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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (101982) | |
23381. Economic Survey 2021: India’s Nominal GDP To Grow 15.4% In 2021-22
- India’s GDP contracted by nearly a quarter in the April to June period owing to a nation-wide lockdown. GDP improved but remained in the negative in the second quarter, officially taking India into recession.
- Unemployment rate rose to 9.1% in December, according to data released by the Centre for Monitoring Indian Economy
- , highest in the last six months despite an increase in overall economic activity
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23382. India pegs 11% GDP growth in fiscal 2022 helped by vaccine drive
- The forecast for next year is in line with the International Monetary Fund’s estimate for 11.5% expansion, which will once again make India the fastest-growing major economy in the world ahead of China’s 8.1% pace.
- India’s government sees the economy expanding 11% in the year starting April, helped by vaccine drives to tame the coronavirus outbreak and aided by low interest rates that will spur business activity.
- The rebound will follow an estimated 7.7% contraction in gross domestic product in the year ending March, according to the Economic Survey -- an annual report card on the economy -- tabled in Parliament by Finance Minister Nirmala Sitharaman.
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23383. Mutual fund investment in REITs jumps 6-fold to ₹3,972 crore in 2020
- Fund managers infused ₹3,972 crore in real estate investment trusts (REITs) in 2020 as compared with ₹670 crore in 2019, data with the Securities and Exchange Board of India (Sebi) showed
- Emerging investment instrument REIT seems to have finally gaining popularity among investors
- , with mutual funds investing a staggering ₹3,972 crore in such units in 2020, a six-fold jump from the preceding year.
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23384. Sitharaman seeks to bring down fiscal deficit to 4.5% of GDP by FY26
- Fund Deficit target of 6.8% for FY22 signals expansionary fiscal stance to support nascent recovery
- Finance minister Nirmala Sitharaman has proposed a glide path for fiscal consolidation to bring down fiscal deficit to 4.5% of GDP by FY26, signaling a counter-cyclical fiscal policy to boost medium term economic growth.
- For Budget FY22, she has pegged fiscal deficit at 6.8% of GDP, down from 9.5% of GDP in FY21. Finance minister has also proposed to introduce amendments to the FRBM Act to make necessary change in the fiscal consolidation roadmap.
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23385. India in talks with Sri Lanka on development, operation of East Container Terminal of Colombo port
- Development of infrastructure in Sri Lanka will be a mutually beneficial proposition, says MEA
- India is in talks with Sri Lanka on matters related to development and operation of East Container Terminal of Colombo Port and the importance of meeting international commitments, the Ministry of External Affairs (MEA) has said.
- India is in talks with Sri Lanka on matters related to development and operation of East Container Terminal of Colombo Port and the importance of meeting international commitments, the Ministry of External Affairs (MEA) has said.
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23386. Sri Lanka drops India and Japan from port partnership
- Surprise unilateral decision follows strikes by labor unions Sri Lanka has pushed Japan and India out of a port project in its capital of Colombo, opting instead to move forward alone, amid pressure by unions at the facility.
- The country's cabinet decided Monday that the East Container Terminal at the Port of Colombo would be wholly owned by the Sri Lanka Ports Authority, scrapping the original partnership in a move that has bewildered and frustrated its erstwhile partners. The three countries had signed a memorandum of understanding in May 2019 to develop the terminal. Sri Lanka would have held a 51% stake in the development and operation of the facilities, with India and Japan owning the rest.
- "We have told the Sri Lankan government that this unilateral decision is regrettable," said a senior official at the Japanese Embassy in Sri Lanka. An Indian government spokesman urged the Sri Lankan government to return to the deal, saying "all sides should continue to abide by the existing understandings and commitment," the Press Trust of India reported. Some observers have speculated that Chinese influence may have played a role as well.
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23387. With $590 bn forex reserves in kitty,India now 'net creditor': Anurag Thakur
- With $590 bn forex reserves in kitty,India now 'net creditor': Anurag Thakur India now has forex reserves of over USD 590 billion, the highest ever, up by USD 119 billion over the previous year, while the external debt is $554 billion, making the country a "net creditor", Minister of State for Finance Anurag Singh Thakur said
- January the total collection was close to ₹1.20 lakh crore, he told reporters in a press conference. On the recent Union Budget, Thakur said that except the opposition parties, all sections of people had appreciated it.
- Thakur said the budget estimates for the current fiscal was ₹30.42 lakh crore, while it was increased by over ₹four lakh crore to ₹34.50 lakh crore for next fiscal
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23388. India ‘out of recession’, GDP grows 0.4%
- India’s economy resurfaced to growth territory in the third quarter of fiscal year (FY) 2020-21, clocking a 0.4% rise in the gross domestic product (GDP), as per data from the National Statistical Office (NSO).
- GDP had shrunk in the first two quarters by 24.4% and 7.3% as per revised data, amid the COVID-19 pandemic and lockdowns, marking a technical recession. The NSO has also revised its advance national income estimates for FY21 to project an 8% decline in GDP, compared with the 4% growth seen in FY20. The NSO had earlier estimated a 7.7% shrinkage for FY21.
- The Finance Ministry termed the 0.4% real GDP growth in Q3 as a return to ‘the pre-pandemic times of positive growth rates’ and a reflection of a ‘further strengthening of V-shaped recovery that began in Q2’.
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23389. India to clock 13.7% growth in FY’22, contract 7% this fiscal: Moody’s
- The Indian economy is expected to clock a growth of 13.7% in FY’22, registering a strong rebound from a 7% contraction this fiscal
- “Our expectations in current fiscal year ending March 2021 is for a contraction of 7% significant improvement from our... [earlier] forecast of contraction of over 10%. We try to incorporate some of the unexpected pickup in activity that we have seen recently.
- ICRA expects Indian economy to contract 7% in current fiscal and growth to rebound to 10.5% in the next fiscal beginning April 1.
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23390. GST collections rise 7% to ₹1.13 lakh crore in February
- GST collections crossed the ₹1 lakh crore-mark for the fifth month in a row in February, rising 7% to over ₹1.13 lakh crore, indicating economic recovery, the Finance Ministry said.
- The collection is, however, lower than the record ₹1,19,875 crore collected in the previous month.
- The gross GST revenue collected in February 2021 is ₹1,13,143 crore, of which CGST is ₹21,092 crore, SGST is Rs 27,273 crore, IGST is ₹55,253 crore (including ₹24,382 crore collected on import of goods) and Cess is ₹9,525 crore (including ₹660 crore collected on import of goods).
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