Page 974 - Economy & Policy News
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")
Govt's plastic straw ban to curb pollution leaves Indian consumers thirsty
With 19 single-use plastic items banned from July 1, including the straws, companies including Dabur India Ltd. and Parle Agro Pvt, have been racing to replace them with imported paper versions
 "Govt's plastic straw ban to curb pollution leaves Indian consumers thirsty")
Won't impose GST on items sold by Kudumbashree or small stores: Kerala min
Amid growing protest over the imposition of GST on essential commodities, Kerala government said it does not intend to tax items sold by entities like Kudumbashree, or small stores in 1 or 2kg packets
Govt cuts windfall tax on fuel exports as global crude oil prices fall
India imposed the taxes on July 1, joining a growing number of nations placing windfall levies to tap energy companies' booming profits
 "Govt cuts windfall tax on fuel exports as global crude oil prices fall")
Rupee at 80: Signs of lower FY23 GDP and corporate sector growth
The correlation coefficient between the year-on-year (YoY) change in corporate sector revenue and the rupee exchange rate is minus 0.63 since 2003-04 (FY04)
 "Rupee at 80: Signs of lower FY23 GDP and corporate sector growth")
CII-Exim Bank conclave: Goyal calls for deepening trade ties with Africa
The trade between India and African countries has been balanced with exports of trade and services of about $40 billion and imports of $49 billion, Goyal said
 "CII-Exim Bank conclave: Goyal calls for deepening trade ties with Africa")
Moody's warns of India's vulnerability to volatile food, energy prices
Says major challenge for countries will be growing demands on fiscal resources to limit impact of price rise
 "Moody's warns of India's vulnerability to volatile food, energy prices")
No GST on food items when sold loose, clarifies FM Nirmala Sitharaman
The clarification came amid protests and widespread criticism by Opposition Members of Parliament over foisting GST on daily-use essentials and subsequent price rise
 "No GST on food items when sold loose, clarifies FM Nirmala Sitharaman")
Indian defence firms seek protection from exchange rate variation
India's private defence firms had last campaigned for ERV protection after being bruised by the rupee's fall from Rs 44 a dollar in October 2010 to below Rs 56 just a few months later
 "Indian defence firms seek protection from exchange rate variation")
Rupee at 80: Little relief on the cards from high trade deficit
Due to global risk aversion on the back of geo-political tensions and aggressive policy tightening by the Fed, the dollar has appreciated against most currencies, including the rupee
 "Rupee at 80: Little relief on the cards from high trade deficit")
Rupee fall likely to hit govt finances with ballooning subsidy bill
The finance ministry has hinted that India's fertiliser subsidy bill for 2022-23 (FY23) could rise to around Rs 2.5 trillion against Budget Estimates (BE) of Rs 1.05 trillion
 "Rupee fall likely to hit govt finances with ballooning subsidy bill")
India's passenger vehicle exports jump 26% in Apr-Jun to 160,263 units
Passenger car shipments saw an 88 per cent year-on-year growth at 1,04,400 units while utility vehicle exports rose 18 per cent to 55,547 units during the period under review, SIAM data showed.
 "India's passenger vehicle exports jump 26% in Apr-Jun to 160,263 units")