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The government cut its windfall tax on crude oil to zero from Rs 3,500 a tonne and halved the tax on diesel to Rs 0.5 per litre, a government notification said on Tuesday (4 April 2023). There is no windfall tax on petroleum and Aviation Turbine Fuel (ATF).
The government levies tax on windfall profits made by oil producers on any price they get above a threshold of $75 per barrel. The taxes are reviewed every fortnight based on international oil prices.
The windfall profit taxes were first imposed in July last year. At that time, the Ministry of Finance imposed a cess of Rs 23,250 per tonne (by way of special additional excise duty - SAED) on crude oil produced domestically. It also slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective 1 July 2022.
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India's COVID-19 vaccination coverage has exceeded 216.70 Cr (2,16,70,14,127) as per provisional reports till 7 am today. COVID-19 vaccination for the age group 12-14 years was started on 16 March, 2022. So far, more than 4.08 Cr (4,08,14,780) adolescents have been administered with the first dose of COVID-19 vaccine. Similarly, the COVID-19 precaution dose administration for age group 18-59 years also started from 10th April, 2022 onwards.
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Direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post pandemic, as also the result of the stable policies of the Government, focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology.
The figures of Direct Tax collections for the FY 2022-23, as on 17.09.2022 show that net collections are at Rs. 7,00,669 crore, compared to Rs. 5,68,147 crore in the corresponding period of the preceding Financial Year i.e. FY 2021-22, representing an increase of 23%.The Net Direct Tax collection of Rs. 7,00,669 crore(net of refund)includes Corporation Tax (CIT) at Rs. 3,68,484 crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 3,30,490 crore.
The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs. 8,36,225 crore compared to Rs. 6,42,287 crore in the corresponding period of the preceding Financial Year i.e. FY 2021-22, registering a growth of 30% over collections of FY 2021-22.
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India's foreign exchange (forex) reserves dropped by $2.234 billion to $550.871 billion for the week ended September 9, the lowest level in two years, the Reserve Bank of India (RBI) data showed. India's forex reserves have dropped by almost $80 billion since this escalation of the Russia-Ukraine tensions into war earlier this year. This depletion, compared to the past 10 years, is likely the steepest India has ever witnessed.As per the Reserve Bank of India's weekly statistical supplement, foreign currency assets, which are the biggest component of the forex reserves, dipped by $2.519 billion to $489.598 billion during the week ended September 9. The value of gold reserves rose by $340 million to $38.644 billion during the week ended September 9. The value of India's Special Drawing Rights (SDRs) with the International Monetary Fund declined by $63 million to $17.719 billion during the week under review, the RBI data showed. India's reserve position in the International Monetary Fund (IMF) increased by $8 million to $4.910 billion during the week ended September 9, as per the RBI Weekly Statistical Supplement.
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A comprehensive new study by the World Bank suggests that the world may be edging toward a global recession in 2023 amid simultaneous rate hikes by central banks across the world.
The World Bank report highlighted that central banks around the world have been raising interest rates this year with a degree of synchronicity not seen over the past five decades�a trend that is likely to continue well into next year.
Investors expect central banks to raise global monetary-policy rates to almost 4% through 2023�an increase of more than 2% points over their 2021 average.
Yet the currently expected trajectory of interest-rate increases and other policy actions may not be sufficient to bring global inflation back down to levels seen before the pandemic, the report said.
Unless supply disruptions and labor-market pressures subside, those interest-rate increases could leave the global core inflation rate (excluding energy) at about 5% in 2023�nearly double the five-year average before the pandemic, the study finds.
To cut global inflation to a rate consistent with their targets, central banks may need to raise interest rates by an additional 2% points, according to the report's model. If this were accompanied by financial-market stress, global GDP growth would slow to 0.5% in 2023�a 0.4% contraction in per-capita terms that would meet the technical definition of a global recession.
Central banks should persist in their efforts to control inflation�and it can be done without touching off a global recession, the World bank study finds. For this, Central banks must communicate policy decisions clearly while safeguarding their independence. Fiscal authorities will need to carefully calibrate the withdrawal of fiscal support measures while ensuring consistency with monetary-policy objectives.
Other economic policymakers will need to join in the fight against inflation�particularly by taking strong steps to boost global supply. These include: easing labor-market constraints, boosting the global supply of commodities and strengthening global trade networks.
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India's Active caseload currently stands at 46,748 with active cases stand at 0.1%. Recovery Rate currently stands at 98.71% with 5,916 recoveries in the last 24 hours taking the total recoveries to 4,39,47,756. 6,298 new cases were recorded in the last 24 hours. 216.17 cr Total Vaccine doses (94.62 cr Second Dose and 19.14 cr Precaution Dose) have been administered so far under Nationwide Vaccination Drive. 19,61,896 doses were administered in last 24 hours.
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The 26th Meeting of the Financial Stability and Development Council (FSDC) was chaired by the Union Finance and Corporate Affairs Minister Nirmala Sitharaman in Mumbai yesterday. The Council, inter alia, deliberated on the Early Warning Indicators for the economy. It was noted that there is a need to monitor the financial sector risks, the financial conditions and market developments on a continuous basis by the Government and the regulators so that appropriate and timely action can be taken so as to mitigate any vulnerability and strengthen financial stability.
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The Minister for Communications, Electronics & Information Technology and Railways, Ashwini Vaishnaw has said that the Telecom Sector in the country will witness more reforms in coming years and asserted that the industry too will have to do its bit and reciprocate by improving quality of service significantly. He was addressing the Annual Flagship Event 2022 of Digital Infrastructure Providers Association (DIPA), an apex industry body representing Digital Infrastructure providers industry in India.
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Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal said the Automotive Industry is at the inflection point and is poised to grow fast. He was addressing the 62nd Automotive Component Manufacturers Association (ACMA) Annual Session in New Delhi. Goyal remarked that the future of Automotive Component Industry rests on being more Connected, focussing on Convenience, orienting towards Clean Energy and clean mobility and using Cutting-edge technology. Expressing confidence on the growth story of this Industry, Goyal emphasised that the focus should now be on Quality and Cost competitiveness. He noted that while in the last few years Automobile Industry faced challenges of subdued demand and slowdown mainly due to Covid, the worst is over now and record number of sales for two and three wheelers suggests that the Industry is back on track. Recognizing the huge potential of the Automotive sector, the minister said the Industry contributes significantly to the GDP, creates jobs, encourages skill development, values talents and has an ecosystem which has a considerable impact on the society.
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Prahlad Singh Patel, Minister of State for Food Processing Industries and Jal Shakti, Govt of India has said that the government is aware that Indian food processing, especially the unorganized sector has major women participation, and the government is taking steps to make it an organized sector. Addressing the 14th FICCI FOODWORLD India - The Global Convention for Food Business & Industry', Minister Patel asserted that there is a need to enhance the marketing and branding of Indian food processing sector and products. The government is fully committed to support the industry and find solutions to the problems, he added. Patel stated that we also need to further simplify the existing schemes by removing the bottlenecks and industry will play a critical role in this. To boost the sector, he added that the government has already step-up incubation centers to support the industry and innovations, he noted. The government is taking continuous steps to improve the food processing sector including introduction of PLI scheme for the sector.
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India's inflation based on wholesale price index (WPI) stood at 12.41% in August 2022 compared with 11.64% in August 2021.
Inflation in August, 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum & natural gas, basic metals, chemicals & chemical products, electricity, food products etc. as compared to the corresponding month of the previous year, the Ministry of Commerce & Industry said in a statement today.
The WPI grew 13.93% in July 2022, while the figure for June was 16.23%.
WPI for the month of September 2022 will release on 14 October 2022.
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India's COVID-19 vaccination coverage has exceeded 215.67 Cr (2,15,67,06,574) as per provisional reports till 7 am today. COVID-19 vaccination for the age group 12-14 years was started on 16 March, 2022. So far, more than 4.06 Cr (4,06,90,829) adolescents have been administered with the first dose of COVID-19 vaccine. Similarly, the COVID-19 precaution dose administration for age group 18-59 years also started from 10th April, 2022 onwards.
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Nominated Authority, Ministry of Coal had invited bids for coal mines for commercial coal mining. Technical evaluation of bids has been completed and forward e-auction for 10 coal mines will start today, 13 September 2022.
E-auction for eight coal mines will be conducted today and for two coal mines on 14th September 2022.
Total peak rate capacity (PRC) of the mines being put up for e-auction is 39.31 million ton per annum. The Coal Ministry has successfully auctioned 43 coal mines so far with PRC of over 85 million ton per annum.
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The Government of India (GoI) has announced the sale (issue/re-issue) of (i) 6.69% Government Security 2024 for a notified amount of Rs 4,000 Crore (nominal) through price based auction using uniform price method, (ii) 7.10% Government Security 2029 for a notified amount of Rs 7,000 Crore (nominal) through price based auction using uniform price method, (iii) 7.26% Government Security 2032 for a notified amount of Rs 13,000 Crore (nominal) through price based auction using uniform price method and (iv) �New Government Security 2062� for a notified amount of Rs 9,000 Crore (nominal) through yield based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs 2,000 Crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, on September 16, 2022 (Friday). Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
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Union Minister for Road Transport and Highways Nitin Gadkari has called for investors from the US to come forward and invest in roads and highways projects in India.
Gadkari also termed the US and India partnership as natural one and said they have to contribute for mutual growth. Inaugurating the 19th Indo-US Economic Summit virtually, Gadkari said the theme chosen this year - The New Agenda for next 25 years - will set the roadmap for strengthening the India-US relation.
Gadkari said road infrastructure plays a critical role in the growth of the Indian economy as 70% of goods and nearly 90% of passenger traffic uses the road network to commute. He added that today India's national highway network has reached around 1,47,000 kilometers from 91,000 kilometers in 2014. The government is working towards expanding national highway network to 2 lakh kilometers by 2025, he added.
The minister said the government is investing $1.4 trillion in infrastructure development through National Infrastructure Pipeline and the road sector will account for 19% of this capital expenditure over the period of 2019 to 2025.
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India's consumer price inflation rose to 7.00 percent in August from 6.71 percent in July, figures from the National Statistical Office revealed Monday. In the same period last year, inflation was 5.30 percent. Food price inflation advanced to 7.62 percent in August from 6.69 percent in the previous month. Month-on-month, consumer prices gained 0.52 percent and food prices moved up 0.75 percent in August.
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India's industrial production logged an annual growth of 2.4 percent in July, much weaker than June's 12.7 percent expansion, data released by the National Statistical Office showed Monday. In the same month of 2021, industrial output had advanced 11.5 percent. Among three main sectors, manufacturing output grew 3.2 percent and electricity output climbed 2.3 percent. On the other hand, mining shrank 3.3 percent from the last year. In the April to July period, industrial production posted an expansion of 10.0 percent annually.
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Government is committed to create a robust, secure, speedy and 'Aatmanirbhar' logistics system to effectively deal with future security challenges and take the country to greater heights. This was stated by Raksha Mantri Shri Rajnath Singh during the keynote address at the first Indian Army Logistics seminar, organised on the theme 'Samanjasya Se Shakti', in New Delhi on September 12, 2022. India has become the fifth largest economy in the world today. It is fast moving towards becoming a $5 trillion economy. In future, whether in battlefield or civilian sector, the criticality of logistics sustenance is going to increase. In such a situation, reforming the system of logistics according to the needs of the 21st century is the need of the hour. Self-reliance is an important component in the field of logistics. To achieve our goals, we need an 'Aatmanirbhar' logistics supply system,noted Rajnath Singh, while elaborating on the framework laid by the Government to make India a superpower in 'Amrit Kaal' by 2047.
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Indian Railways' overall revenue has grown by 38% till August 2022 over the corresponding period of last year. The overall revenue of Indian Railways at the end of August this year was around Rs 95,486 crore showing an increase of Rs 26,271 crore over the same period last year.
The Ministry of Railways said that the revenue from passenger traffic was nearly Rs 25,276 crore, an increase of 116% over the corresponding period of last year.
Passenger traffic also increased compared to last year in both the segments, reserved as well as unreserved. The growth from the long-distance reserved mail express trains has been sharper than the same in passenger and suburban trains.
The other coaching revenue was Rs 2437.42 crore, an increase of Rs 811.82 crore (or 50%) over the corresponding period of last year. This growth is being fueled by robust growth in the parcel segment of Indian Railways, the ministry said in a statement.
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Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that India is on the path to become a powerhouse driving global growth by 2047. In his address, the Minister said conclusion of the Indo-Pacific Economic Framework (IPEF) IPEF is an important milestone for free and fair trade with like minded countries, who share a common objective to have rule based international order and a transparent economic system. Politically stable and open economies in the Indo-pacific are coming together to expand economic activities amongst each other, he added.
Goyal said the transformational work happening in India has taken the country to the 5th spot among world economies. Assessing the impact of the foundational changes and structural transformation that has happened in the last few years, Shri Goyal mentioned that CII estimates India in 2047 to be a USD 35-45 trillion economy, taking India into the league of developed nations. Emphasising that India today is a land of opportunities and a potential market for the business community in the US, he noted that India has the advantage of demographic dividend and its aspirational young population provides a huge opportunity for growth. Goyal mentioned that India is also rapidly transitioning to clean energy, adding that we aspire to achieve 500 GW of green energy capacity by 2030.
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India's foreign exchange reserves fell to $560 billion mark in the week ending September 2. In August month, the reserves witnessed a sharp decline as RBI leaned toward taming rupee depreciation against the US dollar. In the latest week, reserves dived lowest in more than 23 months. All components of forex reserves contracted during the week under review with foreign currency assets (FCA) weighing the most on the performance.
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Union Minister for Road Transport and Highways Nitin Gadkari called upon all the state transport ministers and officials to work together to reduce road accidents and deaths by 50% by 2024. In an interactive session with the state transport Ministers in Bengaluru, Gadkari said Issue of road safety should not be taken lightly. He said road accidents should be reviewed constantly and rectified. The Minister proposed training engineering students for conducting safety audits of the roads on the basis of which action can be taken by the Ministry.
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Total vehicle retail for the month of August 2022 saw a year-on-year (YoY) growth of 8%, the Federation of Automobile Dealers Associations (FADA) said in a statement today, 8 September 2022.
Except tractors retail, which decreased 32% YoY, all the other categories grew last month. Two-wheelers (2W), three wheelers (3W), passenger vehicles (PV) and commercial vehicles (CV) were up by 8.5%, 83%, 6.5% and 24%, respectively.
When compared with August 2019, a pre-covid month, total vehicle retails continued to fall by 7%. While PV showed a double-digit healthy growth of 41%, growth in CV also turned positive by 6%. All the other categories were in red with 2W, 3W and tractors falling by 16%, 1% and 7%, respectively.
Commenting on how August'22 performed, FADA president, Manish Raj Singhania said, August opens the door for festival season to kick in. While Dealers anticipated good Ganesh Chaturthi in August, the results thus far has not been encouraging. In spite of good monsoons, festive season began with a dampener during Ganpati.
While the 2W segment has grown by 8.5% YoY, it continues to face covid blues due to underperformance of Bharat and is still not above 2019 levels. This coupled with price hikes has made the 2W product out of reach for most entry level customers. With erratic monsoon, the crop realisation has been low and flood like situation has restricted customer movement.
The 3W space continues its healthy double digit growth (grows 83% YoY) when compared YoY. It has now also equalled 2019 sales for the first time. Electrification is also the highest in this category as e-Rickshaw leading the way. There is a clear indication that customers are now preferring electric vehicles over ICE vehicles as ICE 3W continues to see double digit de-growth when compared to pre-covid levels.
The CV segment continues to witness an upswing in economic activities post monsoon and saw a growth of 24% YoY. This along with government's infrastructure push, new launches by OEMs and better conversion in fleet operations has kept the segment in green. Apart from this, the Passenger Carrier segment is also showing good demand due to increased buying from Educational Institutions.
The PV segment continues to be on a bull run (grows 6.5% YoY) as demand for all sub categories of vehicles except entry level remained strong. This is also aided by new feature rich launches which OEMs are doing since last few months. With semi-conductor shortage slowly becoming a passe, vehicle availability has definitely improved but waiting period continues to remain due to high demand in higher feature rich variants.
In its outlook, FADA said that while the month of September brings with itself Onam and Navratri, it also brings the 15-days period of Shraadh, generally considered as an inauspicious period for buying vehicles.
With easing of supply, PV segment will definitely see the best ever festivities (Navratri and Diwali) in last 1 decade. Along with this, if vehicle prices continue to remain stable and there is no more health related threats, we may see an uptick in the much awaited 2W space which has not shown the required growth since last festivals. With Government's continuous push in infrastructure spending, we will also see an uptick in CV space, it added.
As semi-conductor supply continues to ease, Auto Retail and PV segment especially, geared up to have the best festive season in a decade.
Overall, FADA changes its stance from 'cautiously optimistic' to 'optimistic' as it enters the festive period.
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The Union Cabinet has approved policy on long term leasing of railway land for implementing PM Gati Shakti framework.
The plan will not incure any additional expenditure. However, liberalizing the land leasing policy will open avenues for all stakeholders/service providers/operators to establish more cargo related facilities.
Besides bringing more revenue to railways, the plan will attract more cargo to railways, increase railways' modal share in freight transportation thereby reducing logistics cost of the industry.
It will simplify approvals for utilities as envisaged in PM Gati Shakti Programme. It will also help in development of public utilities like electricity, gas, water supply, telecom cable, sewage disposal, drains, optical fibre cables (OFC), pipelines, roads, flyovers, but terminals, regional rail transport, urban transport etc. in an integrated manner.
This policy amendment will enable employment generation potential of about 1.2 lakh employment.
Further, the cabinet also approved the implementation of the Kochi metro Rail Phase II of Kochi Metro Rail Project from JLN Stadium to Infopark via Kakkanad, at a cost of Rs 1,957.05 crore, with a length of 11.17 Kms and 11 stations. The preparatory works for Phase-II including road widening of Seaport Airport Road are progressing well. Phase-I in Kochi from Aluva to Petta, covering a length of 25.6 Km with 22 stations at an estimated completion cost of Rs 5181.79 crore is fully operational.
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Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Jitendra Singh said, Healthcare sector in India is expected to grow to reach a size of $50 billion by 2025. Addressing the 14th CII Global MedTech Summit titled �Seizing the Global Opportunity�, Jitendra Singh said, under Prime Minister Modi, healthcare has become more focused on innovation and technology over the past two years and 80% of healthcare systems are aiming to increase their investment in digital healthcare tools in coming five years. Telemedicine is also expected to reach $5.5 billion by 2025. eSanjeevani, a Ministry of Health & Family Welfare conceived technical intervention, has enabled virtual doctor consultations and connected thousands of people living in remote parts of the country with doctors in major cities while sitting in the comfort of their own homes, the Minister added.
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Tipu Munshi, Minister of Commerce of Bangladesh invited the Indian business leaders to come and invest in Bangladesh. With geo-political advantage that Bangladesh has, there are various sectors and products with huge opportunities including ceramic and glass products. Addressing an interactive session 'New Horizons in India-Bangladesh Economic Relations', organized by FICCI, Munshi stated that there is a need to further improve the connectivity to facilitate trade. Bangladesh has very progressive and industry friendly policies. Salman F Rahman, Private Industry and Investment Adviser to Prime Minister of Bangladesh highlighted the investment potential in Bangladesh.
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India's exports which have already crossed USD 675 billion in the last fiscal and the nation is now aspiring to take international trade to USD 2 Trillion by 2030, said Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal during an interaction with the faculty and students of the Stanford Graduate School of Business in Sanfrancisco. He added that by the time India would celebrate the 100th anniversary of its independence it would be a USD 30 trillion economy. That is the kind of opportunity that India presents to the world. This is not just India's decade, it is India's century, he added. Goyal observed that the last few years have been well spent by India in creating the foundation in which the country can rapidly transform, grow its economy, improve its systems, engage with technology and learn from the best in the world. The Minister also stressed that India has been striving to ensure that every citizen of the country, every child born in the nation has a right to a good quality life and a bright future.
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The Enforcement Directorate Tuesday (6 September) arrested Ravi Narain, the former managing director and CEO of the National Stock Exchange (NSE), in connection with a money laundering case related to the alleged illegal phone-tapping of NSE employees.
Narain was the MD and CEO of NSE from April 1994 to March 2013. He served as the vice-chairman till June 2017.
Former chief executive officer of the NSE Chitra Ramkrishna was arrested by the CBI earlier this year for her involvement in extending benefits to some brokers (co-location scam) and also using the alleged phone tapping against them. Ramkrishna was the MD and CEO of NSE from April 2013 to December 2016.
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Minister of Ports, Shipping and Waterways Sarbananda Sonowal has asked all ports to prepare master plan in order to become Mega Ports by 2047. Sonowal suggested the major ports to draft land policy guidelines, explore potential of satellite presence out of port limits. In order to make SPVs more efficient and effective, the Minister directed the officials to repurpose the SPVs so as to make them lean and agile towards achieving the desired objectives. He also insisted on enhancing operational performance of Dredging Corporation of India and importance of multimodal connectivity.
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India's export of petroleum products slipped 1% in May over the year after rising 22% in April as summer demand in the domestic market boosted local purchases, according to the oil ministry data. India exported 5.7 million metric tonnes (MMT) of petroleum products in May, 6% higher than in April but 1% lower than in May 2021. Imports rose 14% to 3.2 MMT in May over the year, compared to 3.8 MMT in April. Net export fell 0.4 MMT during the month over the year.
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India's active Covid-19 caseload currently stands at 96,700. In the last 24 hours, 11,793 new cases and 9,486 recoveries have been recorded. The daily positivity rate is 2.49%. The recovery rate currently is at 98.57%. Under Nationwide Vaccination Drive, 197.31 cr vaccine doses have been administered so far.
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The 47th meeting of the GST Council will take place in Chandigarh on Tuesday (28 June) and Wednesday (29 June).
The meeting will be chaired by Union Finance Minister Nirmala Sitharaman. The two-day meeting of the GST Council will be attended by Minister of State for Finance Pankaj Chaudhary, Finance Ministers of States and Union Territories and Senior officers from Union Government and States.
Last GST Council's meeting which was held in New Delhi had recommended to defer the decision to change the rates on textiles. The GST council had decided to retain the status quo on GST rate on textile to 5%.
The Council will also likely take up the issue of imposing 28% GST on online gaming, casinos and horse racing.
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The Government of India (GoI) has announced the Sale (re-issue) of (i)7.38%Government Security, 2027 for a notified amount of Rs 9,000 crore (nominal) through price based auction using uniform price method; (ii)GoI Floating Rate Bonds, 2028or a notified amount of Rs 4,000 crore (nominal) through price based auction using uniform price method; (iii) 7.54% Government Security 2036for a notified amount of Rs 10,000 crore (nominal) through price based auction using uniform price method and (iv) 6.99% Government Security 2051 for a notified amount of Rs 9,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, on July 01, 2022 (Friday). Up to 5% of the notified amount of the sale of the Securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
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The World Bank has trimmed its growth forecast for India for the current financial year to 7.5%, marking a 1.2 percentage points cut down from its previous forecast of 8.7%. World Bank said it cut India's GDP growth forecast due to rising inflation, supply chain disruptions, and geopolitical tensions. The bank now sees India's growth slowing further to 7.1% in FY24. This is 30 basis points higher than the previous forecast of 6.8%. For FY25, GDP growth has been kept at 6.5%.
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The Reserve Bank of India (RBI) raised the policy repo rate by 50 bps to 4.90% after the conclusion of the Monetary Policy Committee (MPC) meeting today, 8 June 2022.
MPC voted unanimously to raise repo rate and decided to change the policy stance to gradual withdrawal of accommodation.
Standing Deposit Facility and Marginal Standing Facility rates are also raised by 50 basis points. Standing Deposit Facility rate now stand at 4.65% and Marginal Standing Facility rate now stands at 5.15%.
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India's active caseload currently stands at 28,857. In the last 24 hours, 5,233 new cases and 3,345 recoveries have been recorded. The daily positivity rate is 1.67%. The recovery rate currently is at 98.72%. Under Nationwide Vaccination Drive, 194.43 cr vaccine doses have been administered so far.
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India has recorded highest ever annual FDI inflow of USD 83.57 billion in the Financial Year 2021-22. In 2014-2015, FDI inflow in India stood at mere 45.15 USD billion as compared to the highest ever annual FDI inflow of USD 83.57 billion reported during the financial year 2021-22 overtaking last year's FDI by USD 1.60 billion despite military operation in Ukraine and COVID-19 pandemic. India's FDI inflows have increased 20-fold since FY03-04, when the inflows were USD 4.3 billion only.
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Finance Minister Nirmala Sitharaman on Thursday (19 May 2022) said that India's economic growth in the current financial year has been robust and is estimated to be 8.9%, which is the highest among all large economies.
This reflects India's strong resilience and speedy recovery, Sitharaman said while expressing confidence that India will continue to achieve a high growth rate in the current and next financial year.
Sitharaman was addressing the 7th annual meeting of board of governors of New Development Bank (NDB) through video-conference in New Delhi on Thursday.
The Finance Minister, in her statement, underscored the importance of multilateralism and the spirit of global cooperation for economic recovery. In this regard, Sitharaman acknowledged that the NDB has successfully established itself as a reliable development partner for emerging market economies.
While acknowledging the NDB's achievements and progress made over the last six years, FM highlighted that the bank has demonstrated strong results within its core mandate. The Union Finance Minister also appreciated the progress made towards setting up of the India Regional Office in Gift City, Gujarat.
Sitharaman concluded her statement on a positive note, stating that NDB will play a significant and meaningful role in the development journey of its member countries in the decades to come.
NDB is a multilateral development bank, set up by the BRICS countries (Brazil, Russia, India, China, and South Africa) in 2014 with the objective of mobilizing resources for infrastructure and sustainable development projects in the BRICS as well as other EMDCs of the world. The Bank was operationalised in 2015, with its Headquarters in Shanghai, China. Last year, NDB has expanded its membership to include four countries namely, Bangladesh, UEA, Egypt and Uruguay. NDB has so far approved 21 projects of India for an amount of $7.1 billion.
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Anna Roy, Senior Adviser, NITI Aayog said that Indian start-up ecosystem is robust and by providing them with enabling framework including access to data, compute and market, we will be able to tackle the issue of technology adoption in agriculture sector. Addressing the 2nd edition for the International Conference on 'Artificial Intelligence & Digital applications in Agriculture', organized by FICCI, jointly with German Agribusiness Alliance, Roy said that the National Strategy for Artificial Intelligence released by NITI Aayog in June 2018 identifies agriculture as one of the focus areas. The benefits of applying AI in the agriculture are immense. AI in the areas of weather, soil nutrients, pest and disease management, fertigation, market prices, finance and traceability have shown a lot of potential. India's burgeoning start-up ecosystem has been actively playing its part in disrupting the agriculture sector. Opportunity in agritech exists across the value chain from improving farmers' access to markets, inputs, data, advisory, credit and insurance, she added.
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India's active caseload currently stands at 15,044. In the last 24 hours, 2,259 new cases and 2,614 recoveries have been recorded. The daily positivity rate is 0.50%. The recovery rate currently is at 98.75%. Under Nationwide Vaccination Drive, 191.96 cr vaccine doses have been administered so far.
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The seasonally adjusted S&P Global India Services PMI Business Activity Index edged to 57.9 in April, up from 53.6 in March. The expansion was the fastest since last November. The output was boosted by higher bookings, the easing of pandemic-related restrictions and favourable demand conditions.
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India recorded 3,275 new cases in the last 24 hours. Daily positivity rate stands at 0.77%. Weekly Positivity Rate at 0.78%. India's Active caseload currently stands at 19,719. Active cases stand at 0.05%. Recovery Rate currently stands at 98.74% with 3,010 recoveries in the last 24 hours taking the total recoveries to 4,25,47,699. 83.93 crore tests conducted so far; 4,23,430 tests conducted in the last 24 hours. 189.63 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.
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Union Minister for Chemicals & Fertilizers and Health & Family Welfare, Mansukh Mandaviya stated yesterday that India's Petrochemical Industries has been one of the fastest-growing industries in the Indian economy with high demand growth. India is projected to contribute more than 10% of the incremental global growth in Petrochemicals over the next decades. However, amidst the Petrochemical growth globally, volatility, significant Import dependency and attractive demand growth have been the primary reasons for which India needs Petrochemical assets to meet the domestic and global demand, he added. The Union Minister further stressed that although import dependency of the country has reduced, there is need for a holistic approach to create an atmosphere for the industrialists to be able to compete globally. He suggested the need to create a roadmap for the plastic industry for long term policy support, investment as well as export promotion.
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The Government of India (GoI) has announced the Sale (re-issue) of (i) 4.56% GS 2023 for a notified amount of Rs 4,000 crore (nominal) through price based auction using uniform price method; (ii).10% GS 2029 for a notified amount of Rs 7,000 crore (nominal) through price based auction using uniform price method; (iii) 6.54% Government Security, 2032 for a notified amount of Rs 13,000 crore (nominal) through price based auction using uniform price method; and (iv) 6.95% Government Security 2061 for a notified amount of Rs 9,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India on Friday i.e. April 29, 2022. Up to 5% of the notified amount of the sale of the Securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
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Finance Minister Nirmala Sitharaman on Monday participated in the Roundtable with industry leaders from the semiconductor ecosystem, including design, manufacturing, equipment, technology, and systems in the United States.
Sitharaman spoke of the opportunities for companies situated in Silicon Valley for the entire semiconductor value chain. She expressed the government's commitment to be a reliable player in the entire value chain with dedicated incentives for the sector in Mission Mode through Indian Semiconductor Mission.
The participants informed Sitharaman that they have substantially scaled their capabilities in India in last few years and are also collaborating with Academia for Research and Development.
The participants also mentioned that in view of global supply chain disruptions, they need to review over-reliance on the supply chain in certain jurisdictions and with the right policies and talent in place, the next decade will belong to India.
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India adds 2,483 new cases in the last 24 hours. Daily positivity rate stands at 0.55%. Weekly Positivity Rate at 0.58%. India's Active caseload currently stands at 15,636. Active cases stand at 0.04%. Recovery Rate currently stands at 98.75% with 1,970 recoveries in the last 24 hours taking the total recoveries to 4,25,23,311. 83.54 crore tests were conducted so far; 4,49,197 tests conducted in the last 24 hours. 187.95 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.
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India's Index of Industrial Production (IIP), rose 11.5% on a year-on-year basis in July 2021. For July 2021, the quick estimates of IIP, with base 2011-12 stands at 131.4, a statement by the Statistics and Programme Implementation Ministry said. The IIP for the mining, manufacturing and electricity sectors for July stood at 104.6, 130.9 and 184.7, respectively. As per the ministry data, the manufacturing sector's output rose 10.5%, while mining output jumped 19.5% in July 2021. Power generation moved up 11.1% as well. During the first quarter of the current fiscal year, the IIP marked a growth of 34.1%, compared to the contraction of 29.3% during Q1 FY21.
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India's daily new Covid-19 cases continue to spurt. A total of 1,45,384 new cases were registered in the last 24 hours. Ten States including Maharashtra, Chhattisgarh, Uttar Pradesh, Delhi, Karnataka, Tamil Nadu, Kerala, Madhya Pradesh, Gujarat and Rajasthan have shown a rise in the COVID daily new cases. 82.82% of the new cases are reported from these 10 states. Maharashtra has reported the highest daily new cases at 58,993. It is followed by Chhattisgarh with 11,447 while Uttar Pradesh reported 9,587 new cases.
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All-India Consumer Price Index (CPI) Numbers for Agricultural Labourers (AL) and Rural Labourers (RL) (Base: 1986-87=100) for the month of August, 2020 increased by 5 points each to stand at 1026 (One thousand and twenty six) and 1033 (One thousand and thirty three) points respectively. The major contribution towards the rise in general index of Agricultural Labourers and Rural Labourers came from food, with (+) 5.05 points and (+) 4.51 points respectively mainly due to rise in prices of arhar dal, masur dal, ground nut oil, mustard oil, vegetables and fruits etc.Point to point rate of inflation based on the CPI-AL and CPI-RL decreased to 6.32% and 6.28% in August, 2020 from 6.58% and 6.53% respectively in July, 2020. Inflation based on food index of CPI-AL and CPI-RL is at (+) 7.76% & (+) 7.83% respectively in August, 2020, noted the Ministry of Labour & Employment
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Ministry of Agriculture & Farmers Welfare stated yesterday that two bills aimed at transforming agriculture in the country and raising farmers' income were passed by Lok Sabha. Replying to the discussion on the Bills before they were passed by the Lok Sabha, Narendra Singh Tomar reassured emphatically that while farmers will now be freed from the restrictions of having to sell their produce at designated places only, the procurement at Minimum Support Price will continue and mandis established under State laws will also continue to operate.
The Farmers' Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020 seeks to provide for the creation of an ecosystem where the farmers and traders enjoy the freedom of choice relating to sale and purchase of farmers' produce which facilitates remunerative prices through competitive alternative trading channels to promote efficient, transparent and barrier-free inter-State and intra-State trade and commerce of farmers' produce outside physical premises of markets or deemed markets notified under various State agricultural produce market legislations; to provide a facilitative framework for electronic trading and for matters connected therewith or incidental thereto.
The new legislation will create an ecosystem where the farmers and traders will enjoy freedom of choice of sale and purchase of agri-produce. It will also promote barrier-free inter-state and intra-state trade and commerce outside the physical premises of markets notified under State Agricultural Produce Marketing legislations. This is a historic-step in unlocking the vastly regulated agriculture markets in the country.
The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020 seeks to provide for a national framework on farming agreements that protects and empowers farmers to engage with agri-business firms, processors, wholesalers, exporters or large retailers for farm services and sale of future farming produce at a mutually agreed remunerative price framework in a fair and transparent manner and for matters connected therewith or incidental thereto.
The new legislation will empower farmers for engaging with processors, wholesalers, aggregators, wholesalers, large retailers, exporters etc., on a level playing field without any fear of exploitation. It will transfer the risk of market unpredictability from the farmer to the sponsor and also enable the farmer to access modern technology and better inputs. It will reduce cost of marketing and improve income of farmers.
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On a review of the current liquidity and financial conditions, the Reserve Bank has decided to conduct purchase of Government securities under Open Market Operations (OMOs) for an aggregate amount of Rs 10,000 crores on September 24, 2020. Accordingly, RBI will purchase Government securities through a multi-security auction using the multiple price method. These include 6.97% GS 2026, 6.45% GS 2029 and 6.68% GS 2031 for Rs 10000 crores. The Reserve Bank reserves the right to decide on the quantum of purchase of individual securities.
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