GST on paper knives, spoons, forks, ladles, skimmers, and cake-servers increased from 12 percent to 18 percent.
The provisional data released by the National Statistical Office (NSO) on July 12 showed that retail inflation eased marginally in June to 7.01 per cent.
Foreign travel: With the COVID-19 cases declining, there has been revenge travel for work and leisure. But, these have now just become more expensive.
Domestic freight movement data also signaled resilience, with railway freight continuing to expand in double-digits on a year-on-year basis in June 2022.
Softening of global commodity prices may put a leash on inflation, but their elevated levels also need to decline quickly to reduce India’s current account deficit.
June’s wholesale inflation is marginally lower than the 15.88 percent reported during the previous month.
When the G20 last met in April, the IMF had just cut its global growth forecast to 3.6 percent for this year and the next one, and it warned that it could get worse given the potential risks.
Proptech firms that are providing solution in sales and marketing, and construction management got 69 per cent of the total funds.
His swipe at Sitharaman came after she had on Tuesday retweeted images unveiled by NASA from its new powerful space telescope.
The Fund included the new forecasts in the full report of its annual assessment of the U.S. economy, which highlighted the challenges of high inflation and the steep Federal Reserve interest rate hikes needed to control prices.
At the interbank foreign exchange market, the partially convertible rupee hit a record low of 79.66 against the US dollar.
Financial sector volatility amid growing interest rates, fund outflows, and weakening of domestic currency are some other challenges impacting the pace of the economic recovery.
There are signs of a global slowdown in international trade and India is keeping a ”watchful” eye on the developments by talking to all the export promotion councils and large exporters, and engaging with the Indian missions abroad, he said.
At the interbank foreign exchange market, the partially convertible rupee started trading on Monday at 79.30 against the US dollar against its Friday’s close at 79.25.
FPIs typically prefer advanced economies in times of sharp volatility and uncertainty in the overall financial markets. So far in 2022, FPIs sold equities worth Rs 221,454 crore, data showed.
The PLI scheme aims to provide nearly Rs 2.4 lakh crore worth of incentives over the next five years, with the lion’s share going to electronics, auto components, and pharma.
Addressing the industry leaders, Bajaj said the rate rationalization exercise of the GST Council is a result of introspection of GST, five years after its rollout, and the policymakers do not have a ”fetish” to raise the tax rates to the revenue-neutral level of 15.5 percent.
According to the RBI’s data, India’s foreign currency assets, which are the biggest component of the forex reserves, rose $2.334 billion to $529.216 billion during the said week.
Citing a survey, the report said regulators/supervisors globally are aiming to strike a balance between risks and benefits from the entry of Big techs into the financial domain.
The June PMI data pointed to an improvement in overall operating conditions for the twelfth straight month. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
On Wednesday, housing brokerage firm PropTiger released its data, which showed that sales jumped over 4.5 times year-on-year in April-June across eight cities at 74,330 units, while demand was up 5 percent from the previous quarter.
The RBI, earlier this month, up the average inflation projection for the ongoing fiscal by 100 basis points to 6.7 percent.
The Investors’ Meet was jointly organized with industry body FICCI and the Embassy of India in UAE on Wednesday.
TIFAC is an autonomous organization set up in 1988 under the Department of Science & Technology to look ahead in the technology domain, assess the technology trajectories, and support innovation.
Prime Minister will launch the ‘Raising and Accelerating MSME Performance’ (RAMP) scheme, with an outlay of around Rs 6,000 crore.
