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GDP numbers should alarm us all, says Raghuram Rajan

Special Correspondent Government and its bureaucrats need to be frightened out of their complacency, opines former RBI Governor

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Former RBI Governor C. Rangarajan.

Small positive growth may not be ruled out in FY21, says former RBI Governor Rangarajan

PTI Economy has suffered its worst slump on record in April-June quarter of 2020-21

Finance Minister Nirmala Sitharaman File Photo

Foreign investors take our reform stand seriously: FM

PTI Minister cites inflow of FDI between April-July as evidence

Silver lining: The record fund raising comes despite India’s economy contracting almost 24% y-o-y in June quarter.

Firms raise $31 billion in shrinking economy

Reuters ‘Surging cash levels aided by $15 tn stimulus to deal with COVID-19 fallout responsible for raising rush’

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GDP numbers should alarm us all, says Raghuram Rajan

Small positive growth may not be ruled out in FY21, says former RBI Governor Rangarajan

Foreign investors take our reform stand seriously: FM

The Hindu Explains | What is the GST compensation due to States?

Firms raise $31 billion in shrinking economy

Exports, imports showing positive trends, says Goyal

RBI releases revised priority sector lending guidelines

Objective is to augment funding for companies hit by COVID-19

COVID-19, NEP fuel fund raising by education technology firms

COVID-19 may be keeping children away from schools but Ed-Tech players have got a boost to facilitate online education and help in the digital

Fund pooling can meet need for capital: Piyush Goyal

‘This can tackle insufficient capital’

‘Apparel exports set to rise by 40%’

Total shipments may touch $22 billion in 2020-2021: AEPC

Nirmala gives banks September 15 deadline to roll out loan resolution schemes

COVID-19 distress must not impact credit assessments, she tells bankers.

Finance Commission to meet its economic advisory panel on September 4

The topic of the meeting is ‘Final discussion on GDP growth, tax buoyancy of the Centre and the States, GST compensation, revenue deficit grant and fiscal consolidation'

‘Economic growth will turn positive by Q1 of next year’

Reforms will help turn crisis into opportunity, says EAC PM member Nilesh Shah

Capping MEIS benefits will seriously affect traders: FIEO

‘Pricing based on existing scheme; new rules to raise costs’

GST: Karnataka to go with first of the two options offered by Centre

State will be eligible for a total compensation of ₹18,289 crore.

Data | Despite stringent lockdown, India's COVID-19 cases, deaths record fastest rise even as GDP plummets

The country's GDP contraction was the worst among many major economies

Data | India's GDP was on a downward slope even before COVID-19 wreaked havoc

A significant drop in industrial output, massive reduction in power demand were among the many signs of a slowing economy

Australia enters recession after three decades of growth

The Australian Bureau of Statistics said it was the fastest quarterly contraction on record.

GST revenue falls 12% in August at ₹86,449 cr

Major States that are still showing a significant drop include Maharashtra, West Bengal and Tamil Nadu and Karnataka.

Manufacturing sector activity returns to growth in August as demand picks up: PMI

India’s manufacturing sector activity re-entered the growth territory in August, driven by a rebound in production volumes and new work, amid an

Economy collapse began with demonetisation: Rahul Gandhi

Chidambaram lauds States for refusing to accept Centre's option of borrowing from RBI to bridge GST compensation gap

Morning Digest: PM Modi remembers Pranab Mukherjee as a father figure and mentor; GDP contracts by record 23.9% in Q1, and more

A select list of stories to read before you start your day

RBI announces additional measures to foster orderly money market conditions

“The RBI remains committed to conduct further such operations as warranted by market conditions,” the central bank said

GDP contracts by record 23.9% in Q1

This is the sharpest contraction since quarterly figures started being published in 1996 and worse than what was expected by most analysts.

FM Sitharaman to meet bankers on loan recast on Thursday

The finance minister will review the implementation of the resolution framework for COVID-19 related stress in bank loans.

The current banking challenge is the most intractable one even before COVID-19: Urjit Patel

Our macroeconomic problems have created financial sector crisis periodically, says the former Reserve Bank of India Governor.

Watch | World’s highest rail bridge being built in J&K;

A video on the 1.3 km-long railway bridge that is being built across the Chenab river

The Hindu Explains | Why has Japan mooted the Supply Chain Resilience Initiative?

How will this new idea on supply chains impact India?

Centre must borrow and pay States’ GST dues: Kerala

State rejects Centre’s options; to work for consensus among States.

Chidambaram takes a dig at FM over ‘act of God’ remark

The two options given by the Centre to the States to bridge the GST compensation gap are unacceptable, say the Congress leader

‘Local transfer pricing cases to go faceless’

Domestic transfer pricing cases to also be covered under the faceless assessment mechanism

India’s business climate has been continuously improving: NITI Aayog CEO

Govt. to make nation one of the easiest to invest in: Kant

India, ASEAN must shed non-tariff barriers: Goyal

‘Need to fix declining trend of trade’

Fed adopts average inflation target, elevates focus on jobs

To use ‘full range of tools’ to achieve strong labour market

Borrow from RBI to bridge GST gap, Centre tells States

Pandemic an act of God, says Nirmala Sitharaman; States want 7 days to consider options.

RBI has not exhausted ammunition to fight situation due to pandemic: Shaktikanta Das

He also said that the RBI wanted to keep its gun powder dry and hence opted for a status quo at the last policy review earlier this month

Over 15 lakh people covered under specialised COVID-19 policies: Irdai chief

Corona Kavach is a reimbursement-based policy, while Corona Rakshak is a fixed benefit cover against COVID-19.

GST Council meeting debates revenue shortfall of states

At the GST Council meeting on Thursday, West Bengal was joined by Punjab, Kerala and Delhi.

Delayed GST payment: Interest to be charged on net tax liability from September 1

However, the Central Board of Indirect Taxes and Customs (CBIC) on August 25, notified September 1, 2020, as the date from which interest would be charged on net tax liability.

Former RBI chief Subbarao lays stress on setting up ‘bad bank’

It is not just necessary but unavoidable in the present circumstances, he says

Govt needs to spend more, not lend more: Rahul Gandhi

Mr. Gandhi said “distractions” through media won’t help the poor or make the “economic disaster disappear”

AI-based system can spot unauthorised cryptocurrency mining

The new AI system is designed to identity malicious codes that hijack supercomputers to mine cryptocurrency. It compares the programs used to misuse the supercomputers, based on graphs, which are like fingerprints for software.

Govt. open to more tweaks in ₹3 lakh cr credit guarantee scheme: FM

Finance Minister Nirmala Sitharaman on Tuesday said the government is open to further tweaking the ₹3 lakh crore credit guarantee scheme for providing

Clear exit strategy, milestones needed for fiscal consolidation in coming years: RBI

Based on information from 25 States, the general government fiscal deficit increased from 5.4% of GDP in 2018-19 to 6.5% in 2019-20 (revised estimate).

Economy to shrink in Q2, says RBI report

Shock to consumption has been severe; govt. consumption key to demand revival.

Government may look at second stimulus once COVID-19 infections ebb: Expenditure Secretary

As and when fears on the health front subside in the minds of people, the government can help the economy “a little bit with a few measures here and there”, he said

₹2,000 notes were not printed in 2019-20: RBI annual report

‘The number of ₹2,000 currency notes in circulation has come down from 33,632 lakh pieces at end-March 2018 to 32,910 lakh pieces at end-March 2019 and further to 27,398 lakh pieces at end-March 2020’

RBI calls for deep-seated, wide-ranging reforms for sustainable growth

Post-COVID-19, a new normal could emerge, says the central bank

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