Economy / Finance

GST mop-up in July at Rs 87,422 crore, slips from June collections

Posted on 2020-08-01T16:18:31+05:30 - economy-finance

"During the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19," the finance ministry said in a statement Saturday.

States should not be made to bear the burden of borrowing: Punjab FM Manpreet Badal

Posted on 2020-08-01T09:50:12+05:30 - economy-finance

“States should not be made to bear the burden of borrowing, which in any case is likely to be higher than the rate at which the central government will be able to borrow,” Badal said in the letter dated July 3, a copy of which was seen by ET.

India not close to situation for debt monetisation, says former RBI chief Subbarao

Posted on 2020-07-31T22:11:08+05:30 - economy-finance

Generally, monetisation of debt means the central bank printing currency for the government to take care of any emergency spending and to bridge its fiscal deficit.

Economic indicators positive, not perturbed by negative GDP forecasts: HDFC chairman Deepak Parekh

Posted on 2020-07-30T16:56:33+05:30 - economy-finance

"Signs of the wheels of the economy beginning to churn are evident from the following facts: unemployment rates have tapered down from their peaks in May, e-toll collections are higher, as are e-way bills, digital transactions and GST collections which are back to the Rs 90,000 crore levels.

Counterfeit products create Rs 1-lakh-cr hole in economy, incidents up 24% in 2019: Report

Posted on 2020-07-30T15:00:55+05:30 - economy-finance

The report also said counterfeiters are having a free-run due to the pandemic-driven disruptions to organised supply chains and the resultant spike in consumer demand.

AIIB to step up lending in India; plans to approve loans worth USD 3 billion in next 12 months

Posted on 2020-07-30T13:57:33+05:30 - economy-finance

India is the largest borrower, which accounts for 25 per cent of the total lending by Asian Infrastructure Investment Bank (AIIB) so far, the bank's vice president D J Pandian told in an interview.

India-UN Development Partnership Fund supports projects to respond to Covid-19

Posted on 2020-07-30T12:49:23+05:30 - economy-finance

Established in 2017, the India-UN Development Partnership Fund is a dedicated facility within the United Nations Fund for South-South Cooperation. It is supported and led by the Government of India, managed by the United Nations Office for South-South Cooperation, and implemented in collaboration with the United Nations system.

Multilateral funding agency ADB approves USD 3 million grant to India to combat COVID-19

Posted on 2020-07-29T15:02:38+05:30 - economy-finance

The grant, which is financed by the Japanese government, will be used to procure thermal scanners and essential commodities to strengthen India's COVID-19 response, Asian Development Bank (ADB) said in a statement.

Centre says it may not be able to pay GST dues to states due to Covid-induced slump

Posted on 2020-07-29T07:15:09+05:30 - economy-finance

The issue of GST compensation was raised by Opposition members of the standing committee on finance that met on Tuesday to deliberate on 'Financing the innovation ecosystem and India's growth companies'. The Opposition members also sought a discussion on the state of the economy.

RBI is compromising on financial stability, need to recapitalise system, says Viral Acharya

Posted on 2020-07-29T03:09:50+05:30 - economy-finance

Former Dy Governor Viral Acharya returned to the New York University to teach in 2019, prematurely ending his term after a tussle with the government over the RBI’s autonomy. He, along with governor Urjit Patel and his predecessor Raghuram Rajan, cleaned up the banking system and introduced tough rules to ensure unscrupulous borrowers don’t game the system.

February 2018 circular created rift between Finance Ministry and RBI, says Subhash Garg

Posted on 2020-07-29T03:09:43+05:30 - economy-finance

The circular tightened norms on recognition of stressed assets, scrapped other restructuring schemes and said bad loans would only be resolved under the IBC. Section 7, which had not been used before, allows the government to give directions to the RBI in matters of public interest.

It is our priority to provide liquidity support during pandemic: AIIB on India

Posted on 2020-07-28T20:31:22+05:30 - economy-finance

While AIIB typically lends to large infrastructure projects in India, this marks its first loan to a non-banking financial company.