The DBS report noted that fiscal deficit in the first eight months of FY20, stood at 15 per cent above target, driven by weak revenues.
Sources said nefarious elements among the customs broker community may be connected with these frauds, involving fictitious entities, existing only in virtual space through identity thefts with fake and morphed documents.
He argued that a large portion of the deficit is being used to finance consumption expenditure, which is typically not a healthy practice.
However, the trade deficit narrowed down to $11.25 billion due to the subsequent fall of imports during the same period.
Vegetable inflation jumping to an over six-year high and pulses inflation rising to a more than 3-year high were the key reasons driving retail inflation.
The 10-year benchmark yield had ended at 6.60 per cent on Monday, compared to the previous close of 6.59 per cent on Friday. When bond yield rises, prices decline.
The wholesale price index (WPI) grew 0.58 per cent during the month of November 2019 and by 3.46 per cent in December 2018, the data released by the Ministry of Commerce & Industry showed.
According to data released by the National Statistical Office (NSO) Monday, vegetable items recorded the highest inflation rate at 60.5 per cent in December 2019, followed by pulses and products at 15.44 per cent, meat and fish at 9.57 per cent and egg at 8.79 per cent, among others.
In the current year itself, refunds of over Rs 28,000 crore have been filed by over 27,000 taxpayers on account of an inverted duty structure, a senior tax official said.
The inflation based on the Consumer Price Index (CPI) was 5.54 per cent in the month of November and 2.11 per cent in December 2018.
The fund will provide credit enhancement to such lower rated projects, enabling them to raise loans at better rates while improving their viability.
The waiver, effective January 1, is aimed at incentivising digital payments and is in sync with the policy objective of moving towards a less-cash economy.
On media reports speculating the Centre's plan to cut school education budget by Rs 3,000 crore, Banerjee said education is a state subject and cutting Rs 3000 crore is like a 'drop in the ocean'.
Manufacturing sector — which carries a weight of 77.63 per cent in the Index of Industrial Production (IIP) — grew 2.7 per cent in November 2019 as against 2.3 per cent contraction in the preceding month and 0.7 per cent contraction in the corresponding period in 2018, the data showed.
Discussions were held to understand how to implement the remaining recommendations of an expert committee led by Bharat Forge chairman Baba Kalyani that was formed in 2018 to review the policy.
Index of industrial production (IIP) expanded by 1.8 per cent on-year to 128.4 during the month of November, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed.
The PM said at the NITI Aayog meeting that the idea of $5 trillion economy is not a sudden development and it is based on a deep understanding of the strengths of the country, as per a statement issued by the Prime Minister’s Office.
FM Nirmala Sitharaman held four rounds of meetings with BJP leaders here, taking feedback for the Budget.
Given the growth slowdown, this looks unlikely in the near term, but is not an insurmountable task, according to Ind-Ra.
Over 60 per cent of respondents expected retail inflation, due for release on Jan. 13, to breach the upper band of the RBI's buffer range of 2 per cent to 6 per cent, with the highest forecast for 7.01 per cent.