ECONOMY NEWS - Page 102

The RBI said net services receipts increased, both sequentially and on a year-on-year basis, primarily on the back of higher net export earnings from computer services.

Third Quarter of FY21: India records current account deficit of 0.2%

April 1, 2021 03:01 IST

As per data released by the Reserve Bank of India (RBI), a current account deficit of $2.6 billion (0.4 per cent of GDP) was recorded a year ago — Q3 of FY20.

Experts noted that the fall in core sector output growth in January to 3.7 per cent compared to 4.1 per cent in December reflected that the third wave of Covid-19 infections had only a muted impact on India’s core sector.

Outputs of all core sectors shrink in February

April 1, 2021 02:29 IST

The growth rate of the eight infrastructure sectors — namely, coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — had been recorded at at 6.4 per cent in February 2019.

People arrive to visit the Red Fort on a smoggy morning in the old quarters of Delhi, India, November 10, 2020. (REUTERS/Danish Siddiqui/File Photo)

India baulks at carbon neutral target as pressure grows

March 31, 2021 11:53 IST

India is the world's third-biggest carbon emitter after China and the United States and thus is vital in the fight against climate change currently focused on reaching zero emissions by mid century or thereabouts.

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India bounced back big way but not out of woods; real GDP growth to be between 7.5-12.5 per cent: World Bank

March 31, 2021 10:23 IST

Given the significant uncertainty pertaining to both epidemiological and policy developments, the real GDP growth for FY21/22 can range from 7.5 to 12.5 per cent, depending on how the ongoing vaccination campaign proceeds, whether new restrictions to mobility are required, and how quickly the world economy recovers, the World Bank said.

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

March 30, 2021 17:01 IST

India, according to the 'Economic and Social Survey of Asia and the Pacific 2021: Towards post-COVID-19 resilient economies', is estimated to record an economic growth of 7 per cent in 2021-22, over a contraction of 7.7 per cent witnessed in the previous fiscal on account of the pandemic's impact on normal business activity.

Disinvestment target for FY22 imminently achievable says Chief Economic Adviser K V Subramanian

March 28, 2021 06:30 IST

Speaking at a virtual conference by Jana Small Finance Bank, he further said that the retail inflation targeting by the Reserve Bank of India (RBI) has helped lower the volatility and level of inflation.

Cable connectivity, other projects: Industry seeks easier bid criteriaSubscriber Only

March 28, 2021 06:27 IST

“22 foreign and Indian companies raised their concerns against the eligibility criteria, which are neither as per the CVC guidelines nor ITU standards due to which most of the interested companies are not able to bid,” TEMA’s letter to Prakash read.

Biggest crude importer via Suez Canal, India may face larger trade hit from logjam

March 28, 2021 09:00 IST

India is the top importer of crude and products via the Suez Canal, higher than China, South Korea or Singapore, according to data from Vortexa.

New Delhi to examine proposal, plan suitable measures: Digital tax; India among nations likely to face retaliatory US tariff

March 28, 2021 06:20 IST

“The United States is committed to working with its trading partners to resolve its concerns with digital services taxes, and to addressing broader issues of international taxation,” said USTR Ambassador Katherine Tai.

Weak FPI inflow in March has also had a bearing on the markets. The benchmark Sensex has remained flat this month. In fact, from its peak closing of 52,154 on February 15, 2021, the index is now down 3,146 points, or 6 per cent.

Covid concerns slow FPI flows into equity in MarSubscriber Only

March 27, 2021 09:30 IST

With two more trading days to go in the month, net inflow into equities stood at a six-month low of Rs 10,557 crore. By comparison, the average monthly FPI inflow into equities between October 2020 and February 2021 amounted to Rs 37,435 crore.

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Pradhan: Saudi suggestion to use oil reserves ‘undiplomatic’

March 27, 2021 09:18 IST

Union Petroleum Minister Dharmendra Pradhan on Friday said India would procure crude oil from whichever country offered the best business terms.

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Plan to ‘quickly ramp up’ trade ties with US, says Goyal

March 27, 2021 09:15 IST

Piyush Goyal last month had said he would engage with the new US Trade Representative (USTR) to “try and put together a fresh package” after the old package that was close to finalisation under the Trump administration was off the table with the change of guard.

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Economy in new fiscal: RBI stays with forecast, says surge won’t impact growth

March 26, 2021 07:54 IST

Many parts of the country, mostly from Maharashtra, are seeing a massive surge in Covid infections, roiling the equity and bond markets. GDP growth had contracted 23.9 per cent in the June quarter of 2020-21 when Covid hit the economy hard.

PF contribution cap for tax-free income doubled

March 26, 2021 16:36 IST

The new amendment brings no change for the private sector employees as their tax-exemption on interest income will remain capped on EPF contributions of up to Rs 2.5 lakh in a year.

Consumers in India currently buy laptops worth Rs 30,000 crore a year and tablets worth Rs 3,000 crore a year, of which about 80 per cent is imported.

Govt invites bids for setting up of sub-assembly for making PCB, battery packs

March 22, 2021 23:41 IST

As per the plan, if a company which is eligible to receive incentives under the PLI scheme sets up a printed circuit board (PCB) assembly itself, it will be eligible to receive incentives of up to 3 per cent from April 1, 2022, while it will come down to 2 per cent in the following financial year.

Another Rs 3 lakh crore of incremental debt is likely to be raised to support expected growth in lending.

As economy unlocks, discretionary spending eats into household savings

March 22, 2021 04:05 IST

According to the RBI, the moderation in household financial savings has taken place despite an increase in financial assets, as flow of financial liabilities returned to positive territory on the back of loans from banks and NBFCs in Q2 of 2020-21.

Last month, the Goods and Services Tax (GST) mop-up crossed the Rs 1 lakh crore mark for the fifth month in a row.

Taxpayers can discharge March GST dues with ITC

March 21, 2021 01:43 IST

"Taxpayers are free to utilise the Input Tax Credit (ITC) available in their credit ledger, as permissible in law, to discharge their GST dues for the month of March, 2021 — the last month of this financial year," CBIC said in a statement.

Moody's saw real GDP growth of 12 per cent in the 2021 calendar year, partially due to a low base-year comparison. (File photo)

India’s economy may grow at 12% in 2021: Moody’s Analytics

March 19, 2021 14:26 IST

Moody's Analytics said a strengthening second wave of COVID-19 remains the key risk to recovery in 2021.

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Rajya Sabha clears Bill to raise FDI in insurance sector to 74%

March 19, 2021 09:52 IST

“The FDI policy is brought in only to supplement domestic capital. This will only supplement what is available in the country because what is now available is not sufficient,” Finance Minister Nirmala Sitharaman told the House.

The government raised the deposit threshold limit in the provident fund to Rs 5 lakh per year on Tuesday, with interest remaining tax-free. This would apply in cases where the employer does not contribute to the retirement fund. (file)

DFI to raise `3 lakh cr for infra spend; `20K cr to be infused

March 17, 2021 04:37 IST

Finance Minister Nirmala Sitharaman said the capital infusion will be of Rs 20,000 crore, with initial infusion of Rs 5,000 crore.

Cabinet approves formation of Development Finance Institution

March 16, 2021 17:08 IST

Cabinet approved the setting up of Development Finance Institution (DFI) with an initial capital infusion of Rs 20,000 crore. Finance Minister also assures that not all banks will be privatised.

During the April-February for FY21, exports contracted by 12.23 per cent to $256.18 billion as against $291.87 billion a the year ago. Imports declined 23.11 per cent during the same period to $340.8 billion.

Container shortages slow down exports growth in February

March 16, 2021 03:04 IST

In February 2020, trade deficit was at $10.16 billion. Imports, too, rose last month, by 6.96 per cent to $40.54 billion, the data showed.

No proposal to bring petrol, diesel, jet fuel, gas under GST: FM Sitharaman

March 15, 2021 17:00 IST

When the GST was introduced on July 1, 2017, amalgamating over a dozen central and state levies, five commodities - crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) - were kept out of its purview given the revenue dependence of the central and state governments on this sector.

A buyer selecting vetches at a local market in Lucknow on Monday. (Express Photo by Vishal Srivastav)

India’s WPI inflation rises to 4.17 per cent in February: Government data

March 15, 2021 13:27 IST

India WPI February 2021: The wholesale price index (WPI) grew 2.03 per cent during the month of January and it rose to 1.95 per cent in December 2020, the data showed.

‘Fear of interest rates rising will prevail, but real hike may not be to the extent of the worry’Subscriber Only

March 15, 2021 06:19 IST

While bond yields have moved up in the US market recently on the back of fear of rising inflation, central bankers, on the other side, reiterated their commitment to keep interest rates stable till such time they see growth and the job market returning to normal.