Government releases revenue deficit grant worth Rs 7,183 cr to 14 states
With this, the total RDG released to states so far in the current financial year has gone up to Rs 57,467.33 crore. This was the eighth instalment of the grant for the current fiscal released to states.In 2022-23, the states will get a total RDG of Rs 86,201 crore.
Govt cuts windfall tax on domestic crude oil, hikes levy on jet fuel
Tax on domestically produced crude oil was brought down to Rs 9,500 per tonne from Rs 11,000, effective November 2, a notification said. Windfall tax on jet fuel was increased to Rs 5 per litre, from Rs 3.50 per litre. The government also hiked the levy on export of diesel to Rs 13 per litre from Rs 12 per litre. The government on Tuesday exempted oil seeds and edible oil wholesalers as well as big chain retailers from the current stock limit order, with immediate effect.
Government's receipts totalled Rs 12,03,748 crore till September
According to official data, non-debt capital receipts consists of recovery of loans of Rs 9,597 crore and miscellaneous capital receipts of Rs 24,590 crore. An amount of Rs 3,76,106 crore has been transferred to state governments by the Centre till September 2022. In addition to this, devolution of share of taxes by the government upto September was Rs 1,15,960 crore, which is higher than the previous year.
Sugar export ban extended till Oct 31, 2023
In May this year, the government had banned sugar exports with effect from June 1 till October 31, 2022 after the prices had surged exponentially. "Restriction on export of sugar (raw, refined, and white sugar) is extended beyond October 31, 2022 till October 31, 2023, or until further orders, whichever is earlier. Other conditions will remain unchanged," the Directorate General of Foreign Trade (DGFT) said in a notification dated October 28.
Government gets dividends from IRFC, NALCO, CONCOR
This was tweeted by Secretary in the Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey. Two days back, the government had received Rs 197 crore, Rs 48 crore and Rs 10 crore, respectively, from Uranium Corporation of India Ltd, KIOCL and Shipping Corporation of India as dividend tranches.
RBI Governor stresses fintech's role as a force multiplier
"Technology, innovation and fintech are working in tandem and contributing to the dynamism of the sector. In our journey towards higher level of sustainable development and financial inclusion, these forces morphed into force multipliers," Das said.
Centre plans $2.5 bn compensation to oil companies: Report
The losses have been incurred by the OMCs as they absorbed international crude prices, however the report, quoting sources, said that while the Petroleum Ministry had sought a far greater amount, the Finance Ministry agreed only to $2.5 billion as a cash payout.The partial compensation to OMCs has also been planned to rein in cooking gas prices, the Bloomberg report said. It further said, quoting sources, that the discussions on compensation payout are at an advanced stage though a final decision is yet to be taken.
Challenges persist as govt tries hard to bridge India's trade deficit
Simply put, trade deficit is a situation in which the value of goods a country imports is greater than the value of goods it exports -- excluding software, remittances and others. "Exports are slowing down while imports are increasing. This has led to widening trade deficit. The trade deficit was $190 billion last year and around $125 billion for the period from April-August 2022," Madan Sabnavis, Chief Economist, Bank of Baroda, told IANS. According to the Ministry of Commerce and Industry, India's merchandise imports were $61.68 billion and exports were $33 billion in August 2022, leaving a deficit of $28.68 billion.
Govt launches design-linked incentive scheme, extends telecom PLI by 1 year
Applications are invited from June 21 for design-led manufacturing incentive of more than Rs 4,000 crore. The DoT also announced an additional incentive rate of 1 per cent over and above the existing rates. "The existing PLI beneficiaries will be given an option to choose financial year 2021-22 or financial year 2022-23 as the first year of incentive," the Department said in an statement.
184.58 lakh metric tonnes wheat, 810.05 LMT paddy procured: Govt
The wheat procurement under the central pool is progressing in Rabi Marketing Season 2022-23 in the states of Punjab, Haryana, Rajasthan, Uttar Pradesh and Bihar. The wheat procured till Sunday benefited about 17.50 lakh farmers with minimum support price (MSP) value of Rs 37,192.07 crore, data from the Ministry of Consumer Affairs, Food and Public Distribution showed.