-clock renewable energy
 "India to become green fuel destination for shipping sector: R K Singh")
Will only agree an India trade deal that works for Britain: PM Sunak
"He said negotiations around a free trade deal were progressing and that he would only agree an approach which worked for the whole UK," his spokesperson told reporters
 "Will only agree an India trade deal that works for Britain: PM Sunak")
Power demand up 40GW-50GW on daily basis compared to year ago: R K Singh
Addressing a day-long conference on 'Green Hydrogen Pilots in India' here, he said India has the potential to be one of the biggest manufacturers of green hydrogen in the world
 "Power demand up 40GW-50GW on daily basis compared to year ago: R K Singh")
Inflation to remain elevated in near-term, govt policies to prevent it: S&P
In July, the consumer price index based retail inflation spiked to 15-month high of 7.44 per cent in July, with specific food commodities mainly driving the increase
 "Inflation to remain elevated in near-term, govt policies to prevent it: S&P")
Indian sugar production concerns drive local prices to 6-year high
This could add to food inflation and discourage New Delhi from allowing sugar exports, supporting global prices which are near their highest in more than a decade
 "Indian sugar production concerns drive local prices to 6-year high")
Non-tariff barrier removal in G20 nations to boost India's alcohol export
CIABC Director-General Vinod Giri said that the G20 countries not only account for 80 per cent of global alcoholic beverages imports, they also allow higher product prices and better operating margins
 "Non-tariff barrier removal in G20 nations to boost India's alcohol export")
As G20 leader how India is ensuring quality of traditional medicine systems
Popular acceptance of Ayush is due to increased awareness and scientific validation, writes Sarbananda Sonowal
 "As G20 leader how India is ensuring quality of traditional medicine systems")
Discussions on global framework to regulate crypto underway: FM Sitharaman
Sitharaman added that cryptocurrencies can not be regulated efficiently without the cooperation of all countries
 "Discussions on global framework to regulate crypto underway: FM Sitharaman")
Edible oil prices may not rise during festive season due to good supply
The prices of edible oils, however, may increase from December through April-May next year due to the impact of El Nino in oil-producing countries
 "Edible oil prices may not rise during festive season due to good supply")