Page 636 - Economy & Policy News
50,000 cases to be taken up for GST audit in FY24, says CBIC chairman
Authority's target to be based on risk parameters
 "50,000 cases to be taken up for GST audit in FY24, says CBIC chairman")
Skill Impact Bond: Initiative skilled nearly 18,000 first-time job seekers
The initiative has skilled nearly 18,000 first-time job seekers, 72% of whom are women
 "Skill Impact Bond: Initiative skilled nearly 18,000 first-time job seekers")
India has firmly become centre of global energy affairs: IEA chief Birol
Birol highlighted that aligning with India's initiative could significantly expedite global climate goals while delivering economic benefits
 "India has firmly become centre of global energy affairs: IEA chief Birol")
Why 30% localisation an uphill task for Apple under PLI scheme in India
Apple's vendors have localised chargers, batteries, printed circuit board assembly (or PCBAs), enclosures, and coils, to name a few
 "Why 30% localisation an uphill task for Apple under PLI scheme in India")
WPI inflation in May falls to over 7-year low of -3.48%, shows govt data
The wholesale inflation was 16.63 per cent in May 2022. Earlier, it was minus 3.7 per cent in October 2015
 "WPI inflation in May falls to over 7-year low of -3.48%, shows govt data")
Countries must be aware of high fiscal cost of climate change: CEA
Nageswaran also said it may not be possible to attain all three goals of becoming net zero, achieving economic competitiveness, and attaining fiscal sustainability
 "Countries must be aware of high fiscal cost of climate change: CEA")
Seafood exports up 4.31% to $8.09 bn in 2022-23, on jump in shrimp trade
India's seafood exports rose by 4.31 per cent to $8.09 billion in 2022-23 on account of a jump in the shipments of frozen shrimp, the commerce ministry said on Wednesday
 "Seafood exports up 4.31% to $8.09 bn in 2022-23, on jump in shrimp trade")
Monitor tur prices, take action against violators of stock limit: Centre
On June 2, the government imposed stock limits on tur and urad till October 31 to prevent hoarding and unscrupulous speculation, besides improving affordability to the consumers
 "Monitor tur prices, take action against violators of stock limit: Centre")
GTRI calls for simplifying PLI scheme, cautions against misuse by industry
This initiative would allow India to replicate advanced machinery used in textiles, mining, metal work, and agriculture sectors
 "GTRI calls for simplifying PLI scheme, cautions against misuse by industry")
India considers lithium mining royalty at 3% of London Metal Exchange price
At least dozen cos such as Adani Enterprises, Vedanta Ltd, Reliance Industries, Jindal Steel and Power Ltd, Himadri Chemicals and Korea's LX International are likely to take part in auction
 "India considers lithium mining royalty at 3% of London Metal Exchange price")
G20 SAIs agree to cooperate to meet challenges of auditing blue economy, AI
SAIs of G20 nations on Wednesday pledged to cooperate and collaborate to deal with the challenges of auditing frontier spheres of blue economy and artificial intelligence (AI)
 "G20 SAIs agree to cooperate to meet challenges of auditing blue economy, AI")
RBI Governor Shaktikanta Das named 'Governor of the Year' in London
The organisers of the award said that Das' tenure which began in 2018, has been marked by a series of grave challenges, starting with the collapse of a major non-banking firm
 "RBI Governor Shaktikanta Das named 'Governor of the Year' in London")
India to overtake China in oil demand growth by 2027: IEA report
Annual global demand to decline from 2024, says multilateral agency's report
 "India to overtake China in oil demand growth by 2027: IEA report")
Rupee hits one-month high against dollar on corporate dollar inflows
Indian rupee hit a one-month high against the U.S. currency on Wednesday led by likely corporate dollar inflows, five traders said
 "Rupee hits one-month high against dollar on corporate dollar inflows")
Retail inflation rose in Bihar, Haryana in May, touched 6% and beyond
In Tripura, inflation fell from 8 per cent but remained above 6 per cent
 "Retail inflation rose in Bihar, Haryana in May, touched 6% and beyond")
Smart home security camera import shipments grew 48% in Q1 2023: Report
India's smart home security camera shipments grew 48 per cent year-over-year (YoY) in the first quarter (Q1) of this year-- January to March, a report said on Wednesday
 "Smart home security camera import shipments grew 48% in Q1 2023: Report")
Ten Sports sale to Sony: I-T dept to appeal ITAT's capital gains tax ruling
The Income Tax Appellate Tribunal (ITAT) had claimed that the IT's contribution to play-out facilities was an afterthought
 "Ten Sports sale to Sony: I-T dept to appeal ITAT's capital gains tax ruling")
Cabinet to approve Rs 25,000 cr scheme for semiconductor manufacturing
In May, Finance Minister Nirmala Sitharaman said that the Centre is prioritising attracting more investments in India by expanding the production-linked incentive schemes to include semiconductors and
 "Cabinet to approve Rs 25,000 cr scheme for semiconductor manufacturing")
Top 18 Indian states to record revenue growth of 6-8% in FY24: CRISIL
The growth will be predominantly supported by the Goods and Services Tax (GST) collections, devolutions from the Centre and taxes & duties on liquor sales
 "Top 18 Indian states to record revenue growth of 6-8% in FY24: CRISIL")
May WPI inflation cools down further to -3.48%, lowest since November 2015
This is the second month in a row when wholesale inflation in India has been in the negative territory
 "May WPI inflation cools down further to -3.48%, lowest since November 2015")