ECONOMY NEWS - Page 98

A man is cleaning the name plate of Finance Ministry outside the North block on Thursday. (Express Photo by Renuka Puri. 24.01.2019)

Impact of COVID-19 second wave on economy to remain muted: Finance Ministry report

May 7, 2021 16:22 IST

The fiscal position of the central government, it said, has witnessed an improvement in the recent months with a revival in the economic activities during the second half of FY2020-21.

India to breach fiscal deficit target in FY22: Fitch Solutions

May 7, 2021 14:41 IST

The government is targeting a deficit between revenue it earns and what it spends at 6.8 per cent of the gross domestic product (GDP) in FY22 (April 2021 to March 2022).

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Rs 50,000-crore boost for health, loan recast for small borrowersSubscriber Only

May 6, 2021 03:33 IST

RBI Governor Shaktikanta Das Speech, Announcements: The Reserve Bank of India (RBI) announced a term liquidity facility of Rs 50,000 crore for access to emergency health security.

Ready to go ‘unconventional’, ‘devise new responses’: Shaktikanta Das

May 6, 2021 02:59 IST

RBI Governor Shaktikanta Das said inflation trajectory over rest of the year will be shaped by Covid.

On the vaccine front, India has vaccinated 12.6 crore beneficiaries with the first dose and 2.73 lakh beneficiaries with the second dose (9.3 per cent of total population has received at least one dose) as of May 3. (Express Photo By Pavan Khengre)

Goldman Sachs lowers India growth forecast for FY21 to 11.1%

May 4, 2021 16:39 IST

"Overall, most indicators still suggest that the impact has been less severe than it was in Q2 (April-June) last year," Goldman Sachs said.

Raghuram Rajan: Lack of leadership, complacency behind India’s Covid-19 crisisSubscriber Only

May 4, 2021 22:49 IST

After a drop in cases last year, “there was a sense that we had endured the worst the virus could give us and we had come through and it was time to open up, and that complacency hurt us,” said Raghuram Rajan

CII President Uday Kotak has asked for highest-level response measures to address the rising wave of COVID-19 cases, as currently safeguarding lives is key to cut the transmission links. (Express Photo by Amit Mehra)

COVID-19 crisis: CII calls for strongest national steps, curbs on economic activity

May 3, 2021 14:04 IST

CII also suggested certain measures such as deployment of armed forces and central security forces for logistics, infrastructure and personnel; security at hospitals for medical personnel; tapping manpower sources such as retired medical personnel, doctors and nurses; and distribution of vaccination supplies to states according to well-defined criteria.

Factory orders, production rise at slowest rates in 8 months in April in India: PMI

May 3, 2021 12:13 IST

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) was at 55.5 in April, little changed from March's reading of 55.4.

In percentage terms, the growth rate in exports and imports are at record high, mainly due to base-effect.

Rising engineering, gems shipments help exports jump to $30.2 bn in Apr

May 3, 2021 02:03 IST

The country’s merchandise exports were to the tune of $10.17 billion in April 2020. Trade deficit in that month was $6.92 billion.

Industry insiders say while many companies in the medium- and small-scale industry have also taken decision to shut down their plants temporarily, many more companies are contemplating such a decision.

Manufacturers take onus, shut plants to combat virus surge

May 3, 2021 01:57 IST

While Hero MotoCorp on Saturday announced an extension of its shutdown of plants by six more days till May 9, JCB India, a leading manufacturer of earthmoving and construction equipments, on Friday announced a 10-day pause across all its manufacturing facilities in India, beginning May 1.

As per new policy, from May 1, the vaccine supply are divided into two baskets: 50 per cent for the Centre, and 50 per cent for the open market.

With change in vaccine procurement policy, Budgetary allocation likely to see tweaksSubscriber Only

May 3, 2021 01:51 IST

In determining the Budgetary allocation for vaccine, the Finance Ministry initially estimated requirement of a total of 290 crore vaccine shots for the entire population, after taking into account two shots per individual and also the vaccine that is wasted during the entire process.

This reduced IGST rate for imports of concentrator for personal use shall be applicable up to June 30.

IGST slashed on oxygen concentrators for personal use

May 2, 2021 04:19 IST

“IGST on Import of Oxygen Concentrators for personal use has been reduced from 28 per cent to 12 per cent to bring IGST rate on such personal imports at par with commercial imports of the same, the Central Board of Indirect Taxes and Customs (CBIC) tweeted.

Being the last month of the financial year, March conventionally sees a pickup in tax collections.

Record GST mop-up in April: Rs 1.4 lakh croreSubscriber Only

May 2, 2021 03:02 IST

The April collections, which account for sales in March, mark the seventh month where the monthly GST collections have crossed the Rs 1-lakh-crore mark. GST revenue had dipped to an all-time low of Rs 32,172 crore in April 2020.

During April this year, peak power demand met or the highest supply in a day touched the highest level of 182.55 GW and recorded a growth of nearly 38 per cent over 132.73 GW recorded in the same month in 2020.

As demand recovers in Apr, power consumption grows 41%

May 2, 2021 00:56 IST

Power consumption in April last year had dropped to 84.55 BU from 110.11 BU in the same month in 2019.

"The cylinders were supposed to come from Mysuru but there was some glitch," Kumar said. (Representational)

Despite oxygen diversion for medical use, high prices may shield steel cos’ profitSubscriber Only

May 2, 2021 00:46 IST

The steel sector has diverted nearly all of its supply of liquid oxygen to hospitals that are running short of oxygen, as they treat patients suffering from Covid-19.

A year back, in April 2020, all passenger vehicle manufacturers had recorded nil sales on account of the stringent lockdown announced by the Central government, in a bid to control the spread of coronavirus.

Car sales enter the slow lane as lockdowns hit sentiment

May 2, 2021 00:34 IST

The country’s largest car manufacturer, Maruti Suzuki India Limited (MSIL) reported sale of 1,35,879 units in April — the lowest sale in last five months.

Coal, crude oil, refinery products and fertiliser segments, meanwhile, recorded negative growth during the month under review.

Low base effect propels March core sector output to 32-month high

May 1, 2021 01:57 IST

The growth rate of the eight infrastructure sectors — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — was recorded at (-) 8.6 per cent in March last year.

Chief Economic Adviser, Krishnamurthy V Subramanian.

India only country to bring in seminal changes how we think about economy: CEA

April 29, 2021 03:11 IST

According to him, if the pandemic had, counter-factually, hit in April, India's growth would have reached 6 per cent.

For FY2022, India's GDP is expected to expand at 7 per cent, it added. (Representative image)

India’s GDP to grow at 11% this fiscal, surge in COVID cases may put economic recovery at risk: ADB

April 28, 2021 11:30 IST

However, the Asian Development Bank (ADB) cautioned that the surge in COVID-19 cases may put the country's economic recovery at risk.

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With $188 mn boost, Urban Company turns unicorn

April 28, 2021 05:24 IST

The investment is believed to have valued the nearly seven-year old startup at close to $2 billion, making it the latest entrant to India’s unicorn club.

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‘4G user addition to slow down if curbs continue’

April 28, 2021 05:16 IST

This number, however, would be achievable only if the lockdown and restrictions put in place by various states continue only for the April-June quarter.

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Maruti Suzuki Q4 net slips 6.14%, FY21 dividend at Rs 45/share

April 28, 2021 04:58 IST

It had reported a net profit of Rs 1,322.3 crore in Q4 FY20.

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Growth of ARCs not in line with NPA trends: RBI reportSubscriber Only

April 28, 2021 04:47 IST

However, it supported the government’s proposal for a new ARC, saying that “such an entity will strengthen the asset resolution mechanism further.”

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Covid fear and anxiety spread, cash back in favour with publicSubscriber Only

April 27, 2021 07:58 IST

Between March and June 2020, people withdrew cash heavily from bank branches and ATMs in the wake of the lockdown, and as dependence on cash transactions rose.

The Vivad se Vishwas scheme had netted about Rs 54,000 crore to the exchequer till early April and more is expected to come in based on the declarations already filed. (Express photo)

Vivad se Vishwas: Last date for making payments extended

April 25, 2021 01:48 IST

The government has also extended the due date for issuance of notice for reopening of assessment by tax officers where income has escaped assessment and sending intimation of processing of Equalisation Levy till June 30.