ECONOMY NEWS - Page 115

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To maximise liquidity for MSMEs, govt may extend credit scheme deadlineSubscriber Only

October 26, 2020 03:12 IST

Banks have sanctioned 62.52 per cent of the targeted Rs 3 lakh crore under the ECLGS for stressed MSMEs, while disbursements were at 45.38 per cent of the total amount as of October 5, up from 47.7 per cent sanctions and 32.9 per cent disbursements recorded as on August 12.

n the previous week ended October 9, 2020, the reserves had increased by $5.867 billion to reach $551.505 billion.

Forex reserves touch record high of $555.1 bn

October 25, 2020 01:22 IST

Gold reserves were up by $86 million in the reporting week to $36.685 billion.

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Diwali gift to borrowers: Govt waives interest on interest for loans up to Rs 2 crore

October 24, 2020 13:46 IST

The Department of Financial Services came out with operational guidelines in the backdrop of Supreme Court's direction to implement the interest waiver scheme, which is likely to cost the exchequer Rs 6,500 crore.

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

Govt kickstarts market borrowing, transfers Rs 6K cr to 16 states, 2 UTs

October 24, 2020 00:41 IST

Twenty one states and two union territories have opted for this special window involving back-to-back borrowing coordinated by the Ministry of Finance.

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)

‘May take years to regain lost GDP, have space for rate cuts’

October 24, 2020 00:43 IST

According to RBI Deputy Governor Michael Patra, if the projections hold, the level of GDP would have fallen approximately 6 per cent below its pre-Covid level by the end of 2020-21 and it may take years to regain this lost output.

Labour Min releases new series of retail inflation for industrial workers with 2016 base year

October 22, 2020 17:12 IST

The Consumer Price Index-Industrial workers (CPI-IW) is the single most important price statistics with financial implications.

The study also found that the pace of automation of workforce and digitisation of workplace is higher than the global average for India operations of companies. (Representative image: Bloomberg)

Tech-driven changes in job markets threaten social contract with workers: Experts

October 22, 2020 13:44 IST

In the next five years, machines will displace an estimated 85 million jobs but create around 97 million new jobs across 15 industries and 26 economies, according to the WEF's Future of Jobs Report 2020.

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India at doorstep of economic revival, says RBI Governor

October 21, 2020 21:10 IST

Shaktikanta Das further said India followed the fiscal expansion path to deal with COVID-19-related challenges.

Union Minister Prakash Javadekar addresses a press conference on Cabinet decisions (PTI)

Centre announces Rs 3,737 crore bonus for over 30 lakh govt employees by next week

October 21, 2020 20:31 IST

Central Government Employees Bonus: Union Minister Prakash Javadekar said that the total financial implication of this bonus will be Rs 3,737 crores and it will be given in a single installment, through direct benefit transfer, before Vijayadashami.

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Compensation deficit under GST regime: Some states seek no-strings attached borrowing, scrapping payout conditionsSubscriber Only

October 21, 2020 09:57 IST

Kerala had last week stated that the whole compensation deficit should be borrowed this year and no amount should be deferred, while Jharkhand had rejected the Centre’s proposal.

Labour force participation rate rose to 36.8 per cent from 36.2 per cent in the previous quarter and 36.1 per cent in the same period in the previous year, the data showed. (File)

Unemployment rate in urban areas at 8.4% in July-Sept 2019

October 20, 2020 03:09 IST

Urban unemployment in the age group 15-29 years was 20.6 per cent in July-September 2019, lower than 21.6 per cent in the previous quarter and 23.1 per cent in the same period previous year.

Finance Minister Nirmala Sitharaman (PTI/file)

Have not closed the option for another stimulus: Nirmala Sitharaman

October 20, 2020 00:34 IST

To a question on whether the Finance Ministry would come out with an assessment of economic contraction, Sitharaman said the ministry has started doing some assessment since the beginning of October and would soon come with a projection.

FM Sitharaman pushes large CPSEs to meet 75% of FY21 capex target by December

October 19, 2020 16:46 IST

She held a virtual meeting with secretaries of coal and petroleum & natural gas, along with the chairman and managing directors (CMDs) of 14 CPSEs belonging to these ministries, an official statement said.

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CPSEs clear dues worth Rs 13,400 crore to MSMEs in last 5 months: Govt

October 19, 2020 11:58 IST

The micro, small and medium enterprises (MSME) Ministry this month has written to the top management of over 2,800 corporates by name to make payment of pending dues of MSMEs, an official statement said.

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Forex reserves jump $75 bn since lockdown

October 18, 2020 00:43 IST

Foreign currency assets expanded by $5.73 billion to $508.7 billion in the week ended October 9, as per RBI data.

the labour ministry has said that all states and UTs are expected to complete draft labour code,including code on wages

LabourMin to meet entities employing gig workers to understand concerns

October 17, 2020 00:49 IST

Labour Secretary Apurva Chandra said there could be some implementation issues for providing social security benefits for gig and platform workers, given that they do not have the typical fixed-wage terms of employment.

The government was initially reluctant to borrow from the market to meet the GST shortfall. (Source: Getty Images/Representational)

Govt borrowing for states set to flatten yield curveSubscriber Only

October 17, 2020 00:38 IST

The RBI has already assured that the borrowing programme of the Centre and states for the rest of 2020-21 will be completed in a non-disruptive manner without compromising on price and financial stability.

GST deadlock on, Centre says can enable borrowing for Option 1 states

GST compensation issue: Govt reaches out to states on borrowing; some seek clarity

October 17, 2020 00:33 IST

States like Kerala asked for the whole compensation deficit of Rs 2.35 lakh crore to be borrowed this year, while Chhattisgarh questioned it saying that arranging for a part of the deficit without accounting for the entire compensation shortfall is incorrect.

David Malpass, president of the World Bank Group (Photographer: Sarah Silbiger/Bloomberg)

World experiencing one of the deepest recessions since Great Depression due to COVID-19: World Bank

October 15, 2020 11:03 IST

World Bank President David Malpass told reporters that given the extent of the economic contraction, there was a rising risk of disruptive debt crises in countries.

The waiver will be provided by all private and state-owned banks, cooperative banks, regional rural banks, housing finance companies and non-banking financial companies. (File)

Tamil Nadu gets nod to borrow extra; total 21 states pick option 1

October 15, 2020 02:00 IST

With Tamil Nadu joining the states that have opted to borrow for bridging the GST compensation deficit, 21 states have been allowed to borrow 0.5% of the GSDP, totalling to Rs 78,542 crore.

A vendor reads a newspaper while sitting at a fruit stall at Crawford Market in Mumbai, India, on Tuesday, Dec. 11, 2018. (Photographer: Dhiraj Singh/Bloomberg)

WPI inflation rises to 1.32% in September mainly on costlier food articles

October 14, 2020 14:14 IST

Inflation in food articles during the month was at 8.17 per cent, as against 3.84 per cent in August, showed the data from the commerce and industry ministry.

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‘Solid achievement’ of BJP’s ‘hate-filled cultural nationalism’: Rahul Gandhi on IMF projections

October 14, 2020 11:18 IST

Gandhi also shared a graph citing its source as the International Monetary Fund's World Economic Outlook report which showed Bangladesh closing in on India and almost catching up with it in terms of per capita GDP this year.

Further borrowing to bridge shortfall may worsen states’ liabilities-GSDP ratioSubscriber Only

October 14, 2020 03:30 IST

It is important to note that three main states that have opposed to the borrowing as proposed by the Centre are those that figure in the list of top 5 states in terms of liabilities-GSDP ratio.

GST revenue deficit: 20 states get nod to borrow Rs 68,825 crore

October 14, 2020 09:34 IST

Kerala Finance Minister Thomas Isaac had said Monday that the announcement that 21 states will be allowed to choose Option 1 is “illegal”.

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Vodafone Group Plc taxation issue: ‘Invoking BIT to reject govt’s right to tax seems questionable’

October 14, 2020 00:46 IST

In a relief for Vodafone Group Plc, the Permanent Court of Arbitration at The Hague ruled last month that India’s retrospective demand of Rs 22,100 crore as capital gains.