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Kamalika Ghosh

Senior Correspondent

Moneycontrol

Budget 2021-22: After repeated misses, this Budget sets modest tax collection targets

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.

Government confident of achieving targets set in Budget 2021-22: DEA secretary Tarun Bajaj

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

Economic Survey 2020-21: India's services sector posted robust 34% growth in FDI inflows in H1 FY21

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

Economic Survey 2021 says India must focus on economic growth rather than redistribution to tackle poverty

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

Budget 2021-22 expected to incorporate recommendations of panel on direct tax code

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.

COVID-19 pandemic impacted Pradhan Mantri Jan Arogya Yojana, says study

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.

COVID-19 impact: Budget 2021 to see considerable increase in health sector allocation

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.

Joe Biden may bring back diplomacy in trade negotiations with India

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,

Budget 2021-22 should re-evaluate random allotment of cases under faceless tax assessment system: Experts

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.

Overall shortfall in GST collection Rs 1.44 lakh crore for Centre this fiscal: SBI report

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

Atmanirbhar Bharat Schemes: Status check on some so far

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).

Better tax collections may not be enough to improve government's overall revenue position

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.

Delay in land clearances, lack of skilled labour may push back PLI scheme deadline for mobile manufacturing

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.

FY21 GDP: India Ratings expects economic contraction to narrow to 7.8% from 11.8% forecast earlier

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

Exclusive| Government mulls new national policy to bring down logistics cost by 5%

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.

India would be an engine of global growth, help revive global economy significantly: FM Nirmala Sitharaman

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.

Government apprised of rising oil prices but excise duty cut financially imprudent now

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

Macro Minutes podcast | How trade finance fared during the COVID-19 pandemic

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.

Exclusive | October-December quarter advance corporate tax collections 49% higher year-on-year

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.

Bengaluru only city to register growth of 6.6% in total direct tax collected, initial projections show

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.

Exclusive: FY21 direct tax collection drops 17.6% year-on-year till Dec 15, initial projections show

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

Samsung LED unit in Uttar Pradesh is another step towards Make in India push: officials

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.

Industrial output grows 3.6% in October, indicating strong recovery

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

Exclusive | Tax shortfall in 2020-21 likely to be around Rs 2.5-3 lakh crore: Sources

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

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