ECONOMY NEWS - Page 114

Finance Minister Nirmala Sitharaman attends the National Tax Conference at North Block, on Friday. (PTI)

FM Sitharaman: In-time compliance needs to be promoted … welfare activity of govt shouldn’t suffer

November 7, 2020 01:26 IST

Finance Minister Nirmala Sitharaman also stressed on the need for more digital transactions so that they are monitorable and the gross domestic product (GDP) is not underestimated.

The android machines will have UPI facilities, QR codes and debit or credit card facilities and passengers will be allowed to use any option as per their choice.(Representational)

Unified Payments Interface: 30% cap done to ‘protect ecosystem’ but may end up being an own goalSubscriber Only

November 7, 2020 01:06 IST

A senior executive at a fintech firm said banks were also concerned about the load that a sudden rise in transaction volumes could put on their systems.

Rajasthan will get Rs 4,604 crore via the special window and the funds through the back-to-back loan will be made available to the state soon.

Rajasthan picks Option 1 to meet GST shortfall

November 6, 2020 03:44 IST

With Rajasthan joining in, 22 states and 3 UTs have opted for the borrowing plan proposed by the Centre to meet the `1.83 lakh crore shortfall. Kerala, Punjab, West Bengal, Chhattisgarh, Jharkhand are yet to pick their option.

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India’s services activity grows in October for first time in 8 months

November 4, 2020 11:00 IST

The Nikkei/IHS Markit Services Purchasing Managers' Index climbed to 54.1 in October from September's 49.8. It was the highest reading since February and comfortably above the 50-mark separating growth from contraction.

PM Modi to launch Ropax Ferry Service between Bhavnagar and Surat on Nov 8

PM Modi to meet biz leaders tomorrow to pitch India investments

November 4, 2020 00:51 IST

As per a release, VGIR 2020 will focus on discussions around India’s economic and investment outlook and the government’s vision for the path to a $ 5 trillion economy.

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‘Economy moving faster’ but roadblocks remain, shows dataSubscriber Only

November 4, 2020 00:50 IST

Economic Affairs Secretary Tarun Bajaj said the government expects high price levels to cool down with the arrivals of the new crop, adding that another round of stimulus measures is likely to be unveiled shortly.

Manufacturing activity, as measured by the Purchasing Managers Index (PMI), scaled its peak in over decade in October, having seen a third straight monthly improvement. Manufacturing output touched a 13-year high, while sales, too, improved dramatically.

October Data: Indicators hint at demand revival; caution prevails

November 3, 2020 02:05 IST

This lends some credence to the notion that the economy may be healing faster from the Covid-induced shock than anticipated earlier.

Manufacturers indicated that the ongoing relaxation of COVID-19 restrictions, better market conditions and improved demand helped them to secure new work in October. (Photographer: Dhiraj Singh/Bloomberg)

India’s manufacturing PMI rises for third straight month; output rises at quickest pace since Oct 2007

November 2, 2020 11:41 IST

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 56.8 in September to 58.9 in October, and pointed to the strongest improvement in the health of the sector in over a decade.

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Rs 1.05 lakh crore: GST collections up again, now at 8-month high

November 2, 2020 06:53 IST

But overall, data show y-o-y 20.2% decline during April-October

Signalling a sharp rebound in rural demand, Hero MotoCorp sold a record of 8,06,848 vehicles in October — its highest ever monthly sales in a single month. (Representational Image)

October sales rise for automakers, festive buying propels domestic numbers

November 2, 2020 10:52 IST

During the Navratri period, while MSI retailed nearly 60 per cent of its total domestic sales in October, Hyundai retailed nearly 50 per cent of its domestic sales in the 10-day period.

The RBI panel last cut the rate by 40 basis points in the May review and kept rates unchanged in the August policy. (Source: Bloomberg)

Loan moratorium: Banks told to credit ‘interest on interest’ to borrowers, RBI tells SC

November 1, 2020 21:53 IST

The Reserve Bank of India (RBI), in an affidavit filed through Assistant General Manager Prasanta Kumar Das, referred to the October 23 additional response of the Ministry of Finance and said the federal bank has also acted in pursuance of that by issuing a notification to banks and FIs recently on refund of extra money to the borrowers.

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GST collections cross Rs 1 lakh crore in October for first time in 8 months

November 1, 2020 11:59 IST

The revenue for the month is 10 per cent higher than Rs 95,379 crore collected in the same month last year.

In the previous week ended October 16, the reserves stood at $555.12 billion after increasing by $3.615 billion. (File)

Forex reserves surge $5.4 billion to all-time high

November 1, 2020 01:00 IST

During the reporting week, the surge in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves.

HUL chief Sanjiv Mehta: Neighbourhood grocer, online channels stood out during pandemicSubscriber Only

October 31, 2020 12:49 IST

The 3 per cent growth in the September quarter, Mehta said, came from 80 per cent of HUL’s portfolio — food, nutrition and hygiene products — growing at 10 per cent.

The draft rules have also detailed conditions for functioning of the proposed re-skilling fund for retrenched workers. (File)

Trade union rules left to states to frame, 15-day lay-off notice

October 31, 2020 01:12 IST

In its draft rules, the Labour and Employment Ministry has proposed changes in the conditions for workers to stirke.

Recovery is ‘two-speed’; stressed sectors, people need a safety net: Uday Kotak at eAdda

October 30, 2020 08:19 IST

Speaking at the Express e-Adda organised by The Indian Express, Kotak said sectors including consumer goods, e-commerce, IT, digital, telecom, and pharmaceuticals were doing much better, while aviation, tourism, hospitality, and some general services were facing challenges.

This dataset differs from the Annual Report of Periodic Labour Force Survey, released by MoSPI, which covers both rural and urban areas.

Oct-Dec 2019: Urban joblessness eases, labour activity rises

October 30, 2020 03:04 IST

As per the quarterly Periodic Labour Force Survey, urban joblessness in the 15-29 age group was 19.2% in October-December, below 20.6% in July-September 2019.

As per the memo, the price of Cement (50 kg) in the last two years from January 2019 to December 2020 increased from Rs 360 to Rs 430, whereas Steel price (per tonne) increased from Rs 40,000 to Rs 58,000 from January 2019 to December 2020. (Representational)

Core industries’ output shrinks for 7th month

October 30, 2020 10:36 IST

In September 2019, the production of eight core sectors had shrunk 5.1 per cent, data released by the Commerce and Industry Ministry showed on Thursday.

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All eyes on economy, Uday Kotak is guest at Express e-Adda today

October 30, 2020 08:20 IST

To discuss the way forward and reforms needed to boost growth, Uday Kotak, MD & CEO, Kotak Mahindra Bank, and President, Confederation of Indian Industry (CII), will be the guest at the Express e-Adda Thursday.

Gadkari to inaugurate, lay foundation stones for `20K-cr projects in Haryana

For MSMEs, cut in input costs to help quick revival, says Gadkari

October 28, 2020 06:19 IST

The MSME sector should make use of technology, innovation, research, Gadkari said.

Even if it is negative or near zero in FY21, will be among fastest growing next year, says FM

October 28, 2020 08:36 IST

Sitharaman highlighted that the manufacturing PMI, a monthly indicator based on a survey of private sector companies, in September rose to an eight-and-a-half year high of 56.8.

Customers wait in line at a State Bank of India (SBI) branch in Mumbai, India, on Monday, May 4, 2020. (Photographer: Dhiraj Singh/Bloomberg)

Facing credit card defaults, banks move to settle duesSubscriber Only

October 28, 2020 10:51 IST

Banks and card issuers have managed to show lower NPAs so far due to the moratorium that was valid till August 2020 — the issue of interest waiver is being heard in the Supreme Court.

Finance Minister Nirmala Sitharaman (PTI/file)

FM Sitharaman sees GDP growth in negative zone or near zero in current fiscal

October 27, 2020 16:51 IST

Speaking at the India Energy Forum of CERAWeek, she said there was a "very firm lockdown" imposed beginning March 25 as the government put lives before livelihood. The lockdown also gave time to do preparatory work to deal with the pandemic.

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Bharat Biotech executive director: ‘Trying to raise manufacturing capacity above 500 million doses as soon as possible’Subscriber Only

October 26, 2020 04:26 IST

In an interview with The Indian Express, Bharat Biotech executive director Sai Prasad details the company’s discussions with the government to bring out the vaccine here, as well as its discussions with other countries to supply Covaxin globally.

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DHFL lenders unimpressed by low offers, against huge haircut; may invite fresh bidsSubscriber Only

October 26, 2020 03:40 IST

DHFL is considering various options, including inviting fresh bids, takeover of DHFL assets by lenders themselves or continue operating under the administrator appointed by the RBI.