Provisional gross direct tax collections for FY23 through September 8 stood at 6.48 trillion rupees, up 35.5 percent from the same period last year, the Ministry of Finance in a press release. The government’s export ban on broken rice and restrictions on other grain qualities come as export gains were at a multi-year high, according to a Business Standard analysis of trade data. Read more about it in our main titles.
Direct tax catch-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt
Provisional gross direct tax collections for FY23 through September 8 stood at 6.48 trillion rupees, up 35.5 percent from the same period last year, the Ministry of Finance in a press release.
“Direct tax recoveries, net of refunds, amounted to 5.29 trillion rupees, 30.2% higher than net recoveries for the corresponding period last year, the ministry said, adding that it was 37.2% of the budget net of direct taxes Estimate for FY23 Read more
India’s broken rice exports grew over 90% in FY22, data show
The government’s export ban on broken rice and restrictions on other grain qualities come as export gains were at a multi-year high, according to a Business Standard analysis of trade data.
While India’s broken rice exports jumped 90.2% to $1.1 billion in fiscal year 2021-22 (FY22), they stood at $595.7 million in in FY21. The share of broken rice in total rice exports increased from 6.7% in FY21 to 11.7% in FY22 (Chart 1 ). Read more
India pulls out of trade talks with US-led group of Asian countries
India has pulled out of trade talks with a group of Asian countries led by the United States, again avoiding facilitating access to its markets via a multi-country agreement, while forging ahead with the others in areas such as supply chains and clean energy.
The South Asian nation was the only participant in the 14-nation Indo-Pacific Economic Framework that did not join the trade group’s negotiating track, according to statements released after two days of meetings in Los Angeles. Read more
Crowdfunding under Government’s Ni-kshay Mitra aids TB eradication
The crowdfunding model – a large number of people contributing small amounts for a common goal usually via a website – made its way into public health care on Friday as President Draupadi Murmu launched the Ni-kshay initiative Mitra which aims to ensure adequate and nutritional food for those being treated for tuberculosis (TB).
Each food basket will probably cost the donor between 1,000 and 1,200 rupees per month. There are 1.3 million people treated for TB in India, of whom 890,000 have already agreed to be part of this program. The Center expects this initiative to help achieve the goal of eliminating TB by 2025. Read more
High gas costs in the EU, an opportunity for Indian chemical companies
There is an interesting investment thesis stemming from the squeeze on Russian gas supplies to the EU. European chemical producers, which depend on Russian natural gas as a raw material, are struggling. At the same time, gas shortages have led to a sharp rise in electricity prices. As a result, European production of chemicals, such as ammonia, caprolactam, methanol and melamine, has been drastically reduced.
Since the EU is a major producer of ammonia, this leads to downstream shortages in industries such as nitrogen-based fertilizers and other chemicals such as caustic soda and soda ash, which are vital for downstream industries. Read more