Giving a relief to exporters community, the government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different incentive schemes for outbound shipments. The amount will be disbursed to more than 45,000 exporters. Briefing the media about the decision, Commerce and Industry Minister Piyush Goyal said that the Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
Sitharaman, who was holding the Commerce portfolio (Independent charge), was on Sunday promoted to the Cabinet rank as was Goyal.
The output of eight core sectors declined by 4.6 per cent in February, the steepest contraction in the last six months which experts said could drag the overall industrial production in the month into the negative territory. All the key segments, including coal, crude oil, natural gas, and refinery products, witnessed a decline in production, according to the official data released on Wednesday. The growth rate of the eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- stood at 6.4 per cent in February 2020. Last time in August 2020, the sectors had recorded a negative growth of 6.9 per cent.
Prime Minister Narendra Modi will retain DoPT, Atomic Energy as well as all important policy issues and portfolios not allocated.
Retail inflation hit an eight-month high of 6.07 per cent in February, remaining above the RBI's comfort level for the second month in a row, while wholesale price-based inflation soared to 13.11 per cent on account of hardening of crude oil and non-food item prices, government data showed on Monday. The previous high for retail inflation was 6.26 per cent in June 2021. The consumer price index (CPI) based retail inflation, which is taken into account by the Reserve Bank of India (RBI) while deciding its monetary policy, rose mainly because of costlier food items, as per the data released by the National Statistical Office (NSO).
Under the scheme, also called the Export Credit Insurance Scheme, the insurance guaranteed could cover up to 90 per cent of the principal and interest.
Internet services remained disrupted for the fifth day at the site on Delhi's outskirts where protesters are occupying a stretch of the Delhi-Meerut highway since November, even as a Ghaziabad Police officer told PTI that online connectivity has been restored but there could be glitches.
Imports too declined by 8.83 per cent to $38.61 billion, bringing down the trade deficit to $11.25 billion during the month under review.
The wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. Also, a low base of April last year contributed to the spike in inflation in April 2021. The WPI inflation was 7.39 per cent in March 2021, and (-) 1.57 per cent in April 2020. This is the fourth straight month of uptick seen in the wholesale price index (WPI)-based inflation.
An undeterred Chief Executive Officer of NSO Group, Shalev Hulio, in an interview to Israeli Channel 12 on Saturday, strongly defended the company's operations, though he also conceded that some 'mistakes' may have happened over the years.
India's exports jumped 45.76 per cent to $33.28 billion in August on account of healthy growth in segments like engineering, petroleum products, gems and jewellery and chemicals, even as the trade deficit widened to a four-month high of $13.81 billion.
The government has been gearing up to place tighter restrictions on the import of 371 items - ranging from toys and plastic goods to sports items, and furniture worth $127 billion.
'The idea is to have a separate and independent consultation on non-personal data, and decide the contours of how it should be regulated, whether as guidelines, rules, or a separate policy,' said a senior official at MeitY.
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
However, that could only be for sectors where 100 per cent FDI is allowed under the automatic route and pose no risk to national security.
A loss of revenue from liquor sales will have to be compensated through increased landing and parking charges on airlines, which, in turn, will pass on the cost to flyers.
The output of eight core sectors grew 8.9 per cent in June, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity, official data showed on Friday. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 12.4 per cent in June 2020 due to the lockdown restrictions imposed to control the spread of coronavirus infections. In May this year, these key sectors had recorded a growth of 16.3 per cent, while it was 60.9 per cent in April.
The reshuffle had politics at its heart, so the biggest complement of new ministers, both Cabinet rank and below, came from UP, which will see assembly elections in a few months.
'The people of Jammu and Kashmir are your own people. Do not use them as cannon fodder in your laboratory.'
However, the tender criteria demands that an entity must be eligible to conduct Beyond Visual Line of Sight operations in order to become eligible. Currently, no drone companies are eligible to do BVLOS operations, reports Arindam Majumder.
The retail inflation rate breached the 6 per cent upper tolerance limit of the RBI for the first time in seven months in January, while the wholesale price index stayed in double-digits for the 10th month in a row, showed two sets of data released by the government on Monday. Retail inflation, the key input for the RBI while reviewing the repo rate every two months, soared during the month mainly because of a spike in certain food items. The previous high for retail inflation was 6.26 per cent in June 2021.
With the fall of Congress, Chidambaram's political graph too started moving southwards.
The country's exports rose by 48.34 per cent to $32.5 billion on account of healthy growth in shipments of petroleum products, gems and jewellery, and chemicals, leather and marine goods, according to the data released by the Commerce Ministry on Thursday. Imports in June too rose by 98.31 per cent to $41.87 billion, leaving a trade deficit of $9.37 billion as against a trade surplus of $0.79 billion in the same month last year. During April-June 2021, the exports increased by 85.88 per cent to $95.39 billion.
Soccer was one example of a sector in the economy that could reopen relatively quickly, and that the government is in talks with clubs and the Brazilian Football Confederation (CBF) about the timing.
A closer look at the data reveals that a lot of the items are not part of this calculation. The notable ones include buffalo meat, marine exports, raw cotton, and plantation crops such as tea, coffee, rubber, etc.
India is one of biggest producers and exporters of agri commodities.
In a communication to chief secretaries and director generals of police of all states, the ministry asked them to take action to allay apprehensions and maintain peace and tranquillity, and inform people about the availability of food, medicine and other essential commodities.
State and UT governments have been given the flexibility to take a decision on re-opening of schools and coaching institutions after October 15 in a graded manner.
Koo, which works on similar lines as Twitter, was born with a focus on regional language, unlike Twitter and Facebook, which are very popular but primarily cater to an English-speaking audience, reports Neha Alawadhi.
For manufactured products, the wholesale inflation was at (-)0.84 per cent in October 2019.
Imports too tumbled by 58.65 per cent to $17.12 billion in April from $41.4 billion in the same month last year, according to the data by the commerce and industry ministry.
Reacting to India's ban on the Chinese apps at a foreign ministry briefing, spokesman Zhao Lijian said, "The Indian government has the responsibility to uphold the legitimate and legal rights of the international investors including the Chinese ones."
India must have a "contingency plan" in place to ring-fence the country's economy if the political showdown in the US leads to a default on its international monetary obligations, industry body Assocham said.
Gadkari said that the MSME sector contributes significantly in pushing the country's economic growth and creating employment.
Worried over continuous decline in exports, the Commerce Ministry has stepped up its pressure on Finance Ministry to expeditiously notify a scheme which was announced in June to boost the overseas shipments.
As many as 14 central government services have already been integrated with the e-biz portal.
'We look forward to seeing them show off their knowledge and hard work as they square off against the dictionary on the national stage.'
The report suggests that one of the major impacts of COVID-19 on the media and entertainment industry is the instability caused and the downfall in the advertising revenues across all media segments
RBI in its policy review last month kept interest rates unchanged and said it sees an upside risk to inflation.
The output of eight core infrastructure sectors contracted for the third month in a row by 1.3 per cent in December 2020, dragged down by poor show by crude oil, natural gas, refinery products, fertiliser, steel and cement sectors. The core sectors had expanded by 3.1 per cent in December 2019, according to the provisional data released by the Commerce and Industry Ministry on Friday. Barring coal and electricity, all sectors recorded negative growth in December 2020. During April-December 2020-21, the sectors' output declined by 10.1 per cent against a growth rate of 0.6 per cent in the same period of the previous year.
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