(PTI) Niti Aayog CEO Amitabh Kant on Tuesday said green shoots are visible and the economy, which has been hit hard by the Covid-19 pandemic, will bounce back soon. The pandemic has impacted economic activities severely as the country had to go through a nationwide lockdown to check the spread of coronavirus. The government had to announce a slew of measures, including fiscal package, to boost the economy. “I am a great believer that India will bounce back. We are already seeing green shoots in the economy. We are seeing that key sectors like FMCG (fast-moving consumer goods) have already come back. “I am hopeful that we will bounce…
Author: Aruna Sharma
(PTI) Petrol pump owners in the national capital on Monday urged Delhi government to reduce VAT on petroleum products, citing lower rates in neighbouring states. The increase in value added tax (VAT) on diesel is resulting in heavy loss of sales at petrol pumps in Delhi and making it unviable to operate them, the Delhi Petrol Dealers Association (DPDA), which has around 400 petrol pump owners as members, said in a statement. The Delhi government had increased VAT on petrol to 30 per cent from 27 per cent on May 5. For diesel, VAT has been almost doubled to 30 per cent from…
(PTI) Diesel price in the national capital on Tuesday touched an all-time high following a rate hike after a week-long hiatus. Diesel price on Tuesday was increased by 25 paise per litre, according to a price notification of state-owned oil marketing companies. This took the retail selling price of diesel to Rs 80.78 per litre in the national capital – the highest ever. There was no change in petrol price for the 8th straight day, and it continues to be priced at Rs 80.43 per litre. Rates vary from state to state depending on the incidence of local sales tax or VAT. Petrol and diesel price…
(ET) A perusal of the Union Ministry of Finance’s monthly macroeconomic report for June 2020 makes it clear that the Covid-19 pandemic has had a severe impact, adding to the miseries of the previous fiscal. While the report cites the IMF to predict a 4.5 per cent contraction in India’s GDP in FY21 and notes that government revenues have been hit hard, it also notes that there are green shoots in a few activities. These are power and petroleum consumption, highway transport activity, and retail financial transactions. According to the report,electricity consumption saw lower contraction in growth rates — from (-)24 per…
(BS) The government on Monday extended the last date for linking Aadhaar and Permanent Account Number (PAN) to March 31 next year. The decision was taken keeping the Covid-19 pandemic and the resulting difficulties in mind. “Understanding and keeping in mind the times that we are in, we have extended deadlines. PAN – AADHAAR linking can be done till 31st March, 2021. We do hope this helps you plan things better,” the Income Tax (IT) Department said through its official Twitter handle today. Earlier, in another big relief to tax assessees, the IT Department had extended the last date of payment…
(LiveMint) India’s tally covid rose above the 7-lakh mark today and the death toll crossed 20,000 after another spike in cases and deaths in past 24 hours. Corona virus cases in India has gone up to 7,19,665, including 22,252 reported in past 24 hours. The death toll has climbed to 20,160 with 467 new fatalities, according to the health ministry. With this, the country has recorded over 20,000 cases of the infection for the fifth day in a row. Recoveries in India has shown a steady rise, with the number of cured now at 4,39,947. Over 15,500 patients were declared cured in 24…
(ET) Coal India’s unions have called for strike on Aug 18 to oppose private competition. Last week, they observed a three-day strike that executives said led to a revenue loss of about Rs 400 crore. A company executive said that during the strike, sales fell 39 per cent. The company was unable to sell 2.6 million tonnes, which is worth at least Rs 400 crore. The company did not respond to ET’s queries. Unions have called for the next strike on Aug 18, which is the last date for submitting bids for commercial coal mining. D D Ramanandan, president All India Coal Workers Federation affiliated to Centre of Indian…
(PTI) Oil PSUs such as IOC and ONGC are implementing about Rs 3.57 lakh crore worth of projects across the entire hydrocarbon value chain that will further enhance energy accessibility, create jobs and boost the economy, the Petroleum Ministry said on Monday. In Twitter posts, the Ministry of Petroleum and Natural Gas said out of Rs 3.57 lakh crore being spent on 859 projects, over Rs 60,000 crore will be invested during fiscal 2020-21. Oil Minister Dharmendra Pradhan and other senior officials of the ministry “reviewed the ongoing oil and gas projects started by PSUs since the resumption of economic activities from April 20, 2020”. “As on 1st July…
(LiveMint) Consensus has guided 40 meetings of the Goods and Services Tax (GST) Council since its inception, but differences between the Centre and fiscally stressed states within the federal tax body are becoming increasingly difficult to reconcile. The council, which will meet later this month, is set to see sharp differences emerge over the central government’s obligation to make up for states’ GST losses, which has gone up due to the two-month national lockdown to contain the coronavirus pandemic, a situation that wasn’t anticipated in GST laws. States have for long been complaining about delays in getting their assured compensation.…
(PTI) Prime Minister Narendra Modi will dedicate to the nation Asia’s largest 750 MW Rewa ultra mega solar plant in Madhya Pradesh via video conferencing on July 10, Chief Minister Shivraj Singh Chouhan said in Delhi. A state government release also quoted that Chouhan has met Union minister of state for energy R K Singh at his residence in the national capital and urged him to attend the inauguration programme.