ECONOMY
Budget 2021-22: After repeated misses, this Budget sets modest tax collection targets
There could be legitimate concerns over whether fiscal expansionism through capital expenditure would manifest the desired results. But over-optimistic projections and below-the-line accounting aren't any of them.
ECONOMY
Government confident of achieving targets set in Budget 2021-22: DEA secretary Tarun Bajaj
Finance minister Nirmala Sitharaman said the Centre is targeting a fiscal deficit of 6.8 percent of gross domestic product (GDP) for FY22, which will gradually come down to below 4.5 percent by FY26. This will require amendments to the Fiscal Responsibility and Budget Management Act
ECONOMY
Economic Survey 2020-21: India's services sector posted robust 34% growth in FDI inflows in H1 FY21
India’s services export growth moderated to 2.5 percent in 2019-20 from 6.6 percent in 2018-19 as receipts primarily on account of transportation, insurance and communication services
ECONOMY
Economic Survey 2021 says India must focus on economic growth rather than redistribution to tackle poverty
The survey highlighted both economic growth – as reflected in the income per capita at the state level –and inequality have similar relationships with socio-economic indicators
ECONOMY
Budget 2021-22 expected to incorporate recommendations of panel on direct tax code
The government had constituted the direct tax code task force to overhaul the Income Tax Act.
ECONOMY
COVID-19 pandemic impacted Pradhan Mantri Jan Arogya Yojana, says study
A report by the Centre for Policy Research shows how welfare schemes played an important role during COVID-19 and looks at how schemes like mid-day meal, Poshan Abhiyan, Ayushman Bharat, and Prabhan Mantri Kisan Samman Nidhi fared.
ECONOMY
COVID-19 impact: Budget 2021 to see considerable increase in health sector allocation
The 15th Finance Commission has reportedly recommended that India’s combined public health expenditure be increased to 2.5 percent of gross domestic product by 2023-24, which is nearly double of 1.26 percent health outlay by central and state governments in 2019-20, as per an assessment by Niti Aayog.
ECONOMY
Joe Biden may bring back diplomacy in trade negotiations with India
Not just internal matters, Joe Biden has inherited a difficult legacy in matters of bilateral relations and trade. India-US trade relations have hit a rough patch after Donald Trump took over as the President,
BUSINESS
Budget 2021-22 should re-evaluate random allotment of cases under faceless tax assessment system: Experts
Delays in assessments have been pointed out by various sectors, especially from the precious metal sector where a specified process is followed for assessment of dore, because of random allotment of assessment cases, say experts.
ECONOMY
Overall shortfall in GST collection Rs 1.44 lakh crore for Centre this fiscal: SBI report
On January 7, the central government projected the country's economy to contract by 7.7 percent in the current fiscal year 2020-21, as per the first advance estimates of gross domestic product released by the National Statistical Office
ECONOMY
Atmanirbhar Bharat Schemes: Status check on some so far
The Rs 45,000 crore PCGS was announced as part of the Atmanirbhar Bharat Abhiyan package and was aimed at providing liquidity support to weaker NBFCs, housing finance companies (HFCs) and microfinance institutions (MFIs).
BUSINESS
Better tax collections may not be enough to improve government's overall revenue position
The gross tax revenue estimated in Budget 2020-21 stood at Rs 24.23 lakh crore, of which corporation tax was estimated to be Rs 6.81 lakh crore, income tax Rs 6.38 lakh crore, and GST Rs 6.90 lakh crore, among others.
BUSINESS
Delay in land clearances, lack of skilled labour may push back PLI scheme deadline for mobile manufacturing
The Union Cabinet approved the PLI scheme for 10 more sectors on November 11. These are pharmaceuticals, automobiles and auto components, telecom and networking products, advanced chemistry cell batteries, textile, food products, solar modules, white goods, and specialty steel.
ECONOMY
FY21 GDP: India Ratings expects economic contraction to narrow to 7.8% from 11.8% forecast earlier
Although the headwinds emanating from challenges related to Covid-19 are unlikely to go away till mass vaccination becomes a reality, perhaps the economic agents and economic activities not only have learnt to live with it but are also adjusting swiftly to the post-Covid-19 world, Ind-Ra said in a statement
BUSINESS
Exclusive| Government mulls new national policy to bring down logistics cost by 5%
The government is also working on a National Logistics Efficiency and Advancement Predictability and Safety Act and this law tends to define various participants of the logistics space and create a light regulatory ecosystem.
BUSINESS
India would be an engine of global growth, help revive global economy significantly: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said investment in health is going to be critical, not just to keep lives safer, but also to make health and health-related expenditures more predictable.
ECONOMY
Government apprised of rising oil prices but excise duty cut financially imprudent now
After letting oil prices go unchanged for 59 days, oil marketing companies hiked petrol and diesel prices by over Rs 2 and by nearly Rs 3.50 respectively since November 19
BUSINESS
Macro Minutes podcast | How trade finance fared during the COVID-19 pandemic
Kamalika Ghosh talks to Founder and CEO, PrimaDollar Tim Nicolle to find out about trade finance and how it fared during the COVID-19.
ECONOMY
Exclusive | October-December quarter advance corporate tax collections 49% higher year-on-year
The government had reduced the corporate tax rate for existing and newly incorporated companies to 25 percent and 15 percent, respectively, last year, after the September 15 deadline for advance tax payment was over.
BUSINESS
Bengaluru only city to register growth of 6.6% in total direct tax collected, initial projections show
The Centre's total net direct tax collection, which includes advance tax, dropped 17.6 percent in FY21 as direct tax collected up to December 15 stood at Rs 4.95 lakh crore as against Rs 6.01 lakh crore for the same period a year ago.
BUSINESS
Exclusive: FY21 direct tax collection drops 17.6% year-on-year till Dec 15, initial projections show
According to the initial projections, corporate tax collected till December 15 stood at Rs 2.26 lakh crore and personal income tax stood at Rs 2.57 lakh crore
BUSINESS
Samsung LED unit in Uttar Pradesh is another step towards Make in India push: officials
The Yogi Adityanath-led Uttar Pradesh government is also in talks with other companies that are looking to move out of China to set up shop in the state.
ECONOMY
Industrial output grows 3.6% in October, indicating strong recovery
The October IIP jumped significantly, rising 3.6% YoY against 0.2 percent September
ECONOMY
Exclusive | Tax shortfall in 2020-21 likely to be around Rs 2.5-3 lakh crore: Sources
Finance Minister Nirmala Sitharaman, in her Union Budget 2020-21 had projected gross tax collections at Rs 24.23 lakh crore. For 2019-20, the revised estimate for gross tax receipts was Rs 21.63 lakh crore, short of that year’s budget estimates by Rs 2.98 lakh crore
