Economy News

Govt paid Rs 4.71 lakh cr interest, Rs 2.62 lakh cr on subsidies till Jan 20

Govt paid Rs 4.71 lakh cr interest, Rs 2.62 lakh cr on subsidies till Jan 20

New Delhi: The Government has spent Rs 4.71 lakh crore on interest payments and Rs 2.62 lakh crore on subsidies up to January 2020, monthly account of the Union government stated on Saturday.Total expenditure incurred by the government of India is Rs 22,68,329 crore (84.06% of corresponding RE 19-20...

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DBT, GST globally acknowledged as silent revolutions: FM

DBT, GST globally acknowledged as silent revolutions: FM

New Delhi: Finance Minister Nirmala Sitharaman on Sunday said GST and direct benefit transfers (DBT) are the two silent revolutions in India's public finance system which are now being globally acknowledged and over Rs 1 lakh crore have been saved because of the DBT."Today GST and DBT are being talk...

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GST collection up 8.3% in February at Rs 1.05 lakh cr

GST collection up 8.3% in February at Rs 1.05 lakh cr

New Delhi: The gross Goods and Services Tax (GST) revenue collection in the month of February stayed above the Rs 1 lakh crore mark for the fourth consecutive month, at Rs 1.05 lakh crore.GST collection last month was 8.35 per cent higher than Rs 97,247 crore reported during the same period last yea...

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Former Finance Secy Garg appointed advisor to Jagan Reddy

Former Finance Secy Garg appointed advisor to Jagan Reddy

Amaravati: Months after he took voluntary retirement scheme (VRS) from the IAS, former Union Finance Secretary Subhash Chandra Garg who served under Modi government at the Centre has been appointed as advisor to Andhra Pradesh Chief Minister YS Jagan Mohan Reddy for resource mobilisation.Garg has be...

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Relief to consumers as fuel prices cut sharply on Sunday

Relief to consumers as fuel prices cut sharply on Sunday

New Delhi: The fuel prices saw further decline as the price of petrol was cut by 17 paise and that of diesel by 21 paise on Sunday.Petrol now costs Rs 71.71 per litre in Delhi, Rs 77.40 per litre in Mumbai, Rs 74.38 per litre in Kolkata and Rs 74.51 per litre in Chennai after the price cut.Similarly...

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Economic slowdown has bottomed out, says DEA Secy

Economic slowdown has bottomed out, says DEA Secy

New Delhi: The government on Friday said there is an uptick in growth and the slide in economic growth has already bottomed out."We have already bottomed out. Certainly, there's an uptick; whether it translates into higher demand remains to be seen; will have to wait to see the specific impact on na...

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India's Apr-Jan fiscal deficit at 129% of revised target

India's Apr-Jan fiscal deficit at 129% of revised target

New Delhi: India's budgetary fiscal deficit for the April-January period was Rs 9.85 lakh crore, or 128.5 per cent of the revised target.The government has revised its fiscal deficit target to be at Rs 7.66 lakh crore for 2019-20.As per Controller General of Accounts (CGA) data released on Friday, t...

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Brent falls to $50 a barrel over coronavirus fears

Brent falls to $50 a barrel over coronavirus fears

Mumbai: Oil prices fell for the sixth consecutive day on Friday with the Brent crude, the international benchmark dropping nearly 4 per cent to $50 a barrel amid demand anxiety over the fast-spreading Coronavirus.WTI crude oil also slumped to the lowest level in over a year, slipping below the $45 p...

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FM sees 4.7% GDP growth as 'steadiness' in economy

FM sees 4.7% GDP growth as 'steadiness' in economy

Mumbai: Finance Minister Nirmala Sitharaman on Friday termed the 4.7 per cent GDP growth of Q3 as "steadiness" in the economy and a good sign, soon after the official figures for the December quarter were released.She also made it clear that she was not expecting a jump in the number, nor a decline....

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Q3 GDP: India Inc hopeful of recovery in coming quarters

Q3 GDP: India Inc hopeful of recovery in coming quarters

New Delhi: With the third quarter GDP growth rate coming in at 4.7 per cent from the revised estimate of 5.1 per cent reported for the previous quarter, industry chambers and market experts say that they are hopeful of a rebound in coming quarters.Industry body PHD Chamber of Commerce and Industry's...

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