Input inflation and a sharp rise in employee expenses notwithstanding, India Inc turned in a strong performance in FY22. While the low base of FY21 did help prop up the numbers, companies clearly responded to the demand from clients and customers. Employee costs jumped 12.7%, the biggest increase in eight years. Much of this was […]
The commerce ministry has made a renewed push to allow firms in the special economic zones (SEZs) to sell goods in the domestic market at a low duty, as it prepares a raft of proposals to replace the existing law governing these duty-free enclaves with a new piece of legislation, official and industry sources told […]
Goods and services tax (GST) collections crossed Rs 1.4-trillion mark for the third month in a row in May 2022 and came in at the fourth-highest level since the launch of comprehensive consumption tax about five years ago. The continued buoyancy in GST receipts over the last few months denotes the economic momentum is not […]
After forecasting normal rains in April, the India Meteorological Department’s (IMD’s) updated long range forecast holds out the prospect for more normal rainfall from the southwest monsoon between June and September. Overall precipitation is expected to be 103% of the new long period average (LPA) of 868.6 mm, up from the 99% forecast in April. […]
The government may set a more ambitious target to reduce the country’s elevated logistics costs, long blamed for eroding its export competitiveness, as it inches closer to finalising a national logistics policy. It will likely set a target to reduce logistics costs by as much as five percentage points over the next four-five years to […]
The southwest monsoon is likely to hit the Kerala coast in two to three days marking the start of the three-month season of rainfall across the subcontinent, the India Meteorological Department (IMD) forecast on Friday. “There is an increase in cloudiness over Kerala coast and adjoining southeast Arabian Sea. Hence, conditions are becoming favourable for […]
To keep the momentum of government spending, the finance ministry has allowed all ministries to utilise the unspent portion of the funds released to them in a quarter in the subsequent quarter. The flexibility can be availed by the ministries and departments in the first quarter of a financial year after intimating the budget division […]
A higher tax slab for online gaming will not only lead to proliferation of a parallel black market but also act as a major barrier when it comes to attracting foreign direct investment (FDI), say industry experts. The reaction comes days after an empowered group of ministers (GoM) — set up to look into taxation […]
Having notified its plan to regulate sugar exports to keep local supplies steady, the food ministry has asked the sugar mills to seek permits from the directorate of sugar to ship out the sweetener between June 1 and October 31, and file details of despatches with the directorate’s portal daily. However, re-exports of refined sugar, […]
The US-led Indo-Pacific Economic Framework for Prosperity (IPEF) has potential to evolve into a broader trade agreement that will enable India to reap advantage of being in a large region-specific trade bloc after its exit from the China-dominated RCEP, trade economists told FE. However, the group’s focus on pillars such as data flow and climate […]