Citing the post-pandemic economic recovery as the reason, the Union Finance Ministry reported a record all-time high GST collections of over Rs 1.15 lakh crore in the December, 2020. It registered an increase of 10% from November 2020 figure which was highest in the last 21 months. December 2020 was also the third consecutive month to register over Rs 1-lakh-crore GST collection. Besides, the collection was 12% higher than that of December… read-more
The UK’s Centre for Economic and Business Research (CEBR), in its annual report, has claimed that China will emerge as world’s biggest economy surpassing the US in 2028. The report cited China's "skillful management of the pandemic" as the reason because of which the country will be reaching the feat five years earlier than previously extrapolated. It also expected India to replace Japan in 2030 as the world's third-biggest economy.
Finance Minister Nirmala Sitharaman on December 3 said that the 2021-22 budget will focus on laying the foundations for strong economic growth in the next five years. While asserting that the Indian economy was recovering, the Finance Minister hinted that the government may ease up on spending to stimulate growth. She stated, "2021-22 will be very big, good traction year for achieving a really good rate of growth".
The South Delhi Municipal Corporation (SDMC) has planned to install booths in parks to sell fruits, milk and basic items to boost the pandemic-hit corporation's financial condition. The SDMC will provide 4.5 x 2.5 metres temporary sheds on rent that can be operated during fixed hours. The corporation will table the proposal in the next meeting. The kiosks will be provided for a maximum of seven years by the auction method.
Courtesy: Hindustan Times
The Consumer Affairs Ministry's data has showed a heavy spike in edible oil prices with palm, soybean and sunflower oil cruising by 20-30% in the last one year. While the per litre price of vanaspati oil rose to Rs 102.5 from Rs 75.25, the soybean oil was sold at Rs 110 from Rs 90 of the last year. Sources cite the slump in Malaysian palm-oil production as the reason.
Courtesy: Times Of India
Villagers of Balaghat district in Madhya Pradesh called a social boycott against 14 families of the Gond tribe for not contributing Rs 200 for Durga Puja. They were made deprived of buying ration and even denied of work. The pandemic-stricken families suffering from poor economic conditions however agreed to pay Rs 100 each, but it was refused by organizers. The boycott that… read-more
Courtesy: The Indian Express
Jewellers in the NCT-Delhi claimed that people are showing keen interest in buying Silver ahead of the Dhanteras festival. They opined that the unemployment due to the pandemic made people shift to the less costly metal this time. A jeweller mentioned people wanted to celebrate Dhanteras “without burning a hole in their pocket.” Another claimed that the footfall of customers and sales are very low this time owing to the pandemic.
Courtesy: Hindustan Times
Information and Broadcasting Minister Prakash Javadekar on November 11 announced that 10 key sectors will receive funds worth Rs 2 lakh crore under the Production Linked Incentives (PLI) scheme. As per the announcement, various industries, including the textiles and the solar power systems, will get financial incentive to boost domestic manufacturing. He added, "This move will enhance India’s manufacturing capabilities." Meanwhile, Finance… read-more
Following the COVID lockdowns, the UK's unemployment rate grew up to 0.3% and has reached 4.8% in September. Reportedly, about 243,000 people lost their jobs till September and most of them were between the age group of 16-24. UK's Office of National Statistics' official Jonathan Athow said, "We're seeing a continuation of a weakening of the labour market... [and].. We might see furlough creep again."
Courtesy: BBC News
A Home Credit India's report has indicated that pay cutoffs and job losses during the COVID-19 have forced around 46% of Indians to borrow money to run their households. The percentages were as high as 27% in cities like Bhopal and Mumbai, followed by Delhi (26%). People however have leaned towards informal sources like friends and family to take loans as it would give them plenty of time to repay.
Courtesy: The New Indian Express