Urban unemployment was recorded at 20.9 per cent in April-June 2020, 9.1 per cent in January-March 2020, 7.9 per cent in October-December 2019, 8.4 per cent in July-September 2019 and 8.9 per cent in April-June 2019
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 48.1 in June to 55.3 in July, pointing to the strongest rate of growth in three months.
GST collections in July have increased 33 per cent from the corresponding period last year and 25.4 per cent over the previous month, indicating a pickup in economic activity after a series of localised lockdowns in May during the second wave of the Covid-19 pandemic.
On June 4, with focus firmly on the revival of the Covid-hit economy, the MPC slashed its growth projection, kept the main policy interest rate — repo rate — unchanged at 4 per cent and unleashed a host of measures to support businesses and ensure they have access to liquidity. The MPC will announce the next monetary policy on August 6.
The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 12.4 per cent in June 2020 due to the lockdown restrictions imposed to control the spread of coronavirus infections.
Further, he said that a three-rate structure is very important and there is also a need to fix inverted duty structure as far as the GST is concerned.
Its April forecasts hadn’t factored in the impact of the resurgence of Covid infections in India.
The IBC is positioned as a framework for timely resolution of the debt of insolvent companies, rather than a mechanism for recovery. But there are pitfalls to achieving either of these targets.
Results from 169 early birds (excluding banks and financials) reflect the year-on-year increase and the sequential fall in revenues.
Elon Musk, however, said at present import duties in India are “the highest in the world” and is hoping for “at least a temporary tariff relief for electric vehicles”.
Hospitality and industrial manufacturing continue to be in a slump, while the automobile & allied industry, BPO & ITeS, construction & real estate, and fast moving consumer durables (FMCD) & fast moving consumer goods (FMCG) sectors are still stagnating.
As on June 18, bank credit growth stood at 5.8 per cent year-on-year, according to RBI data.
On South Asia, ADB said the economic outlook for the subregion is dampened by new waves of COVID-19 hitting the subregion from March to June 2021.
The Sensex plummeted by 587 points, or 1.1 per cent, to 52,553.40 and the Nifty50 shed 171 points, or 1.07 per cent, at 15,752.40.
The matter will be next heard on September 7 and till then the resolution professional would continue to manage the company as per the provisions of the Insolvency and Bankruptcy Code (IBC), the NCLAT said in its order.
The controversy revolves around an email received by the company from “firstname.lastname@example.org” on May 31, informing it that it has been granted adjournment and time till June 14 to file reply to the notice.
Data collected from banks by the RBI suggests the share of outstanding loans linked to external benchmarks — mostly the repo rate which is at 4 per cent — increased from as low as 2.4 per cent during September 2019 to 28.5 per cent during March 2021.
“Sebi is investigating some Adani Group companies with regard to compliance with SEBI Regulations,” MoS for Finance Pankaj Chaudhary said in a written reply to question from Lok Sabha member Mahua Moitra.
The Centre’s total collections from excise duty, which is mainly levied on petroleum products, has already crossed the Rs 1-lakh-crore mark in the first quarter of April-June.
Of this, over Rs 81,000 crore GST compensation is due to states for 2020-21, while Rs 55,345 crore is outstanding for April-May, Minister of State for Finance Pankaj Chaudhary said in a written reply to a question in Lok Sabha Monday.
The relaxation followed a meeting of Union Minister for Consumer Affairs, Food and Public Distribution Piyush Goyal with all the stakeholders, including importers, millers etc, on July 17, where he took stock of issues connected with imposition of stock limits on pulses.
Quoting the World Investment Report 2021, the Finance Minister said FDI inflows into India rose by 25.4 per cent to reach USD 64 billion in 2020, from USD 51 billion in 2019, becoming fifth largest recipient in the world in 2020, up from eighth position it held in the previous year.
The looming concern is that the sharp rise in producers’ prices will progressively feed into the final consumer goods basket, translating into consumer price inflation with some lag.
The reserves have been on the rise since more than two weeks ago. In the week ended July 2, they had surged by $1.013 billion to $610.012 billion. In the week ended June 25, they had risen $5.066 billion to $608.999 billion.
According to sources, the market regulator has conveyed its intention to probe the role of board of directors and the company irrespective of the verdict of the Securities Appellate Tribunal (SAT) on the Sebi action against PNB Housing.