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ECONOMY NEWS - Page 99
Govt extends time till June 30 for making payment under Vivad Se Vishwas scheme
April 24, 2021 15:39 IST
The Vivad Se Vishwas scheme provides for settlement of disputed tax, interest, penalty or fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
‘Lockdowns, curbs may lead to Rs 1.50 lakh cr loss for India’
April 24, 2021 09:07 IST
SBI also lowered the gross domestic product (GDP) estimates for fiscal 2021-22. The revised FY22 projection now stands at 10.4 per cent for real GDP (earlier 11 per cent) and 14.3 per cent for nominal GDP (earlier 15 per cent).
Agri reforms: On-board states reaping benefits, says UP minister Sidharth Nath Singh
April 24, 2021 04:13 IST
Singh said that BJP-ruled states had accepted all three of the Central government’s laws to reform the agriculture sector.
SBI slashes growth forecast to 10.4% on rising lockdowns
April 23, 2021 16:27 IST
The report penned by the SBI's Chief Economic Advisor Soumya Kanti Ghosh also suggested that faster vaccination is cheaper on the economy than complete lockdowns, pointing out that the total cost of vaccination is much lower at 0.1 percent of GDP while the lockdowns has already cost 0.7 per cent of GDP.
Ind Ra revises down India’s FY22 GDP growth forecast to 10.1%
April 23, 2021 14:32 IST
At a time when large parts of the country are experiencing tremendous pressure on medical infrastructure, India Ratings and Research said it expects the second wave to start subsiding by mid-May.
Rising cases the single biggest challenge to recovery: RBI Guv Shaktikanta Das
April 23, 2021 03:00 IST
Reserve Bank Governor Shaktikanta Das said learnings of the last one year should help manage the crisis as it unfolds.
Localised lockdowns already hitting economic activities: Report
April 20, 2021 17:15 IST
With cases spreading very fast, more and more states are clamping down more localised restrictions on people movement and commerce, falling just short of a complete lockdown. This already has electricity consumption and GST e-way bills collection, which are used as proxies to track economic activity, softening somewhat and it needs to be seen whether this softening is a blip, or marks a shift in a trend, Crisil said in a note on Tuesday.
Closure of economic activity will lead to permanent closure of businesses, job losses: Retailers’ body
April 20, 2021 12:54 IST
Stating that the retail industry is beginning to see similar issues repeating in some form that were faced last year, the Retailers Association of India (RAI) said that non-essential or non-food retail and malls should be allowed to operate with strict surveillance.
Handling second wave: FM Sitharaman reaches out to India Inc
April 20, 2021 00:14 IST
The sought feedback from businesses to deal with the impact of the second wave of Covid-19 on the nation’s economy.
Second Covid wave could spark greater uncertainty; government will respond with fiscal steps if required: Niti Aayog vice chairman
April 18, 2021 11:53 IST
While acknowledging that the present situation has become far more difficult than it was in the past due to rising coronavirus infections, Kumar remained hopeful that the country's economy will grow 11 per cent in the current fiscal ending March 31, 2022.
PLI scheme for ACs, LED lights notified
April 18, 2021 03:06 IST
It said that mere assembly of finished goods would not be incentivised and companies investing in basic/core components would get a higher priority.
NCLAT dismisses DVI plea over resolution plan for Amtek Auto
April 18, 2021 02:42 IST
A three-member National Company Law Appellate Tribunal (NCLAT) Bench also imposed a cost of Rs 1 lakh on the US-based hedge fund Deccan Value Investors (DVI) LLP, terming the petition as “frivolous”.
CERT-In: Multiple vulnerabilities reported in WhatsApp; remote attacker can access info
April 18, 2021 02:05 IST
In a “high” severity rating advisory, the CERT-In said the vulnerabilities had been detected in certain versions of WhatsApp and WhatsApp Business
Forex reserves jump over $4 bn amid high liquidity, fund flow
April 18, 2021 01:59 IST
Earlier this month, the International Monetary Fund (IMF) raised its growth forecast for the Indian economy by 100 basis points to 12.5 per cent for 2021-22.
Spectrum auction winners assigned frequencies by DoT
April 17, 2021 06:29 IST
As a part of the frequency assignment exercise, the DoT accepted requests from Bharti Airtel and Reliance Jio Infocomm (RJio) to assign immediately available unsold spectrum blocks in the same band and LSAs instead of the spectrum blocks assigned to them from later dates.
ECLGS ambit widened to cos with loan dues up to 60 daysSubscriber Only
April 17, 2021 06:19 IST
To provide relief to stressed companies, the Finance Ministry on Friday expanded the scope of a government-guaranteed credit facility to healthcare and stressed sector companies that have loan dues for up to 60 days (or SMA-1 accounts), as against 30 days earlier (SMA-0).
Second wave of COVID-19 poses risk to economic recovery; Q4 GDP to be hit: BofA Securities
April 16, 2021 15:52 IST
Noting that a month-long nationwide lockdown can shave off 100-200 basis points off the GDP, the brokerage said growth is still weak, amplified by the steep fall in key economic activity indicators and the anaemic loan growth, and the surging pandemic cases is only increasing the worries on the growth front.
Ajay Seth takes over as new Economic Affairs Secretary
April 16, 2021 13:58 IST
Appointments Committee of the Cabinet headed by the Prime Minister on April 6 appointed Ajay Seth as the new Economic Affairs Secretary.
Bond yield jumps after first G-SAP auction
April 16, 2021 03:19 IST
The RBI purchased Rs 25,000 crore worth of bonds under G-SAP, under which it has committed to buying Rs 1 lakh crore of government paper between April and June to aid the absorption of the Centre’s massive Rs 12.06 lakh crore borrowing in FY22.
Universal, small finance banks: 8 applicants for on-tap licences
April 16, 2021 03:13 IST
On March 22, the RBI set up the SEAC — a five-member committee headed by former RBI Deputy Governor Shyamala Gopinath for evaluating applications for universal banks as well as small finance banks.
Petrol, diesel prices cut after 15-day pause
April 16, 2021 03:00 IST
The price of petrol in the national capital fell by 16 paise to Rs 90.40 per litre, while that of diesel was cut by 14 paise to Rs 80.73 per litre.
IL&FS addresses debt of 43K cr so far; ups recovery estimate to 61K cr
April 16, 2021 02:52 IST
The new board, that took over the crisis-hit infrastructure group two and a half years ago, had earlier estimated a recovery of Rs 56,000 crore.
Citigroup to sell off consumer business in IndiaSubscriber Only
April 20, 2021 08:10 IST
Citibank India has now put on sale its retail banking business that includes advances totalling Rs 66,507 crore and deposits worth Rs 1,57,869 crore.
India Inc’s outward FDI halves to $1.93 billion in March: RBI data
April 15, 2021 16:58 IST
Of the total investment committed by the Indian investors in their foreign joint ventures/wholly owned subsidiaries in March this year, USD 1.15 billion was in the form of issuance of guarantees.
India’s WPI inflation rises to over 8-year high of 7.39% in March
April 15, 2021 15:15 IST
India WPI March 2021: The wholesale price index (WPI) grew 4.17 per cent during the month of February and it rose to 2.51 per cent in January, the data from the Ministry of Commerce & Industry showed.
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