GJ Town India

The risk of global shocks remains! Colin Shah   In a Monetary Policy Statement, 2023-24 Resolution of the Monetary Policy Committee (MPC), on the basis of an assessment of the current and evolving macroeconomic situation, the MPC at its meeting decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent. The standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.  These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.    On the RBI policy perspective, Colin Shah, MD, Kama Jewelry expressed that, “the RBI's decision to ho...

Revenue collection stood at Rs 1,33,026 crore   The gross GST revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods).   The government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST. The total revenue of Centre and the States in the month of February 2022 after regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST. The revenues for the month of February 2022 are 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020. During the month, revenues from import of goods was 38% higher and the revenues from domestic transaction (including import of services) are 12% higher than the revenues from these sources during the same month last ye...

GDP India showing a growth of 8.4% Q2   The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation is releasing the estimates of Gross Domestic Product (GDP) for the second quarter (July-September) of 2021-22 (Q2 2021-22), both at Constant (2011-12) and Current Prices, along with the corresponding quarterly estimates of expenditure components of the GDP in this press note.   GDP at Constant (2011-12) Prices in Q2 2021-22 is estimated at ` 35.73 lakh crore, as against ` 32.97 lakh crore in Q2 2020-21, showing a growth of 8.4 percent as compared to 7.4 percent contraction in Q2 2020-21.  Quarterly GVA at Basic Prices at Constant (2011-12) Prices in Q2 2021-22 is estimated at ` 32.89 lakh crore, as against ` 30.32 lakh crore in Q2 2020-21, showing a growth of 8.5 percent.   GDP at Current Prices in Q2 2021-22 is estimated at ` 55.54 lakh crore, as against ` 47.26 lakh crore in Q2 2020-21, showing a growth of 17.5 percent as compared...

India eye on rapid and inclusive economic growth spree!   The Economic Survey has observed that in-spite of an unprecedented COVID-19 pandemic and consequential challenges, the infrastructure sector of Indian economy are on a fast recovery path. The Survey was tabled in the Parliament by the Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman.   The Survey observes that the growth of Infrastructure in the country has remained a key priority for the Government. The strong forward- backward linkages of the infrastructure sector are well established. Therefore, investment in infrastructure is quintessential for more rapid and inclusive economic growth.   The Economic Survey notes that the Government of India has launched the National Infrastructure Pipeline (NIP) for the FY 2020-2025 to facilitate the implementation of world class infrastructure projects. This first of its kind initiative will boost the economy, generate better employment opportunit...

Reviving the economy, The first challenge! Right with the Modi returned with version 2.0, India Ratings and Research (Ind-Ra) inked up: All Eyes on New Government to Revive Economic Growth. Dr. Sunil Kumar Sinha of Ind-Ra inks, after witnessing a quarterly slowdown during 1QFY17-1QFY18, India has witnessed another quarterly GDP growth slowdown fairly quickly, according to India Ratings and Research (Ind-Ra). The agency expects 4QFY19 GDP growth to decelerate to 6.3% from 6.6% in 3QFY19. There would be another four-quarter GDP slowdown, starting from 4QFY18. Thus, Ind-Ra expects FY19 GDP growth to be 6.9% as against the FY19 advance estimate of 7.0% (FY18: 7.2%). Clearly, FY19 will be the second consecutive year of an economic slowdown in India. Arresting the slowdown and reviving the economy will be the first challenge for the new government. Policy prescription will require a granular analysis of the ills plaguing the economy. In Ind-Ra’s opinion, the new government...