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EquityPandit

EquityPandit
ECONOMY

Odisha Collects Rs 4080 Cr GST in Dec 2021

Odisha has touched a collection of Rs 4080.14 Crores of Goods and Services Tax (GST) in Dec 2021 against Rs 2860.20 Crores in Dec 2020 and registered a growth rate of 43 per cent. According to the Commissionerate of Commercial Tax and Goods and Services Tax, Odisha, “The growth of GST collection during Dec 2021 is also the highest amongst several states for the 4th consecutive month. This is also the second-highest GST collection by the state since the launching of GST.”


The OGST collection in Dec 2021 is Rs 1,118.65 Crores against Rs 765.26 Crores during Dec 2020, which is 46.18 per cent growth. There is also a collection of Rs 973.79 Crores in CGST, Rs 1,267.63 Crores in IGST and 720.07 Crores in Cess in the same month. Gross GST Collection during the third quarter of 2021-22 is Rs 11,809.26 Crores which is a growth of 51.08 per cent against the corresponding quarter collection of 2020-21. The total supply of Value Added Tax (VAT) is Rs 759.72 Crores in Dec 2021 against Rs 691.47 Crores in Dec 2020, with an increase of 9.87 per cent. Similarly, liquor collection is Rs 170.67 Crores in Dec 2021 against Rs 132.61 Crores during Dec 2020 with a growth rate of 28.70 per cent.

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ECONOMYINDIA

Govt to impose 10% import duty on desi chana from 1st April

Dhruva Kulkarni

The government will impose a 10% import duty on desi chana (Bengal gram) from 1st April.

In May last year, the government allowed duty-free import of chana to boost domestic availability and control prices. This waiver was set to last until 31st March 2025.  

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According to a finance ministry notification dated 27th March, the import of Bengal gram will now attract a 10% duty starting from 1st April.  

Government data estimates chana production at 11.5 million tonnes in 2024-25, up from 11 million tonnes in the previous year.

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ECONOMY

India Considers Tariff Cuts on Key US Imports, Decision Pending

Dhruva Kulkarni

India is exploring tariff reductions on select US imports, with key government departments actively discussing the matter. While deliberations are still in the early stages, no final decision has been made.

A comprehensive review of import categories and existing duties is underway to assess potential reductions to strengthen trade and economic ties between the two nations.

Some key product categories that may see lower basic Customs duties include:

  • Medical & Scientific Instruments (7.5%-10%)
  • Cruise Ships (10%)
  • Aircraft (2.5%)
  • Spacecraft (10%)
  • Cars (100% for CIF value above $40,000, 70% below this threshold)
  • Turbo Jets/Propellers (7.5%)
  • High-End Jewellery (20%)
  • Gems & Jewellery (20%)
  • Footwear (35%)
  • Plastic Polymers (7.5%-15%)
  • Organic Chemicals (7.5%)

In 2024, India’s imports from the US reached $35 billion, reflecting a 6.7% increase from the previous year.

While discussions on tariff cuts continue, stakeholders closely watch developments that could impact trade flows between countries.

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ECONOMY

RBI Governor Urges Stronger Measures Against Money Laundering, Terror Financing

Dhruva Kulkarni

RBI Governor Sanjay Malhotra on 26th March stressed the need to strengthen India’s anti-money laundering (AML) and counter-terrorism financing (CFT) measures.  

Speaking at the FATF (Financial Action Task Force) Private Sector Collaborative Forum, he highlighted India’s globally recognised efforts and the crucial role of private sector collaboration in financial security.  

While technology enhances business, he warned, it also enables advanced money laundering risks, requiring proactive measures.

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Malhotra called for better data quality and the use of AI (Artificial Intelligence), ML (Machine Language), and blockchain to improve AML risk assessment and threat detection.  

He emphasised balancing security with inclusion, as over 90% of India’s adults now have bank accounts.  

The RBI will continue enhancing AML and CFT measures, improving KYC (Know Your Customer) and digital onboarding, and streamlining cross-border payments.

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ECONOMY

UP CM Yogi Adityanath: Unemployment Down, Per Capita GDP Up Since 2017

Dhruva Kulkarni

On Monday, CM Yogi Adityanath highlighted Uttar Pradesh’s economic progress and welfare initiatives while marking eight years of the state’s NDA government.

He stated that the unemployment rate has dropped below 3% from 19% in 2016, while per capita income has risen from Rs 46,000 in 2017 to Rs 1,24,000. UP has also transitioned from a deficit economy to a revenue-surplus state without imposing additional taxes, with banking transactions reaching Rs 29.66 lakh crore.

Infrastructure has grown significantly, with UP leading in expressways and metro operations and hosting India’s first rapid rail service. The government is developing state development regions around cities like Lucknow, Varanasi, and Kanpur to boost urban expansion. At the same time, welfare programs provide free rations to 15 crore people and housing for 56 lakh families.

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In the energy sector, electrification has nearly doubled, with 1.21 lakh more villages connected since 2017 and solar power production rising from 228 MW to 2,653 MW.

Healthcare and education have expanded significantly, with medical colleges increasing from 12 to 80, alongside nursing and paramedical institutions improvements. The CM reaffirmed his commitment to making UP a $1 trillion economy.

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ECONOMY

India sees minimal impact from US trade policies, but risks persist: UBI Report

Dhruva Kulkarni

India’s economy may avoid major fallout from US trade tensions due to its trade balance. Still, the final impact depends on upcoming trade negotiations, according to a Union Bank of India report.

While the economy remains resilient, currency fluctuations and liquidity conditions are being affected, prompting the RBI and government to take steps to maintain stability.

Key exports like automobiles, gems, steel, and pharmaceuticals remain vulnerable to tariff changes and restrictions.

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In response to US protectionist policies, India may impose countermeasures, impacting sectors such as steel, solar energy, and food products.

Lower oil prices could support energy-dependent industries, but metal producers face challenges from global price fluctuations and trade uncertainties.

US economic uncertainty, driven by shifting trade policies, has led to weaker growth forecasts and rising inflation.

Market instability continues to affect global trade, with concerns over US recession risks and unpredictable policy decisions.

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