Page 976 - Economy & Policy News
Morgan Stanley expects India's FY24 GDP growth to slow down to 6.4%
It said the GDP growth will slow down to 6.4 per cent in FY24, the brokerage said, adding that this is lower by 0.30 per cent compared to the earlier estimate.
 "Morgan Stanley expects India's FY24 GDP growth to slow down to 6.4%")
Broader crude oil price trend likely to force review of windfall tax
A windfall tax is a one-off tax levied on companies deemed to have made unreasonably high profits, normally due to unusually favourable market factors
 "Broader crude oil price trend likely to force review of windfall tax")
What does dwindling central wheat stock mean for prices and production?
The wheat stocks in the Central pool have dropped close to the minimum required levels because of lower procurements. What does this mean for the grain's prices and production?
 "What does dwindling central wheat stock mean for prices and production?")
India's rising medical devices imports hurt small and medium units
China accounts for about one-fifth of FY22 numbers; 41% surge overall
 "India's rising medical devices imports hurt small and medium units")
GST changes from Monday may put pressure on retail inflation: Experts
Falling global commodity prices may neutralise the impact, say experts
 "GST changes from Monday may put pressure on retail inflation: Experts")
Recovery tracker: Drop in mobility, air traffic seen in previous week
The Indian Railways recorded 4.91 per cent growth in the quantity of goods carried in the latest week, a decline when compared to 8.28 per cent in the previous week
 "Recovery tracker: Drop in mobility, air traffic seen in previous week")
At around $1 bn, travel accounts for half of outward remittances in May
According to Reserve Bank of India (RBI) data, total remittances rose by 61.8 per cent year-on-year (YoY) to $2.03 billion in May 2022 from $1.25 billion in May 2021
 "At around $1 bn, travel accounts for half of outward remittances in May")
India's bet on gas-based economy runs into Ukraine war challenges
As the Ukraine-Russia conflict pushes up prices and Europe outbids South Asia for scarce supplies, billions of dollars in domestic gas infrastructure investment are at risk
 "India's bet on gas-based economy runs into Ukraine war challenges")
Few states have sought extension of GST compensation for 5 years: FM
GST Council has recommended extending the period of levy of GST Compensation cess beyond June 2022 to cover the entire shortfall as well as servicing the back-to-back loan released to states
 "Few states have sought extension of GST compensation for 5 years: FM")
Rupee depreciates by 25% since Dec 2014 due to global factors: FM
The value of the rupee declined from 63.33 against a dollar on December 31, 2014, to 79.41 on July 11, 2022, Finance Minister Nirmala Sitharaman said in a reply quoting RBI data.
 "Rupee depreciates by 25% since Dec 2014 due to global factors: FM")
Russia seeking oil payments from India in dirhams, shows document
An invoice seen by Reuters shows the bill for supplying oil to one refiner is calculated in dollars while payment is requested in dirhams.
 "Russia seeking oil payments from India in dirhams, shows document")
Bourses, people dealing in securities market to pay 18% GST on Sebi's fee
The new tax rate will be effective from Monday, the Securities and Exchange Board of India (Sebi) said in a circular.
India's trace mineral SPV plans equity top-up, ministries hold talks
The three promoter companies have promised to plumb in equity in the ratio of 40:30:30
 "India's trace mineral SPV plans equity top-up, ministries hold talks")
Rupee settles at 79.98 against US dollar; briefly touches 80/USD mark
The dollar index was weak in Monday afternoon trade in Asia after several Federal Reserve officials signalled they did not favour stepping up the rate hiking pace, says an analyst
 "Rupee settles at 79.98 against US dollar; briefly touches 80/USD mark")
Top headlines: India reports 2nd monkeypox case; rupee settles at 79.98/USD
FM Nirmala Sitharaman on Monday said the RBI has expressed concerns over cryptocurrencies saying that they should be prohibited as they can have destabilising effect on monetary and fiscal stability
 "Top headlines: India reports 2nd monkeypox case; rupee settles at 79.98/USD")
NH construction to be around 32-34 km per day during this fiscal: Crisil
India's national highway construction will likely reach only 32-34 km per day during the current financial year as input prices are expected to remain elevated, said rating agency Crisil
 "NH construction to be around 32-34 km per day during this fiscal: Crisil")
Delhi traders call GST on pre-packed food 'anti-people', demand withdrawal
Traders in the national capital have opposed the GST Council's decision to tax pre-packed and labelled food items, and termed it an "anti-people move"
 "Delhi traders call GST on pre-packed food 'anti-people', demand withdrawal")
US talks with India on price cap on Russian oil 'encouraging': Yellen
A senior Treasury official said India had made no promises on the oil price cap, but was working with the United States and had not "expressed hostility to this idea".
 "US talks with India on price cap on Russian oil 'encouraging': Yellen")
New GST rates come in effect from today: Check the rate change list here
While the GST council proposed to withdraw tax exemptions for a few items and rate changes for others, exemptions for many others were removed
 "New GST rates come in effect from today: Check the rate change list here")
GST rate hike comes in effect from Monday: Here's what will get costlier
From next week, many household items, hotels, and bank services among other things will get costlier
 "GST rate hike comes in effect from Monday: Here's what will get costlier")