April retail inflation eases to 4.29% on sharp fall in food prices
The fall in inflation rate was primarily on the back of a sharp decline in food inflation. Data by the National Statistical Office shows that Consumer Food Price Index (CFPI) inflation dropped to 2.02 percent in April from 4.87 percent in March.
Key economic data for April, May not to be affected as compared to last year: Pronab Sen
The Ministry of Statistics and Programme Implementation will release CPI inflation for April and Index of Industrial Production for March on May 12. The Commerce Ministry’s Office of the Economic Advisor will release Wholesale Price Index-based inflation for April on May 14.
GST exemptions on COVID-19 supplies: FM Nirmala Sitharaman’s response draws fault lines ahead of GST Council Meeting
West Bengal is the fourth state, after Punjab, Chhattisgarh and Delhi, to ask for GST relief on COVID-19 supplies. FM Sitharaman's response, that domestically made and commercially imported items may not be exempted, could become a potential flashpoint, which will require deft handling at the next Council meeting.
Second Covid wave poses downside risks to economic activity, says finance ministry
The ministry says it expects a 'muted' economic impact when compared to the wave. Learning to 'operate with COVID-19' provides a silver lining of economic resilience, it said in its April report.
CCEA clears 'strategic divestment' of IDBI Bank
The centre and LIC together own more than 94 percent of equity of IDBI Bank, with the centre owning 45.48 percent and LIC owning 49.24 percent. LIC is currently the promoter of IDBI Bank with management control and GoI is the co-promoter.
Centre may call GST meeting this month as states seek rate cuts on essential medical items
Many states, including Delhi, Punjab and Chhattisgarh, want GST to be exempted temporarily on devices such as ventilators, concentrators, and life-saving drugs like Remdesivir.
COVID-19: As govt cuts GST, a look at duties on certain imported items, more clarity awaited on others
While drugs like Remdesivir, Tocilizumab, Favipiravir and others are exempt from customs duties as well as IGST, there is still no clarity on the GST they would attract when manufactured in India.
Prashant Kishor wins toughest electoral battle yet, but leaves everyone guessing about future
The day two of his clients tasted victory, Kishore said he would quit election strategising and did not rule out a future in direct electoral politics.
Centre gives Rs 15,000 crore in long-term loans to states for capex spending
The loans include Rs 5,000 crore to incentivise states to monetise their assets and divest their PSUs.
New Finance Secretary TV Somanathan: An articulate economic voice trusted by the top leadership
Somanathan, Economic Affairs Secretary Ajay Seth, DFS Secretary Debashish Panda and DIPAM Secretary Tuhin Kanta Pandey are all from the 1987 batch of the Indian Administrative Service. But Somanathan had a higher rank in his batch, when he stood second in the All India exams. This is a deciding factor between officers of the same batch.
Centre should share some financial burden of states' vaccine procurement, experts say
Former CEA Arvind Subramanian said that centre should bear entire cost of vaccine procurement by state. Other economists partly agree and say that part of the Rs 35,000 crore vaccination budget should be shared with states
Explained | How the new vaccination drive is expected to roll out
On April 19, the central government announced a major shift in its Covid-19 vaccination strategy. Moneycontrol takes a look at what these changes mean.
Govt gives ‘advance’ of around Rs 4,500 crore to Serum Institute of India, Bharat Biotech
“The Finance Ministry today has relaxed the general financial rules and permitted the Ministry of Health to pay, if they so wish, to make advance payment to vaccine suppliers, without a bank guarantee. I believe the Health Ministry is already doing so,” a top official told Moneycontrol
Percentage of patients requiring supplemental oxygen has risen in second wave: ICMR
The ICMR compared data on hospitalised patients from September-November 2020 for the first wave, and March-April (so far) for the second wave. The presentation showed that the mean age of hospitalised patients has reduced only slightly in the second wave, to 48.9 years from 50.4 years.
2021 South West Monsoon to be normal at 98% of LPA: Met Dept
This will be the first normal monsoon in three years after two above-average monsoon rainfall in the last two years, which is welcome news for an economy dented by a second 'wave' of COVID-19 cases and reduced activity due to localised curfews and lockdowns.
After Goldman Sachs and Nomura, economists warn of more cuts in FY22 GDP forecasts
Economists of other agencies like SBI and ICRA say that the impact of rising COVID cases and more localized lockdowns will have a significant impact on their GDP forecasts.
Macro Minutes Podcast | The economic impact of second Covid 'surge' will not be as large as the first one: Chief Economic Advisor
Speaking on the latest episode of “Moneycontrol Macro Minutes” podcast, Subramanian said that the government had been deliberately conservative in its forecasts for the current financial year. While not ruling out an economic intervention like last year should the need arise, Subramanian said any further measures announced would likely be on the fiscal support and capital expenditure side.
2020-21 indirect tax collections beat revised estimates by 8%: CBIC Chief
Out of the total provisional indirect tax collections, custom duty collections came in at Rs 1.32 lakh crore, excise and service tax collections came at Rs 3.91 lakh crore, while the net GST collection for the centre stood at Rs 5.48 lakh crore.
Direct tax collections in FY21 at Rs 9.45 lakh crore, higher than revised estimates: CBDT
Out of the total provisional net direct tax collections, around Rs 4.57 lakh crore have been garnered in corporate taxes, Rs 4.71 lakh crore in income tax, and around Rs 17,000 crore in Securities Transaction Tax. Mody said the net direct tax collections were 10 per cent lower than 2019-20.
India unlikely to go along with US' global minimum corporate tax proposal
The feeling in the government is that Yellen’s statement stems from the United States’ ‘one-shot’ approach to providing stimulus in face of the Covid-19 pandemic, which is opposed to India’s response, which has been more deliberate and has focused on the credit and fiscal side of things.
Major reshuffle in Finance Ministry as Tarun Bajaj shifted to Revenue Department; Bangalore Metro chief is new economic affairs secretary
Ajai Seth’s appointment as economic affairs secretary raises questions as to who will be designated as the finance secretary. Seth, Expenditure Secretary TV Somanathan and DIPAM Secretary Tuhin Kanta Pandey are all from the 1987 batch.
Economy better equipped to deal with second Covid-19 wave, says Finance Ministry
"As the vaccination drive continuously upscales in India and guided by the learnings of India’s successful management of pandemic during its first wave, India is now well armed to combat any downside risk posed by the recent surge in COVID-19 cases," the Department of Economic Affairs said in its economic report for March.
Oversight, competent authority and other fine details of the flip-flop on small savings rate cuts
Whose oversight was it anyway? What is the process followed by government departments in clearing crucial decisions?
Government gives Monetary Policy Committee unchanged inflation target till FY26
While the official gazette notification is still awaited, this means that the Monetary Policy Committee now has the mandate to take steps under monetary policy and inflation targeting frameworks to keep consumer price index-based inflation in the 2-6 per cent range from 2021-22 till 2025-26.
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