ECONOMY
September retail inflation at 4.35%, lowest since April
CPI inflation has been well within the Monetary Policy Committee's inflation targeting range of 4 (+/-2) percent since December 2020, except the months of May and June 2021, when it crossed the 6 percent mark.
ECONOMY
Covid Vaccination: 10 states/UTs cover entire populace with 1st dose
India administers 92.6 crore vaccines till October 6 and, with a 91 percent rise in inoculation, most states have first dose given to over 60 percent people
BUSINESS
INTERVIEW | DIPAM Secretary: Had govt retained Air India, aviation sector growth would have been constrained
Speaking to Moneycontrol, DIPAM Secretary Tuhin Kanta Pandey was confident that his department will be able to privatize a number of PSUs including BEML, Shipping Corp, NINL, Pawan Hans, CEL and BPCL before March 31, 2022.
BUSINESS
EXPLAINED | OECD-G20 profit-sharing framework and its implications for India
BEPS framework provides two-pillar solution to address tax challenges arising from digitalisation of the global economy, as well as prevents a proverbial ‘race to the bottom’ by countries looking to slash tax rates to attract investment.
ECONOMY
Govt begins process of selecting next CEA; Sanyal may take lead in drafting next Economic Survey
Subramanian, who announced on October 8 that he will not seek an extension, will go back to Indian School of Business, Hyderabad. It is also learnt that for now at least, he has no plans to write a book about his time in the Finance Ministry, unlike his predecessor Arvind Subramanian.
BUSINESS
Tata wins Air India bid, ending 68 years of government control
Maharaja flies back into Tata fold. Air India, Vistara and AirAsia India expected to make Tata Group strong aviation player.
ECONOMY
How India compares with some nations similarly rated by Moody's
For this exercise, six nations have been taken, including India, whose long-term sovereign debt have been assigned the two lowest investment grade ratings by Moody’s: Baa2 and Baa3.
INDIA
Moody’s changes India's rating outlook to stable from negative
"The decision to change the outlook to stable reflects Moody's view that the downside risks from negative feedback between the real economy and financial system are receding," Moody's said in a report on October 5.
COMPANIES
Political nod to Air India sell-off to Tata Sons likely this week
The empowered group of ministers led by Amit Shah, is known as the Air India-Specfic Alternative Mechanism (AISAM) and also includes Nirmala Sitharaman, Piyush Goyal and Jyotiraditya Scindia.
ECONOMY
Govt notifies repeal of retrospective tax, pending cases can be settled within 60 days
Any company like Cairn Energy, Vodafone and others looking to settle pending retrospective tax disputes will have to indemnify the Indian government against any future claims arising out of the said dispute.
BUSINESS
GST collection in September crosses Rs 1.17 lakh crore
This takes the total GST collection for the first half of fiscal year 2021-22 (April-September) to Rs 6.82 lakh crore.
BUSINESS
Tata Sons wins bid for Air India, official announcement awaited
A panel of ministers has reportedly accepted Tata Sons' proposal to take over Air India
BUSINESS
Air India sale: Govt officials meet Tata Sons, Ajay Singh for the second day in a row
On September 30, government officials met the two bidders of Air India for a second consecutive day to discuss the divestment of the airline. Officials from the Ministry of Civil Aviation, Department of Investment and Public Asset Management, and the Directorate General of Civil Aviation met with officials from the Tata Group and Spicejet Chairman Ajay Singh.
ECONOMY
Centre's April-August fiscal deficit at 31% of budgeted target
For the current year, Finance Minister Nirmala Sitharaman has budgeted a fiscal deficit target of Rs 15.07 lakh crore, or 6.8 percent of nominal gross domestic product.
ECONOMY
Explained | The dissolution and corporatisation of Ordnance Factory Board
The OFB, from October 1, will be split into seven new defence PSUs, namely Munition India Limited, Armoured Vehicles Nigam Limited, Advanced Weapons and Equipment India Limited, Troop Comforts Limited, Yantra India Limited, India Optel Limited, and Gliders India Limited.
ECONOMY
Exclusive | FY22 tax revenue targets could be exceeded, says chief economic advisor
Speaking to Moneycontrol, Subramanian said the economic impact of the third wave could be minimal, and that the vaccination programme seemed well on track to inoculate all adults by December-end
ECONOMY
Exclusive: Bharat Petroleum privatisation, LIC IPO to be completed in Q4FY22: Chief Economic Advisor
Subramanian said that Air India’s privatisation is in an advanced stage, and that the government was confident of meeting the FY22 divestment target of Rs 1.75 lakh crore.
ECONOMY
Interview | Inflation should remain range-bound till December, says chief economic advisor
Strap: Chief economic advisor Krishnamurthy Subramanian said the Centre is confident of completing the privatisation of Air India and Bharat Petroleum and the Life Insurance Corporation initial public offering by the fourth quarter
ECONOMY
Exclusive | At halfway mark, FinMin confident of meeting FY22 fiscal deficit target
Officials told Moneycontrol that although expenditure may be higher than budgeted this year, the Centre’s fiscal position is ‘more than comfortable’ and there is enough firepower for further economic support to some sectors
INDIA
Cooperatives to play key role in making India a $5-trillion economy, says Amit Shah
A new policy for cooperatives and legislative changes will be made to expand multi-state cooperatives and expand the footprint of primary agricultural credit societies, Shah has said
BUSINESS
GST Council mulling increasing average GST rate to 15% from present 11%
As per the centre, the current GST average rate is around 11 percent. Increasing it closer to the revenue-neutral rate will involve hiking rates of some items in the 5 percent and 12 percent brackets.
ECONOMY
Net direct tax collections till September 22 grew 74%, says Finance Ministry
The collections from April 1-September 22 this year were 27 percent higher even compared to the same period of pre-pandemic 2019-20 when net direct tax collection was Rs 4.49 lakh crore.
WORLD
PM Modi to review India-US strategic partnership with Joe Biden
Prime Minister Narendra Modi’s five-day visit to the US from September 22 will be his first foreign trip in six months. While the first in-person meeting of Quad leaders will focus on security issues, India's agenda also includes a significant amount of vaccine-related and economic issues.
ECONOMY
Explained | How compensation for GST shortfall after June 2022 may create centre-state rift
The centre's stand, that compensation will not be extended beyond June 2022, as provided in the Constitutional amendment that introduced GST from July 2017, is starkly different from what politicians and officials from opposition-ruled states told media after the GST Council meeting in Lucknow on September 17.
