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About 10 results for "abhishek waghmare"

7 charts explain how gold performed in 2019

7 charts explain how gold performed in 2019

In comparison to other asset classes, globally, gold rallied significantly after many years to deliver 18.4 per cent returns in 2019. Illustration: Dominic Xavier/ The Reserve Bank of India (RBI) bought 7.5 tonnes of gold towards the end of 2019, making its gold reserves swell to 625 tonnes, a new record. Data from the World Gold Council (WGC) indicates that in 2019 many central banks showed more confidence in gold (Chart 1).   India’s story is visible in Chart 2, where ..., 5 days ago

Promised GST revenue to states may get trimmed

If the protected growth in GST revenue is reduced to 10 per cent, the Centre would save more than Rs 25,000 crore in 2020-21 if none of the states show any revenue growth. This would nearly amount to 0.1 per cent of the gross fiscal deficit and help the government in avoiding fiscal slippage to some extent in subsequent years. Abhishek Waghmare reports. Photograph: PTI Photo The annual growth in Goods and Services Tax (GST) revenue promised to states under the GST law could be slashed to ...
 Rediff.com1 month ago

India's manufacturing capacity utilisation declines to the lowest ever

Industry players said they were indeed seeing a serious fall in capacity usage, though some sectors were seeming to prevent further fall in the overall capacity utilisation. Capacity utilisation in India’s manufacturing sector plummeted to 68.9 per cent in the September quarter (Q2 FY20), its worst-ever level since 2008. It had reached a six-year high of 76 per cent two quarters ago, in March 2019, the Reserve Bank of India’s monetary policy committee (MPC) said in a statement on ...
 Rediff.com1 month ago

Explained in Charts: Indian economy loses sheen

Only one of the three drivers of the economy has performed in the way it should: government spending grew at 15.6 per cent, reports Abhishek Waghmare. Illustration: Uttam Ghosh/ The National Statistics Office data paints a grim picture of the economy. Nominal growth in the economy slumped to a multi-decade low of 6.1 per cent in Q2 FY20. It had stood its ground even in the aftermath of demonetisation and the goods and services tax (GST) roll-out (Chart 1). The September quarter ...
 Rediff.com1 month ago

Q2 GDP growth seen slipping under 5%

A look at six indicators shows all of them have collapsed from positive growth in April to contraction in September. Illustration: Uttam Ghosh/ Finance Minister Nirmala Sitharaman told the Rajya Sabha on Wednesday the country was not in recession yet, and won’t ever be. A set of data arriving in a day may qualify the statement to some extent.   The Ministry of Statistics and Programme Implementation (MoSPI) will release the data on gross domestic product (GDP) for the July ...
 Rediff.com1 month ago

States' GST compensation may need to be extended

A report shows that states would require a compensation to the tune of at least Rs 1.67 trillion in 2024-25, as none of them would be able to achieve a 14 per cent growth every year. Illustration: Dominic Xavier/ States will need to be compensated for revenue shortfall under the goods and services tax (GST) even after 2022 - the sunset year for compensation - courtesy tepid revenue growth, a report commissioned by the 15th Finance Commission (FC) has noted. It shows that states would ...
 Rediff.com1 month ago

Corporate tax cut dents direct taxes mop up by 17%

While experts pointed out the impact of corporation tax cuts cannot yet figure in collections as most companies are yet to decide on their choice, government officials said a part reason for slow collection is the tax cut. Illustration: Uttam Ghosh/ Collection of personal income tax and corporation taxes fell nearly 17 per cent in October, analysis of the data presented in Parliament shows. While the Central Board of Direct Taxes had collected Rs 61,475 crore in October 2018, the ...
 Rediff.com1 month ago

Explained in Charts: India's deepening economic slowdown

What could be the reason for the successive downward revisions across the board? Some key indicators make it evident, reports Abhishek Waghmare. Illustration: Uttam Ghosh/ Economy observers are finally spelling out the gravity of the slowdown India finds itself in. Before the financial year began, the Reserve Bank of India thought the Indian economy would grow at 7.4 per cent in FY20. Over eight months, it gradually revised its estimate downward to 6.1 per cent. Last week, the State ...
 Rediff.com2 months ago

Govt's tax amnesty scheme sees little success

By November 3, only 17,000 applications with tax payable amounting to Rs 1,100 crore have been received by the government, under the Sabka Vishwas Legacy Dispute Resolution Scheme. The scheme gives a deep discount of 70 per cent for cases pending appeal where tax demand is more than Rs 50 lakh, and 50 per cent waiver beyond that amount. Illustration: Dominic Xavier/ Mr X, a 75-year-old businessman, resigned from any kind of business activity and has a service tax liability of nearly ...
 Rediff.com2 months ago

Rural joblessness pushes unemployment rate to 3-year high

Unemployment was worse only in the pre-demonetisation period, according to the data, at 9.6 per cent in August 2016. Image used for representation purpose. Photograph: Danish Siddiqui / Reuters. The unemployment rate in India rose to a three-year high of 8.5 per cent in October, with rural joblessness pushing it up. While urban joblessness rate was 8.9 per cent, in villages it stood at 8.3 per cent, data from the Centre for Monitoring Indian Economy (CMIE) showed. Unemployment was worse only ...
 Rediff.com2 months ago
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