Economics/Business

Tags: Economics/Business

1. Visa complains to US govt about India backing local rival RuPay

• The Visa company issued a statement to the U.S. during a meeting between company executives, including U.S. Trade Representative (USTR) Catherine Tai and CEO Alfred Kelly. It has complained to the government that domestic payments rival RuPay is promoting India's "informal and formal" manner. Due to this, American Visa Company has suffered loss in India.

2. Government approves strategic disinvestment of Central Electronics Ltd.

• The Union Government announced that it has approved the strategic divestment of Central Electronics Ltd (CEL) - a CPSE under the Department of Scientific and Industrial Research (DSIR).
• The winning bid was by Nandal Finance and Leasing Ltd for Rs 210 crore.
• The Alternative Mechanism (AM) on strategic disinvestment comprises Road Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Minister of State for Science and Technology Jitendra Singh.

3. Direct tax collection grew by 68%

• According to the Union Minister of State of Finance, the Net Direct Tax Collection figures for the FY- 2021-22 as on 23.11.2021 are at Rs 6,92,833.6 crore showing a growth of 67.93 percent and 27.29 percent over the net collection figures for the corresponding period FY 2020-21 and FY 2019-20.

4. RBI Supersede Reliance Capital Board

The Reserve Bank of India (RBI) on November 29 said it has superseded the board of Reliance Capital due to the defaults of the company in meeting various payment obligations.

RBI has appointed  Nageswar Rao Y, former executive director of Bank of Maharashtra as the Administrator of the Company.

5. Indian Economy grew by 8.4% in July-September 2021-22(2nd Quarter). 

The National Statistics Office, under the  Ministry of Statistics and Programme Implementation, has released the economic data regarding the second quarter (July-September) of  2021-22. 

• The Gross Domestic Product(GDP)at constant price grew by 8.4% as compared to the same period last financial year.
• The growth rate in the first six month of the current financial year is 13.7 %.

6. GST Collection Increased

Gross Goods and Services Tax (GST) collections hit ₹1,31,526 crore in November, the second highest since the GST was implemented in July 2017 and the second month in a row that collections have crossed ₹1.3 lakh crore.

• Revenues for November were 25% higher than the same month last year and 27% over the pre-pandemic levels of 2019-20.

7. 30 Billion Dollar of India-China Trade Deficit in First two quarters of Financial Year 2021-22

• India’s trade deficit with China stood at $30.07 billion during April­-September 2021 as per Union Ministry of Commerce and Industry.

8. Debt to GDP Ratio of States Worrying as per Reserve Bank of India (RBI) Report

The Combined Debt ­to GDP ratio of states is expected to remain at 31% by end­ March 2022

This is published by RBI in its report ‘State Finances: A Study of Budgets of 2021­-22’

According to the report the target was 20% for 2021-22, so the estimated figures are really worrying.

9. Export Dip widens Trade Deficit to record 23.27 Billion Dollars

• India’s merchandise exports (also known as tangible exports or retail exports) slipped below the $30 ­billion mark for the first time in eight months in November to $29.88 billion, even as imports rose sharply