Page 5 - Economy News
Govt to set up 16th Finance Comm in 2023 for Centre-state tax devolution
The government is likely to set up the 16th finance commission this year to suggest, among other things, the ratio in which tax is to be divided between the Centre and states for five years
 "Govt to set up 16th Finance Comm in 2023 for Centre-state tax devolution")
India's coal imports rise 32% to 148.58 mn tonnes in Apr-Feb: Report
India's coal imports increased by 32 per cent to 148.58 million tonne (MT) in April-February FY23 against 112.38 MT in the year-ago period, according to a report
 "India's coal imports rise 32% to 148.58 mn tonnes in Apr-Feb: Report")
More than 408.2 mn loans amounting to Rs 23.2 trn sanctioned under PMMY
PMMY aims to facilitate easy collateral-free credit of up to Rs 10 lakh to micro-entrepreneurs for income-generating activities
 "More than 408.2 mn loans amounting to Rs 23.2 trn sanctioned under PMMY")
Over 40 cr loans sanctioned under MUDRA scheme in last 8 yrs: Govt
The MUDRA scheme has helped in generation of large-scale employment opportunities at grassroots level and also proved a game changer while boosting Indian economy
 "Over 40 cr loans sanctioned under MUDRA scheme in last 8 yrs: Govt")
Interstate flow of goods rose to 70% of GDP post-GST implementation
Paper published by IPPR suggests new indirect tax regime led to increasing economic integration among states
 "Interstate flow of goods rose to 70% of GDP post-GST implementation")
RBI estimate too optimistic, will pivot to rate cuts in October: Nomura
Japanese brokerage Nomura on Friday said Reserve Bank's 6.5 per cent real GDP growth estimate for FY24 is too optimistic, and the central bank will pivot to rate cuts from October
 "RBI estimate too optimistic, will pivot to rate cuts in October: Nomura")
Yara International looking aggressively at clean ammonia: Global CEO
In a Q&A, Svein Tore Holsether says his company is looking at more expansions in India as well
 "Yara International looking aggressively at clean ammonia: Global CEO")
Expert group on MDB reform to focus on development, green finance
Expert group will hold first in-person meeting in Washington next week
 "Expert group on MDB reform to focus on development, green finance")
NGT orders review of green nod for Great Nicobar Port amid public uproar
Panel to study 'unanswered deficiencies', stays further development for 2 months
 "NGT orders review of green nod for Great Nicobar Port amid public uproar")
India's food inflation bites harder as risks build for global supplies
Its average citizen is more affected than people in peer economies
 "India's food inflation bites harder as risks build for global supplies")
Gas price for April at $7.92 but price for consumers capped at $6.5: Govt
The capped rates which are about a quarter less than the current prices, will lead to CNG and piped cooking gas prices being cut by up to 10 per cent
 "Gas price for April at $7.92 but price for consumers capped at $6.5: Govt")
Inter-ministerial panel under GatiShakti recommends four rail projects
These projects will provide multimodal connectivity and seamless movement of goods and passengers, and increase logistics efficiency across the country
 "Inter-ministerial panel under GatiShakti recommends four rail projects")
Wheat crop loss likely to be 1-2 MT due to untimely rains: Govt
The government's wheat procurement at minimum support price (MSP) is underway and about 7 lakh tonnes have been purchased so far, higher than 2 lakh tonnes in the year-ago period.
 "Wheat crop loss likely to be 1-2 MT due to untimely rains: Govt")
CNG, piped gas prices to be cut but no clarity on deregulation: Analysts
CNG and piped cooking gas prices will be cut by 9-11 per cent after the government revised the formula for pricing of natural gas, but there is no clarity on deregulation of the fuel, analysts said
 "CNG, piped gas prices to be cut but no clarity on deregulation: Analysts")
Govt exploring possibilities of investing in lithium mines abroad
With requirement for lithium rising manifolds, the Central government is exploring the possibilities of investing in mines abroad, especially in Argentina and Australia
 "Govt exploring possibilities of investing in lithium mines abroad")
Powered by PLI, India may add 150,000 new jobs in phone manufacturing
The govt's PLI scheme and the long-term plans of many companies to move their production facilities to India are giving a big push to jobs in the sector
 "Powered by PLI, India may add 150,000 new jobs in phone manufacturing")
Network Planning Group under PM Gati Shakti approves 4 infra projects
The Network Planning Group (NPG) under the PM Gati Shakti initiative has approved four infrastructure projects related to railways, an official statement said on Friday.
 "Network Planning Group under PM Gati Shakti approves 4 infra projects")
'ESI scheme extended to beneficiaries in 610 districts across country'
Out of the 744 districts of the country, the ESI scheme is extended to 610 districts, which include 492 fully covered and 118 partially covered districts under the scheme
 "'ESI scheme extended to beneficiaries in 610 districts across country'")
IMF warns five-year global growth outlook is weakest since 1990
For 2023, global gross domestic product will likely expand by less than 3%, she said. That's in line with the fund's January forecast of 2.9%
 "IMF warns five-year global growth outlook is weakest since 1990")
Clean energy infrastructure may be included in harmonized master list
Small-sized projects below 500 megawatt are not offered anymore in the tenders by central government agencies
 "Clean energy infrastructure may be included in harmonized master list")
