Page 621 - Economy & Policy News
Retail inflation for industrial workers eases to 4.42% in May from 5.09%
Retail inflation for industrial workers eased to 4.42 per cent in May from 5.09 per cent in April, mainly due to lower prices of certain food items
 "Retail inflation for industrial workers eases to 4.42% in May from 5.09%")
CBDT to consider PAN, Aadhaar linking requests where fees paid by Jun 30
The income tax department on Friday said it will "duly consider" cases where linking of PAN with Aadhaar is yet to happen despite individuals giving their consent and having paid the fee.
 "CBDT to consider PAN, Aadhaar linking requests where fees paid by Jun 30")
Centre asks states to promote organic farming, stop urea diversion
Union Chemicals and Fertilisers Minister Mansukh Mandaviya on Friday urged states to promote organic farming for preservation of soil health and make efforts to reduce use of chemical fertilisers
 "Centre asks states to promote organic farming, stop urea diversion")
Govt extends relaxations for central ministries on capital expenditure
In order to push capital expenditure by central ministries, the Finance Ministry on Friday extended the relaxed norms on capex in excess of Rs 500 crore to the second quarter of this fiscal
 "Govt extends relaxations for central ministries on capital expenditure")
Last date for exporters to apply for amnesty scheme extended till Dec 31
The last date to apply for availing benefits of the amnesty scheme for one-time settlement of default in export obligation by certain exporters has been extended for six months
 "Last date for exporters to apply for amnesty scheme extended till Dec 31")
I-T dept finds discrepancies in SFT reports filed by certain banks
The Income Tax Department on Friday said it has found discrepancies in Statement of Specified Financial Transaction (SFT) reports filed by some banks with regard to high value financial transactions
 "I-T dept finds discrepancies in SFT reports filed by certain banks")
Centre approves formation of India's first domestic regulated carbon market
Any project or entity which saves on emissions can issue carbon credit against their savings
 "Centre approves formation of India's first domestic regulated carbon market")
Vijay Sales to Rasna: Summer sales of beverages, white goods a damp squib
Godrej Appliances had earlier said it had cut production in June due to an inventory pile-up due to weak demand
 "Vijay Sales to Rasna: Summer sales of beverages, white goods a damp squib")
Core sector output in May expands at 4.3% amid a high base effect
Madan Sabnavis, chief economist at Bank of Baroda, said the continued traction in cement and steel could be attributed to government spending
 "Core sector output in May expands at 4.3% amid a high base effect")
Defence ministry inks Rs 2,725 cr contract with MDL for refit of submarine
"This project is an important step towards development of MDL as Maintenance, Repair and Overhaul (MRO) Hub for supporting the industrial ecosystem of India," the ministry said
 "Defence ministry inks Rs 2,725 cr contract with MDL for refit of submarine")
Indian OMCs confident of retaining discounts on Russian crude oil
Before the war in Ukraine, Indian refiners had bought Russian oil rarely due to the high freight costs involved
 "Indian OMCs confident of retaining discounts on Russian crude oil")
Govt raises rates on select small savings schemes for July-Sept quarter
Small savings rate for the five-year recurring deposit was raised by 30 bps to 6.5 per cent
 "Govt raises rates on select small savings schemes for July-Sept quarter")
Centre's fiscal deficit at 11.8% of FY24 Budget target, shows CGA data
The finance ministry has targeted to bring down the fiscal deficit to 5.9 per cent of GDP in FY24 from 6.4 per cent of GDP in the preceding year
 "Centre's fiscal deficit at 11.8% of FY24 Budget target, shows CGA data")
India's external debt rises $5.6 bn to $624.7 bn at end-March 2023
Valuation gains due to the appreciation of the US dollar compared to the Indian rupee and major currencies such as yen, SDR, and euro were placed at USD 20.6 billion
 "India's external debt rises $5.6 bn to $624.7 bn at end-March 2023")
India's app economy to touch $792 bn by 2030, 20% of estimated GDP: Report
According to data published in the report, the money spent on the app economy is estimated to be around $145.46 billion in 2023 when GDP at current prices is around $3820 billion
 "India's app economy to touch $792 bn by 2030, 20% of estimated GDP: Report")
Consumer affairs dept asks online platforms to not use 'dark patterns'
The Consumer Affairs dept advised online platform to not engage in 'unfair trade practices' by incorporating dark patterns in their online interface to manipulate consumer choice
 "Consumer affairs dept asks online platforms to not use 'dark patterns'")
Tomato prices will cool down in next 15 days; normalise in a month: Govt
Consumer Affairs Secretary Rohit Kumar Singh, in a media briefing, also said the retail prices of tomato in the national capital will come down immediately on improved supplies from Solan and Sirmaur
 "Tomato prices will cool down in next 15 days; normalise in a month: Govt")
Rajasthan govt approves proposal to upgrade skills of weavers, spinners
A state government official said: "This will help them become self-reliant and boost sales of khadi products"
 "Rajasthan govt approves proposal to upgrade skills of weavers, spinners")
India's forex reserves drop $2.9 bn to $593.19 billion, shows RBI data
The overall reserves increased by USD 2.35 billion to USD 596 in the previous reporting week
June sees e-two-wheeler registrations fall sharply across all players
Drop 60% over May record of 105,348 units
 "June sees e-two-wheeler registrations fall sharply across all players")