-The Indian Express “Private consumption has lost its discretionary elements across the board, particularly transport services, hospitality, recreation and cultural activities,” the RBI said in its Annual Report for 2019-20. The Reserve Bank of India (RBI) Tuesday indicated that the economy which is expected to contract for the first time ever, will take “quite some time to mend and regain” the pre-Covid momentum, as the “shock to consumption is severe” and the...
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GST cess falls 42% short in FY20
-The Hindu Compensation for last fiscal paid to States using previous years’ balance of cess The Centre made up a 42% shortfall in Goods and Services Tax compensation cess collection in 2019-20 by using balance of cess from previous years, plus a transfer from the Consolidated Fund of India. Meanwhile, the GST Council, which was slated to meet this month to discuss the possibility of market borrowing to meet likely future shortfalls,...
More »The myth of India’s import dependence -Rathin Roy
-Business Standard/ NIPFP In the wake of the growing military tension on the India-China border, there have been calls for boycott of Chinese products. These have little impact on strategic reality. Equally, the plea that India cannot afford to do without Chinese imports is not a truism. If bilateral tensions escalate, then there may be a scenario in which India and China cease to trade. How would the Indian economy be hit...
More »GDP Growth Rate Slump: Another Blow to Modi Govt's Economic Growth Story -AK Bhattacharya
-TheWire.in/ Business Standard The rate of growth for India’s GDP has just about halved in just three years. New Delhi: The Narendra Modi government’s economic growth story has suffered yet another huge knock. Along with that has come the official admission that the government’s fiscal deficit last year was as large as 4.6% of gross domestic product (GDP), much wider than the 3.8%provided in the Budget presented in February earlier this year. On...
More »67 per cent of 92 farmer-producer organisations' business hit due to COVID-19 lockdown: Survey
-PTI/ The New Indian Express About 49 per cent of the FPOs surveyed reported a shortage of finance, 11 out of 18 FPOs dealing in vegetable produce reported losses with a reduction of 35 per cent of sales. NEW DELHI: The nationwide coronavirus-induced lockdown has impacted business operations of 67 per cent of the 92 farmer-producer organisations (FPOs) spread across 48 districts of the country, according to a survey. An FPO, formed by...
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