Economy news

• Reserve Bank forms panel to suggest measures for promoting orderly growth of digital lending

  13-01-2021 16:29 via zeenews.india.com
  
  The Reserve Bank of India said, "Recent spurt and popularity of online lending platforms/mobile lending apps (‘digital lending’) has raised certain serious concerns which have wider systemic implications."
  
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• Global economy projected to grow at 5.5% in 2021: IMF

  26-01-2021 14:58 via timesofindia.indiatimes.com
  
  The global economy, ravaged by the Covid-19 pandemic, is projected to grow at 5.5 per cent in 2021 and 4.2 per cent in 2022, the International Monetary Fund (IMF) said on Tuesday, reflecting the expectations of a vaccine-powered strengthening of business activities later in the year and additional policy support in a few large economies.
  
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• IMF projects impressive 11.5% growth rate for India in 2021

  26-01-2021 14:28 via timesofindia.indiatimes.com
  
  The International Monetary Fund (IMF) on Tuesday projected an impressive 11.5 per cent growth rate for India in 2021, making the country the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.
  
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• India#39;s GDP to contract 8% in FY21: FICCI Survey

  26-01-2021 11:08 via moneycontrol.com
  
  The annual median growth forecast by the industry body is based on responses from leading economists representing industry, banking and financial services sector. The survey was conducted in January.
  
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• Budget 2021: 'Centre may double health spending'

  26-01-2021 10:04 via timesofindia.indiatimes.com
  
  India is likely to double health spending in the next fiscal year with the aim of raising expenditure in the sector to 4% of gross domestic output in the coming four years, two officials said, as the country looks to fix its health system after the coronavirus pandemic.
  
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• Budget 2021: Govt may hike agri credit target to about Rs 19 lakh crore

  26-01-2021 08:47 via moneycontrol.com
  
  The government has been increasing the credit target for the farm sector every year and this time too, the target is likely to be increased to around Rs 19 lakh crore for the 2021-22, sources said.
  
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• Agri financing, warehousing key requirements for Indian agri economy; these two sectors may benefit farmers

  26-01-2021 08:22 via financialexpress.com
  
  Agriculture inarguably is the mainstay of the Indian economy and the role of the agriculture sector in India’s economy cannot be understated.
  
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• Overseas investment by Indian companies dips 42% to $1.45 billion in December: RBI data

  26-01-2021 07:58 via moneycontrol.com
  
  In the year-ago period, companies in India had invested USD 2.51 billion in their foreign firms (joint ventures / wholly-owned units).
  
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• New, or old: Which tax regime suits you more?

  26-01-2021 07:41 via timesofindia.indiatimes.com
  
  The Union Budget is around the corner and given the tough year due to the pandemic, a salaried taxpayer’s expectations are high. The year 2020 had posed a lot of challenges such as salary cuts, additional expenses due to remote working, inability to claim certain exemptions like fuel reimbursements, house rent, etc.
  
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• US Prez signs order to tighten Buy American policies

  26-01-2021 07:32 via timesofindia.indiatimes.com
  
  US President Joe Biden has signed an executive order that strengthens the existing Buy American rules by closing loopholes and reducing waivers granted on federal purchases of US-made goods to ensure that American manufacturing is part of the engine of the country's prosperity.
  
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• Budget 2021: 'Centre may double health spending next fiscal year'

  26-01-2021 07:32 via timesofindia.indiatimes.com
  
  India is likely to double health spending in the next fiscal year with the aim of raising expenditure in the sector to 4% of gross domestic output in the coming four years, two officials said, as the country looks to fix its health system after the coronavirus pandemic.
  
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• Budget 2021 | India likely to double health spending next fiscal year: Sources

  26-01-2021 06:55 via moneycontrol.com
  
  India will likely raise its health spending to 1.2-1.3 trillion rupees ($16.46-$17.83 billion) in the fiscal year starting April 1, from the current year#39;s projected spending of 626 billion rupees, the officials told Reuters.
  
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• US Prez signs exec order to tighten Buy American policies

  26-01-2021 06:45 via timesofindia.indiatimes.com
  
  US President Joe Biden has signed an executive order that strengthens the existing Buy American rules by closing loopholes and reducing waivers granted on federal purchases of US-made goods to ensure that American manufacturing is part of the engine of the country's prosperity.
  
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• Hero Moto may launch electric car

  26-01-2021 06:45 via timesofindia.indiatimes.com
  
  Hero MotoCorp, the leader in the Indian two-wheeler market, is fuelling up for the next leap in mobility. On the canvas could be connected, autonomous and shared commercial as well as personal platforms and products, which may include an electric car.
  
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• China and India only two to see FDI rise in 2020

  26-01-2021 06:45 via timesofindia.indiatimes.com
  
  India witnessed a 13% rise in foreign direct investment (FDI) to $57 billion in 2020 compared to the previous year. The domestic figure was boosted by investments in the digital economy, while China overtook the US as the largest recipient of FDI globally, according to an UNCTAD report.
  
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• Budget 2021: Life insurers seek separate tax carve-out for products to boost penetration

  26-01-2021 06:26 via moneycontrol.com
  
  The industry feels this will allow policyholders to diversify their investments into various life insurance products to meet their financial goals while availing of tax benefits. Currently, life insurance premium is eligible for tax exemption under Section 80C, which has a limit of Rs 1.5 lakh annually, but also clubs other investment options such as PPF, EPF, and NSC, among others.
  
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• Indian economy estimated to contract by 9.6% in 2020, grow at 7.3% in 2021: UN

  26-01-2021 06:25 via moneycontrol.com
  
  The World Economic Situation and Prospects 2021, produced by the United Nations Department of Economic and Social Affairs (UN DESA), said the world economy was hit by a once-in-a-century crisis — a Great Disruption unleashed by the COVID-19 pandemic in 2020.
  
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• New, or old: Which tax regime suites you more?

  26-01-2021 05:45 via timesofindia.indiatimes.com
  
  The Union Budget is around the corner and given the tough year due to the pandemic, a salaried taxpayer’s expectations are high. The year 2020 had posed a lot of challenges such as salary cuts, additional expenses due to remote working, inability to claim certain exemptions like fuel reimbursements, house rent, etc.
  
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• FDI inflows into India jump by 13% to $57 billion in 2020: UN

  26-01-2021 05:45 via timesofindia.indiatimes.com
  
  India witnessed a 13% rise in foreign direct investment (FDI) to $57 billion in 2020 compared to the previous year. The domestic figure was boosted by investments in the digital economy, while China overtook the US as the largest recipient of FDI globally, according to an UNCTAD report.
  
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• Petrol, Diesel prices at record high, increase by 35 paise per litre

  26-01-2021 04:59 via moneycontrol.com
  
  With increase in 35 paise, the cost of petrol and diesel is at Rs 92.62 per litre inMumbai. Diesel price now cost Rs 76.23 per litre in Delhi and In Mumbai, the diesel prices cost is Rs 83.03 per litre.
  
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• Food department secretary visits IGMRI

  26-01-2021 04:10 via financialexpress.com
  
  The secretary advised IGMRI officials to upgrade testing centre in respect of bio-fertilised seeds.
  
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• 8 CAs arrested so far in drive against GST fake invoice: Sources

  26-01-2021 03:04 via financialexpress.com
  
  Among those arrested, at least two persons have been booked under COFEPOSA(Conservation of Foreign Exchange and Prevention of Smuggling Activities Act) also.
  
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• Eye on FY22: Tax revenue to witness big jump; GDP recovery, fuel taxes, anti-evasion steps to bolster receipts

  26-01-2021 00:30 via financialexpress.com
  
  Most analysts expect the nominal GDP to grow at 15% or thereabouts in FY22; going by historical pattern, it is possible that the tax revenue will grow at the same rate (buoyancy 1) or even up to five percentage points higher.
  
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• Unctad report: India sees sharpest rise in FDI inflows among key nations

  25-01-2021 23:45 via financialexpress.com
  
  Developing economies drew as much as 72% of global FDI in 2020 – their highest share on record. Asian naions did particularly well, attracting $476 billion in FDI last year.
  
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• Centre releases 13th instalment of GST compensation payment to states

  25-01-2021 22:15 via financialexpress.com
  
  The Central government borrows the funds under a special window and passes it on to states in back-to-back loan arrangement.
  
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• 'India should cut tariffs on industrial goods'

  25-01-2021 19:48 via timesofindia.indiatimes.com
  
  No major economy has grown 8-10 per cent without opening up of market, and India should bring down tariff on industrial goods to 10 per cent, Niti Aayog former vice-chairman Arvind Panagariya said on Monday.
  
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• 59 Chinese apps permanently banned in India

  25-01-2021 19:48 via timesofindia.indiatimes.com
  
  In a sweeping move that may lead to legal challenges and further acrimony between India and China in the digital space, the government has permanently banned 59 Chinese apps, and these are believed to include top ones such as ByteDance’s TikTok, Baidu, WeChat, Alibaba’s UC Browser, shopping app Club Factory, Mi Video Call (Xiaomi), and BIGO Live.
  
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• TCS becomes most valued firm by mcap again

  25-01-2021 18:36 via timesofindia.indiatimes.com
  
  Country's largest software exporter Tata Consultancy Services (TCS) on Monday surpassed Reliance Industries Ltd to become the country's most valued firm by market capitalisation. In another milestone, TCS also emerged as the most valued IT company in the world as its market valuation went past that of Accenture.
  
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• India should cut tariffs on industrial goods: Panagariya

  25-01-2021 18:36 via timesofindia.indiatimes.com
  
  No major economy has grown 8-10 per cent without opening up of market, and India should bring down tariff on industrial goods to 10 per cent, Niti Aayog former vice-chairman Arvind Panagariya said on Monday.
  
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• TCS becomes most valued domestic firm, surpasses RIL

  25-01-2021 17:11 via timesofindia.indiatimes.com
  
  TCS becomes most valued domestic firm, surpasses RIL
  
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