BUSINESS
New MPC member Ashima Goyal resigns from PM's Economic Advisory Council
With regards to the members of MPC, the RBI Act states that a person cannot be in the panel if they have a material conflict of interest with the RBI and are unable to resolve such conflict.
BUSINESS
GST Council allows small businesses to file returns on quarterly basis
Small taxpayers having aggregate annual turnover of less than Rs 5 crore will be able to file returns on a quarterly basis with monthly payments from January 1, 2021
BUSINESS
Sustained COVID-19 spread poses risks to growth: Finance Ministry
India seems to have crossed the peak in COVID-19 cases, as per available data, the Finance Ministry's Monthly Economic Report for September said.
BUSINESS
Hope floats for Indian economy as manufacturing activity, GST collections, vehicle sales pick up
Moneycontrol analyses some indicators that have shown substantial improvement since the lockdown months, with some even exceeding 2019 levels.
BUSINESS
Interview | Whether under Indira Gandhi or current dispensation, cooperative federalism has always meant hierarchical federalism: Rathin Roy
Noted economist and former advisor to PM Narendra Modi, Rathin Roy, also said that the centre’s capacity to engage in forward-looking decision making and to deal with the economic fallout of this crisis, is extremely limited.
BUSINESS
Fiscal deficit at August-end at nearly 110% of budget estimates
Finance Minister Nirmala Sitharaman has assured repeatedly that there will be no compromise on capital expenditure by the centre and the state-owned companies. However, data showed that the centre’s capital expenditure of Rs 22,598 crore in August was the lowest among all months so far this year
BUSINESS
RBI likely to hold MPC meeting next week
The Reserve Bank of India has notified that the upcoming meeting of the MPC, scheduled to start from September 29, has been postponed
BUSINESS
Government extends expenditure control measures by another quarter
The only change is that the Department of Fertilizer and capital expenditure and revenue expenditure outlay on defence have been moved to category A (departments without any spending limits)
BUSINESS
Interview | Government recognises this is time for fiscal measures: CEA Krishnamurthy Subramanian
"If you look at international evidence during times of crises, government spending is really crucial, because both consumption and investment which comes from the private sector, go down,” CEA Krishnamurthy Subramanian said.
BUSINESS
CAG audit reveals forging of accounts, false LTC claims in some government bodies
In two audits, the CAG said government press employees had forged documents to claim higher LTC and that book entries of the Central Silk Board revealed tampering with figures.
BUSINESS
Exclusive | Government set to announce fiscal stimulus package ahead of festive season
Centre weeks away from announcing measures aimed at boosting demand and creating jobs. Plans include an urban job scheme and a massive infrastructure push.
BUSINESS
Constant rule tweaks, corporate reluctance make India’s defence offset policy ineffective
Defence industry experts say, while there have been many changes to offset and defence procurement policies by the government, defence contractors themselves are unwilling to bear the additional cost of offsets.
ECONOMY
Direct monetisation still on the table as govt prepares stimulus package
The govt is helped by increased purchase of G-secs by the RBI through OMOs. For April 1-Sept 13 2020, the RBI purchased Rs 1.76 lakh crore worth of G-secs on the secondary market. This is more than three times the Rs 52,550 crore of G-secs that it bought in the same period last year.
