Page 379 - Economy

New projects in April-June down over 90% to lowest on record, shows data

Election quarter also marked by lower project completions

GST collection at Rs 1.74 trillion in June, but growth slows to 7.7%

Growth less than 12.4% recorded in April and 10% in May

Higher demand pushes hiring up as manufacturing PMI touches 58.3 in June

A figure above 50 in the index denotes expansion and that below signifies contraction

From Jan lows Russian oil rebounds to 45.4% of Indian crude imports in June

Russian volumes have surged amid shrinking discounts for the grades. Discounts averaged $10 per barrel on a delivered basis off Brent crude in mid-2023 compared to over $4 per barrel now

UK election: FTA with India on manifesto agenda for both Tory, Labour

We will finalise FTA with India, alongside a deeper strategic partnership on technology and defence, reads the Conservative Party manifesto, spelling out the British Indian leader's vision

New base years for national accounts, macro indicators from Jan-Feb 2026

A base year is the reference year whose prices are used to calculate the real growth (minus inflation) in national income

Global tax deal: With MLC deadline gone, DSTs may be reinstated on tech cos

Another tax expert, privy to the developments, added, "The EU countries may soon start asking US tech giants to pay the unpaid taxes soon if the deal is not reached"

GST: Reimagining input tax credit norms

One of the key aspects under GST is that tax should only be on the 'value addition'. Also, the legacy issue of 'tax on tax' will be eliminated

At its lowest level in three years, German inflation eases to 2.5% in June

Economists pay close attention to German inflation data, as the euro zone's biggest economy publishes its figures before the euro zone inflation data release

GST reduced tax rates on household goods, brought relief to people: FinMin

GST, which subsumed about 17 local tax and cesses, was rolled out on July 1, 2017. The theme of the 7th GST Day is Sashakt Vyapar Samagra Vikas (empowered trade overall growth)

Oil marketing companies slash commercial LPG cylinder prices by Rs 30

Commercial LPG cylinder prices for July have been further cut by Rs 30, after being reduced by Rs 70 in June. Its aimed at providing relief to enterprises in the food and hospitality industries

India takes first steps to meet 2070 net-zero goal, Niti Aayog forms panels

Six working groups created to identify issues, develop pathways, and suggest policy action on various aspects of climate change

Not just China, all PLI-led visas being fast-tracked: Piyush Goyal

On 100-day agenda, Goyal said the commerce department and DPIIT were still working on it and it was a "work in progress"

Big fat Indian wedding: At Rs 10 trn, expenses 2nd only to food, grocery

Weddings in India are elaborate and characterised by a range of ceremonies and spending

Centre to issue mineral exploration rights, takes the task away from states

Delays in state approval of NPEA exploration projects and funding disbursement through state channels prompted the introduction of the new scheme

Forged wheel import holdup: Railways asks SAIL to boost output amid crisis

Steelmaker expects to meet 87% of orders; moves towards Vande Bharat wheels

EPFO gross new members addition dips 4% to 10.9 mn in 2023-24: Mospi report

The data shows that in the last five fiscal years till 2023-24, the gross new members addition by EPFO had not recovered to pre-covid level of 2018-19

How successful GST has been after seven years since being implemented?

GST revenue peaked at a record high of Rs 20.2 trillion in 2023-24

Economy poised for potentially stable high growth phase: RBI's MPC member

Bhide noted that the monsoon rainfall, which is expected to be normal this year, is a significant positive factor for growth as well as bringing down food inflation

IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta

Ravi Agrawal was given an extended tenure to clock an year so as to provide continuity to the CBDT in framing direct tax policies