India subsidies: India’s food subsidy bill cut by 22%, fertiliser 31%

The Narendra Modi government on Wednesday slashed its fertiliser and food subsidies by 22% and 31% each for the upcoming fiscal. India’s expenditure on overall subsidy and subsidy-related schemes has seen a cut of around 28% at Rs 4.03 lakh crore. While the Centre had estimated an expenditure of Rs 3.56 lakh crore, it has … Read more

Wholesale price inflation declines to 4.95% in December 2022

India’s wholesale price inflation slipped to a 22-month low of 4.95% in December 2022 from 5.85% in November, fostering hopes of further easing in the price rise faced by consumers, as producers may slow down the pass-through of input costs at the retail level. This is the second month in a row that wholesale inflation … Read more

World’s biggest container ship skips India in blow to trade aims

Prime Minister Narendra Modi’s goal of making India the world’s factory risks being held back by the country’s inability to attract bigger container ships due to inadequate port infrastructure. Most harbors along India’s coast aren’t deep enough to handle vessels like the Ever Alot, the world’s largest boxship at 400 meters long and with a … Read more

Net direct tax revenue up 20%, gross mop-up rises 26% to ₹13.63 lakh crore

India’s net direct tax collections in 2022-23 surpassed the ₹11-lakh crore mark by December 17, reflecting a 19.8% uptick over last year, the Central Board of Direct Taxes said on Sunday. Last year, in the corresponding period, it was ₹9,47,959 crore. “The net direct tax collection of ₹11,35,754 crore includes Corporation Tax (CIT) at ₹6,06,679 … Read more

India annual GDP growth to slow in September quarter as COVID effect fades

Annual growth in the Indian economy likely slowed in the July-September quarter as COVID distortions faded, economists said ahead of GDP data due on Wednesday that will provide clues about its resilience in the face of global economic turmoil. Asia’s third-largest economy is expected to post annual growth of 6.2% in the three months to … Read more

Govt’s cash balances halve in a month with rise in infra spending

The government’s cash balances have nearly halved in about a month to Rs 2.3 lakh crore as it accelerates spending on infrastructure. Higher federal spending, though potentially inflationary, should boost economic growth that fell below even the central bank’s forecast last quarter. Cash balances with the government were at Rs 2.3 lakh crore on September … Read more

Banks say NPAs may rise in MSME sector in next 6 months

The pressure on asset quality of loans to micro small and medium enterprises (MSMEs) is set to increase, leading to a rise in non-performing assets (NPAs) in this segment in the next six months, according to a survey by the Federation of Indian Chambers of Commerce & Industry and the Indian Banks’ Association. Some of … Read more