Page 270 - Indian Economy

India's fiscal deficit for April-Feb hits 76% of revised estimates

The government expects to earn revenues of Rs 1.85 trillion in March 2021, 40 per cent lower than what it earned in the year-ago period

Govt extends Emergency Credit Line Guarantee Scheme to June 30

The scheme, dubbed as ECLGS 3.0, has been extended due to continuing adverse impact of Covid-19 pandemic on certain services sector, says Ministry of Finance

Printing of dynamic QR code on B2C invoices deferred till July 1

The government has deferred by three months till July 1 the requirement of printing dynamic QR code on B2C (business-to-consumer) invoices generated by businesses. Quick response code or QR code help users verify the details in the digitally signed e-invoice. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) waived the amount of penalty payable by a registered person for non-compliance of provisions of dynamic QR code in B2C invoices till June 30, 2021, subject to the condition that businesses comply with the provisions from July 1, 2021. AMRG & Associates Senior Partner Rajat Mohan said large taxpayers having an aggregate turnover beyond Rs 500 crore would get relief from the said penalty waiver, which required the printing of a dynamic QR code on every B2C invoice. EY Tax Partner Abhishek Jain said, "Some of the clarifications on issues around B2C QR code were released by the government only a few weeks ago, leaving very limited time for the industry to .

Slippery slope

Guaranteeing DFI debt will increase systemic risk

Three mantras for informal sector

By some accounts, the informal sector accounts for more than 80 per cent of the workforce and 50 per cent of the GVA in India

Govt extends current foreign trade policy till September due to Covid-19

The government on Wednesday extended the existing foreign trade policy (FTP) for six more months up to September 30 this year due to the Covid-19 pandemic, according to a notification

Non-food bank credit offtake slows to 6.5% in February

Bank credit offtake in the non-food sector slowed to 6.5 per in February 2021 on an annual basis, mainly on account of the impact of the coronavirus pandemic

Govt to borrow Rs 7.24 trillion from market in six months: Finance Ministry

The net borrowings during the next fiscal year will be about Rs 9.37 trillion

Govt pegs market borrowing at Rs 7.24 trn in first half of FY22

According to the Budget for 2021-22, the gov's gross borrowing was estimated at Rs 12.05 trn in the financial year beginning April 1

At 4.6% in Feb, core industries show sharpest contraction in six months

All the core segments, including coal, crude oil, natural gas, refinery products and fertilisers witnessed a decline in February

Gig economy can support 90 million jobs in India, add 1.25% to GDP: Report

The gig economy can serve up to 90 million jobs in the non-farm sectors in India with a potential to add 1.25 per cent to the GDP over the "long term", a report said on Tuesday

Centre tightens rules of grant allocation for transparency, efficiency

The Department of Expenditure order vouches for more effective cash management and bring more efficiency in public expenditure management

Biggest rupee bear sees Asia's top performing currency hitting one-year low

Rupee is a surprise winner in Asia this year as expectations of an economic recovery, a rare current-account surplus and massive foreign inflows have shielded it from the impact of rising US yields

Competition in e-tail: Fair or unfair?

The e-commerce foreign direct investment policy doesn't sit well with the concept of competition

India's inflation is at 'uncomfortably high' level, says Moody's Analytics

India's inflation is at "uncomfortably high" level, which is an exception among Asian economies, Moody's Analytics said on Tuesday. Higher fuel prices will keep upward pressure on retail inflation and keep the RBI from offering further rate cuts, said Moody's Analytics, a financial intelligence company. Retail inflation rose to 5 per cent in February, from 4.1 per cent in January. The Reserve Bank mainly takes into account retail inflation while deciding on the monetary policy. Core inflation (which excludes food, fuel and light) was up 5.6 per cent in February, from 5.3 per cent in January, Moody's Analytics said, adding India's inflation is "uncomfortably high". In its macro roundup, Moody's Analytics said inflation is subdued in most of Asia, and expected to only gradually pick up over 2021 because of rising oil prices and economies starting to reopen. Brent crude has climbed 26 per cent this year at around USD 64 per barrel. It was around USD 30 per barrel in March 2020, when

Government likely to extend further existing foreign trade policy

Officials said that a delay in spelling out a fresh five-year roadmap on international trade will give policymakers more time to take decisions on crucial policies

Bonds on watch

Inclusion in global indices would demand higher fiscal standards

Govt expected to extend current foreign trade policy further: Official

FTP provide guidelines for enhancing exports to push economic growth and create jobs

India's 2021 economic output likely to remain below 2019 level: UN report

India is estimated to record an economic growth of 7 per cent in 2021-22

'Markets are pricing in quite a strong earnings revival'

Metals and mining, cement, infrastructure, industrials etc. are expected to perform well in March quarter earnings, Kumar said