Announcing the fifth bi-monthly monetary policy on Thursday, governor Shaktikanta Das had said the reserves touched USD 451.7 billion as of December 3, an increase of USD 38.8 billion since April.
A lion’s share of GST goes to states. Actual transfers of the Centre’s gross tax collections are about 36%.
FM Sitharaman had in September announced corporate tax rate cut from an effective 35% (including surcharges and cesses) to an effective 25.17% while the rate for new manufacturing companies reduced to 15% from 25%.
The meeting took place in the wake of a leaked draft of the Household Consumer Expenditure survey report showing a decline in consumer spending in rural India in 2017-18. MoSPI, which had junked the survey, said it would not use it for official purposes but was examining its repercussions and impact on all base revision of various economic indicators.
Finance ministers of Delhi, Punjab, Puducherry and MP, and representatives of Kerala, Rajasthan, Chhattisgarh and West Bengal met Nirmala Sitharaman and said the delay in GST compensation transfer has put them in an acute financial position. MP commercial tax minister Brajendra Singh Rathore said the Centre owes nearly Rs 3,000 crore to the state for August-November.
“The basic intent of anti-dumping measures is to eliminate injury caused to the domestic industry by the unfair trade practice of dumping and to create a level playing field for the domestic industry,” commerce and industry minister Piyush Goyal told Lok Sabha. In a separate reply, he said the government will use all available instruments in the national interest, as and when necessary.
Banks have proposed a four-month programme to resolve the Dewan Housing Finance (DHFL) case, the biggest bankruptcy case in the financial services sector after the Insolvency and Bankruptcy Code.
DHFL became the first financial services company on Monday to be admitted to the bankruptcy courts after the rules were changed last month. The Reserve Bank of India has already superseded the board and appointed an administrator.
The Minister said that the government follows a policy of disinvestment through minority stake sale and strategic disinvestment. So far, the government has given 'in-principal' approval for strategic disinvestment of 33 central public sector undertakings (CPSEs).
Loans are classified as MUDRA under the PMMY. The loans are given under three categories of Shishu, Kishore and Tarun to signify the stage of growth and funding needs of the beneficiary.
Helped by government stimulus measures, the Goods and Services Tax (GST) collection in November crossed Rs 1 lakh crore, after dropping below the Rs 1 lakh crore level for three consecutive months amid a deceleration of economic growth. November's GST collection stood at Rs 1,03,492 crore, of which CGST was Rs 19,592 crore, SGST Rs 27,144 crore, IGST collections stood at Rs 49,028 crore (including Rs 20,948 crore collected on imports) and Cess was recorded at Rs 7,727 crore (including Rs 869 crore collected on imports).
GST collections were Rs 97,637 crore in November last year and Rs 95,380 crore in October this year. The increase in collections was a sign of economic revival, recovery in demand and measures to ease compliance, government officials told ET. After two months of negative growth, GST revenues witnessed an impressive recovery.
"As predicted widely, GDP growth in Q2 has come lower at 4.5%. Yet the Government says 'All is well'. Q3 will not be more than 4.5% and in all likelihood will be worse," Chidambaram said in a tweet posted by his family on his behalf.
India could save up to Rs 12,000 crore every year in terms of fuel and man-hours with the switch to 100% FASTag-based toll collection on national highways from Dec 1. Live monitoring of traffic by a startup shows long waiting times at many of the 488 NH toll plazas. At 2pm on Thursday, the average waiting time was 5-10 mins at 188 plazas and 10-20 mins at 32 others.
The troubling state of the economy makes Das's task uncomplicated. India's pace of growth is slowing dramatically; govt numbers due today may well show the expansion slipped below 5% last quarter, the weakest pace since GDP figures were reconfigured in 2012. Last year, the nation was churning out GDP numbers with an 8 in front of them.
Liquidity remains a worry for the NBFC sector; loan sanctions fall 34% in September quarter.
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