Goods and Services Tax (GST) collection had touched a record high of nearly Rs 1.68 lakh crore in April. In October last year, the revenues stood at over Rs 1.30 lakh crore.
The use case for the pilot is settlement of secondary market transactions in government securities, the RBI said in a statement on Monday.
In a recent interview with The Straits Times (Singapore), Ontario Teachers’ Pension Plan (OTPP) president and chief executive officer Jo Taylor said that he sees India as a land of opportunity, noting that the current administration is more business-friendly.
For the record, the Indian rupee has been weakening over the past few weeks to hit fresh new all-time lows as the US dollar strengthened against major global currencies.
India’s trade deficit with China widened in 2021-22 and continues to do so in 2022-23, the Ministry of Commerce data showed.
Speaking to reporters on Saturday after concluding her trip to the city where she attended the annual meetings of the International Monetary Fund and the World Bank, Sitharaman also said that the inflation is at a manageable level.
Describing G-20 as a very important institution, Gourinchas said the group is the one place where there is governance representing the majority of the global economy coming together.
The report said the improvement has been led by a lower unemployment rate in rural areas, recovering two-wheeler sales and increasing growth of credit to the agriculture sector.
At the interbank foreign exchange market, the local currency opened at 82.68, then fell further to an all-time intra-day low of 82.69.
The growing demand for smaller satellites is set to boost satellite manufacturing in the country and will attract global start-ups in the sector to help incubate space tech companies here, said the report released by the Indian Space Association (ISpA) and Ernst and Young.
FPI flow is expected to remain volatile in the coming months on a slew of global and domestic factors, experts said.
Besides, a stronger greenback against key rivals and persistent foreign fund outflows put pressure on the domestic currency, forex dealers said.
At the interbank forex market, the local unit opened at 81.60 against the greenback. It witnessed an intra-day high of 81.17 and a low of 81.69 during the session.
The Governor said PAs play an important role in the payments ecosystem and hence were brought under regulations in March 2020 and designated as Payment System Operators (PSOs).
RBI Governor Shaktikanta Das said the impact of inflation globally is weighing heavily on the domestic market.
In the meeting of the Monetary Policy Committee (MPC) that started on Wednesday, five of the members of the MPC voted to hike the key lending rate, repo rate, by 50-basis points (bps).
Unveiling the fifth monetary policy for this fiscal, RBI Governor Shaktikanta Das said the central bank remains committed to price stability to put the country on the sustained path of growth.
Like several other central banks, the main focus of the RBI during the three-day-long meet will again remain on containing high inflation.
In particular, India stands to benefit from greater trade and investment flows, it said, although, at a gradual pace due to regulatory hurdles.
Describing the Chinese slowdown as the worst in decades, he highlighted that this is a self-inflicted pain arising out of its zero tolerance policy towards Covid.
India’s economy grew 13.5 percent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in a supplement to its flagship ADO report on Wednesday.
The economic survey released before the annual budget in January this year has estimated FY23 growth to come at 8-8.5 per cent.
Sitharaman said, in her meeting with big businesses two days ago, she appealed to them to ensure that the dues of smaller businesses – who are the backbone of the economy – are cleared in time.
Nageswaran further said that the rupee is being managed in a manner that reflects the fundamentals of the economy.
The RBI is deemed to have failed in its mandate if the average inflation remains outside the 2-6 per cent band for three consecutive quarters.