India continues to maintain its streak of world-beating economic growth after GDP for the March quarter beat all expectations with a 6.1 per cent expansion that helped push the annual growth rate to 7.2 per cent. After this, the Indian economy is now USD 3.3 trillion in size. Asia’s third-largest economy beat all estimates to grow at 6.1 per cent in January-March, the last quarter of the 2022-23 fiscal, up from...
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The number of Micro, Small, Medium enterprises that closed in 2022-23 was 6000% greater than two years ago - Parliamentary Question
Rajya Sabha 10,655 micro, small and medium enterprises (MSMEs) closed in 2022-23. That is a 6,088% increase over the number in 2021-22, with 175 closures. The data was revealed by the Ministry of Micro, Small and Medium Enterprises, Government of India as part of the response to a Parliamentary Question asked in the Rajya Sabha. The data was compiled from the Udyam registration portal, the Ministry's online portal for registrations and...
More »Two Wheelers lag as auto sales surpass pre-Covid peak - Alisha Sachdev
Livemint.com The automobile industry witnessed a strong start to 2023 with retail sales across segments, including passenger and commercial vehicles, and three-wheelers, surpassing the 2020 pre-pandemic levels in January. However, declining income of rural households continued to impact sentiments of two-wheeler buyers, resulting in 13% lower sales during January from a year ago, vehicle registration data compiled by Federation of Automobile Dealers’ Association (Fada) showed. Vehicle registration was up 14% in the...
More »Centre cuts windfall tax on domestic crude oil by 65%
-PTI/ The Telegraph The levy on crude down to Rs 1,700 per tonne from Rs 4,900, as per order coming into effect Friday New Delhi: The government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a drop in global oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural...
More »The FM’s call for industrial investment -K Bharat Kumar
-The Hindu Why did the Union Finance Minister urge industry giants to invest in manufacturing? Is private sector financing at an all-time low? Has government intervention to boost and spend aggressively on infrastructure come at an opportune time? The story so far: Last month, Finance Minister Nirmala Sitharaman asked captains of industry what was holding them back from investing in manufacturing. She likened industry to Lord Hanuman from the Ramayana by stating...
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