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Interim Budget: Infra focus, fiscal prudence are positives for street

Thu, 02/01/2024 - 10:05
While overall capex has increased, some analysts had expected higher outlays for road, defence and railways

Govt to spend less on farmer fertiliser subsidy as world prices soften

Thu, 02/01/2024 - 06:19
India's budget deficit is projected to be 5.8% of gross domestic product in 2023-24. The government aims to curb the deficit to 5.1% in the next financial year

Power consumption rises nearly 6% to 133.83 billion units in January

Thu, 02/01/2024 - 06:08
India's power consumption grew nearly six per cent to 133.83 Billion Units (BU) in January 2024 as compared to the year-ago period, according to government data. In January 2023, power consumption stood at 126.30 BU, higher than 111.80 BU recorded in the same month a year ago, the data showed. The peak power demand met -- the highest supply in a day -- rose to 222.32 GW in January 2024. The peak power supply stood at 210.72 GW in January 2023 and 192.18 GW in January 2022. Experts said that power consumption as well as demand improved in January as mercury fell sharply in the month, especially in North India. The cold wave resulted in increased use of heating equipment like heaters, blowers and geysers which led to increase of power demand as well as consumption. The power ministry had estimated the country's electricity demand to touch 229 GW during the summer in 2023. The demand did not reach the projected level in April-July due to unseasonal rains. The peak supply, however,

India yet to see significant improvement in debt affordability: Moody's

Thu, 02/01/2024 - 06:05
Moody's in August had affirmed a 'Baa3' rating on India with a stable outlook. A higher rating implies lower economic risk, allowing a country to borrow at cheaper rates

Interim Budget: Disinvestment target pegged at Rs 50,000 crore in FY25

Thu, 02/01/2024 - 05:49
Revised estimate for FY24 slashed to Rs 30,000 from Rs 51,000 crore

Govt extends export incentive scheme for apparel, garment till March 2026

Thu, 02/01/2024 - 05:38
The government on Thursday approved the continuation of an export incentive scheme - RoSCTL - for apparel, garments and made-ups up to March 31, 2026. The Rebate of State and Central Taxes and Levies (RoSCTL) scheme is aimed at compensating for the state and central taxes and levies in addition to the rebate provided under duty drawback scheme on export of apparel/garments and made-ups. "The Union Cabinet chaired by Prime Minister Narendra Modi approved the continuation of scheme for RoSCTL for export of apparel/garments and made-ups up to March 31, 2026," an official statement said. It said that the move will provide a stable policy regime which is essential for long-term trade planning, more so in the textiles sector where orders can be placed in advance for long-term delivery. "The continuation of RoSCTL will ensure predictability and stability in policy regime, help remove the burden of taxes and levies and provide level-playing field on the principle that goods are exported an

GST collections to drive FY25 gross tax revenue to Rs 38.31 trillion

Thu, 02/01/2024 - 05:20
The government's gross tax revenue is projected to grow 11.46 per cent to Rs 38.31 lakh crore in the next fiscal, buoyed by 11.6 per cent growth in GST collections. Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of Rs 1.1 lakh crore or 11.6 per cent. Of the total tax collections, Rs 21.99 lakh crore is estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty +GST). In the current fiscal, the government estimates gross tax revenue to exceed the budget estimated by about Rs 76,000 crore. The budgeted tax revenue for current fiscal was Rs 33.61 lakh crore, while the revised estimate pegs it at Rs 34.37 lakh crore, as per the Interim Budget 2024-25. Even though the corporate tax collections remained as per the FY24 budget estimates, the personal income tax collection is expected to overshoot budget estimates by over Rs 1.20 lakh crore in cur

Landmark Indo-Pacific supply chain pact to come into force on February 24

Thu, 02/01/2024 - 05:14
The US on Thursday announced that a landmark agreement on supply chain resilience under the Indo-Pacific economic framework involving 14 partner nations, including India, Japan and Australia, will come into force on February 24. US Commerce Secretary Gina Raimondo said the pact will facilitate a collaborative approach to strengthen supply chains and prevent potential disruptions. The US Department of Commerce said the Indo-Pacific Economic Framework for Prosperity (IPEF) agreement relating to supply chain resilience will enter into force on February 24. The agreement is aimed at coordination among the IPEF partners on building resilient, efficient, productive, sustainable, transparent, diversified, secure, fair, and inclusive supply chains. "This is a critical step in bringing the landmark, first-of-its kind agreement into action and promoting coordination among the IPEF partners on building resilient, efficient, productive, sustainable, transparent, diversified, secure, fair, and

Budget 2024: What is 'Blue Economy 2.0' announced to boost aquaculture

Thu, 02/01/2024 - 05:13
Budget 2024: Nirmala Sitharaman presented her sixth consecutive budget, an interim one, in the Parliament on Thursday

Govt projected to receive Rs 1.02 trn as dividend from RBI, PSBs in FY25

Thu, 02/01/2024 - 05:11
The government on Thursday projected a dividend income of Rs 1.02 lakh crore from the RBI and public sector financial institutions in the next financial year. The government is set to earn a higher dividend of Rs 1.04 lakh crore in the current fiscal against the Budget Estimate of Rs 48,000 crore. The current financial year estimate exceeded the Budget Estimate as RBI paid a dividend of Rs 87,416 crore in May last year. In the previous financial year, the government mobilised Rs 39,961 crore from RBI and public sector financial institutions. Meanwhile, the government estimated Rs 43,000 crore as dividend payments from Central Public Sector Enterprises (CPSEs). Other investments also rose to Rs 50,000 crore during the current fiscal. In all, the government projected to mobilise Rs 1,54,407 crore as dividend from the RBI, public sector banks and CPSEs in the current fiscal. For the next financial year, it is slightly lower at Rs 1.50 lakh crore from CPSEs, RBI and banks. The highe

Budget 2024: Green fuel gets boost, FM presents scheme for biomanufacturing

Thu, 02/01/2024 - 03:32
Cabinet approves marketing margins for domestic gas provided for fertiliser production

US announces key pact on supply chain resilience under Indo-Pacific

Thu, 02/01/2024 - 02:23
The US on Thursday announced that a key agreement on supply chain resilience under the Indo-Pacific economic framework involving 14 partner nations, including India, Japan and Australia, will come into force on February 24. US Commerce Secretary Gina Raimondo said the pact will facilitate a collaborative approach to strengthen supply chains and prevent potential disruptions. The US Department of Commerce said the Indo-Pacific Economic Framework for Prosperity (IPEF) agreement relating to supply chain resilience will enter into force on February 24. "This is a critical step in bringing the landmark, first-of-its kind agreement into action and promoting coordination among the IPEF partners on building resilient, efficient, productive, sustainable, transparent, diversified, secure, fair, and inclusive supply chains," it said.

India-Middle East-Europe corridor game changer for us, says FM Sitharaman

Thu, 02/01/2024 - 02:11
The Union Minister also underscored the success of India's G20 presidency and said that during the tough times engulfed by the COVID-19 pandemic, India navigated its way and addressed global problems

Proactive management helps keep inflation within manageable level: FM

Thu, 02/01/2024 - 01:20
Proactive inflation management has helped keep the country's inflation within the manageable range, Finance Minister Nirmala Sitharaman said while presenting the interim Budget on Thursday. She also said that the inflation has moderated. The Reserve Bank of India has been mandated by the government to ensure retail inflation remains at 4 per cent with a margin of 2 per cent on either side. Retail inflation rose at the fastest pace in four months in December 2023 at 5.69 per cent on account of an increase in prices of vegetables, pulses, and spices. The annual inflation based on the Consumer Price Index (CPI) was at 5.55 per cent in November and 5.72 per cent in the year-ago month. As per the data released by the National Statistical Office (NSO), the rate of price rise in the food basket, which constitutes nearly half of the CPI, increased to 9.53 per cent in December 2023 against 8.7 per cent in the preceding month and 4.19 per cent in December 2022. In August 2023, inflation ha

India's manufacturing PMI rises to four-month high of 56.5 in January

Thu, 02/01/2024 - 00:14
New orders placed with Indian goods producers rose at a sharp pace in January and were the strongest in four months

Commercial LPG rates up by Rs 14 in Delhi, ahead of Budget 2024 session

Wed, 01/31/2024 - 22:26
Domestic LPG cylinder prices remain unchanged and ATF prices for domestic flights in Delhi saw a slight decrease

EPFO releases guidelines for EPS members having multiple accounts

Wed, 01/31/2024 - 13:15
The present guidelines are to streamline the claims process, as many times a member has multiple accounts and the contributed amount varies, causing trouble during the calculation of the amount

RBI's digital payments index jumps to 418.77 in Sept from 395.57 in Mar

Wed, 01/31/2024 - 10:40
RBI's Digital Payments Index comprises five broad parameters that measure the penetration of digital payments in the country over different time periods

GST collections rise 10.4% to Rs 1.72 trn in January, second highest-ever

Wed, 01/31/2024 - 09:34
Goods and Services Tax (GST) collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, the finance ministry said on Wednesday. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more. "The gross GST revenue collected in the month of January 2024 (till 05:00 PM of 31.01.2024) is Rs 1,72,129 crore, which shows a 10.4 per cent y-o-y growth over the revenue of Rs 1,55,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023)," the ministry said. During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6 per cent year-on-year growth (till 05:00 PM of 31.01.2024), reaching Rs 16.69 lakh crore against Rs 14.96 lakh crore collected in the same period of the previous year(April 2022-January 2023). The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.

Core sector growth dips to 14-month low of 3.8% in Dec due to high base

Wed, 01/31/2024 - 09:26
For the April-December period, the core sector output growth stood at 8.1 per cent, against 8 per cent in the previous financial year

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