With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
Experts said the slowdown could be attributed to adjustments leading to destocking and the offering of discounts by companies as the government ushered in the new indirect taxation system on July 1.
The move is meant to curb or reverse the export of India's financial markets to overseas trading platforms.
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
It will bear fruit in the next five years, which is why FDI is so strong. The foreigners clearly know what Indians don't, asserts T C A Srinivasa-Raghavan.
The Rajya Sabha proceeding washed out completely on Wednesday and was adjourned for the day amid continued protest by the Opposition parties led by the Congress over price rise and levy of Goods and Services Tax (GST) on daily essentials.
After the RBI surprised the Centre with a record Rs 99,122 crore in surplus transfer for FY21, analysts said this will help the government tide over the revenue losses from lockdowns and extend more support to the pandemic hit industries and to the poor people. In fiscal 2020, the RBI had paid only Rs 57,128 crore in dividend to the government and the finance minister had budgeted only Rs 45,000 crore from the central bank. The higher payout followed the Bimal Jalan panel report that had set a new economic framework capital buffer for the central bank along with the contingency risk buffer at 5.5 per cent.
The tax proposals are expected to mobilise an additional revenue of Rs. 1,000 crore.
Investments by private equity and venture capital funds doubled to a record high of $9.5 billion in July mainly driven by higher investor interest in the e-commerce sector, a report said on Monday. Private equity (PE) and venture capital (VC) investments stood at $4.1 billion in the year-ago period. The activity was higher by 77 per cent when compared to June's $5.4 billion, the report on monthly PE/VC investment activity by industry lobby IVCA and consultancy firm EY said.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
Market participants are hoping for a few tweaks on the taxation front which will encourage consumers and businesses to spend.
The industry status will help the sector access bank lending at average interest rates
A combination of fewer listings and falling 'average daily traded value' contributed to the drag in Q3.
In 2016, almost two-thirds of Indian imports that appear to be most at risk for some degree of potential revenues losses are imports from just one country, China, which was by far India's largest source of imports in that year
FM Arun Jaitley says I-T dept's capacity to access information and apply technology driven analytical tools to expose evasion has been enhanced
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
Kiran Vissa, co-convenor of National Alliance for Sustainable Agriculture, said that amendments to the EC Act have nothing to do with farmers' welfare but instead meant to please big players and agriculture companies. This is because small and marginal farmers don't have the storage capacity to attract provisions of the EC Act.
Thomas Isaac has been in and out of the national news in his role as Kerala's finance minister since 2018 for various path-breaking tax initiatives. But it is 2020 that he has become more prominent, principally in the GST council.
The people of the nation co-operated and patiently waited for the government's promised "ache din", and now they want their just rewards, says Adhil Shetty.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
India's first home-grown mapping company MapMyIndia is looking to list in the public market by raising around Rs 1,200 crore at a Rs 6,000-crore valuation. Sources said the company is ready with its draft red herring prospectus documents and is likely to file as early as next week. While the money will be used for business expansion, it will also give MapMyIndia's early investors, including Qualcomm, PhonePe, and Japanese mapmaker Zenrin Co., a chance to exit. The Verma family, which founded the company, will continue to remain promoters.
At face value of Rs 2,893 and interest payout of 2.5 per cent, sovereign gold bonds offer best route to invest in yellow metal, says Tinesh Bhasin
The Rs 5,600-crore (Rs 56 billion) NSEL scam could have been averted had its top management and other functionaries "performed their duties and exercised due diligence" to check the dubious activities of defaulting firms which have been alleged to have cheated numerous investors, investigation by Enforcement Directorate (ED) has revealed.
Since the Union Budget, gold has become costlier by 8-9 per cent because of a 2.5 per cent increase in import duty to 12.5 per cent and about a 5 per cent depreciation in the rupee.
Businesses that are engaged in both taxable and non-GST supply have re-structured themselves into separate entities to avoid elaborate compliance, says Sudipto Dey.
Most analysts had predicted a decline in real estate fixed asset investment.
Reliance announced energy asset sales worth around $ 16 billion; end of the investment cycle in telecom; bringing net-debt to zero in 18 months; value-unlocking options for real estate and financial assets; listing of telecom and retail in five years; and focus on dividends.
If the government tries to bring in real estate under GST now, it will be a typical case of biting more than what one can chew, says Sukumar Mukhopadhyay.
Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.
Now, in many cases, they give no old jewellery but the bills they get show gold as provided by them, the jeweller's making charge and the GST on that.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
Crypto-assets are essential to blockchain technology, which has the potential to be one of the next major growth drivers for the software ecosystem in India. A prohibition would nip this opportunity in the bud, say Vaibhav Parikh and Jaideep Reddy.
The Street is never short of hope and events to look forward to
The benefits are common in many cases, but are also different in some other respects.
The report cautioned that low capacity utilisation and stressed balance sheets of banks and businesses will prevent a strong investment revival in the short term.
Rajesh Bhayani highlights all that you need to know about the online currency.
The Congress leadership has become stunted, it does not understand agriculture and the party is trying to mislead farmers for its own vested interests, said Union Agriculture Minister Narendra Singh Tomar.
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
'We are very watchful about inflation and growth. But the main challenge is economic revival and growth.'
When the Centre tries to encroach upon the subjects that are under the prerogative of the state, or where the centre tries to evade from any responsibility guaranteed to a state through a constitutional provision/obligation, it poses a threat to federalism.
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