InterGlobe Aviation, the parent company of IndiGo, reduced its employee costs by 14.8% during the quarter, compared with the same period last year, while net revenues from operations fell 92% year-on-year during the quarter.
A key bellwether of activity in the manufacturing sector slipped in July after two months of steady growth reflecting the adverse impact of localised lockdowns by states to fight the surging Covid curve.
The data shows that acute respiratory infection led to 3,740 deaths in 2018 -- the highest in six years (according to these provisional estimates). The highest number of deaths due to acute respiratory infection were reported in West Bengal (732), followed by Uttar Pradesh (699), Andhra Pradesh (587), Delhi (492).
Punjab Finance Minister Manpreet Singh Badal in a letter to Union Finance Minister Nirmala Sitharaman Friday stated that Centre had provided “innumerable assurances” in the run-up to GST for “assured and unhindered compensation”.
A legal opinion on the issue offered by the Attorney General of India, specifically on bridging the revenue shortfall by directing states to borrow, is learnt to have put the ball squarely in the Centre’s court.
While the Centre on Monday released Rs 13,806 crore to the states for March 2020, wrapping up the full payout for FY20 at Rs 1.65 lakh crore, compensation payments for this financial year since April remain pending.
India shares its border with China, Nepal, Bhutan, Pakistan, Bangladesh and Myanmar. As per official data, out of these, the government has extended lines of credit to Bangladesh, Nepal, Myanmar, exempting them from the new order.
Lower GST revenues have translated into delayed and pending compensation payments to states, an issue which will be central to the discussions of the GST Council meeting slated to be held later this month.
In the backdrop of the steep economic contraction expected in the April-June quarter, the government is trying to assess its revenue position, how it can be augmented and what more will be required to support economic activity in these uncertain times, sources familiar with the matter said.
That the “unlocking” has been patchy is reinforced by Google footfall data showing that while public mobility has improved in recent weeks across India, states that have higher infection rates are seeing curtailed public movement and economic activity.
Ajay Bhushan Pandey, who holds charge as Revenue Secretary, said rate rationalisation, correction of inverted duty structure have been discussed in the GST Council and the decisions about these will be taken in the next 8-9 months.
The expenditure rationalisation is being done presumably to allow enough headroom to dovetail the stimulus package announced last month, especially as revenues are expected to be sharply lower than estimates this year.
In a recent note to the Ministry of Commerce and Industry, the Federation of Indian Export Organisations (FIEO) has said that Hong Kong and Chinese Customs were holding back export consignments from India over the last few days.