Economy – Page 4 – SMEConnect Portal and Magazine

Gujarat replaces UP as top investment destination in 2023-24

August 23, 2024SMEConnect-DeskLeave a Comment

In 2023-24, Gujarat surpassed Uttar Pradesh in attracting bank funds for projects. Gujarat secured funding for 154 projects, accounting for 14.7% of the total Rs.3.9 lakh crores financed, up from 14% in the previous year. Uttar Pradesh, which received funds for 69 projects, saw its share drop to 7.6% from 16.2%. Gujarat replaced Uttar Pradesh […]

Company registrations dip 11% in July, LLPs’ rise 21%

August 23, 2024SMEConnect-DeskLeave a Comment

The Company registrations decreased by almost 11% year-on-year in July, following a 12% increase in June. A total of 14,887 companies, including foreign firms, were incorporated in July, against 16,698 a year ago. With this, company registrations saw year-on-year decline in three out of the first four months of this financial year, after a surge […]

Why RBI may not cut rates despite a fall in retail inflation

August 16, 2024SMEConnect-DeskLeave a Comment

The Reserve Bank of India (RBI) has put to rest the debate over a proposal to ignore the food price spirals, while taking policy rate decisions. RBI Governor, Mr. Shaktikanta Das is very candid in saying that the monetary policy committee cannot ignore the persistently high food prices, since it impacts the consumer the most […]

Net direct tax collection rises 22.5% to Rs 6.93 trillion till August 11

August 14, 2024SMEConnect-DeskLeave a Comment

India’s net direct tax collection, with refunds adjusted, grew 22.5% to Rs 6.93 trillion between April 1 and August 11 of FY25. In the same period last year, tax collection was at Rs 5.65 trillion, according to the Income-Tax (I-T) Department’s latest data released on Monday. Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. […]

IIP growth eases to 5-month low of 4.2% in June

August 14, 2024SMEConnect-DeskLeave a Comment

In the use-based category, consumer durables output growth ebbed to a six-month low of 8.6% in June, while that of consumer non-durables growth declined to (-)1.4% from 2.5% in May. India’s factory output growth, as measured by the Index of Industrial Production (IIP), moderated to a five-month low of 4.2% in June from 6.2% in […]

Food inflation falls to 13-month low to 5.42%

August 14, 2024August 14, 2024SMEConnect-DeskLeave a Comment

Favorable base, sequential decline in vegetable prices key reasons. Retail food inflation dropped sharply to a thirteen-month low to 5.42% in July, compared to 9.36% in June largely because of base effect, while prices of pulses and cereals prices continued to be at elevated levels. The consumer food price index (CFPI) rose by 2.81% sequentially […]

Fiscal deficit shrinks to 8.1% in April-June quarter

August 2, 2024SMEConnect-DeskLeave a Comment

Thanks to lower expenditure and record transfer from RBI. Lower expenditure because of Model Code of Conduct and record transfer from the Reserve Bank of India helped restricting fiscal deficit to low of around 8% of the Budget Estimate during April-June quarter of Fiscal Year 2024-25, data released by the Controller General of Accounts (CGA) showed. The […]

RBI’s new norms on wilful defaulters to come into effect from Nov 1

July 31, 2024SMEConnect-DeskLeave a Comment

“Wilful defaulters or any entity with which a wilful defaulter is associated shall not be eligible for restructuring of credit facilities,” the RBI said The Reserve Bank of India has asked lenders to examine wilful defaulters in all Non-Performing Assets (NPA) accounts with an outstanding amount of Rs 25 lakh and above and said the […]

Changes in Taxation for Mutual Funds

July 26, 2024July 26, 2024SMEConnect-DeskLeave a Comment

Mutual funds are becoming the popular route for retail investors to participate in the capital markets with assets under management of the industry crossing ₹60 lakh crores. The Union Budget 2024-25 has changed capital gains taxes on ﬁnancial assets. WHAT IS THE TAX REGIME FOR EQUITY-ORIENTED MF SCHEMES? As per income tax laws, any gain […]

4.05 lakh businesses based in State closed since GST rollout

July 2, 2024SMEConnect-DeskLeave a Comment

Ahmedabad: While the goods and services tax regime aimed at improving business ease and simplifying taxes, some 4.05 lakh businesses closed after the new regime was rolled out. According to data from the State Commercial Tax Department, 4.05 lakh GST identification numbers (GSTINs) have been cancelled so far, implying that these many businesses either shut […]