India has sought information from Swiss authorities on deposits by its citizens in Swiss banks. The move comes following reports of deposits by Indian Swiss banks rising to ₹20,700 crore at the end of 2020, from ₹6,625 crore at the end of 2019. The Authorities have been requested to provide the relevant facts along with their view on possible reasons for increase/decrease," finance ministry said Saturday.
Reserve Bank of India's repo rate is expected to remain unchanged during FY22. A lower repo rate, will reduce the interest cost on automobile and home loans, thereby ushering in growth. Earlier this month, the Monetary Policy Committee (MPC) of the central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks, at 4%.
India's foreign exchange (Forex) reserves increased by $3.074 billion in the week ended June 11. With this surge, the foreign exchange reserves have reached an all-time high of $608.081 billion, according to data released by RBI. The foreign exchange reserves had jumped by $6.842 billion to $605.008 billion in the previous week ended June 4, 2021.
The Centre will work towards linking innovative agricultural technologies with the farms to benefit small and marginal farmers, specially women in the Northeastern region under its Biotech-KISAN programme. The Department of Biotechnology has issued a special call for North East Region as a part of its programme to understand local issues of farmers and provide scientific solutions to those problems.
The Federation of Seed Industry of India (FSII) and the National Seed Association of India (NSAI) on Friday urged the Centre to take action against sudden surge in illegal cultivation of herbicide tolerant (HT) Bt cotton. The FISEC panel, after testing several thousand samples, concluded that about 15% prevalence of unapproved HT Bt cotton were in Maharashtra, Andhra Pradesh, Telangana and Gujarat.
Retail prices of three pulses tur, moong dal and urad are on a declining trend after the government took coordinated actions with state governments to check hoarding. According to the ministry, the average increase in prices of these three pulses during April to June 16, 2021 was 0.95% as compared with previous 3 months.
Iron ore supply agreements with Korea and Japan have been in existence for around six decades; these got renewed uninterruptedly as New Delhi’s goodwill gesture to the two Asian countries. NMDC, which supplies iron ore to Japan and Korea, in 2019-20 exported 2.44 million tonne (MT) iron ore and in 2020-21. Sources said there have been no exports so far in the current fiscal.
The monetary policy committee must be watchful of inflation expectations getting entrenched if prices remain elevated for too long, as it could undermine its hard-earned credibility in efficient inflation targeting, MPC member Jayant Varma wrote. India's annual retail inflation rate rose 6.30% year-on-year in May, breaching the RBI's upper tolerance band of 6% and up from 4.29% in April.
Retail inflation for farm and rural workers rose to 2.94% and 3.12%, respectively, in May. Food inflation based on CPI-AL and CPI-RL stood at 1.54% and 1.73%, respectively, during May 2021. They had stood at 1.24% and 1.54%, respectively, in April 2021; and 10.40% and 10.21% in May last year. The major contribution towards the rise in general index of agricultural and rural labourers came from food.
Issuing a set of clarification on certain decisions taken by the GST Council in its 43rd meeting on May 28, the CBIC said Supplying food to schools under mid-day meal scheme, pre-schools and anganwadis is exempt from GST if such supplies are funded by government grants and/or corporate donations.
The index of mineral production of mining and quarrying sector for the month stood at 108.0, which was 37.1% higher from the the level in April 2020, the ministry said in a statement. The production of most of the important minerals showing positive growth includes, coal, lignite, natural gas (utilised), bauxite, chromite, copper concentrate, gold, iron ore.
The Parliamentary Standing Committee on IT told Twitter on Friday that the "law of the land is supreme" and not the company's policies, when twitter officials said they have their own policies. The panel, headed by Congress Lok Sabha MP Shashi Tharoor, had summoned Twitter over concerns of misuse of the social media platform as well as the protection of citizens' rights.
India maintained 43rd rank on an annual World Competitiveness Index compiled by the IMD that examined the impact of COVID-19 on economies around the world this year. The IMD World Competitiveness Ranking ranks 64 economies and assesses the extent to which a country promotes the prosperity of its people by measuring economic well-being through hard data and survey responses from executives.
Export of steel at 17.3MT in FY21, a 56% rise over the previous year and an all time record in the recent past, had supported Indian steel industry to maintain an average capacity utilisation of 72% in the midst of more than 10% decline in apparent consumption. During the first two months, India has exported steel worth ₹17,812 crore which exceeds last year’s export by 86%.
The index of consumer sentiment has started improving since mid-May after witnessing a higher fall in rural India in April and May compared to urban India. It seems that a turnaround is also underway. The index was at 47.3 in the week ended May 16 and has clawed back some ground to reach 48.9 in the week ended June 13.