Page 380 - Economy
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
 "UK election: FTA with India on manifesto agenda for both Tory, Labour")
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
 "New base years for national accounts, macro indicators from Jan-Feb 2026")
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"
 "Global tax deal: With MLC deadline gone, DSTs may be reinstated on tech cos")
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
 "GST: Reimagining input tax credit norms")
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
 "At its lowest level in three years, German inflation eases to 2.5% in June")
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)
 "GST reduced tax rates on household goods, brought relief to people: FinMin")
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
 "Oil marketing companies slash commercial LPG cylinder prices by Rs 30")
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
 "India takes first steps to meet 2070 net-zero goal, Niti Aayog forms panels")
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"
 "Not just China, all PLI-led visas being fast-tracked: Piyush Goyal")
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
 "Big fat Indian wedding: At Rs 10 trn, expenses 2nd only to food, grocery")
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
 "Centre to issue mineral exploration rights, takes the task away from states")
Forged wheel import holdup: Railways asks SAIL to boost output amid crisis
Steelmaker expects to meet 87% of orders; moves towards Vande Bharat wheels
 "Forged wheel import holdup: Railways asks SAIL to boost output amid crisis")
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
 "EPFO gross new members addition dips 4% to 10.9 mn in 2023-24: Mospi report")
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
 "IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta")
Good, services exports expected to surpass $800 bn in FY25, says Goyal
'Hope to make progress in India-UK FTA irrespective of elections'
 "Good, services exports expected to surpass $800 bn in FY25, says Goyal")
Significant progress in SDGs, yet challenges remain: Mospi report
Report highlights gains in health, education; gaps remain in wage equality, waste
 "Significant progress in SDGs, yet challenges remain: Mospi report")
16th FC Chair Panagariya calls for permanent data portal for continuity
He said that each finance commission has to start the work on data afresh and a data portal will resolve that issue and bring continuity
 "16th FC Chair Panagariya calls for permanent data portal for continuity")
Mospi sets up 26-member committee to decide new base year for GDP
The Advisory Committee on National Accounts Statistics to review data sources, align GDP with inflation and industrial indices
 "Mospi sets up 26-member committee to decide new base year for GDP")