ECONOMY
Exclusive | New Development Finance Institution to be 100% owned by govt
“Right now it will be a government-owned DFI. It will be through legislation, which will also enable the setting up of private DFIs. There will be a provision that if in the later stages, the DFI wants to diversify its equity, it will be able to do that," Economic Affairs Secretary Tarun Bajaj told Moneycontrol.
ECONOMY
Interview | New ‘bad bank’ will take in at least Rs 2 lakh crore of NPAs: Chief Economic Advisor Krishnamurthy Subramanian
In an interview with Moneycontrol, Krishnamurthy Subramanian also said the measures taken by the Modi government to deal with the latest economic crisis are less inflationary than interventions by previous governments, and that some 100 crore people may be vaccinated for free.
ECONOMY
INTERVIEW | Cutting income tax rates isn't the only way to provide relief: Finance Secretary
In an exclusive interview to Moneycontrol, Ajay Bhushan Pandey said that GST collections in the last couple of months have improved because of systemic changes undertaken by the department of revenue, without increasing tax rates.
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
INTERVIEW | Corporate tax collection in FY21-22 expected to be better than pre-COVID collections: CBDT chief
In an exclusive interview with Moneycontrol, PC Mody said that committees like those on Direct Tax Code (DTC) were constituted in a certain context and with certain intent in mind and it's not essential that all the suggestions of such committees get implemented.
ECONOMY
INTERVIEW | Government can't sustain handouts indefinitely, says Expenditure Secretary TV Somanathan
Speaking exclusively to Moneycontrol in a post-budget interview, Expenditure Secretary TV Somanathan said it was a conscious decision by the government to invest in infrastructure projects which will create jobs rather than provide further handouts, as the former will have long-term benefits.
BUSINESS
New Bad Bank to be set up within a month or two, says Financial Services Secy
The New Development Finance Institution announced by the finance minister will be called the 'National Bank for Financing, Infrastructure and Development', Financial Services Secretary Debashish Panda said.
ECONOMY
Interview | Right time to bet on long-term growth through infra investment: Sanjeev Sanyal
Hours after Finance Minister Nirmala Sitharaman’s Union Budget 2021 speech, Principal Economic Advisor Sanjeev Sanyal, one of the architects of the Budget, spoke exclusively to Moneycontrol.
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
Interview | FY22 could be a big year for privatisation: Chief Economic Advisor Krishnamurthy Subramanian
In an interaction with Moneycontrol, Krishnamurthy Subramanian also said that the idea of a 'bad bank' was being discussed ahead of the Budget, and that a counter-cyclical fiscal policy was part of pre-Budget deliberations.
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.
BUSINESS
Inflation cooldown comes as a surprise; industrial output disappoints
While retail inflation for December came down to within the Reserve Bank of India’s medium-term inflation target after eight months, industrial production in November contracted after two months of expansion.
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
ECONOMY-MCMINIS
Arbitration ruling | Government examining Cairn judgement, sources say
The government has been asked to pay damages at the share value of Rs 330 in 2014, instead of the Rs 220-240 per share price at which it was sold by the Income-Tax Department in 2018, in tranches. The damages also include Rs 1,590 crore of tax refund due to the British company besides the legal fees.
