Intra-day, Brent crude surged 4.5 per cent to $69.23 per barrel and WTI increased 4.1 per cent to $63.71 per barrel, after worries over an escalation in tension hit the sentiment.
It is estimated that a $10-per-barrel increase in the price of oil would negatively impact India’s growth by 0.2-0.3 percentage points and worsen the Current Account Deficit (CAD) by $9-10 billion dollars.
PMI’s four of the five sub-components rose, while suppliers’ delivery times was unchanged from the preceding survey period.
In the first meeting in November, presentations were made on different issues such as refund disbursement by a single authority, new return system and e-invoicing.
Electricity production makes up nearly 20 per cent of the country’s core sector index — a lead indicator of the country’s monthly industrial performance.
Maruti Suzuki, Hyundai and Mahindra & Mahindra occupied the first three slots.
A rise for the second month in a row in GST collections indicates improvement in revenue growth and a higher compliance due to enforcement of more anti-evasion measures and a cap on input tax credit.
The proposed India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) seeks to mutually benefit both countries in the areas of trade in goods and services.
Barring four states/Union Territories, rest 33 states/UTs have posted a double-digit growth in gross GST revenue collections from domestic sales, significant at a time when the overall slowdown has affected the tax revenue growth for both direct and indirect taxes.
Of the gross Rs 1,03,184 crore last month, CGST is Rs 19,962 crore, SGST is Rs 26,792 crore, IGST is Rs 48,099 crore (including Rs 21,295 crore collected on imports) and Cess is Rs 8,331 crore (including Rs 847 crore collected on imports), an official statement said.
Battling a six-year low economic growth and a 45-year high unemployment rate, the government slashed corporate tax rates by almost 10 per cent to 25.17 per cent to bring them at par with Asian rivals such as China and South Korea.
She said the government will pursue a series of reforms to facilitate these investments and an annual global investors’ meet, set to be organised to attract investors.
According to the RBI, the contraction in the CAD was primarily on account of a lower trade deficit at $38.1 billion as compared with $50.0 billion a year ago.
Core sector growth in August contracted 0.2 per cent, according to the Ministry, while the decline in September was 5.1 per cent — a drop that analysts then said had not been witnessed so far.
The government has estimated the fiscal deficit for the current financial year at Rs 7.03 lakh crore, aiming to restrict the deficit at 3.3 per cent of the gross domestic product (GDP).
Listing out the performance of the NDA government as the year ends today, Sitharaman said the task force was constituted in line with the announcement made by Prime Minister Narendra Modi in his Independence Day speech.
In the words of the Commerce Ministry, Indian industry and services will be competitive and benefit from access to “large developed markets”.
States have been holding back renewal of leases for mines over unpaid penalties for illegal mining, and the move is “likely” to cause disruption in coal supply at a time when India faces inadequate domestic supply, claims an industry report.
According to the Confederation of Indian Industry (CII), with the initial difficulties associated with the goods and services tax (GST) and the Insolvency and Bankruptcy Code (IBC) getting gradually ironed out, the industry is hopeful of substantial benefits for the economy.
The Department of Revenue (DoR) will soon notify RuPay and UPI as the prescribed modes of payment for digital transactions without any MDR, the FM said after meeting with heads of state-owned and private sector banks.