Name: No amount of govt intervention enough for pandemic-hit economy: FM
Uploaded: 2020-12-18T02:45:25.fff+05:30
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Finance Minister Nirmala Sitharaman said on Thursday that the government has taken several measures to support the economy but no amount of intervention will be adequat

No amount of govt intervention adequate for pandemic-hit economy: FM

Finance Minister Nirmala Sitharaman said on Thursday that the government has taken several measures to support the economy but no amount of intervention will be adequate to deal with the crisis triggered by the Covid-19 pandemic.
Addressing the annual general meeting of the Indian Chamber of Commerce, Sitharaman said that while in early 2020 green shoots and revival signs of the economy were visible, it was upset with the pandemic setting in.
On the next Budget, she said that public expenditure, including on capital and infrastructure, will be kept up.
Sitharaman said several sovereign and pension funds are willing to come to India with long-term commitments, which is leading to the higher inward flow of FDI than comparable economies.

Finance Minister Nirmala Sitharaman said on Thursday that the government has taken several measures to support the economy but no amount of intervention will be adequate to deal with the crisis triggered by the Covid-19 pandemic. Addressing the annual general meeting of the Indian Chamber of Commerce, Sitharaman said that while in early 2020 green shoots and revival signs of the economy were visible, it was upset with the pandemic setting in. On the next Budget, she said that public expenditure, including on capital and infrastructure, will be kept up. Sitharaman said several sovereign and pension funds are willing to come to India with long-term commitments, which is leading to the higher inward flow of FDI than comparable economies.

Finance Minister Nirmala Sitharaman said the Indian economy is likely to do better than the projection of an 8 per cent shrinkage in the current fiscal as eco

Finance Minister Nirmala&nbsp;Sitharaman&nbsp;said the Indian economy is likely to do better than the projection of an 8 per cent shrinkage in the current fiscal as economic activity gathers pace with mild stiffening of pandemic curve and the rollout of vaccines. The Department of Economic Affairs had in its monthly report said the economic growth is expected to be -8% this fiscal as the industry and services sector have felt the pressure of the slowdown the most with demand contraction due to the pandemic.

While all other sectors faced a massive hit owing to the Covid-19 pandemic and subsequent lockdown, agriculture sector in Maharashtra is expected to report a whopping 1

While all other sectors faced a massive hit owing to the Covid-19 pandemic and subsequent lockdown, agriculture sector in Maharashtra is expected to report a whopping 11.7% growth in 2020-21, from 6.1%in 2019-20.
According to economic survey of Maharashtra&nbsp;tabled in the assembly on Friday, the growth is attributed to more than average rainfall, rise in agricultural production and availability of water, electricity and manpower due to the lockdown.
The survey adds that crop sector is expected to grow by 16.2%, livestock by 4.4% and forestry and logging by 5.7%.&nbsp;Maharashtra&nbsp;had reported highest agricultural growth rate of 21% in 2016-17.

The push to include petrol and petroleum products under the GST just got stronger. Union Finance Minister Nirmala Sitharaman on Friday said that the co

Union Finance Minister Nirmala Sitharaman&nbsp;on Friday said that there is enough case to say that fuel prices need to to brought down. She said the rising prices are a&nbsp;burden on consumers and the Centre and states should jointly take a call on cutting taxes on fuel. She added that 41% of the taxes collected by Centre on fuel goes to the states.&nbsp;
On the issue of bringing petrol and diesel under the Goods and Services Tax regime, which will end the cascading impact of taxes and bring uniformity, the finance minister said the call has to be taken by the GST Council.&nbsp;
&nbsp;

The Haryana Governor has approved a bill that reserves 75 percent private jobs for the people of the state, Deputy Chief Minister Dushyant Chautala informed on Tuesday.

The Haryana Governor has approved a bill that reserves 75 percent of the private sector jobs with gross salary upto&nbsp;₹&nbsp;50,000 per month for the people of the state, Deputy Chief Minister Dushyant Chautala said on Tuesday. Last year,&nbsp;Haryana&nbsp;govt had&nbsp;announced that it wants 75 per cent of private sector jobs in the state, till a certain salary slab, reserved for local candidates. The state Assembly had also passed the&nbsp;Haryana State Employment of Local Candidates Bill, 2020&nbsp;paving way for more employment opportunities for locals in private sector.

Finance Ministry is in looking at the possibility of reducing taxes on petrol and diesel as prices as per reports. Taxes and duties account for over 60% of the petrol b

Finance Ministry is looking at the possibility of reducing taxes on petrol and diesel as per reports. Taxes and duties account for over 60% of the petrol bill at this point. Along with soaring crude oil&nbsp;prices ,&nbsp;hefty tax bill has pushed petrol prices to record highs across the country topping the Rs 100/litre&nbsp;mark.&nbsp;&nbsp; &nbsp; Reports quoted unnamed Finance Ministry sources as saying&nbsp;"We are discussing ways in which prices can be kept stable. We will be able to take a view of the issue by mid-March."&nbsp;&nbsp;
 GST collections have been above Rs 1 lakh crore for the 5th&nbsp;straight month in February has given some room to the govt to&nbsp;lower the fuel bill burden on the consumers.&nbsp;&nbsp;

The deadline to file GST returns for FY'20 has been extended to March 31 by the govt. This is the second extension by the govt, moving the calendar from Dec 2020 t

The deadline to file&nbsp;GST returns for FY'20 has been extended to March 31 by the govt. This is the second extension by the govt, moving the calendar from Dec 2020 to end of February and now to March end.&nbsp;&nbsp;
Members of the industry&nbsp;welcomed this move as&nbsp;many were struggling to meet this statutory deadline and had represented to the government for an extension.
&nbsp;

Strong festive sales boosted growth numbers in the final quarter of 2020 as India exited recession after two quarters of growth contraction. GDP for the October-Decembe

Strong festive sales boosted growth numbers in the final quarter of 2020 as India exited recession after two quarters of growth contraction. GDP for the October-December period is now pegged at 0.4% , the first expansion after the pandemic hit.&nbsp;India is now one of the few economies that saw growth expand in the quarter gone by.&nbsp;&nbsp;
Though technically the recession may be over but it is not all good news the govt has&nbsp;revised&nbsp;&nbsp;the&nbsp;full year GDP to reflect a contraction of 8% vs &ndash;7.7% earlier. Some of the&nbsp;internal indicators&nbsp;are also not very encouraging&nbsp;for example spending from the govt&nbsp;as well private spending have shown a contraction on a&nbsp;year on year&nbsp;basis.&nbsp;&nbsp;
It is&nbsp;definitely&nbsp;too&nbsp;early to celebrate the recovery as International ratings agency Moody&rsquo;s warns that the risk to growth forecast for India is tilted to the downside. Even JPMorgan&nbsp;has raised an alarm that&nbsp;&nbsp;a&nbsp;consumer credit crisis could derail India&rsquo;s economic recovery . For the weekend however economy watchers can enjoy the headline that India has exited recession.&nbsp;

Good news for startups and FinTechs as the Prime Minister has made a big pitch for larger credit flows to head their way. Speaking at a webinar PM Modi highli

Good news for startups and&nbsp;FinTechs&nbsp;as the Prime Minister has made a big pitch for larger credit flows to head their way. Speaking at a webinar PM Modi highlighted that&nbsp;financial products will have to be tailor-made for fintech and startups.&nbsp;He expects&nbsp;India's fintech market to grow to Rs 6 lakh cr.
Addressing a webinar&nbsp;on&nbsp;the implementation of Budget in the Financial Services sector&nbsp;the Prime Minister assured the audience that the government is committed to strengthening the banking sector and the focus remains on&nbsp;taking steps to make the financial services sector vibrant, proactive and strong. PM&nbsp;Modi said that investors, depositor&rsquo;s trust and transparency is the top priority of his government.&nbsp;

Rising momentum in business activity led by public spending has helped the Indian economy take the much-needed exit track from recession in the Oct-Dec quarte

Rising momentum in business activity led by public spending has helped the Indian economy take the&nbsp;much-needed&nbsp;exit track from recession in the Oct-Dec quarter last year.&nbsp;&nbsp;Economists&nbsp;surveyed expect&nbsp;the economy to show a modest 0.8% expansion in the final quarter of 2020. Government will release the data on late evening on Friday.&nbsp;&nbsp;Public spending took the lead in accelerating activity as disbursements rose 29% in October to December vs a contraction of 12% in the previous quarter.&nbsp;&nbsp; &nbsp;The RBI Governor also reiterates that growth had become very dependent on public expenditure even before the pandemic hit. In&nbsp;fact, spending analysis shows that every rupee spent by the govt results in a growth of Rs 3 in the economy.&nbsp;Consumption activity was aided by the festive season and it was noticeable in the sales of consumer durables and&nbsp;non-durables&nbsp;in the final quarter of the calendar year. Auto sales numbers indicated a big recovery in sentiment seeing the biggest single quarter jump in the last 2&nbsp;years,&nbsp;though the low base also helped.&nbsp;&nbsp;This is definitely light at the end of the tunnel and not an aberration as indicators in January are holding onto the turnaround during the festive period. Markit India PMI has been above the&nbsp;50 mark&nbsp;indicating an expansion since&nbsp;September.&nbsp;But will this growth hold that&rsquo;s the real question and the market remains divided on the response for now.&nbsp;&nbsp; &nbsp;

As resentment grows against the govt due to the hike in fuel prices, the Finance Ministry and the Reserve Bank of India are in agreement on the need for coordinated act

As resentment grows against the govt due to the hike in fuel prices, the Finance Ministry and the Reserve Bank of India are in agreement on the need for coordinated action between the Centre and the states to reduce fuel prices.
Finance Minister Nirmala Sitharaman&nbsp;in a tweet said, that there is no hiding from the fact that the fuel is an important revenue source and in order to reduce prices for the consumer, the Centre and States will have to talk.
RBI Governor Shaktikanta Das emphasised that a calibrated reduction of taxes on petrol and diesel was important, as it affects the cost of manufacturing and production which in turn impacts inflation.&nbsp;

The shine for the yellow metal seems to be dulling with gold prices falling nearly ₹10,000 from the peak it scaled in August 2020. In fact, gold is now h

The shine for the yellow metal seems to be dulling with gold&nbsp;prices&nbsp;falling nearly ₹10,000&nbsp;from the peak it scaled in August 2020. In fact, gold is now headed for a second&nbsp;monthly decline as it sinks towards an&nbsp;8 month&nbsp;low.&nbsp;&nbsp;
Stronger returns in the US bond market&nbsp;with global central banks continuing to support growth has dulled demand for gold. Meanwhile, Goldman Sachs has cut its gold forecast, citing&nbsp;rising risk appetite for assets&nbsp;as a&nbsp;factor&nbsp;for the&nbsp;price&nbsp;underperformance.&nbsp;
Rising bond yields have always led to lower gold prices and with US yields hovering near 1 year high the demand for gold and thus the prices have seen a consistent correction. In fact, reports&nbsp;indicate&nbsp;&nbsp;holdings&nbsp;of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, have&nbsp;fallen&nbsp;to their lowest since May 2020

A cautious call on growth from the international ratings agency Moody’s ahead of Q3 GDP release tomorrow. Moody’s though expects India’s GDP numbers t

A cautious call on growth from the international ratings agency Moody&rsquo;s ahead of Q3 GDP release on Friday.&nbsp;Moody&rsquo;s though, expects India&rsquo;s GDP numbers to rise sharply&nbsp;to 13.5% next fiscal year; this is higher than the 10.5% projection from the RBI for FY&rsquo;22.&nbsp;&nbsp;They do&nbsp;however&nbsp;expect the cheer to moderate, as growth is likely to slow to 6.2% in FY&rsquo;23 as the low base effect also wears out.&nbsp;&nbsp;
Holding a negative outlook on India, Moody&rsquo;s warns that the&nbsp;&ldquo;Risk to growth forecast for India is tilted to the downside.&rdquo;&nbsp;
India will release GDP for the period of October-December 2020 on&nbsp;Friday,&nbsp;where data will indicate that the economy has finally exited recession with&nbsp;a&nbsp; projected&nbsp;growth rate of 0.5%.&nbsp;&nbsp;

“Government has no business to be in business” that was the clear and concise message from PM Modi as the govt batted aggressively for privatisation.

&ldquo;Government has no business to be in business&rdquo; that was the clear&nbsp; and concise message from PM Modi as the govt batted aggressively for privatisation. Putting the focus back onto development PM Modi reiterated that being in businesses distracts the govt from its main goals.
With over 100 assets identified in its asset monetisation pipeline the Prime Minister reminded India Inc that the Rs 2.5 lakh crore that they are hoping to raise via divestment will be dedicated to development goals. PM Modi added that the government will be&nbsp;having&nbsp;public sector companies only in key strategic sectors and that too only minimum companies. &nbsp;
 There were about 249 PSUs in 2018-19. Of these, 70 were loss-making, with combined losses to the tune of Rs 31,000 cr.&nbsp;

Home prices across the United States jumped 10.4% in December, traditionally as a slow month for realty. Case-Shiller Home Price Indices which measures

Home prices across the United States jumped 10.4% in December, traditionally as a slow month for realty.&nbsp;Case-Shiller Home Price Indices&nbsp;&nbsp;which measures average home prices in major metropolitan areas saw one of the largest annual gains in the 30-year history of the index.
Phoenix, Seattle, and San Diego continued to show the strongest price gains among the 19 cities surveyed.
Record low interest rates and pandemic forced work from home has led to a surge in home sales across the United States.&nbsp;Sales of previously owned homes, which make up the bulk of the housing market, rose in 2020 to their&nbsp;highest annual level since 2006.

India is on track to recover from a pandemic-led economic contraction and is likely to grow 10% in the financial year 2022, S&P Global Ratings said in a foreca

India is on track to recover from a pandemic-led economic contraction and is likely to grow 10% in the&nbsp;financial year 2022, S&amp;P Global Ratings said in a forecast on Tuesday. This is slightly lower than the 11% growth projected by the Economic Survey for FY22. The projected rebound in FY22, however, comes on a lower base, with the Indian economy estimated to contract 7.7% this fiscal. For the recovery in growth in the next fiscal, S&amp;P relied on consistently good agriculture performance, flattening of the Covid-19 infection curve, and a pickup in government spending.

The Wholesale price-based inflation (WPI) in January rose to 2.03 percent from 1.22 percent a month ago in December.

The Wholesale price-based inflation (WPI) in January rose to 2.03 percent from 1.22 percent a month ago in December, according to the government data released on Monday.&nbsp;
This is the highest level of WPI inflation since February 2020 when it was 2.26 percent.
WPI&nbsp;was at 2.03% for the month of January 2021 as compared to 3.52% during the corresponding month of the previous year.

The Reserve Bank of India on Friday left the benchmark interest rate unchanged at 4 per cent for a fourth time and keep the stance accommodative, in the first policy af

The Reserve Bank of India on Friday left the benchmark interest rate unchanged at 4 per cent for a fourth time and keeping the stance accommodative, in the first policy after Budget 2021.&nbsp;Meanwhile, the reverse&nbsp;repo rate&nbsp;will also continue to earn 3.35 per cent for banks for their deposits kept with the&nbsp;RBI.&nbsp;RBI&nbsp;governor,&nbsp;Shaktikanta&nbsp;Das&nbsp;said&nbsp;inflation has been better than what was expected in the December meeting.&nbsp;
Saying that GDP growth was projected at 10.5 per cent for the next fiscal, Das said that the Budget had provided impetus to health and infra sectors.
&nbsp;

Actress Vidya Balan's short film ‘Natkhat’ has entered the race for Oscars 2021. The film has been nominated for Best Short Film categ

Actress&nbsp;Vidya Balan's short film&nbsp;&lsquo;Natkhat&rsquo;&nbsp;has entered the race for Oscars 2021. The film has been nominated for&nbsp;Best Short Film category.&nbsp;Taking to Instagram, Vidya announced the news and shared a snippet from the film. Produced by Vidya Balan, &lsquo;Natkhat&rsquo; follows the story of a&nbsp;mother teaching her son lessons about value of gender quality.&nbsp;The 93rd Academy Awards, which was about to take place on February 28, has been postponed to April 25 due to Covid-19 pandemic

Finance Minister Nirmala Sitharaman announced the PM Atmanirbhar Swasth Bharat Yojana which will spend Rs 64,180 crore on primary.

Finance Minister Nirmala Sitharaman&nbsp;on Monday announced the PM Atmabirbhar Swasth Bharat Yojana which will spend ₹64,180 crore on primary, secondary and tertiary healthcare over a period of six years.&nbsp;This will be in addition to the National Health Mission, she said. 17,000 rural and 11,000 urban health and wellness centres to be set up. Sitharaman&nbsp;also announced that the government will establish integrated public health labs in each district.
&nbsp;
Click here for <a href="https://www.editorji.com/watch-live" target="_blank" rel="noopener">Live Budget 2021</a> coverage, analysis and detailed discussions.&nbsp;
&nbsp;

The fiscal deficit for the financial year 2020-21 has been pegged at 9.5% with a plan to bring it down to below 4.5% by FY26, Finance Minister Nirmala Sitharaman&n

The fiscal deficit for the financial year 2020-21 has been pegged at 9.5% with a plan to bring it down to below 4.5% by FY26, Finance Minister Nirmala&nbsp;Sitharaman&nbsp;said.&nbsp;The government would need another ₹80,000&nbsp;crores for which it would be approaching the markets in February and March.&nbsp;The fiscal deficit in FY22 is estimated to be 6.8% of GDP. The gross borrowing from the market for the next year would be around ₹12 lakh crores, Sitharaman&nbsp;said.
&nbsp;

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