ECONOMY
RBI may end rate hikes by year-end, inflation may ease to 5% next year: CRISIL’s Dharmakirti Joshi
The RBI may go for a 25 basis points rate hike in September and possibly another one before the end of this year.
BUSINESS
MC Explains | How to spot a freebie?
India is a welfare state, but the government is the custodian of public funds and must use them judiciously.
BUSINESS
States resume fiscal consolidation, set to control deficits, paper says
States have also taken into account fiscal implications of the end of GST compensation regime in the budget estimates of 2022-23, according to the NIPFP paper.
BUSINESS
Finance minister reiterates all states agreed with recent GST Council decisions
“I take extreme pride to say that Council has applied its mind at various levels,” Nirmala Sitharaman said.
BUSINESS
Government says committed to lowering fiscal deficit to below 4.5% by 2025-26
Increasing the buoyancy of tax revenue, monetisation of assets, improving efficiency and effectiveness of public expenditure are the measures being taken to reduce the deficit, minister of state for finance Pankaj Chaudhary has said
BUSINESS
No proposal to extend Foreign Trade Policy again, new one in the works: Minister in Parliament
India’s Foreign Trade Policy 2015-20, which was announced for a period for five years, has been extended several times due to impact of Covid-19 and global supply chain uncertainties in the wake of conflict between Russia and Ukraine.
BUSINESS
India will be lucky if GDP grows by 6% in FY23, says Pronab Sen
According to Pronab Sen, India’s former chief statistician, the government must ensure fiscal support to ensure the economy does not tip over into a slowdown at a time when the RBI is applying brakes to curb red hot inflation.
ECONOMY
India not facing any wheat crisis, assures agriculture minister
India had in May banned wheat exports to ensure domestic availability but has been allowing shipments to select countries.
BUSINESS
Kerala’s GST deviation needs legal backing; council dispute mechanism should kick in: Experts
The GST Council in June tweaked norms to impose a 5 percent tax on pre-packaged and labelled pulses, cereals, flour and other items for packs of up to 25 kg. These staples when sold loose continue to be exempt from GST
ECONOMY
GST Council recommendations pertaining to rules, rates binding on states: Junior Finance Minister
The Supreme Court earlier this year had said that the GST Council’s recommendations are not binding on states
ECONOMY
RBI, government ready to take more steps to curb inflation, says Pankaj Chaudhary
The Centre was closely monitoring the global price movements and their impact on India’s economy, says minister of state for finance Pankaj Chaudhary
BUSINESS
No proposal to merge SAIL, RINL under consideration, says junior steel minister
India has proposed selling 100 percent stake in RINL along with management control by way of privatisation, a proposal which has led to agitation by trade unions
BUSINESS
RBI may shift focus to growth as inflation eases; no magic wand for rupee: SocGen’s Kundu
There has to be a trade-off the central bank has to look at and hence re-focus on growth once inflation provides some semblance of control, Kunal Kumar Kundu has said
BUSINESS
Govt to introduce mining reforms in monsoon session; no bill on bank privatization
The mining reforms bill is expected to allow private companies to mine lithium and also let firms sell half of captive mine output without end-use restrictions
BUSINESS
Rupee settlement unlikely to see widespread use, Capital Economics says
While the rupee settlement mechanism doesn't provide a full workaround for Western sanctions, it may be used in trade with Russia, Capital Economics said
INDIA
Cabinet approves free booster COVID-19 vaccine dose for adults
Free booster doses of the COVID-19 vaccine will be available at public healthcare facilities for 75 days starting July 15.
BUSINESS
Crypto player failures may spillover to key parts of traditional finance, FSB warns
The FSB has called for an effective regulatory framework to ensure crypto-asset activities posing risks similar to traditional financial activities are subject to the same regulatory outcomes
ECONOMY
Inflation may ease gradually, precluding chances of hard landing, says RBI Guv
The current era is one of globalisation of inflation amidst growing deglobalisation of world trade, the RBI governor said on July 9.
BUSINESS
Centre directs edible oil associations to reduce prices by Rs 15/litre
Whenever a reduction in price to distributors is made by the manufacturers, the benefit should be passed on to the consumers, the Centre said.
ECONOMY
Unfair to blame GST for revenue woes, says CBIC chairman
India is on the right track on GST, Johri said, adding that business processes and IT systems have stabilized and so have the revenue collections
BUSINESS
The good, the bad and the ugly: Where will the rupee end up?
Three scenarios on where the rupee, battered by a global risk-off, but better prepared than in 2013, could go from here
ECONOMY
Centre, states yet to reap higher revenue benefit of GST: NIPFP working paper
By increasing revenue mobilisation from 'Non-Shareable Duties' and 'Cesses on Commodities' under Union excise duties, the Centre could manage revenue shortfall in GST, the paper said
ECONOMY
Investment proposals drop to Rs 3.57 lakh crore sequentially in June quarter, CMIE estimates
The two largest projects announced by Adani Group are the Rs 60,000-crore Maharashtra Pumped Storage Project for green power and the Rs 44,600-crore, 10-GW solar power project in Andhra Pradesh
ECONOMY
Supreme Court has not altered fundamental features of GST, says finance minister
Nirmala Sitharaman also says it is reasonable to expect the steady growth trend in GST revenue to continue.
