Page 832 - Economy & Policy News

Fitch expects windfall tax to be phased out in 2023 on moderating oil rates

Fitch Ratings on Tuesday said it expects the five-month-old tax on windfall profits made by oil companies to be phased out in 2023 on the back of moderating oil rates

Cut excise duty on CNG till gas is included in GST: Kirit Parikh panel

The Union govt should moderate the excise duty it levies on CNG till such time that the environment-friendly natural gas is included in the one-nation-one-tax GST regime

Fertiliser subsidy bill in FY23 at Rs 2.3-2.5 trn; may fall 25% in FY24

The government's fertiliser subsidy will rise to Rs 2.3-2.5 trn in this fiscal but the bill may fall by 25 per cent in the 2023-24 financial year with moderation in global prices

Govt on track to meet fiscal deficit target of 6.4% for current FY: Report

The central govt is on track to meet its fiscal deficit target of 6.4 per cent of the GDP for 2022-23 on the back of strong growth in revenue collections, the World Bank said

Fitch retains India's growth forecast at 7%, cuts projections for 2 yrs

Fitch Ratings on Tuesday retained India's economic growth forecast at 7 per cent for the current fiscal, saying India could be one of the fastest-growing emerging markets this year

GST Council to discuss decriminalisation at Council meet on December 17

One of the proposals before the Council is to raise the threshold limit for launching criminal proceedings under GST for offences over Rs 20 crore

India's palm oil imports jumed 29% to 1.14 million tonnes in Nov: Report

Higher imports by India, the world's biggest palm oil buyer, would help top producer Indonesia cut its inventories and support benchmark Malaysian palm oil prices

Hospitality industry sees welcome boost from India's G20 presidency

As President, India will host nearly 200 meetings across the country that thousands of delegates are expected to attend along with media, govt officials, event managers, private sector representatives

Digital transformation spending in India to reach $85 bn by 2026: Report

The digital transformation (DX) spending in India is likely to reach $85 billion by 2026 as firms in the country aim to reduce the costs by improving customer experience via digital transformation

Coal production rises over 11% to 75.87 million tonnes in November

India's total coal production went up by 11.66 per cent to 75.87 million tonnes in November 2022 from 67.94 million tonnes recorded during the corresponding period of last year

GST superstructure lacks some basic features even after 5 years

Currently, there is no appellate mechanism in place for rulings by the GST authorities and a group of ministers is deliberating on it

India set to export mobile phones worth $9 billion in FY23: Report

Phone exports have already crossed the $5 billion mark, twice more than the last year's $2.2 billion

Infra recognition key point in FBIL spat with regulators abroad: RBI Dy Guv

RBI in talks with ESMA, BoE on CCIL de-recognition, says will find resolution

Scam in cooperative bank: ED has attached assets worth Rs 30 crore

ED has attached assets worth Rs 30.70 crore of Bijoy A K, the commission agent of Karuvannur Service Co-operative Bank Ltd, under the Prevention of Money Laundering Act in fraud and cheating case

GST council to consider decriminalisation of GST law in Dec 17 meet

The council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, is scheduled to meet virtually on December 17

India shares a list of products with Moscow for access to Russian market

Moscow had sent India a list of more than 500 products for potential delivery

Rice production, telecom subscribers pull down GDP growth in Q2 FY23

Steel consumption, commercial vehicle sales and some other sectors help economy

E-Visa facility resumes again for UK nationals travelling to India

For the first time since March 2020, India is all set to resume the e-Visa facility for UK citizens travelling to India, the High Commissioner of India to the UK announced in a video message on Monday

Six states report fewer formal jobs for youth in Sept qtr, shows EPFO data

Experts attribute drop to large-scale of migration; young from these states stand to earn significantly more, post migration, than they do by staying back

Nov services PMI at a 3-month high of 56.4 thanks to new biz expansion

The headline figure has been in the expansion zone for the sixteenth consecutive month since August 2021