The rising dependence on discounted crude oil has resulted in India’s trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India’s maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold – from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
Posts tagged Rediff
GST authorities quiz auto dealers on fake invoicing (26-04-2023)
Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law. The authorities are learnt to have questioned the car dealers to explain the services they provided general insurance companies. The investigators suspect car dealers pitched for insurance schemes that give them commissions in excess of those insurance regulations permit.
S and P ups long-term credit ratings on Tata Motors (26-04-2023)
S and P Global Ratings has upgraded its long-term ratings on Tata Motors to speculative grade ‘BB’ with stable outlook on earnings improvements and potential deleveraging. The ratings agency had earlier placed Tata Motors in ‘BB-‘. As per S and P ratings, a BB grade is less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial and economic conditions.
Downside risks weigh on growth forecast: FinMin (26-04-2023)
India’s economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. “We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks,” the review said. “Opec’s surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
India business to put a spring in pharma’s step (26-04-2023)
Hospitals to recover from sluggish Q3; diagnostics’ growth rate at pre-Covid levels.
India business to put a spring in pharma’s step (26-04-2023)
Hospitals to recover from sluggish Q3; diagnostics’ growth rate at pre-Covid levels.
Why Bank Frauds Continue (26-04-2023)
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Why Bank Frauds Continue (26-04-2023)
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Personal I-T to GDP ratio rises to 2.94% in FY22 (25-04-2023)
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
New salary: A-I pilots seek Ratan Tata’s intervention (25-04-2023)
Air India pilots, who are up in arms against the airline’s management’s decision to unilaterally alter their salary structure and services conditions, on Tuesday sought Ratan Tata’s intervention in resolving the issue. In a petition, signed by a little over 1,500 Air India pilots, the community alleged that the “pilots’ concerns are not being heard or addressed by the current HR team”. On April 17, Air India rolled out a revamped compensation structure for its pilots and cabin crew, which has since been rejected by the two pilot unions – Indian Commercial Pilots Association (ICPA) and Indian Pilots Guild (IPG) – on the grounds that the airline, in alleged violation of the labour practices, did not consult them before finalising the new contracts.