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ECONOMY NEWS - Page 116
Centre allows 20 states to borrow additional Rs 68,825 cr to meet revenue shortfall
October 13, 2020 22:57 IST
The decision comes a day after the GST Council meeting failed to reach a consensus on the stalemate over the Centre's proposal of states borrowing against future GST collections to make up for the shortfall.
Indian economy to contract by 10.3% in 2020; to bounce back with 8.8% growth in 2021: IMF
October 13, 2020 22:41 IST
Released ahead of the annual meetings of the IMF and the World Bank, the report said global growth would contract by 4.4 per cent this year and bounce back to 5.2 per cent in 2021.
Retail inflation at 8-month high in Sept; Aug IIP stays in negative
October 13, 2020 04:48 IST
The inflation rate based on the Consumer Price Index (CPI) was at 6.69 per cent in August and 3.99 per cent in September last year.
GST deadlock on, Centre says can enable borrowing for Option 1 states
October 13, 2020 08:09 IST
The Centre stated its intent to facilitate borrowing under Option 1 — Rs 1.1 lakh crore through a special window facilitated by the RBI and Finance Ministry — for the 21 states that agreed to this route while the other states termed the process as illegal.
Govt targets Rs 1 lakh crore spend by March-end, announces new LTC voucher, festival advanceSubscriber Only
October 13, 2020 04:30 IST
But experts say demand impetus will be small, need bigger stimulus
Steep cut in capital, entry of more players: Proposals by Irdai panel on micro-insurersSubscriber Only
October 12, 2020 06:04 IST
“The minimum capital requirement of Rs 100 crore stipulated under the Insurance Act has acted as the biggest impediment to the expansion of the micro-insurance market,” the committee said in its report.
Q2FY21 earnings: Faster-than-expected uptick in some key sectors, but miles to go
October 12, 2020 06:00 IST
Activity data suggest the economy is on the mend and that the recovery is somewhat faster than anticipated. Auto sales, railway freight and manufacturing PMI all reflected an uptick in activity in September after a slower pick-up in July and August.
Not keen on voting at GST Council meet, opposition states to push for dispute resolution mechanismSubscriber Only
October 12, 2020 05:53 IST
Kerala Finance Minister Thomas Isaac said while the resolution adopted by the Council for borrowing options will be binding on all states, it gives rise to a dispute on the manner in which compensation mechanism is being decided contrary to what is specified in the law.
Path to revival: Many indicators linked to consumption regain pre-Covid levelsSubscriber Only
October 12, 2020 05:14 IST
Data shows that in September, demand for fuel and electricity — among the major indicators of economic activity — too surpassed February levels.
As Covid fuels personal vehicle use, petrol demand in September higher than 2019
October 11, 2020 08:49 IST
The petrol consumption last month, at 2,450 thousand metric tonnes (TMT), was even higher than for the corresponding period in 2019 (2,372 TMT).
Forex reserves hit record high of $545.6 billion
October 11, 2020 00:24 IST
In the previous week ended September 25, the reserves had declined by $3.017 billion to $542.021 billion.
RBI: Consumer confidence at all-time low in Sept, set to improve in next 12 months
October 11, 2020 00:19 IST
The consumer confidence index declined to 49.9 in September, as against 53.8 in July.
New idea to break deadlock: Borrowing policy need not be uniform for all statesSubscriber Only
October 11, 2020 00:15 IST
While there’s a divided house over putting the issue to vote, with non-BJP-ruled states likely to push for it even as the Centre is expected to oppose any move towards going for a vote, underscoring that the issue of borrowings are outside the jurisdiction of Council.
RBI keeps key rates unchanged, says GDP could contract 9.5% this fiscalSubscriber Only
October 10, 2020 04:30 IST
Growth could be back in Q4; three-speed recovery likely, says RBI Governor
GST Council can vote on borrowing options: Amit Mitra on compensation
October 10, 2020 00:55 IST
West Bengal Finance Minister Amit Mitra said the Council has to find a way to reach consensus, but didn’t explicitly rule out voting.
RBI: Several high-frequency indicators pointing to emergence of impulses of growth
October 10, 2020 00:32 IST
In his monetary policy statement on Friday, RBI Governor Shaktikanta Das said, “Relative to pre-COVID levels, several high-frequency indicators are pointing to the easing of contractions in various sectors of the economy and the emergence of impulses of growth.”
RBI offers on-tap TLTRO worth Rs 1 lakh cr, OMOs for state bonds to keep lid on yields
October 10, 2020 00:24 IST
RBI has decided to conduct on-tap TLTRO with tenors of up to three years for a total amount of up to Rs 1 lakh crore at a floating rate linked to the policy repo rate.
World Bank slashes FY21 GDP estimate, likely to shrink 9.6%
October 9, 2020 00:17 IST
"India's GDP is expected to contract by 9.6 per cent in the fiscal year that started in March," the World Bank said in the report released here.
Stimulus to revive economy should continue for three years: Pranob Sen
October 7, 2020 18:04 IST
"What is happening at the moment is due to the pent up demand which has come to the market and has led to certain increase in economic activity," Sen, the former chief statistician of India, said.
Inflation weighing, RBI’s MPC likely to maintain status quoSubscriber Only
October 7, 2020 07:06 IST
MPC is the statutory committee that fixes the key policy interest rate and monetary policy stance of the country as well as the inflation target.
Next GST Council meet set for voting as Oppn sticks to its demandsSubscriber Only
October 7, 2020 00:23 IST
A voting on the issue in the next GST Council meeting on Monday looks more certain with the Opposition-ruled states sticking to their stance of not agreeing to the borrowing options offered by the Centre.
RBI’s Monetary Policy Committee to meet this week after new appointments
October 6, 2020 13:48 IST
RBI, in an unprecedented development, had on September 28 postponed the bi-monthly meeting of the MPC which was scheduled from September 29 to October 1, after the government failed to nominate its three members to the six-member panel on time.
GST deadlock: Opposition states reject compensation planSubscriber Only
October 6, 2020 07:38 IST
In the previous meeting on August 27, the Centre had proposed two options to states: borrow Rs 97,000 crore from a special window facilitated by the RBI or the complete shortfall of Rs 2.35 lakh crore from the market.
Ink used for stamping passengers at Delhi Airport raises red flag
October 5, 2020 05:24 IST
“Dear @HardeepSPuri Ji, can you please look into the chemical being used at Delhi airport for stamping on passengers coming from abroad? Yesterday I was stamped at @DelhiAirport and this is how my hands look now,” the National Secretary and Spokesperson of the Congress Party wrote.
Puri’s comments on ‘problems’ for AirAsia ‘unfortunate’: CAPA India
October 5, 2020 05:17 IST
Speaking to reporters in Chandigarh on Saturday, Puri said: “AirAsia ki dukaan band ho rahi hai ... matlab unki parent company mein problems hain. (Air Asia is downing its shutters ... there are problems in the parent company)."
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