Page 350 - Economy
Excise duty collections from petroleum sector decline 4.8% in FY24
Overall tax contribution of the petroleum sector rose marginally to Rs 7.51 trillion
 "Excise duty collections from petroleum sector decline 4.8% in FY24")
IIT-Delhi gets notice for Rs 120-cr GST on research funds, given 30 days
The notice demands Rs 120 crore in GST from the premier institute on research funding acquired between 2017 and 2022, as well as interest and penalties
 "IIT-Delhi gets notice for Rs 120-cr GST on research funds, given 30 days")
RBI tightens norms for P2P lending platforms to improve transparency
No loan should be disbursed unless the lenders and the borrowers have been matched/mapped as per the board-approved policy framed, it added
 "RBI tightens norms for P2P lending platforms to improve transparency")
GTRI suggests duty cuts withdrawal on jewellery under India-UAE FTA
India and the United Arab Emirates (UAE) signed the Free Trade Agreement (FTA), officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) on February 18, 2022
 "GTRI suggests duty cuts withdrawal on jewellery under India-UAE FTA")
FDI in food processing sector down 30% to Rs 5,037 crore in 2023-24
FDI was Rs 6,414.67 crore in 2019-20; Rs 4430.44 crore in 2018-19; Rs 5,835.62 crore in 2017-18; Rs 4,865.85 crore in 2016-17; and Rs 3,312 crore in 2015-16 in the food processing sector
 "FDI in food processing sector down 30% to Rs 5,037 crore in 2023-24")
IMF's Gita Gopinath says India could become 3rd largest economy by 2027
India's growth was much better than IMF expectations the last fiscal year and those carryover effects are affecting our forecast for this year, said Gita Gopinath
 "IMF's Gita Gopinath says India could become 3rd largest economy by 2027")
Indian rice export rates fall on muted demand, prospects of higher supply
India's discount to Thailand and Vietnam's prices has narrowed, leading to lower exports
 "Indian rice export rates fall on muted demand, prospects of higher supply")
Regional Rural Banks losing ground to private banks amid tech challenges
The increasing presence of private sector banks has made the situation more challenging as RRBs fight the battle with outdated tools while other banks have advanced technology and basic infrastructure
 "Regional Rural Banks losing ground to private banks amid tech challenges")
Need competition among states to attract investors, says PM Modi
The PM called for steps to be taken to promote ease of living on a mission mode to ensure that common people have access to an affordable, dignified lifestyle and basic amenities
 "Need competition among states to attract investors, says PM Modi")
SC on retro tax on minerals: Odisha and Rajasthan to watch out for
Odisha, Rajasthan, Chhattisgarh, Karnataka and Jharkhand, are India's top five mineral producing states by value annually, and in the same order as of FY23 data
 "SC on retro tax on minerals: Odisha and Rajasthan to watch out for")
Telecom players' Arpu growth falls to 7.5% in FY24, shows govt data
Slow pace of growth precipitated the latest industry-wide tariff hikes
 "Telecom players' Arpu growth falls to 7.5% in FY24, shows govt data")
Govt committed to 'major economic reforms', says PM Narendra Modi
PM said, his government has chosen the path of reforms to bring about a change in the lives of the poor, the middle class, deprived people, the urban population, and the youth
 "Govt committed to 'major economic reforms', says PM Narendra Modi")
India leading G20 in green growth, climate action: PM Narendra Modi
PM lists India's green energy achievements, says only G20 nation to achieve emission target
 "India leading G20 in green growth, climate action: PM Narendra Modi")
UK economy records strong growth in Q2 but likely to see slowdown ahead
Zero growth in June as wet weather hit retail sales
 "UK economy records strong growth in Q2 but likely to see slowdown ahead")
Explained: What are green jobs that PM Modi mentioned in his I-Day speech?
Green jobs are essential in reducing greenhouse gas emissions and directly tackling the challenges of climate change by enhancing the efficiency of energy and raw material use
 "Explained: What are green jobs that PM Modi mentioned in his I-Day speech?")
India imports $2.8 billion worth of crude oil from Russia in July
Imports from Russia, which were less than one per cent of the total oil imported in pre-Ukraine war period, now make up for almost 40 per cent
 "India imports $2.8 billion worth of crude oil from Russia in July")
Property slump, weak consumption drags down China's economic recovery
Industrial production also rose more slowly than the previous month, showing a 5.1 per cent year-on-year increase in July, compared to a 5.3 per cent rise in June
 "Property slump, weak consumption drags down China's economic recovery")
Japan's economy grew last qtr on healthy consumer spending, investments
Domestic demand grew a robust 3.5 per cent from the previous quarter on the back of healthy household consumption and private sector investments, as well as government investments
 "Japan's economy grew last qtr on healthy consumer spending, investments")
78th Independence Day: 5th largest economy needs growth to trickle down
India's population reached close to 1.5 billion in 2024, according to data from the United Nations, but the average annual growth rate has slowed down to below replacement level
 "78th Independence Day: 5th largest economy needs growth to trickle down")
India's July palm imports surge, near one-year high on festive demand
India's palm oil imports rose more than 37 per cent in July from previous month to about 1.1 million metric tonnes, highest since Aug 2023 and in line with traders' estimates, SEA of India said
 "India's July palm imports surge, near one-year high on festive demand")