RBI Article refuses IMF’s India Debt-GDP Ratio Claim
The Reserve Bank of India (RBI) has published an article in its monthly bulletin that rejects the International Monetary Fund’s (IMF) contention that India’s general government debt-GDP ratio could surpass 100% in the medium term due to the shocks caused by the COVID-19 pandemic and the subsequent fiscal stimulus. The article, titled ‘The Shape of […]
IEPFA and DBS Bank: MoU against Investment Fraud
Investment fraud is a serious threat to the financial well-being of millions of investors in India. To combat this menace, the Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs (MCA) has joined hands with DBS Bank, a leading financial institution in Asia and Southeast Asia, to spread awareness on investment […]
Rubber Import Duty Remains Unchanged, Confirms Official
The government has confirmed that the import duty on rubber will remain unchanged at 10%, despite the requests of the domestic rubber industry to increase it to 25%. The industry had sought a higher duty to protect itself from cheap imports, especially from China and Vietnam, which have been flooding the Indian market. Reasons for […]
CBDT Sets Rs 1 Lakh Cap for Withdrawing Old Tax Demands
The Central Board of Direct Taxes (CBDT) has issued an order to implement the scheme announced in the Budget 2024-25 by Finance Minister Nirmala Sitharaman to withdraw old tax demands up to Rs 1 lakh per assessee till Assessment Year (AY) 2015-16 . The scheme is expected to benefit about 1.11 crore taxpayers who have […]
Govt Eyes Higher Reporting Limits Post PAC Nod
The government is planning to increase its reporting limits for new policy-related expenditure by ministries and departments after getting approval from the Parliament’s Public Accounts Committee (PAC). This is aimed at reducing the frequency of supplementary demands for grants and speeding up the execution of projects. Background of Reporting Limits The reporting limits for new […]
IREDA, PNB Join Hands to Co-Finance Green Projects
In a major boost to India’s renewable energy sector, the Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have signed a memorandum of understanding (MoU) to co-finance and syndicate loans for a diverse range of green energy projects across the nation. Co-lending and loan syndication for sustainability The MoU, signed at […]
India’s Oil & Gas Import Costs Decline as Prices Fall
India’s net oil and gas import in value terms for April-January of fiscal year 2023-24 (FY24) declined by nearly a fifth on a year-on-year (YoY) basis to $101.3 billion due to relatively lower prices of crude oil, natural gas, and petroleum products in the international market, as per latest data from India’s Ministry of Petroleum […]
India Permits Onion Exports to Specific Nations
India is the second-largest onion producer in the world, with an annual production of about 24 million metric tons on average (2015-16 to 2021-22). The Indian onions are famous for their pungency and are available round the year. The country consumes about 13 lakh tons of onions every month, making it one of the most […]
25.7% Rise in India’s Outward FDI to $2.1B, Jan 2024
India’s outward foreign direct investment (FDI) commitments increased by 25.7% year-on-year to $2.09 billion in January 2024, according to the latest data from the Reserve Bank of India (RBI). This was a decline from $2.5 billion in December 2023, but still higher than $1.66 billion in January 2023. Equity commitments lead the growth The growth […]
Kant: 9-10% Growth Needed for India’s $35Tn Goal
India is on its way to become the third largest economy in the world by 2027-end, according to India’s G20 Sherpa Amitabh Kant. He said that India should aim to be a $35 trillion economy by 2047 by sustaining the growth momentum of 9-10%. He was speaking at the fifth edition of Times of India’s […]