1. More Measures to Boost Economy As and When Required, Says FM
In what seemed to be giving words of reassurance for the economy, Finance Minister Nirmala Sitharaman assured that the government will intervene as and when required.
Addressing the media on Friday, Sitharaman, however, refused to say when the economy will turn around.
(Source: The Hindu Business Line)
2. Exports Contract for Fourth Straight Month in November
India’s trade deficit narrowed to $12.12 billion in November from $17.58 billion a year ago, according to commerce ministry figures released on Friday.
Merchandise exports contracted for the fourth consecutive month in November to $25.98 billion, while imports fell to $38.11 billion.
(Source: Livemint)
3. Union Budget Likely on 1 Feb, Economic Survey on 31 Jan: Report
Union Budget for 2020-21 may be presented on 1 February and the Economic Survey is likely to be on January 31, Finance Ministry sources said.
In the Economic Survey 2019 which was presented on 4 July, a day before the General Budget on 5 July after the Modi government started its second innings in the government, the focus was on, "What India needs to become a $10 trillion economy by 2030. India needs to spend 7-8 percent of its GDP on infrastructure annually to becoming a $10 trillion economy by 2030".
(Source: Livemint)
4. Rising Prices of Pulses More Worrying Than Vegetable Price Hike: Crisil Chief Economist
The rising trend in prices of vegetables and pulses, which has pushed the consumer food price inflation into double digits after a gap of six years, may remain that way for a while as the full extent of the crop damage caused by the excess and unseasonal rains during the monsoon, is yet to be ascertained.
Retail food inflation is expected to remain above the normal range in the coming months till the rabi harvest, the prospects for which are said to be better because of better soil moisture levels and the excellent water storage situation.
(Source: The Hindu Business Line)
5. Spent 66% of Rs 3.38 Lakh Crore Budgeted Expenditure: Economic Advisor
Detailing steps undertaken by the government on reviving the country's economy, which grew at 4.5 percent in the July-September period to mark its slowest pace in over six years, Finance Minister Nirmala Sitharaman said on Friday,"results of some measures have started showing."
Addressing the media on steps taken by the government, Chief Economic Advisor Krishnamurthy Subramanian said 66 percent of Rs 3.38 lakh crore budgeted expenditure has already been spent by the government.
(Source: NDTV Profit)
6. Prices of 12 Essential Drugs Hiked by 50%
The National Pharmaceutical Pricing Authority (NPPA) has hiked the ceiling price of 12 essential drugs by 50 percent. The pricing watchdog, in a notification released on Friday, said that this is a one time increase done in public interest to ensure availability of these drugs.
The NPPA also said that had the prices not been increased, these drugs would have gone off shelves, and in the absence of alternatives, would have put people into difficulty.
(Source: The Hindu Business Line)
7. Nirmala Sitharaman: No Discussion on GST Rate Hike Yet
Union Finance Minister Nirmala Sitharaman, Chief Economic Adviser KV Subramanian and other top officials of the finance ministry addressed a press conference on Friday on various economic issues and measures undertaken.
Sitharaman stressed that the government will intervene on economic issues and those relating to the industry as and when required.
(Source: Livemint)
8. Redemptions Took Heavy Toll on Mutual Fund Inflows in November
Mutual fund (MF) flows dipped sharply in Nov-19 with a sharp increase in redemptions given the strong rally in the equity markets. Equity net inflows came in at just Rs 3 bn (Rs 80 bn outflows in lumpsum) vs. Rs 70 bn of run-rate in the past six months. While flows in arbitrage funds improved, balanced funds registered a large outflow of Rs 47 bn vs Rs 12 bn outflow run-rate in CYTD19.
Debt and liquid inflows of Rs 500 bn were on the back of Rs 1.5 trn of seasonal outflows in Sep-19, but overall debt + liquid AUMs still remain largely muted from Aug-18 levels. Redemptions in equity inched up in the past 2 months with strong market performance netting off improving gross inflow trends.
(Source: The Financial Express)
9. I-T Department Tax Refunds Up At Rs 1.57 lakh Crore: Revenue Secretary
The Income Tax Department has issued tax refunds of Rs 1.57 lakh crore till 11 December, Revenue Secretary Ajay Bhushan Pandey said on Friday.
At a press meet held to showcase the report card of the government, Pandey said tax refund cases have gone up by 17 percent to 2.16 crore. He said the department issued tax refunds of Rs 1.57 lakh crore till 11 December.
(Source: NDTV Profit)
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