Friday, November 22

Tag: indian economy

July GST collection comes at Rs 1.65 trillion, rises 11% YoY
1Aug By adminNo Comments
Business

July GST collection comes at Rs 1.65 trillion, rises 11% YoY

The goods and services tax (GST) collection for the month of July came at Rs 1.65 trillion. This is up 11 per cent year-on-year. Of the Rs 1,65,105 crore, the Central GST is Rs 29,773 crore, State GST is Rs 37,623 crore, Integrated GST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods). The government has settled Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST. The total revenue of Centre and the states in the month of July 2023 after regular settlement is Rs 69,558 crore for CGST and Rs 70,811 crore for the SGST. The revenues for the month of July 2023 are 11 per cent higher than the GST revenues in the same month last year. During the month...
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India’s core sector output expands to 5-month high at 8.2% in June
31Jul By adminNo Comments
Business

India’s core sector output expands to 5-month high at 8.2% in June

Output of eight key infrastructure sectors — known as the core sector — expanded to a five-month high of 8.2 per cent in June. This is due to a high base effect and positive growth in seven of the eight sectors. In June last year, the core sector had grown by 13.1 per cent. The print for May 2023 has undergone a significant revision to 5 per cent from 4.3 per cent estimated earlier.  Data released by the Ministry of Commerce and Industry on Monday showed that while growth in the output of fertiliser (3.4 per cent) and cement (9.4 per cent) slowed than the previous month, that of coal (9.8 per cent), refinery products (4.6 per cent), steel (21.9 per cent), and electricity (3.3 per cent) accelerated in June.  Though the contraction continued for the 13th...
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India will be shielded from risks of global slowdown: World Bank President
19Jul By adminNo Comments
Business

India will be shielded from risks of global slowdown: World Bank President

Amidst risk of a global slowdown in the early part of next year, India is expected to remain shielded from its effects due to robust domestic consumption, World Bank President Ajay Banga said in New Delhi on Wednesday. “The outlook for the world economy is better than expectations, but there is more risk on the downside in terms of a slowdown in the early part of next year. Since India gets a lot of its gross domestic product from domestic consumption, even if the world were to slow down for a few months, India has a natural cushion against (it),” Banga, who is on his first visit to India, told the media following his meeting with Finance Minister Nirmala Sitharaman. Besides, there were discussions between the finance minister and the global lending head regard...
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India could become a magnet for foreign direct investment: Martin Wolf
8Jul By adminNo Comments
Business

India could become a magnet for foreign direct investment: Martin Wolf

India’s unique position in the world can also allow it to take the lead and mobilise other countries, especially in the Global South, to hunt for solutions to the climate, political, and economic challenges leading to the polycrisis in the world, Martin Wolf, chief economics commentator, Financial Times said at the annual India Policy Forum organised by the National Council of Applied Economic Research (NCAER).  Speaking on the topic of 'The World in a Polycrisis', Wolf said that India can form useful and productive relations with all the sides concerned in this crisis. “It could also, by trying really hard, replace China as a competitive global supplier of goods and services, and become a magnet for Foreign Direct Investment (FDI), but it should not succumb to the temptatio...
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