Finance

Chhattisgarh to commence paddy procurement from December 1

Paddy is the major crop of Chhattisgarh, which is referred to as the Rice Bowl of India.

The Bhupesh Baghel-led state government has started paddy procurement from December 1 at the support price, it has announced. Paddy procurement has been a political and social issue in the state. The state government is not allowing any kind of reduction in paddy procurement amid the Covid-19 crisis. Paddy is the major crop of Chhattisgarh, which is referred to as the Rice Bowl of India.

Farmers debt worth Rs 9,000 crores waived

The state govt has waived agricultural loans worth Rs 9,000 crores

‘Give executive order on MSP, verbal promises won’t work’; will Modi govt issue written assurance?

Though PM Narendra Modi and other ministers have assured that the MSP will continue irrespective of the new laws, farmers have raised concerns (Bloomberg image)

Thousands of farmers from Punjab, Haryana, and Uttar Pradesh have been protesting at Delhi borders since last week, demanding for a rollback of new farm laws. Farmers claim that the new farm laws will hit their income, as those will eventually end the Minimum Support Price (MSP) system and lead to the corporatization of farming. “In states having weak APMC infrastructure, farmers are forced to sell outside mandis and generally they realise a price much

Indian-American Vivek Lall elected Board member of top US business councils; US-India-Japan business relations to deepen

The new global order means India, US and Japan will be working closely on several issues including free-trade, technology and strategic partnership.

US-Japan Business Council (USJBC), as well as the US India Business Council (USIBC), have recently announced the joining of US-based Indian-American, Dr Vivek Lall, on its Board of Directors. Considered by many in Washington DC as the industry architect of the US-India relationship role this century, he was unanimously voted onto the board of the USJBC.

Since the turn of the century, US India defence trade has touched $ 20 billion mark. The new global order means India,

GST returns deadline: Reminders to 25,000 defaulter taxpayers

According to the GST return filing schedule, the GSTR-3B returns were expected to be filed in a staggered manner by November 20, 22 and 24 for transactions made in October.

The government is mulling cancelling GST registration for 5.43 lakh taxpayers who have not filed monthly tax returns (GSTR-3B) for the last six months or more, sources in the revenue department said. Additionally, the department would ‘persuade’ 25,000 taxpayers, who have not filed returns for October that was due by November 24, to comply with tax return deadlines.

Sources said tax officers have been directed to follow up personally with

Highest FDI inflows to India coming from Singapore and USA; software sector biggest beneficiary

Other top contributors include the Cayman Islands with inflows worth Rs 15,672 crore and Mauritius with Rs 15,019 crore.

So far this financial year, Singapore and The United States of America have been the biggest contributors towards FDI equity inflows to India. Data published by the Department for Promotion of Industry and Internal Trade (DIPP) shows that Singapore has invested Rs 62,084 crore into India between April and September 2020. This was followed by the USA with Rs 53,266 crore of inflows. In the fiscal second quarter alone, India has received $28 billion of FDI inflows, which included equity inflows,

Q2 GDP LIVE: Will India dodge double-digit economic contraction? GDP figures to be released today

While previously, the country’s GDP shrank by a record 23.9 per cent in the fiscal’s first quarter, the economy has substantially narrowed contraction to a single digit in Q2.

GDP Q2 FY 2020-21: India’s economy shrank 7.5 per cent in the fiscal second quarter, after seeing a record contraction of 23.9 per cent in Q1. With the contraction in two successive quarters, India has entered into a technical recession in the first half of the current fiscal. However, the economy substantially narrowed contraction to a single digit in Q2. The manufacturing and construction sectors made a jump in the

Record Kharif sowing to lift farmers’ income, agri economy; 27 lakh farmers already benefit from MSP

Paddy, being one of the most important staple crops in India, has seen a continuous rise in MSP over the years, growing at a CAGR of 6.8 per cent over the last decade.

The record sowing during the Kharif season is likely to boost farm income, and eventually, support the agricultural economy amid the pandemic. Early indications show a healthy start to the procurement season that began in October, said a report by ICRA. While the bumper sowing kept the farm sentiments resilient, the same had to be supplemented by active procurement of rice at a minimum support price (MSP)

Q2 GDP: Economy may recover from record fall, contraction may narrow sharply but can’t stop recession

Q2 GDP is estimated to have substantially narrowed contraction to a single digit.

Q2 FY21 GDP: India’s economy is expected to have undergone a significant improvement in the second quarter (Jul-Sep) of the current fiscal year 2020-21 after the lockdown restrictions were gradually lifted. While the country’s GDP shrank by a record 23.9 per cent in the fiscal first quarter due to strict nationwide lockdown and near-standstill businesses, the GDP is estimated to have substantially narrowed contraction to a single digit in Q2. However, it is true that the Indian economy has likely fallen into a technical recession as the

At virtual G20 Summit, PM Narendra Modi calls for ‘new world’ in post-Covid environment

PM Modi also spoke about democratisation of technology and said that the new advancements should reach every section of the society. (ANI Photo)

As the world leaders greeted each other on computer screens at the commencement of G20 Summit, it was a sombre acknowledgement of the new normal in the times of coronavirus pandemic. The event hosted virtually by Saudi Arabia saw global leaders such as Russian President Vladimir Putin, China’s Xi Jinping and Indian Prime Minister Narendra Modi meeting online to discuss the offline scenarios of growth and path of recovery. In his keynote address, Prime Minister Narendra Modi

Too soon to cheer: Recovery, but a slow one

Also, corporate India’s Q2FY21 profits were impressive, for a large number of companies came on the back of steep fall in costs rather than higher revenues.

While the economy is no doubt recovering from the lows of the April-June period and the festive season would have spurred consumer spends, there are no indications yet the momentum will sustain after December. With the services sector yet to see a meaningful uptick — sectors such as hotels, restaurants, aviation and retail remain sluggish — the year could end with significant job losses.

Analysts at Nomura say business resumption plateaued in the week