While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
More than half of the total subsidy provisioning, amounting to 54 per cent, is going towards food subsidy, which is estimated at Rs 184,220 crore for 2019-20 - a 7.5 per cent increase over the revised estimates for 2018-19.
After unseasonal rains, supply disruptions and pandemic-induced woes pushed retail inflation well over the Reserve Bank's comfort zone in 2020, the scenario is likely to stay that way at least in the short term as economic recovery slowly gains foothold. For most part of this year, pricier food items pushed the retail inflation, based on Consumer Price Index (CPI), higher in the range of 6.58-7.61 per cent, except for March when the reading was 5.91 per cent. Experts believe retail inflation is likely to average around 6.3 per cent this fiscal and mostly will remain sticky going forward owing to pick-up in demand across sectors.
IIP is expected to post a subdued volume growth in February 2017
Domestic tyre demand is seen to grow by 7-9 per cent over the next five years.
Siblings Mohammad Ali (5) and his eight-year-old sister Icra were crushed to death by a speeding Sampark Kranti Express at Gulabganj station, about 20 km from Vidisha, when they were crossing the tracks in the absence of a foot overbridge from under a stationary goods train, railway sources said.
Most NBFCs will have to slow down their loan growth. Some of the most leveraged will have to sell a part of their assets (or loan book) to banks to raise incremental capital. Others may have to knock on the door of their deep-pocketed parents.
The escalating trade war between China and the US could be an opportunity for India.
The repo rate could be reduced by 50 bps in the current year.
The airline has struggled to pay salaries and vendors on time and its Rs 10,963 crore fund and non fund based facilities have now been assigned 'D' rating by ICRA - the seventh rating downgrade since March 2017.
Almost all infrastructure ministries continued spending on capex throughout the lockdown, even as the Centre tried to maintain some semblance of economic normalcy.
Industrial production (IIP) grew to a three-year high of 6.4 per cent in August, up from 4.1 per cent in July.
CIBIL's new scoring system to rate borrowers keeping in mind the current trends and changes in the consumer profiles and credit data
The National Highways Authority of India will this year witness the highest ever growth out of the last decade. But Gadkari himself admits his biggest failure as India's roads minister has been his inability to curb loss of life in road accidents.
The top losers from the Sensex pack are ONGC, Coal India, Vedanta, Reliance Inds and L&T.
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.
Finance Minister Nirmala Sitharaman has brought down the budgetary allocation for the fertiliser subsidy for FY21 to Rs 71,309 crore, from the RE of Rs 79,998 crore for FY20, while increasing food subsidy to FCI through "ways and means advance" to Rs 50,000 crore for FY21, from Rs 36,000 crore in RE for FY20, and under the National Food Security Act (NFSA) to Rs 77,982 crore, from Rs 75,000 crore.
Experts say a large part of the expenditure in April was spent on heads such as creating infrastructure for testing capacity and procuring testing kits, among other things.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
The World Gold Council, which represents the mining industry, puts India's demand between 850 and 950 tonnes in 2014.
The government clarified that the majority of industrial establishments had reported nil production, and cautioned that the numbers should not be compared with those of previous months. "It is not appropriate to compare the IIP of April 2020 with that of earlier months, and users may like to observe the changes in the IIP in the following months," said the ministry of statistics & programme implementation.
For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
The loss of income has severely dented the loan repayment ability of small borrowers
This year, both rural and urban markets have reported around 18 per cent fall in the first quarter. However, most auto majors expect that by January, there would be a pick up.
If the government cuts wasteful expenditure as it is trying now, the deficit would at most fall to 8 per cent, not less than that.
The delay will increase the provisioning burden on lenders and will also postpone the benefit of reversal of money set aside as provisions.
Sical Logistics' board of directors, which met to consider approval of the June quarter financial results, asked the management to come out with recommendations for the same.
These core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production.
Options include fresh capital infusion by the management and/or some new investors.
Crude oil, fertiliser and cement recorded negative growth
Like everything else, the structure of banks may change, and banks may depend more on digital technologies and artificial intelligence for dealing with both their customers and employees.
During the first quarter ended June, gross tax collections fell 31 per cent driven down by a massive 76 per cent plunge in advance tax mop-up, as the country was in a full lockdown due to the pandemic.
Industry expects sales to remain depressed in the coming festive season.
Inflation in food articles, fuel and power contracted in July.
Though Kishore Biyani is selling stakes in group companies to pay off debt, a significant share price crash since January this year is making his task difficult.
The optic fibre cable infra was with Jio Digital Fibre and the tower infra with Reliance Jio Infratel
ICICI Bank was the top loser along with index heavyweights RIL, ITC and HDFC.
Among food articles, vegetable prices surged by 69.69 per cent mainly on account of onion, which witnessed 455.83 per cent jump in prices, followed by potato at 44.97 per cent.
Beside manufacturing, deceleration was also witnessed in sectors like agriculture, construction and electricity, gas and water supply.
