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EquityPandit

EquityPandit
ECONOMY

Ministry of Cooperation Gets Rs 900 Crores in Budget 2022

The Union Budget has allotted Rs 900 Crores to the Ministry of Cooperation in the Budget 2022-23. The government has also given Rs 11 Crores to Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM). Similarly, Rs 10.90 Crores has been allocated to the Central Registrar of Cooperative Societies.

The government has also declared a decrease of Alternate Minimum Tax on Cooperative Societies from 18.5 per cent to 15 per cent and a reduction in the surcharge on Cooperatives Societies from 12 per cent to 7 per cent who have income between Rs. 1 to 10 Crores. An allocation of Rs 350 Crores has been done to digitise Primary Agriculture Cooperative Societies (PACS). The scheme aims to computerise 63000 PACS leading to a boost in efficiency, profitability, transparency & accountability in the working of PACS.

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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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