ECONOMY - 2019 APRIL

April 27

Pharmaceutical exports
For the first time India’s pharmaceutical exports, raced past the $19-billion mark. Pharmaceutical exports grew a robust 10.72% in 2018-19, improved show in almost all the top 25 destinations and across categories, and a performance marked by a rebound in the U.S. Market. Exports touched $19.13 billion as against $17.28 billion of 2017-18.

April 24

GST Council gives firms more flexibility on use of input tax credit
Any company would now be eligible to use credit available against paid integrated GST (IGST) to set off tax liabilities of state GST (SGST) and central GST (CGST) in any proportion and in any order.
This was informed by the GST Council by a circular.

April 17

Jet Airways announces temporary suspension of flight operations
This comes despite the State Bank of India-led consortium of lenders continuing efforts to find a new buyer for the private airline.
After suspending operations, lenders are looking at an immediate provisioning of about Rs 1,000 crore as the account is likely to be categorised as a non-performing asset (NPA).
However, all the lenders are not on the same page but some of them believe that extending any finance to the defunct airline is like throwing good money for a bad investment.

The Supreme Court admitted for consideration a plea by a couple to lift the ban on Muslim women’s entry into mosques across the country.
Based on the plea by a Pune-based Muslim couple the Supreme Court has issued a notice to the Centre, the Waqf Board and the All India Muslim Personal Law Board.
Bench orally says it is accepting the plea because of the judgment on the Sabarimala temple issue.

April 16

RBI puts Rs. 50 banknotes signed by Governor Shaktikanta Das into circulation.
In Mumbai it was stated that the design of these notes is similar in all respects to 50 banknotes in Mahatma Gandhi new series.
It also stated that all banknotes in the denomination of 50 issued by the Reserve Bank in the past will continue to be legal tender.

April 12

The RBI Governor, Shaktikanta Das is confident that India's potential growth is definitely more than 7.5% he added that India needs to grow at 8% to eliminate poverty.
Naresh Goyal submits EoI (expression of interest) as crisis-hit Jet Airways stares at closure

Jet Airways, started by Naresh Goyal more than 25 years ago, seems to be on the brink of closure.
The lenders’ consortium, led by State Bank of India, has so far failed to revive the airline and to infuse the committed interim fund of Rs. 1,500 crore.

India shifts to net steel importer in 2018/19
In three years, for the first time India was the net importer of steel during the financial year 2018-19.
India lost its market share among its traditional steel buyers and an increase in imports of higher-quality steel domestically.
Indian steel exports fell by 34 percent to 6.36 million tonnes in the fiscal year that ended in March 2019.

April 8

The World Bank expects India's Gross Domestic Product (GDP) to accelerate to 7.5% in fiscal year 2019-20.
The real GDP growth is estimated at 7.2% in FY18/19.

April 1

Anti-Dumping Duty has been imposed on the import of Solar Components from four nations
In order to safeguard domestic players against cheap shipments, Department of Revenue, Government of India has imposed anti-dumping duty up to USD 1559 (Rs. 1,07,844) per tonne on the import of certain solar cell components (Ethylene Vinyl Acetate Sheet for Solar Module) from China, Malaysia, Saudia Arabia and Thailand for a period of 5 years.
This move is taken on the recommendation of Directorate General of Trade Remedies (DGTR), which is the Investigation Arm of Ministry of Commerce.
The anti-dumping duty imposed shall be effective for a period of five years. 

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