BUSINESS
FDI under 7 years of Modi govt nearly 58 per cent of last 21 years
The Survey has pointed out that over the last seven financial years (2014-21), India received FDI inflows worth $440.27 billion, which is nearly 58 per cent of the FDI received by the country in the 21 years prior to that ($763.83 billion). The Modi government assumed office in 2014. The Survey said that the measures taken by the government to put in place an enabling investor-friendly FDI policy has resulted in increased FDI inflows, setting new records.
January 2022: GST collection rises 15% YoY to over Rs 1.38 lakh crore
"The revenues for the month of January 2022 are 15 per cent higher than the GST revenues in the same month last year and 25 per cent higher than the GST revenues in January 2020," a Finance Ministry statement said. "During the month, revenues from import of goods was 26 per cent higher and the revenues from domestic transaction (including import of services) are 12 per cent higher than the revenues from these sources during the same month last year."
India records $63.1 bn balance of payments surplus in H1FY22: Economic Survey
According to the Survey tabled in the Parliament on Monday, the robust capital flows were sufficient to finance the modest current account deficit. It said that inflows augmented foreign exchange reserves crossing the milestone of $600 billion. India's forex reserve as of December 31, 2021 stood at $633.6 billion. "As of end November 2021, India was the fourth largest forex reserves holder in the world after China, Japan, and Switzerland.
India's GDP contraction narrows down in FY21: First Revised Estimates
"Real GDP or GDP at constant (2011-12) prices for the years 2020-21 and 2019-20 stands at Rs 135.58 lakh crore and Rs 145.16 lakh crore, respectively, showing a contraction of 6.6 per cent during 2020-21 as compared to growth of 3.7 per cent during 2019-20," the National Statistical Office (NSO) said. As per the estimates, real GVA at constant (2011-12) basic prices contracted by 4.8 per cent in 2020-21, as against growth of 3.8 per cent in 2019-20.The earlier projection had pegged the GVA at (-) 6.2 per cent.
IndianOil's Q3FY22 net profit rises to Rs 5,861 cr
The net profit rose to Rs 5,861 crore from Rs 4,917 crore reported for the corresponding quarter of FY 2020-21 due to higher refining margin during the current quarter. Besides, the company's revenue from operations increased to 197,172 crore in Q3FY22 from Rs 146,465 crore in the corresponding quarter of FY21.
Current account deficit likely to further widen in second half
India's exports of both goods and services have been exceptionally strong so far in 2021-22. Merchandise exports have been above $30 billion for eight consecutive months in 2021-22, despite a rise in trade costs arising from global supply constraints such as fewer operational shipping vessels, exogenous events such as blockage of Suez Canal and Covid-19 outbreak in the port city of China etc.
India's economic growth in 2022-23 could spring a surprise: ASSOCHAM
While the 8-8.5% GDP projections for FY23 are on the back of a high base of 9.2% in the current financial year, ASSOCHAM is of the view that India's economic growth can surprise us on higher side. "Even as the pandemic is still raging in most parts of the world, its latest variant is less damaging. Besides, with 75% of eligible Indians fully vaccinated and booster dose being rolled out, India would be far better prepared to take on challenges," ASSOCHAM Secretary General Deepak Sood said.
Pandemic's economic shock 'weathered well' by banking system: EcoSurvey
According to it, reserve and broad money supply growth in 2021-22 so far was lower than in the previous year. The Survey noted that reserve money growth did not fully translate into commensurate broad money supply growth due to the smaller (adjusted) money multiplier reflecting large deposits by banks with the RBI under reverse repo window.
'Agriculture sector was least affected by lockdowns'
Sanjeev Sanyal said this while responding to questions on the economic rebound in the post-pandemic era. His optimism is seconded by the economic survey data, as during both the lockdown period, the agriculture sector was seen as the least affected sector among others. The economic survey 2021-22 says that the gross value added (GVA) growth in the agriculture sector did not have a negative trend even during the pandemic time.
Excess liquidity, stalled insolvency long-term risks to financial health: EcoSurvey
To negate the downside risks that emanated from the pandemic, the RBI's Monetary Policy Committee had cut the repo rate by 115 basis points (bps) during February to May 2020, besides another 135 basis points reduction in the preceding twelve months. Almost since the start of the pandemic, the MPC has maintained status quo on the policy repo rate by keeping it unchanged at four per cent.
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