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GST Council meet: Sitharaman says import of free Covid-related relief items to be exempted from IGST till August 31

May 28, 2021 9:19:13 pm

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.

COVID-19 toll on Indian economy deepens, jobs crisis to worsen: Poll

May 28, 2021 1:50:02 pm

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.

No fresh supply of 2,000 notes in FY21, 500 denomination highest in volume

No fresh supply of 2,000 notes in FY21, 500 denomination highest in volume

May 28, 2021 5:43:38 am

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.

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No intention of selling stake in Petronet, IGL, says BPCL

May 28, 2021 5:39:36 am

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.

Stock market ‘bubble’ a worry for RBI

Stock market ‘bubble’ a worry for RBI

May 28, 2021 5:36:26 am

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.

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RBI Annual Report for 2020-21: ‘Fall in provisions, sharp forex gains led to higher RBI surplus’

May 28, 2021 5:33:49 am

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.

Finance

Lockdown hit: Credit card transaction value falls by 1 lakh crore

May 28, 2021 5:36:57 am

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.

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COVID second wave triggers raft of growth forecast revisions: RBI annual report

May 27, 2021 12:29:18 pm

RBI further said that a collective global effort to fight the pandemic will surely bring better results than individual countries fighting on their own.

Local lockdowns temper India’s economic activity in April

May 27, 2021 11:42:32 am

Even more recent data from this month confirmed the softening trend in activity.

Covid: Uday Kotak calls for fiscal support, warns against rush to reopen

May 27, 2021 5:29:37 am

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.

India’s GDP to grow at 1.3% in March quarter: SBI report

May 25, 2021 3:54:24 pm

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 cuts India’s FY22 GDP estimate to 9.2% on second wave, slow pace of vaccinations

May 25, 2021 11:24:20 am

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.

FDI equity inflows at record $60 billion in FY21

May 25, 2021 3:35:20 am

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).

Icra pegs Q4 GDP growth at 2%; FY21 contraction at 8.45%

May 24, 2021 3:29:55 pm

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, others push for TRIPS waiver scope beyond Covid vaccine at WTO

May 23, 2021 6:59:44 am

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.

‘Vaccination cost at Rs 3.7L cr, lower than loss from likely lockdowns’

May 22, 2021 6:19:06 am

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.

Covid-hit economy to receive Rs 99,122 crore shot of RBI dividend

May 22, 2021 4:34:23 am

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.

Small savings rate cut reversal not ‘oversight’ as claimed: Chidambaram

May 22, 2021 3:45:10 am

“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.

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Bangladesh outpaces India on per capita income

May 21, 2021 10:40:33 pm

In 2007, the per capita income of Bangladesh was half of that of India.

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RBI Board approves transfer of Rs 99,122 cr as surplus to government

May 21, 2021 2:57:35 pm

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.

Lockdowns hold up due diligence process; stretch AI, BPCL sell-off plans

May 18, 2021 8:14:33 am

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.

Record WPI inflation: Supply chain issues, stiffer prices may hit retail

May 18, 2021 6:28:44 am

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.

FDI hits all-time high in FY21; forex reserves jump over $100 bn

May 18, 2021 6:23:52 am

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.

wpi inflation, wholesale inflation

India’s WPI inflation rises to all-time high of 10.49% in April

May 17, 2021 1:35:54 pm

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 grows nearly 19% in May

May 17, 2021 1:20:48 am

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.

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