ECONOMY
COVID-19 impact | Tax devolution to states to be 30% lower than budgeted Rs 7.8 lakh crore
The provisional data released by the government shows that the centre's gross tax revenues contracted by 3.4 percent to Rs 20.1 lakh crore in FY 2020, from Rs 20.8 lakh crore in FY 2019
BUSINESS
Modi 2.0: One year of progressive policies that translated into very little
India’s GDP grew 4.5 percent in July-September 2019, the lowest since the fourth quarter of 2012-13. The economic slowdown came at the back of 5 percent GDP growth recorded in April-June and 7.1 percent in July-September last year
ECONOMY
Government staring at a gross tax revenue shortfall of Rs 4.32 lakh crore in FY21: Report
Weak economic activities are also set to have an impact on non-tax revenue, and dividend and profit and other non-tax revenue would therefore decline by Rs 1.48 lakh crore from the FY21 budget estimate, the report said
INDIA
Once called 'living monument of failure', MGNREGA has seen increased budget allocations since inception
MGNREGA guarantees a minimum 100 days of employment to every willing household, within 15 days of making such a requisition. A failure to provide employment within 15 days from the date of requisition has to be compensated.
ECONOMY
Coronavirus impact | 21 states stare at a collective revenue loss of around Rs 9.71 lakh crore in April alone
Some amount of revenue did accrue to the state government under the head of SGST (40 percent), state VAT (30 percent), tax and duty on electricity (10 percent) and own non-tax revenue (10 percent), according to the report
ECONOMY
Government could borrow directly from RBI to finance COVID-19 relief package: CARE Ratings
The Rs 20 lakh crore figure, as the PM said in his speech on May 12, includes the previous Rs 1.7 lakh crore stimulus package, various government announcements for key sectors and steps taken by the RBI since the lockdown began on March 24 midnight. These earlier measures now together amount to Rs 7.79 lakh crore of the complete package
ECONOMY
Borrowing one of the ways to finance relief package, says FM Nirmala Sitharaman
She also announced that the period for Vivaad se Vishwas Scheme for making payment without additional amount has also been extended to December 31, 2020.
ECONOMY
Coronavirus lockdown: Both Centre and states gear up to bridge revenue gaps
The Centre is expected to gain close to Rs 1.6 lakh crore in additional revenue this fiscal from the increase in excise duty on petrol and diesel
ECONOMY
Coronavirus lockdown | Government working on new scheme to attract foreign investment
The government is working on having a more liberalised FDI regime, in order to tackle the economic fallout of Covid-19 pandemic
ECONOMY
Coronavirus lockdown: Restarting economic activity an uphill task as migrant workers leave cities
On April 29, the Union Home Ministry allowed state governments to transport migrant workers, pilgrims, tourists, students, patients and others stranded due to the lockdown to their respective states from different parts of the country.
ECONOMY
From changing growth metrics to revising debt targets, 15th Finance Commission studying all options
On April 24, the economic advisory council of the 15 Fc said that though the magnitude of the impact of the coronavirus outbreak on public finances is still uncertain, it is undoubtedly going to have a telling effect
ECONOMY
Coronavirus crisis | Govt to revise Budget projections soon, FY2020-21 expected to be a non-event
It is becoming increasingly difficult for the government to rework the fiscal math as there is no clarity on when the economy will resume completely
ECONOMY
IRS officers' report spreads panic, action would be taken: Government source
The report, dated April 23, said that "In times like these, the so called 'super rich' have a higher obligation towards ensuring the larger public good". It also suggested a surcharge for foreign companies with a permanent establishment in India
ECONOMY
Coronavirus crisis | PM Modi to take a call on another relief package after April 27 meet with CMs
Moneycontrol had reported on April 23 that Prime Minister Narendra Modi is expected to meet finance ministry officials soon to take stock of the economic situation
BUSINESS
Coronavirus pandemic | Falling oil prices may not help in shoring up government finances
While even amid the larger economic gloom, falling prices would significantly lower India's import bill
ECONOMY
New FDI rules do not violate WTO norms, says government official
The government has said that the changes in rules on investment were meant to curb opportunistic takeovers and acquisitions.
ECONOMY
Coronavirus impact | E-commerce firms staring at bleak sales in post-lockdown period too
Largely what e-commerce platforms sell is discretionary expenditure like electronics, fashion and general merchandise.
ECONOMY
Coronavirus crisis | These 4 states may struggle to make payments if lockdown continues
The Reserve Bank of India (RBI) on April 17 increased the WMA limit for state governments and Union Territories by 60 percent to plan their borrowing better
BUSINESS
Coronavirus pandemic| India Inc may not be prepared for partial resumption of business activities
"The kind of infrastructural wherewithal needed to provide accomodation and transportation isn't something that all industries have the budget for. It increases fixed costs," an official in the human resources department of a FMCG company said on condition of anonymity.
INDIA
Coronavirus pandemic | Quarantine allowance may help restricting spread
The ILO supports the fact that quarantine allowance is a form of social security, mainly because this is a contagious disease and hence can also come under ensuring occupational safety and health of fellow workers
ECONOMY
Coronavirus pandemic: To prevent NPAs, government needs to infuse specific fund related capital
For credit flow to remain smooth, public-sector banks need to be recapitalised adequately or issue a promise of capital, so that the banks are able to provide for the impending surge in NPAs
ECONOMY
Lockdown extension: India's main policy laboratories deliberate on how to minimise economic impact
MSME exporters are expected to be affected the most by the lockdown as the sector accounts for over 45 percent in the country's total outbound shipments.
ECONOMY
'Building herd immunity may not work in tackling COVID-19 at the moment'
Giridhar R Babu has worked with the World Health Organization for nearly six years, during which his efforts included stopping polio transmission in Karnataka and initiation of measles surveillance. He has also worked as research associate for Multi Centre AIDS Cohort (MACS)
ECONOMY
COVID-19 sample collections must be done mindfully to avoid stigma: Indu Bhushan
Testing and treatment for COVID-19 will be free of cost for Ayushman Bharat beneficiaries at private laboratories and empanelled hospitals, the NHA said on April 4
