In June 2022, total GST collections were at Rs 1.44 lakh crore. For five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh core, showing a steady increase every month.
The July PMI data pointed to an improvement in overall operating conditions for the 13th straight month. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Experts are of the view that the Reserve Bank of India (RBI) would raise the benchmark rate to at least the pre-pandemic level this week and even further in later months.
The next monetary policy committee (MPC) meeting is scheduled during August 3-5, 2022. So far, the RBI has hiked the key interest rates by 90 basis points in tranches to 4.90 per cent.
The Reserve Bank’s rate setting panel will hike the key repo rate by 0.35-0.50 per cent at the next week’s review meeting, Axis Bank chief economist Saugata Bhattacharya said on Thursday. A hike of such a quantum will take the repo rate beyond the 5.15 per cent level, at which[Read More…]
He was addressing after the inauguration of various development initiatives at Sabar Dairy in Gujarat.
Adani said the group is now the largest airport operator in the country and has forayed into the cement business with the acquisition of Holcim.
India is currently USD 3-3.5 trillion economy and soon will achieve USD 5 trillion, he said while addressing an event organised Ficci Ladies Organisation.
For the entire South Asia region. the growth forecast has been revised down from 7.0 per cent to 6.5 per cent for 2022 and from 7.4 per cent to 7.1 per cent for the next fiscal year.
In its latest round of FICCI’s Economic Outlook Survey (July 2022), the growth projection has been revised on account of geopolitical uncertainty and its repercussions for the Indian economy. In April, it had estimated India’s growth at 7.4 per cent for 2022-23.
The India BioEconomy Report 2022, based on the data on biotech sector’s contribution to the economy, has been brought out by the Biotechnology Industry Research Assistance Council (BIRAC).
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.