Page 973 - Economy & Policy News
Govt plans short-term foreign trade policy, may release before September
The new policy is much-awaited, following the extension of the existing policy for more than two years
 "Govt plans short-term foreign trade policy, may release before September")
Mumbai's CSMT facelift plan back to drawing board due to railway revamp
The project, which had received bids from Adani, Oberoi and GMR, goes back to drawing board after abrupt shutdown of nodal agency; station will now be developed under BOT mode
 "Mumbai's CSMT facelift plan back to drawing board due to railway revamp")
Levy on fuel exports slashed; govt exempts SEZs from windfall tax
Move to benefit RIL, ONGC and Oil India, say analysts
 "Levy on fuel exports slashed; govt exempts SEZs from windfall tax")
Rupee depreciation against US dollar lower than other major currencies: CEA
CEA Nageswaran said that the depreciation of the rupee against the US dollar has been lower than other major global currencies such as the Euro, the British pound and the Japanese yen
 "Rupee depreciation against US dollar lower than other major currencies: CEA")
RBI prepared to spend $100 bn more for defending rupee, says report
Most analysts and traders believe worst is yet to come for the rupee, despite the RBI's intent to defend the currency and India's sound macroeconomic fundamentals
 "RBI prepared to spend $100 bn more for defending rupee, says report")
Over Rs 980 crore spent on Aadhaar enrolments, updates since 2019-20: Govt
Over Rs 980 crore has been spent by the UIDAI in the last three years on Aadhaar enrolments and updates, while nearly 5.99 lakh Aadhaars have been cancelled for being duplicate
 "Over Rs 980 crore spent on Aadhaar enrolments, updates since 2019-20: Govt")
UK inflation surges to new 40-year high of 9.4% amid rising fuel prices
Inflation in the United Kingdom has accelerated to a new 40-year high, driven by rising food and fuel prices that are contributing to a cost-of-living crisis
 "UK inflation surges to new 40-year high of 9.4% amid rising fuel prices")
Indian economy to grow 7-8% in next couple of decades: Panagariya
Indian economy, which has grown fairly rapidly in the last 17 years, will grow at 7-8 per cent in the next couple of decades, former Niti Aayog Vice Chairman Arvind Panagariya said on Wednesday.
 "Indian economy to grow 7-8% in next couple of decades: Panagariya")
Panagariya calls for 2-rate GST structure, pruning of exemption list
Former Niti Aayog Vice-Chairman Arvind Panagariya on Wednesday pitched for a two-rate Goods and Services Tax (GST) structure with a small exemption list.
 "Panagariya calls for 2-rate GST structure, pruning of exemption list")
Cost of granting concessions to passengers weighs on railways: Vaishnaw
Minister Ashwini Vaishnaw said the Indian Railways is already bearing more than 50 per cent of the cost of travel, on an average, for all passengers
 "Cost of granting concessions to passengers weighs on railways: Vaishnaw")
Wait for labour codes continues, even as most states publish draft rules
12 states, UTs have so far not published draft rules on at least 1 labour code
 "Wait for labour codes continues, even as most states publish draft rules")
Expect fiscal slippage of 0.4% in FY23, says brokerage firm Nomura
The Centre's reversal on windfall taxes within 18 days of announcing the moves led a Japanese brokerage to flag its impact on fiscal math.
 "Expect fiscal slippage of 0.4% in FY23, says brokerage firm Nomura")
Traders body CAIT seeks withdrawal of GST on pre-packed food items
Traders body CAIT on Wednesday demanded the rollback of the 5 per cent GST on pre-packed and labelled food items, saying the decision has put an "unnecessary burden" on public
 "Traders body CAIT seeks withdrawal of GST on pre-packed food items")
Sebi provides directive for sub-KYC user agency for Aadhaar authentication
Capital markets regulator Sebi on Wednesday issued directives for sub-KYC user agencies to provide Aadhaar authentication services to their clients for the purpose of know your customer (KYC).
 "Sebi provides directive for sub-KYC user agency for Aadhaar authentication")
Centre has cleared Rs 8,800 crore GST dues, rest to be paid soon: Bommai
Bommai said the central government has made it clear that the GST compensation can be given only for five years and cannot be extended further.
 "Centre has cleared Rs 8,800 crore GST dues, rest to be paid soon: Bommai")
Renting apartments gets costlier for companies with new GST rates in effect
The rent of apartments for top executives will attract an 18 per cent Goods and Services Tax (GST)
 "Renting apartments gets costlier for companies with new GST rates in effect")
Spike in imports, fall in exports widen India's trade deficit with China
In FY22, India's trade deficit with China was recorded at $72.9 billion, up nearly $29 billion from FY21's figure of $44 billion
 "Spike in imports, fall in exports widen India's trade deficit with China")
Windfall tax cut to normalise equity multiples of RIL, ONGC: Morgan Stanley
Centre, on Wednesday, eliminated a levy on gasoline exports and cut windfall taxes on other fuels less than three weeks after they were imposed
 "Windfall tax cut to normalise equity multiples of RIL, ONGC: Morgan Stanley")
Govt slashes windfall tax on petrol, diesel, ATF as crude oil prices drop
Effective from July 20, Rs 6 a litre tax on petrol export has been completely scrapped
 "Govt slashes windfall tax on petrol, diesel, ATF as crude oil prices drop")
India's bioeconomy likely to touch $300 billion by 2030, says report
India's bioeconomy is likely to touch $150 billion by 2025 and over $300 billion by 2030, a report said
 "India's bioeconomy likely to touch $300 billion by 2030, says report")