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- The Emergency credit line scheme has been extended till 30th November, till the entire sanctioned amount of RS 3 lac Cr is available. Until now a total amount of RS 1.48 lac Cr has been disbursed from the sanctioned amount to borrowers. The capps interest amount on the loan is 9% and tenor period for the same is 4 years including one year on repayment of the principal amount.
- According to DEA secretary Tarun Bajaj stated an improvement in Indian economy much faster than expected, In October the IMF stated the projection of economy to contract by 10.3 percent for year 2020, but a projected rebound of 8.8 percent is predicted year 2021. Yet the GDP growth is said to be on negative side or near to zero for the current year.
- To revive the Indian Economy Financial ministry is set to launch another Stimulus Package, keeping in mind the increased price on food it’s related good the agriculture ministry too is taking some steps to normalize the prices stating this as temporary situation and all the prices should normalize soon.
- India has decided to include 8 more sectors in PLI scheme to boost domestic manufacturing.
- IMF suggests to have more stimulus package for bringing the global economy on track which was affected due to COVID-19. According to Work economic Outlook report the entire economy is contracted by 4.4 percent for year 2020.
- Fertilizer sales are expected to increase by 10 percent than 2019 due to a high demand for urea which is estimated to 18.3 million tonne as per Iffco and improvement in other conditions like soil and raw materials.
- India experiences a steep decline in exports by 5.4 percent, the dip was seen in petroleum products, jewellery, leather and engineering goods. While the sectors which showed a positive growth were rice, pharmaceutical, spices, cotton. The decline was result of container shortages and an increase in sea fares.
- To increase forgein investment in india, round table is due on 5th November which will be headed by the Prime minister, the event is to be attended by major CEOs, which includes pension funds and sovereign wealth funds.
- Gland Pharma, is said to be biggest IPO in pharma sector of India, as the shares are said to be around Rs 6000 Cr issue. The Chinese and sino-indian parent company IPO is decided to come somewhere in next week and will be first of it’skind, with fresh shares worth RS 1250 Cr.
- Mutthoot Finance reports a 2.5 percent increase in its net profit the profit was reported to be 930.8 Cr Rs for September.
- Dabur has reported an increase by 20 percent in the net profit.
- A new fresh stimulus package is set to be announced by the financial ministry of India. In May the Government announced the Aatmanirbhar Package worth RS 20 lakh Cr. And a latest Rs 3 lac Cr though both these packages were not taken very well by the experts due to their inadequacy in boosting the economy as an opinion by majority. The 2nd package compares only to a mere 0.2 percent of actual GDP of india and the total stimulus packages round to almost 1.2 percent of GDP in actual as per report from Moody.
- The announced stimulus package will be a result of analysis of all the sectors and the attention will be given to day to day situation and based on discussions from the facts and situations the package will be announced. The exact timeframe for the package to launched is yet to be known. In March a package to protect poor and volatile sections of the society was introduced by the name of Pradhan Mantri Garib Kalyan Yojana. The package amounts a total of RS 1.7 lac Cr, followed by Aatmanirbhar Package of 20.97 lac Cr Rs focused completely on longer term changes.
- The Government has stated to have taken many reforms and one such reform is conversion of Bilateral Netting of Qualified Financial Contracts Bill into an Act which will help bank to save Rs 50-60K Cr during the process. The total October GST collection by far has been Rs 105155 Cr which a 10 percent increase for same month in year 2019. The country has also seen growth in other areas such as electricity consumption, imports etc.Mr Pandey states that September and October data are of Pre- Covid level and E- way bill increased from 10 percent in September to 21 percent in October. If the data levels are maintained soon the economy can see a transition from -23.9 percent to near zero zone. Also to support the statement of having a sustainable growth one more point he added was of increase in Electronic invoices issued on 30th October and total of 29 lac were generated on a single day with respect to 8 lac being generated after it was introduced in 1st October. The other sectors such as FMCG, automobiles has also shown a very good growth.
- Since the outbreak the money has been transferred to women, farmers under PM kisan Yojana, helped employer and employee in their EPF contributions along with package of RS 3 lac Cr for working capitals to MSMEs. Worth of RS 70,000 Cr GST has been refunded.
- He completely ruled out any deductions in GST in future and stated an increase in mobile sales even though GST on it is 18 percent then what was before. As the country heads towards the precovid level a frequent hampering with tax system of the country is not option as a wrong message is sent to domestic and international market.