- Sunday, January 12, 2025
By: Shubham Ghosh
HERE are some news in brief related to India’s economy and business for Monday, July 25, 2022:
The Indian government’s total liabilities are seen rising to Rs 155.33 lakh crore (£1.61 trillion) in FY23, the country’s minister of state for finance Pankaj Chaudhary said in a written reply to a question in the Lok Sabha or the Lowe House of the parliament on Monday. This would represent an increase of 12 per cent over the FY22 figure of Rs 138.88 lakh crore (£1.44 trillion), Moneycontrol reported. In FY23, the Narendra Modi government is set to borrow a record Rs 14.95 lakh crore (£155.6 billion) on a gross basis from the market. As on July 25, the Indian government’s outstanding securities amount to Rs 84.45 lakh crore (£879 billion).
The Indian rupee went up on Monday, tracking a modest rise among its Asian peers as the Reserve Bank of India vowed to do what it takes to defend the currency. However, the gains in the currency were limited by losses in domestic stock markets ahead of the Federal Reserve meeting scheduled this week. According to Bloomberg, the rupee at 79.73 against the dollar compared to its close of 79.85 on Friday (23). The news agency showed the rupee traded in the 79.70 to 79.87 range on Monday.
The Indian government’s net tax collections in the first quarter of FY23 were nearly Rs 7 lakh crore (£73 billion), 24 per cent more than last year, according to data it provided in response to a question in the parliament on Monday. In April-June, Rs 3.44 lakh crore (£36 billion) were in the form of net indirect tax collections, exhibiting a rise of nine per cent on a year-on-year basis, Moneycontrol reported. Net direct tax collections in the quarter amounted to Rs 3.55 lakh crore (£37 billion), which was higher by 41 per cent. “Various factors like rapid economic recovery post Covid, better compliances due to various measures taken by the government have contributed to this increase,” Indian minister of state for finance Pankaj Chaudhary said in the parliament.
Eight public sector companies in India have submitted requests to surrender 11 non-operational coal mines under an amnesty scheme, Parliament was informed on Monday, the Press Trust of India reported. Replying to a question in the Rajya Sabha, India’s coal minister Pralhad Joshi said that till date, the government has received requests for surrender of 11 coal blocks allotted to three Central PSUs and five state PSUs following the policy being issued. “Ministry of Coal has issued an amnesty scheme in May 2022 granting one-time window to allottee government companies to surrender non-operational coal mines without penalty,” Joshi said. The government had earlier allowed the PSUs to surrender non-operational mines without citing any reason.
Techfetch – A prominent name in the US information technology recruitment industry has announced its latest venture — Techfetch H1B — a comprehensive portal that delivers rich, useful content for applicants from India seeking H-1B visas, ANI/NewsVoir. The H-1B visa has always been the most coveted visa for Indian techies, a golden ticket that would allow them to fulfil their dream of “working onsite” and earning money in “dollars”. Techfetch H1b is committed to keeping this American dream alive by providing one-stop access to H-1b visa news and US immigration-related information.
India’s Axis Bank on Monday reported a net profit of Rs 4,125.26 crore (£429.4 billion) for the first quarter of the current financial year as compared to Rs 2,160.15 crore (£225 billion) recorded in the corresponding period of the previous year, registering a year-on-year growth of 91 per cent, ANI reported. The bank’s net interest income jumped by 21 per cent year-on-year and six per cent on a quarter-on-quarter basis. The bank’s net interest margin for the quarter ended June 30, 2022, stood at 3.6 per cent, which is higher by 14 basis points when compared with the previous year. On a quarter-on-quarter basis Axis Bank’s net interest margin increased by 11 basis points.
