August 01, 2021

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31
Aug

11th Anjani Mashelkar Inclusive Innovation Award

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Notifications

 
CUSTOMS

31
Jul

Notification No. 63/2021 (Delhi)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

INCOME TAX

31
Jul

Notification No. 83/2021 (Delhi)
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961, (43 of 1961)

RBI

30
Jul

RBI/2021-22/74 (Delhi)
Rating of Deposits of HFCs – Approved Credit Rating Agencies and Minimum Investment Grade Credit Rating

29
Jul

RBI/2021-22/73 (Delhi)
Access for Non-banks to Centralised Payment Systems

INCOME TAX

29
Jul

Notification No. 82/2021 (Delhi)
In exercise of the powers conferred by section 139 and section 148 read with section 295 of the Income-tax Act, 1961

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INDIAN ECONOMY

'India, UK to gain a lot from each other by exploring possibility of signing FTA'

India and the UK will gain a lot from each other by exploring the possibility of signing a free-trade agreement (FTA), as the proposed pact can help in catalysing trade and economic growth in these two countries, according to experts. They also stated that right stakeholders should be present at the table fro...

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High tariffs faced by Indian exporters in EU, UK affecting exports performance: Govt

High tariffs faced by domestic exporters in the European Union and the UK as compared to zero duty access given by these countries to nations like Bangladesh and Cambodia are affecting India's exports performance, Parliament was informed on Friday. Minister of State for Textiles Darshana Jardosh also said tha...

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India, US renew global development partnership deal for 5 years

India and the US on Friday renewed for another five years a global development partnership agreement that provides for jointly offering assistance to their partner countries in areas of connectivity, trade and investments, healthcare and agriculture. Both sides signed the second amendment to the Statement ...

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Robust receipts: Centre contains deficit at 18% of FY22BE in Q1

Thanks to a rise in tax revenue upon a low base, a surge in non-tax receipts attributable to the higher-than-expected surplus transfers from the RBI and economical spending, the Union government managed to contain its fiscal deficit in April-June quarter at 18.2% of the budget estimate (BE) for 2021-22. This ...

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Non-food bank credit grows 5.9 per cent in June: RBI data

Non-food bank credit growth stood at 5.9 per cent in June compared to 6 per cent in the year-ago period, according to RBI data released on Friday. Credit to agriculture and allied activities continued to perform well, registering an accelerated growth of 11.4 per cent in the reporting month compared to 2.4...

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Retail inflation for industrial workers rises to 5.57 pc in June

Retail inflation for industrial workers rose to 5.57 per cent in June, mainly due to rising prices of certain food items. “Year-on-year inflation for the month stood at 5.57 per cent compared to 5.24 per cent for the previous month and 5.06 per cent during the corresponding month a year before,” a labour m...

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Eight core sectors’ output up 8.9 pc in June

The output of eight core sectors grew 8.9 per cent in June, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity, official data showed on Friday. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement a...

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Governance overkill: Why India needs to strengthen operation of the rule of law

India has been positioning itself as an attractive investment destination for manufacturing, now for a few decades. The story has been sold aggressively though not as effectively as policymakers would have liked and there is little doubt that we are some distance behind the other big hitters in this space. Me...

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MARKET & FINANCE

Spreads between government securities, corporate bond narrow on weak demand

Currently, the spread between government securities and AAA-rated corporate bonds maturing in 10-year is hovering at 65 basis points, which is lower than the usual spread of 75-85 bps. In the five-year segment, the spread has narrowed to 25 basis points. “It is basically a demand-supply scenario. The suppl...

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Forex reserves down by $1.581 billion to $611.149 billion

The country’s foreign exchange reserves declined by USD 1.581 billion to stand at USD 611.149 billion for the week ended July 23, RBI data showed on Friday. The reserves had reached a lifetime high of USD 612.730 billion after rising by USD 835 million in the previous week ended July 16, 2021 In the report...

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RBI lets 10-year bond yield rise ahead of monetary policy next week

The Reserve Bank of India (RBI) is letting the 10-year bond yield align with market realities, ahead of its monetary policy next week. This is a different strategy than what played out until last month, where the central bank seemed more focused on keeping the 10-year bond yields at 6 per cent. The logic g...

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GLOBAL CORPORATE

Apple achieves record Q2 2021 revenue share, Xiaomi becomes second largest smartphone brand

The ongoing component shortages and extensive Covid-induced restrictions in several regions of Europe and Asia hit smartphone shipments in the second quarter of 2021. Global shipments fell 7 per cent on quarter in April-June, according to the latest Counterpoint Market Monitor data. The shipments were 19 per ...

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INCOME TAX

I-T refunds worth Rs 43,991 crore issued till July 26

The Income Tax Department on Friday said it has issued refunds worth over Rs 43,991 crore till July 26 in the current fiscal.It comprises personal income tax refunds of Rs 13,341 crore and corporate tax refunds of Rs 30,651 crore. "CBDT issues refunds of over Rs 43,991 crore to more than 21.03 lakh taxpaye...

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Banking

Mastercard submits new audit to India after ban over data handling

Mastercard has submitted a new audit report to India's central bank, it told Reuters, as it seeks to overturn a ban on card issuance linked to concerns over the U.S. giant's handling of data processed abroad. The Reserve Bank of India (RBI) on July 14 sent panic-waves through Indian banking partners by ann...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
China factory activity slows in July, hit by extreme weather

Chinese factory activity weakened in July to its lowest level since the start of the pandemic, data showed Saturday, as manufacturing was impacted by slowing demand, weak exports and extreme weather. The Purchasing Managers' In...

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Mexico's economy rebounds 19.7% helped by strong showing across sectors

Mexico's economy rebounded 19.7 per cent year-on-year in the second quarter of 2021, buoyed by good performance across all sectors, according to preliminary figures released by the National Institute of Statistics and Geography (I...

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Fed's James Bullard wants taper to start by Dec, end by March 2022

Federal Reserve policy makers should begin tapering of asset purchases in the fall and wind up the process by March in light of U.S. inflation running much higher than expected, Federal Reserve Bank of St. Louis President James Bu...

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European economy grows 2% in second quarter, ending double-dip recession

Europe emerged from a double-dip recession in the second quarter with stronger than expected growth of 2% over the quarter before, according to official figures released Friday, as hard-hit southern European economies Spain, Italy...

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INDIAN CORPORATE

Tata Motors to invest Rs 28,900 crore in domestic business, JLR in FY22: N Chandrasekaran

Tata Motors group will invest Rs 28,900 crore across its domestic business and JLR in 2021-22 and is also investing on development of hydrogen fuel cell vehicles, company Chairman N Chandrasekaran said on Friday. The company will...

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Hindustan Zinc to invest $1 billion to replace diesel vehicles with battery EVs

Mining major Hindustan Zinc % Ltd will be investing about USD 1 billion (around Rs 7,440 crore) to replace diesel-run vehicles and equipment with battery electric vehicles across its eight mines in the next five years, company CE...

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Rakesh Jhunjhunwala's new airline may give Boeing a chance to regain lost ground

Indian billionaire Rakesh Jhunjhunwala's plan to launch an ultra-low-cost airline could give planemaker Boeing a chance to regain lost ground in India after the fall of one of its biggest customers, Jet Airways, two years ago, ind...

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First Solar plans $684-million solar manufacturing unit in Tamil Nadu

US-based solar firm First Solar on Friday said it intends to invest $684 million in a new 3,300 megawatt (MW) module manufacturing plant in Tamil Nadu. “India is an inherently sustainable market, underpinned by a growing econom...

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IOCL profit surges 211% to Rs 5,941 crore in Q1 on inventory gains

State-run Indian Oil Corporation (IOCL) on Friday reported a net profit of Rs 5,941.4 crore on a standalone basis for the quarter ended June 30, recording a 210.9% rise from the same period a year ago. The oil refining and mark...

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EVs to account for 25% of Tata Motors' PV sales: N Chandrasekaran

Electric vehicles (EVs) could constitute about 25 per cent of the total passenger vehicle sales at Tata Motors “in the medium to long term”, said the company on Friday, as it seeks to ride the electrification trend in the countr...

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GST

Delhi Assembly passes GST Amendment Bill to smoothen tax filing process

The Delhi Assembly on Friday passed the 'Delhi Goods and Services Tax (Amendment) Bill, 2021' to smoothen the GST filing process and to prevent tax evasion, amid opposition from the BJP over its introduction and passage on the same day. Small changes have been made in 15 sections of the Delhi GST Act. Thes...

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