Page 386 - Economy

Rural demand picking up, likely to hold this year: RBI Governor Das

RBI guv says premature to change stance, FY24 CAD may be less than 1%

Pre-Budget talks: Industry bodies suggest tax reforms to revenue secy

The PHDCCI said that the slab of 30 per cent income tax should be raised to the income of Rs 40 lakh and above. Below this, the body said, the tax rate should be kept at 20-25 per cent

Fitch Ratings raises India's growth forecast by 20 bps to 7.2% for FY25

The Indian economy grew at an impressive rate of 8.2 per cent in FY24, driven by a stronger-than-expected expansion of 7.8 per cent in the fourth quarter

Centre plans to hold training for states on labour code sensitisation

The workshop aims to prepare states for the nationwide rollout of the labour codes, ensuring readiness and preempting legal challenges in the process

Advance tax collection surges 27.34% to Rs 1.48 trillion in June qtr so far

Refunds amounting to Rs 53,322 crore have also been issued in FY25 till June 17, which is 34 per cent higher than refunds issued during the same period in the preceding financial year

3 entities complete test phase of RBI regulatory sandbox's fourth cohort

Regulatory sandbox refers to live testing of new products or services in controlled regulatory environment for which regulators may permit certain regulatory relaxations for limited purpose of testing

India must avoid 'adventurism', focus on bringing down inflation: RBI chief

The central bank kept the key repo rate unchanged at 6.5% for an eighth straight policy meeting earlier this month saying robust economic growth will give it space to focus on bringing down inflation

FY25 net direct tax collections up 21% at Rs 4.63 trn in April-June: Govt

On a gross basis, tax collection before refunds grew more than 22% year on year to Rs 5.16 trillion, the statement said

Modi government pledges 20 million new rural homes, boosts funding

One of the main criteria that will separate the new homes in rural India under PMAY-G from the ones that have been already constructed is the increased per-unit funding allocated for construction

Budget 2024: Subsidies likely to remain same, rural funding may rise

The Budget is anticipated to be unveiled in the third week of July. The NDA 3.0 administration might strengthen specific welfare-oriented schemes, prioritising fiscal prudence

Fitch raises India's growth estimates for FY25 to 7.2% as investments rise

Fitch's estimates are in line with that of RBI which earlier this month projected Indian economy to expand 7.2% in the current fiscal on the back of improving rural demand and moderating inflation

Tears in your eyes: Onion buffer stock way below the govt's FY25 target

Due to trader hoarding and farmers' reluctance to sell their stock, the government has only achieved less than 10 per cent of its 500,000-tonne onion buffer stock target

Fitch ups 2024 world growth forecast to 2.6%; cautions on inflation

However, for 2025, Fitch expects world growth to edge down to 2.4 per cent as US growth slows to a below-trend rate of 1.5 per cent and growth in the Eurozone picks up to 1.5 per cent

South Africa approves import of mangoes from India: APEDA official

Almost every Indian restaurant in South Africa which provides mango juice or mango lassi uses our pulp, which is imported from India, a mango exporter said

India's LNG resurgence may be short-circuited by rising costs of spot fuel

Spot LNG prices in Northeast Asia were at $12.20 per MMBtu, according to US market intelligence agency Energy Intelligence for deliveries four to eight weeks ahead

Net direct tax collections grew 9.8% to Rs 4.62 trillion till mid-June

Of the total tax collected until June 16, corporation tax accounted for Rs 1.81 trillion, while personal income tax (I-T) stood at Rs 2.69 trillion

Corporate capex growth slows in FY24 after picking up pace in FY23

The firms in these two sectors together accounted for 30 per cent and 15 per cent of the fixed assets of all companies, respectively, in the sample in FY24

Budget 2024-25 likely to retain FY25 fiscal deficit target of 5.1%

Record RBI dividend may guide likely focus on capex, special package

Centre developing mechanism to validate refund claimed under RoDTEP

The scheme came into effect over three years ago to refund the embedded non-creditable central, state and local levies paid on inputs to exporters to boost India's exports

Three-wheeler exports may continue to skid in FY25 over subdued demand

As such three wheeler exports have been declining. According to SIAM data, in FY23, exports fell by 26 per cent, followed by a 17 percent fall in FY24