BUSINESS
Government spending grew 2% YoY in FY21: MOFSL
In FY21, India's real GDP contracted 7.3 per cent marking the worst fall in the past seven decades. "Our calculations suggest that while real spending by the private sector fell 10 per cent in FY21, government spending grew 2 per cent in real terms." Consequently, while the private sector deducted 8.7 percentage points from the real GDP growth, the government added 0.3pp in FY21.
Fuel price rise paused, retail rates unchanged on Saturday
Across the country as well the fuel prices remained unchanged on Saturday. Fuel prices were last revised upwards on Friday. The price rise pause has come not before the fuel rates have reached new highs across the country through numerous increases in last two months.
India's merchandise exports hit historic high levels in Q1FY22
Commerce and Industry Ministry Piyush Goyal said that sector specific interventions, involvement of all the stakeholders and functioning of the government as a whole helped in achieving the growth. Simplification of procedures, and extension of timelines and licences has also resulted in the record performance of exports, he added.
Chosen path of development despite pandemic hitting us hard: FM Nirmala Sitharaman
Sitharaman, who concluded her two-day visit to Karnataka where she reviewed ongoing projects and interacted with industry leaders, told reporters that from a stage when it did not even manufacture PPE, did not have enough ventilators or sufficient centres to test virology samples, the country has walked a long way of progress.
India's forex reserves rise by over $5 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $608.999 billion from $603.933 billion reported for the week ended June 18. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
India expects major gains from multilateral global tax deal
Officials in the Finance Ministry said that the terms of negotiations of the global tax deal have taken all the inputs that India had shared over the years for equitable distribution of tax revenue by multinational enterprises to the market jurisdictions, especially in the digital world where companies may not have physical presence in all geographies but derive a larger portion of earnings and profits from there.
No changes in FDI policy for e-commerce, clarifications soon: Goyal
Addressing the media here, Goyal, who also handles the Consumer Affairs portfolio, said that consumers are the priority for the government and hence, it has recently come up with the draft e-commerce rules for consumer protection. After these rules are finalised, the government will come up with the much-anticipated e-commerce policy, he said. On the foreign trade policy, Goyal said that the policy should be released by October.
No proposal to reduce excise duty on petroleum products: FM
Addressing a press conference here, she said that there is no such proposal at the present to reduce prices of petroleum. "When the international price of crude oil is higher, we have to increase the prices and when the international price is lower, we have to decrease the prices here too. This is a market mechanism which is followed by oil marketing companies. We have given them the freedom," she said in response to a question.
Home sales rise across top cities, NCR remains outlier: Report
The report showed that majority of the sales happened till mid-April, just ahead of the resurgence in Covid-19 cases. Bengaluru, Chennai, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune are the cities where home sales witnessed a growth in the first five months of 2021 as against the first five months of 2020, with a growth of 16 per cent, 40 per cent, 39 per cent, 29 per cent and 34 per cent, respectively.
India joins OECD/G20 inclusive framework tax deal
Majority of the OECD and G20 members, including India, on Thursday adopted the Inclusive Framework on Base Erosion and Profit Shifting that contains a high-level statement outlining consensus solution to address tax challenges arising in a digitised economy. Some significant issues, including share of profit allocation and scope of subject to tax rules, remain open and need to be addressed, a Finance Ministry statement said.
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