Economy Archives

Seafood exports fall 11% in FY21

Srinivas said besides the pandemic impact, several other factors negatively impacted seafood exports during 2020-21. Seafood exports from the nation declined in both volume and value terms during the last fiscal mostly on account of sluggish demand due to the pandemic,Marine Products Export Development Authority (MPEDA) said on Wednesday. Volume of exports declined by 10.9% …

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Economy

June 3, 2021
206
Uncategorized

Unemployment rate soars to 11.9% in May, 10 m jobs seen lost in the month

Unemployment in urban areas stood at a worrisome 17.88% for the week ended May 30; the rate has risen for the seventh straight week and 47 basis points over the previous week alone. The second Covid wave has led to a sudden spike in India’s unemployment rate – it rose to 11.9% in May from …

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Economy

June 2, 2021
185
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Surge in second wave to lower our India GDP forecast: Jeremy Zook, director (sovereign ratings), Fitch Ratings

But this will have to be reassessed as the impact of the virus surge on India’s GDP growth and public finances becomes clearer. Fitch Ratings’ assessments will focus on India’s medium-term growth prospects and the likelihood of keeping the debt trajectory on a downward path, says Jeremy Zook, director (sovereign ratings) of the agency. He …

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Economy Fitch Ratings

June 1, 2021
182
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Centre’s fiscal deficit at 9.2% in FY21, against revised estimate of 9.5%

However, the capex in FY21 was 26.5% higher than the amount spent in FY20. Total expenditure in FY21 stood at Rs 35.1 lakh crore, which was 1.8% higher than RE. With its net tax revenue being 6% higher than the revised estimate (RE) presented in February, the Centre managed to narrow its fiscal deficit moderately …

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Economy

June 1, 2021
184
Uncategorized

Urban joblessness at 17.88%, rural rate falls 9.58%

CMIE’s MD & CEO Mahesh Vyas said the decline in the rural unemployment rate was because the rural labour force participation rate (LFPR) had fallen. Unemployment in the urban areas stood at a worrisome 17.88% for the week ended May 30. The rate has risen for the seventh straight week and 47 basis points (bps) …

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Economy

June 1, 2021
185
Uncategorized

India’s Q4 economic report card better than expected, GDP grows 1.6%; Experts decode GDP data

Although Q4 saw strong GDP growth, some do expect a reversal of the trend in the current quarter owing to the severe second wave seen in April and early May. India’s economic report card came in with better-than-expected numbers as the GDP recorded a 1.6% growth in the January-March period. The growth figures were better …

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Economy

May 31, 2021
186
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Economic travails: Nascent recovery disrupted; consumption needs big push

In its last policy meeting in early April, the Reserve Bank of India (RBI) said GDP growth could jump to 26.2% in the first quarter of FY22, driven primarily by a conducive base. However, this forecast for Q1FY22 was issued before the full fury of the second wave of the pandemic and may undergo substantial …

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Economy

May 31, 2021
193
Uncategorized

Covid relief items: Meghalaya CM Conrad Sangma-led GOM to examine GST cut

The GOM will submit its report to the GST Council by June 8 for the Council’s consideration. An eight member group of ministers (GOM) led by Meghalaya chief minister Conrad Sangma will examine the need for reduction of or exemption from Covid vaccines and other related healthcare items from goods and service tax (GST). “In …

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Economy GST

May 30, 2021
227
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If we give responsibility to govt, accountability also lies with them: Shobana Kamineni, executive vice chairperson, Apollo Hospitals

Sabharwal felt that India had seized the policy window and pushed some ambitious reforms in the last 14 months. Speaking about the tariffs that have been imposed by the Government of India in an ongoing economic reform effort and their impact on export competitiveness, Naushad Forbes, Co-chairman, Forbes Marshall, said that the increase in protection …

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Economy

May 30, 2021
190
Uncategorized

GST Council LIVE: GST Council set to meet; Covid-19 vaccine tax rate, states’ compensation shortfall on agenda

The GST Council will meet after a gap of nearly seven months. GST Council Meeting LIVE: The GST Council will meet today after a gap of over seven months to discuss taxation on covid-19 drugs, vaccines, and healthcare, and also states’ compensation shortfall. Finance Ministers from various states and Union Territories along with the Union …

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Economy Finance Ministry GST

May 28, 2021
257
Uncategorized

Seafood exports fall 11% in FY21

Unemployment rate soars to 11.9% in May, 10 m jobs seen lost in the month

Surge in second wave to lower our India GDP forecast: Jeremy Zook, director (sovereign ratings), Fitch Ratings

Centre’s fiscal deficit at 9.2% in FY21, against revised estimate of 9.5%

Urban joblessness at 17.88%, rural rate falls 9.58%

India’s Q4 economic report card better than expected, GDP grows 1.6%; Experts decode GDP data

Economic travails: Nascent recovery disrupted; consumption needs big push

Covid relief items: Meghalaya CM Conrad Sangma-led GOM to examine GST cut

If we give responsibility to govt, accountability also lies with them: Shobana Kamineni, executive vice chairperson, Apollo Hospitals

GST Council LIVE: GST Council set to meet; Covid-19 vaccine tax rate, states’ compensation shortfall on agenda

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