Economy & Policy News Update
arrow New GDP back-series data hurts credibility: Ex-CEA Arvind Subramanian
  Budgeted targets for GDP unfair, says Ex-CEA
arrow Statsguru: RBI maintains status quo on rates; retail inflation dips to 3.3%
  The decision to maintain the status quo comes against the backdrop of retail inflation
arrow More than 50% of companies look to step up hiring in 2019: Mercer
  Besides the demand for key skills like sales, research and development become predominant, says India business leader, Mercer
arrow Clean air can increase Indians' average life expectancy by 1.7 years: Study
  About 77% of India's population was found to be exposed to ambient air pollution levels above the national safe limit
arrow India's crude steel output grows 4% to 8.92 million tonne in November
  India has set a target of producing 300 MT crude steel by 2030 with an investment of Rs 10 trillion
arrow Govt to give preference to India-made vehicles in public procurement
  The notification applies to automobiles based on internal combustion (IC) engines including two and three wheelers, passenger vehicles and commercial vehicles
arrow NITI, Heavy Industries Ministry differ on levy on 2-wheelers to support EVs
  The ministry has flagged concerns to the Aayog over the introduction of a 'Feebate' especially on a mass mode of transport like two-wheelers
arrow Govt plans to ban burnt clay bricks from its projects to save environment
  Traditional brick kilns cause air pollution as they use coal in the brick-making process
arrow PMO seeks white paper on OVL , future strategy so as to maximise returns
  The government had on previous occasions looked at hiving off the highly successful OVL from its parent and monetising it by listing the firm on domestic or international bourses
arrow Arvind Subramanian calls for review of GDP back-series data to clear doubts
  Subramanian stressed that institutions that do not have technical expertise in calculating GDP data should not be involved in the process, apparently referring to the NITI Aayog
arrow India's coal imports rise 9.7% to 156 million tonnes during Apr-Nov period
  Coal imports in November this year also increased 10.1 per cent to 19.47 MT, over 17.68 MT in the corresponding month of the last fiscal
arrow Fertiliser DBT scheme has failed to pay subsidy to firms on time: Industry
  The firms recollected that earlier subsidy bills were generated as soon as the stocks moved to the district retailers according to the supply plan
arrow RBI's supervision of private banks, NBFCs inadequate: Arvind Subramanian
  The government and the RBI need to do things together
arrow Captive power plants in Odisha in trouble over acute shortage of coal
  Total need of Odisha is 80 million tonnes, of which captive power producers need only 40 million tonnes for the consumption
arrow No GST on flats with issue of completion certificate: Finance Ministry
  Builders are also required to pass on the benefits of lower tax burden to the buyers of property
arrow Duty drawback rate increase to boost textile exports from India
  Duty drawback rates have been raised by up to 70 per cent across all varieties of textile value chains
arrow Indirect tax dept extends annual GST returns filing date to March 31
  Archit Gupta, CEO ClearTax said,'given that filing for GSTR-9 had not begun online, an extension was required'
arrow Noida International Airport to be built on public-private-partnership model
  The government land that comes in the ambit of the airport will be transferred free of cost to the airport
arrow After traders request, GST return filing date extended to March 31, 2019
  The announcement came a day after traders urged finance minister Arun Jaitley to extend the last date for filing annual GST return to March 31, 2019
arrow Opec, allies agree on larger-than-expected cut after marathon talks
  Crude surged as much as 5.4% in London, raising the risk that the deal could anger US President Trump, who had urged the group to keep the taps open and prices low
arrow India hopes to double ethanol blending to 8% in 2018-19 sugar season
  The government has provided soft loans to the first group of applications for creating ethanol capacity
arrow India's forex reserves rise by over $932 million to $393.71 billion
  FCAs, the largest component of the forex reserves, edged higher by $787.9 million to $368.48 billion during the week ended November 30
arrow Number of income tax payers can double to 120 million: Arun Jaitley
  India's normal rate of growth is 7.5-8 per cent and the country will continue to grow at this rate, despite some deviation in one or two quarters, Jaitley said
arrow Meet new CEA Krishnamurthy- ISB professor, note ban supporter and more
  Subramanian topped his batch at the Indian Institute of Management, Calcutta, and graduated with a degree in electrical engineering from the Indian Institute of Technology, Kanpur
arrow July-Sept current account deficit at 4-year high on rising oil prices: RBI
  India's trade deficit in July-September widened to $50 billion from $32.5 billion a year ago
arrow In a first, online travel agencies to be accreditated, classified by govt
  Online travel aggregators like Air B&B, Makemytrip, Yatra and Oyo will now need to be recognised by the Tourism Ministry in order to operate, a senior official said. For the first time, the ministry has prepared a set of guidelines by which it will approve and classify online travel aggregators (OTAs) ensuring reliability of their services. The scheme for approval/re-approval of OTAs will be rolled out online by the end of this month and all applications and fee payment will have to be made on it, the ministry official said. "The scheme will set standards towards accreditation and add value to the dependability and reliability to the aggregators in the online space operating in the organised tourism sector," he added. The recognition as an approved OTA will be granted by the ministry for five years, based on the inspection report and recommendations of a committee comprising representatives of The Federation of Hotel and Restaurant Associations of India (FHRAI) and The Indian ...
arrow FAO okays India's proposal to observe 2023 as International Year of Millets
  This international endorsement comes against the backdrop of India celebrating 2018 as the National Year of Millets for promoting cultivation and consumption of these nutri-cereals
arrow Stranded asset risk to drag net thermal capacity addition, says study
  The report notes NTPC as the only power producer regularly to be able to access capital for the new thermal power project development
arrow Over 460,000 benefited under PMJAY so far: Ayushman Bharat Mission CEO
  The Ayushman Bharat Mission CEO said PMJAY will prove to be a giant leap towards universal healthcare
arrow Govt sells 2.21% stake for Rs 32 bn to ETF; complies to Sebi norms
  The government undertook three back-to-back tranches of stake sale
arrow Worst is over; will increase each district's GDP: Prabhu on India's growth
  Prabhu said the aim is to increase the GDP of each district in the country, which will cumulatively contribute for the GDP growth of the nation
arrow Academic Krishnamurthy Subramanian is India's new chief economic adviser
  New Chief Economic Adviser Krishnamurthy Subramanian teaches at Indian School of Business (ISB) in Hyderabad and has a PhD from Chicago-Booth
arrow Fadnavis will have to defy Shah to grant Maratha reservation: Sharad Pawar
  The Maharashtra legislature on November 29 unanimously passed a bill providing 16 per cent quota in jobs and education to the Marathas
arrow Need to raise borrowing limit, welcome Rs 30-bn flood assistance: Kerala
  Even as the Centre has issued an additional assistance of Rs 30.48 billion to the flood hit Kerala, the State government says that it needs powers to raise borrowing limits of the state temporarily.The State has seen one of the worst flood disasters in a century during August, this year, with 12 out of the 14 districts in the State being hit by heavy rains, landslides and flooding. According to a Post Disaster Needs Assessment (PDNA) report by the United Nations, the State would require around 310 billion for recovery and reconstruction of the State.Welcoming the additional assistance of Rs 30.48 billion by the Centre to Kerala, State Finance Minister T M Thomas Isaac in his social media page said, "But more important is the demand for raising temporarily borrowings limit of state." "As per UN needs assessment Rs 300 billion is required for rebuilding. How can these resources be mobilised is the key question," he added.The UN report has estimated that the requirement include Rs 54.43 .
arrow AAR on back-office services has led to panic in IT, ITes industry: Nasscom
  The ruling can result in substantial tax demand against all the big IT and ITes players