Finance
Odisha's GST collections rose by 12.85 per cent in September
Odisha's GST collections rose by 12.85% to Rs 4,249.12 crore in September compared to the same month last year. The state's collection to be retained was Rs 1,651.58 crore, a growth of 42.74% from September 2022. The state generated 20.66 lakh waybills, up from 17.66 lakh in the same period last year.
India's GST collections up 10% y/y to Rs 1.63 lakh crore in September
India's goods and services tax (GST) collections reached Rs 1.63 lakh crore in September, a 10% increase compared to the same period last year. The CGST component was Rs 29,818 crore, SGST Rs 37,657 crore, IGST Rs 83,623 crore, and cess Rs 11,613 crore. The government settled Rs 33,736 crore to CGST and Rs 27,578 crore to SGST from IGST.
Govt has allocated Rs 100 cr for Aspirational Blocks Programme this fiscal: Official
The Indian government has allocated Rs 100 crore for the Aspirational Blocks Programme (ABP) in the current financial year. The ABP aims to improve governance at the block level and enhance the quality of life of citizens. Implemented in 500 aspirational blocks across 329 districts, the government hopes that all 500 blocks will reach the state average in terms of development within three years.
RBI in dialogue with other central banks to reduce cost of cross border remittances
The Reserve Bank of India (RBI) is engaging with countries that have a significant Indian diaspora to reduce the cost of remittances, according to Deputy Governor T Rabi Sankar. He highlighted that the average cost of cross-border remittances is currently around 6.2% of the transaction value, which is considered too high given the availability of cheap data connectivity.
Centre's fiscal deficit up to August rises to almost 36% of FY24 target
In absolute terms, the fiscal deficit touched Rs 6.43 lakh crore between April and August, compared with Rs 5.42 lakh crore a year earlier. Until July, the Centre’s fiscal deficit had touched 33.9% of the annual target, sharply higher than 20.5% a year earlier.
India's overseas debt rises modestly to $629 billion as of end June
NRI deposits as reflected in debt from "Deposit-taking Corporations, except the Central Bank" increased 6.5 percent in the June quarter to $167 billion from $157 billion a year ago. While outstanding overseas borrowings as reflected in debt from "Non-financial corporations remained flat at $250 billion" remained flat at $ 250 billion over the period. The RBI data also indicated that outstanding debt of the general government decreased, while non-government debt increased at end-June 2023.
India's current account deficit almost halves to $9.2 billion in June quarter
India's current account deficit narrowed to $9.2 billion in the June quarter, compared to $17.9 billion in the same period last year, due to lower global crude and commodity prices. The deficit was 0.1% of GDP, down from 2.1% in the previous year, but higher than the $1.3 billion in the preceding quarter. The capital account comfortably financed the deficit, resulting in a balance of payments surplus. However, the deficit is expected to widen in the September quarter due to higher trade deficits and rising crude oil prices.
Increased monthly GST collections mainly on account of higher compliance: CBIC chief
The Goods and Services Tax (GST) collection was Rs 1.87 lakh crore in April and in the first four months of the current fiscal, the collections have averaged Rs 1.67 lakh crore.
India's external debt at USD 629.1 bn at June-end: RBI
India's external debt increased slightly to $629.1 billion at the end of June 2023, with the debt-GDP ratio declining, according to data from the Reserve Bank of India (RBI). The US dollar-denominated debt accounted for the largest share at 54.4%, followed by debt denominated in Indian rupees, Special Drawing Rights (SDR), yen, and the euro. Excluding the valuation effect, external debt would have increased by $7.8 billion instead of $4.7 billion. Long-term debt increased by $9.6 billion, while short-term debt decreased.
Centre sticks to target, to borrow Rs 6.55 lakh crore in H2
The Indian government plans to borrow ₹6.55 lakh crore in the second half of the financial year, remaining on track with its budget estimate. The borrowing will include a new 50-year security for the first time, and ₹20,000 crore will be raised through sovereign green bonds. Analysts believe this adherence to borrowing plans demonstrates fiscal prudence and should calm market nerves.
Must Watch
NABARD raises Rs 1,000 crore in country's first social impact bond
NABARD accepted bids worth 10.40 billion rupees ($124.9 million), the bankers said, declining to be identified as they are not authorised to speak to the media. NABARD had planned to raise at least 10 billion rupees via this issue, with a greenshoe option to retain an additional 20 billion rupees. The state-run company has set a coupon of 7.63% on this issue.
JPMorgan M&A head sees up to $150 billion funds focused on India
Investors have around $2 trillion available to invest, with $100 billion to $150 billion focused on India, according to Anu Aiyengar, JPMorgan Chase's global head of mergers and acquisitions. Aiyengar highlighted India's fast-rising GDP and its growth characteristics, stability, and tech, healthcare, and infrastructure solutions as attractive qualities.
SIDBI signs pact with DLAI to boost fintech sector
The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding with the Digital Lenders Association of India (DLAI) to support the country's fintech sector. The agreement aims to develop standard protocols for digital lending partnerships, including alliances between banks and Lending Service Providers (LSPs). \
India sees robust surge in investments
Exits worth $4.3 billion were reported across 37 deals, with open market exits accounting for 57% of all exits by value.
India sees robust surge in investments, marking 127% YoY growth in August 2023: PE/VC report
Investments in India reached $5.2 billion in August 2023, marking an 18% increase from the previous month and a 127% increase from the same period in 2022. However, the number of deals declined by 27% compared to last year. The infrastructure sector saw the highest investment, with Adani Power Limited receiving $1.8 billion from GQG Partners Inc.
No systemic risk build-up seen in India's bank credit: RBI Deputy Guv Michael Patra
Reserve Bank of India Deputy Governor, Michael Patra, stated that India is on track to become a $5 trillion economy by 2027 and there are currently no signs of overheating. Patra mentioned that bank credit is being closely monitored as an indicator of overheating, and current rates of credit expansion do not indicate any systemic stress.
