GST Council meeting: The Goods and Services Tax (GST) Council led by Finance Minister Nirmala Sitharaman also decided to put Amphotericin B, a key medicine for the treatment of black fungus, in the list of items exempted from IGST.
The May 20-27 poll showed the outlook for the current quarter was lowered to 21.6% annually, and to 9.8% on average for this fiscal year, down from 23.0% and 10.4% respectively a month ago. The economy was then forecast to grow 6.7% next fiscal year, compared to 6.5% predicted previously.
In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 85.7 per cent of the total value of banknotes in circulation as on March 31, 2021, as against 83.4 per cent as on March 31, 2020.
Current Sebi regulations would require that the acquirer of the state-owned refiner make an open offer to minority shareholders of Petronet LNG and IGL due to its promoter status.
On August 22, 2020, RBI Governor Shaktikanta Das said there was a clear disconnect between the sharp surge in markets and the state of real economy, as surplus global liquidity was driving up asset prices worldwide.
The Reserve Bank of India (RBI) has been able to transfer a higher amount to the government as surplus this year following a sharp fall in provisions and gains from foreign exchange transactions during the year ended March 2021.
According to the Reserve Bank of India’s (RBI’s) Annual Report, during 2020-21, the number of card payment transactions carried out through credit cards and debit cards decreased by 19 per cent and 20.6 per cent, respectively.
RBI further said that a collective global effort to fight the pandemic will surely bring better results than individual countries fighting on their own.
Even more recent data from this month confirmed the softening trend in activity.
Kotak, MD of Kotak Mahindra Bank, also emphasised the “need to be very cautious” about opening up the economy even after June, calling it a “very difficult dilemma” for states, and saying a lot depends on the progress made on the vaccination front.
The report said that going by the estimate of 1.3 per cent GDP growth, India would still be the fifth-fastest-growing country among 25 nations that have released their GDP numbers so far.
Barclays said the economic costs of the recent surge in cases are rising rapidly, and added that while "reasonably stable", the economy experienced a sharp decline in activity in May as is evident in high frequency data.
Singapore remained the top FDI source, accounting for 29 per cent of the inflows last fiscal, followed by the US (23 per cent) and Mauritius (9 per cent).
The agency has projected the GVA growth at 3 per cent in Q4 of FY21, up from 1 per cent in Q3, suggesting that the double-dip recession implied by the National Statistics Office (NSO) for Q4 is averted.
India is among 62 World Trade Organization (WTO) members that are pushing this draft, which limits the waiver period to three years, with a provision to review the duration.
The total vaccination of the entire population of the country to tackle Covid-19 is estimated to cost Rs 3,70,000 crore, according to a State Bank of India (SBI) report.
The RBI has changed the accounting year from 2020-21. From the current fiscal, 2021-22, the financial year starts in April and ends in March.
“Just as I had said, the decision to lower the interest rates on small savings instruments with effect from April 1, 2021 was not an “inadvertent error” as was claimed by the FM. It was a conscious decision taken on file and approved/signed by the FM,” Chidambaram said in a series of tweets.
In 2007, the per capita income of Bangladesh was half of that of India.
The RBI Board, according to a release, also reviewed the current economic situation, global and domestic challenges and recent policy measures taken by the Reserve Bank to mitigate the adverse impact of the second wave of COVID-19 on the economy.
Privatisation plans for key state-owned companies such as BPCL and Air India are likely to face delay and may stretch into later part of the year as the Covid-19 pandemic affects mobility of people, disrupting closure of transactions.
Buildup of pricing pressure amid supply chain disruptions against the second wave of the Covid-19 pandemic also contributed to the rise in inflation at wholesale level.
According to data released by the Reserve Bank of India (RBI), while the direct investment to India in FY21 stood at $54.665 billion, FDI by India amounted to $11.299 billion, thereby resulting into a net FDI of $43.336 billion.
India's WPI Inflation April 2021: The wholesale price index (WPI) grew 7.39 per cent during the month of March and it rose to 4.83 per cent in February, the data from the Ministry of Commerce & Industry showed.
Power consumption in the first fortnight of May 2020 was 43.55 BU. The power consumption in the entire month of May last year was 102.08 BU.