ECONOMY - 2019 FEBRUARY

February 2

CSO revises GDP growth rate to 7.2% for 2017-18 from 6.7% estimated earlier
The CSO issued first revised estimates for the year 2017-18, revising GDP growth to 7.2% instead of the earlier 6.7% figure.
India’s gross domestic product (GDP) grew at 8.2% in 2016-17, 110 basis points more than the earlier figure of 7.1%, according to the second revised estimates released by the Central Statistical Office (CSO).
Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2% during 2017-18 and 8.2% during 2016-17.

February 3

New e-Commerce Policy Comes Into Effect
India’s new e-commerce policy came into effect on February 1, 2019.
According to an official notification released on December 28, 2018 by the Department of Industrial Policy and Promotion, a new set of policy rules were formed for the e-commerce companies. It gave them a 60-day window period for aligning themselves to the government’s modified foreign direct investment (FDI) rules.
Important Points:
Bar online retailers from selling products through vendors in which they have an equity interest.
Also bars them from entering into exclusive deals with brands for selling products only on their platforms.
Disallows e-commerce players to control the inventory of the vendors. Any such ownership over the inventory will convert it into inventory based model from marketplace based model, which is not entitled to FDI.
Under the new rules, the e-commerce retailer shall be deemed to own the inventory of a vendor if over 25% of the purchases of such a vendor are through it.
Restricts marketplaces from influencing prices in a bid to curb deep discounting. With this, special offers like cash back, extended warranties, faster deliveries to some brands will be prohibited, with the view to provide a level playing field.

February 5

NBHC releases kharif crop estimates for the year 2018-19
National Bulk Handling Corporation (NBHC) has come out with kharif crop estimates for the year 2018-19 which shows that basmati rice production is expected to decline by 9.24% to 5.18 million metric tonne.
Pulses production is projected to drop marginally to 9.10 million tonne from 9.35 million tonnne last year.
The total oilseeds production is estimated to be 19.87 million metric tonne which is 5.36% lower than last year's figure of 21 million metric tonne.
Centre to launch campaign to saturate farmers for financial inclusion under Kisan Credit Cards
The Government of India has decided to launch a campaign with immediate effect and accorded the highest priorityto saturate farmers for financial inclusion under Kisan Credit Cards (KCC)
The campaign will be launched through the Financial Institutions in collaboration with the State Governments.
There are around seven crore active KCCs and issuing of KCCs in large numbers have helped increasing the agriculture credit. It has contributed significantly in not only fulfilling the objective of food security but also increasing the farmer’s income.

February 6

FDI declines 11% during April-September
According to Ministry of Commerce and Industry data, foreign direct investment (FDI) into India declined 11% to $22.66 billion during April-September period of the current fiscal.
The foreign fund inflows during April-September 2017-18 stood at $25.35 billion.
Singapore was the largest source of FDI during April-September 2018 with $8.62 billion inflow, followed by Mauritius $3.88 billion.

February 7

Fiscal deficit for April-December at 112% of FY19 budget estimate
India's budgetary fiscal deficit for the April-December period stood at Rs. 7.01 lakh crore or 112.4% of the budgeted target of Rs. 6.24 lakh crore.
According to Controller General of Accounts (CGA) the fiscal deficit during the corresponding nine months of the previous fiscal was 13.6%.
The total expenditure of the government at December end was Rs. 18.32 lakh crore or 75% of budget estimates.
The total expenditure for current fiscal has been raised to Rs 24.57 lakh crore in the Revised Estimates, from the budgeted Rs. 24.42 lakh crore.
6th Bi-monthly Monetary Policy Statement, 2018-19 Resolution of the Monetary Policy Committee (MPC) Reserve Bank of India
The Reserve Bank of India has cut the repo rate by 25 basis points in its sixth bi-monthly monetary policy statement for 2018-19.
The Monetary policy committee is headed by RBI Governor Shaktikanta Das.
The MPC also decided to change the monetary policy stance from calibrated tightening to neutral

Repo Rate 6.25%
Reverse repo Rate 6%
MSF (Marginal Standing Facility) 6.50%
Bank Rate 6.50%
CRR (Cash Reserve Ratio) 4%
SLR (Statutory Liquidity Ratio) 19.25%

February 8

Dalmia-OCL buys GSB Group of Germany
Dalmia-OCL, a unit of Dalmia Bharat Group, has acquired German speciality refractory GSB Group GmbH for about Rs. 122 crore.
Dalmia-OCL will now get access to customers in the steel and refractory making belt in Europe and technology to make cleaner steel.
It will gives newer resources and talents in Europe to help strengthen their capability in India.

February 10

IRDAI imposes Rs. 9 lakh fine on United India Insurance
Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has imposed penalties totaling Rs. 9 lakh on United India Insurance Co. Ltd. (UIIC) after it found the general insurer had violated certain provisions.
A sum of Rs. 5 lakh is for violation of regulations that stipulate certain timelines such as those relating to assigning of surveyors.
The balance Rs. 4 lakh – Rs. 1 lakh each is for violations pertaining to four sample policies – was imposed on UIIC for violation of circular and guidelines on rates/ discounts an insurer can offer and disclosure of material information.

Himachal’s growth rate projected at 7.3% in current financial year
The economic survey report for 2018-19 tabled in the assembly by chief minister Jai Ram Thakur projected the Himachal’s growth rate at around 7.3% for the current financial year while per capita income is estimated at Rs 1,76,968.
The economic growth was 6.5 % in the last fiscal, highest in the three years.
The gross state domestic product (GSDP) of state at current prices in 2017-2018 increased to Rs. 1,36,542 crore from Rs. 1,25,122 crore in 2016-2017 and as per advance estimates, it is likely to be about Rs. 1,51,835 crore in 2018-19.

Facebook acquired GrokStyle virtual search start-up to boost AI capabilities.
In an attempt to enable users shop better using Artificial Intelligence (AI) capabilities, Facebook has acquired US-based virtual search start-up, GrokStyle, at an undisclosed amount.
We are excited to welcome GrokStyle to Facebook. Their team and technology will contribute to our AI capabilities
The basic idea is to allow users to match a piece of furniture or a light fixture in an image to visually find similar ones in stock at stores.
Based in San Francisco, the start-up was founded in 2015.

February 11

Centre has revised disclosure limit of Stock investment and Mutual funds
The center has increased the over 26 year old monetary limit on disclosure of investment in shares and mutual funds by employees to six months of their basic pay.
Under the 1992 rule of Group A and Group B officers were to disclose such details if the total transaction in shares, securities, debentures, or mutual fund schemes etc. Exceeded Rs. 50,000 during the calendar year.
The Upper limit was Rs 25,000 for those working in Group C and D.
Forex reserves rises USD 2.06 billion
The country's foreign exchange reserves increased by USD 2.063 billion to USD 400.24 billion in the week to February 1, on account of rising foreign currency assets.
Foreign currency assets, a major component of the overall reserves, rose by USD 1.280 billion to USD 373.430 billion.
Gold reserves increased by USD 764.9 million to USD 22.686 billion.
The special drawing rights with the International Monetary Fund (IMF) rose by USD 6.2 million to USD 1.470 billion.

February 16

Expert committee led by Anoop Satpathy recommends Rs. 9,750 as monthly national minimum wage
The Expert Committee led by Anoop Satpathy, submitted its report on “Determining the Methodology for Fixation of the National Minimum Wage” to the Government.
The expert committee has proposed doubling the national-level minimum wage for a worker in the country to Rs. 9,750 a month, from Rs. 4,576 at present.
On the basis of this approach, the committee is considered that the single value of the NMW (National Minimum Wage) for India should be set at Rs. 375 per day as of July 2018.
Considering a worker works for 26 days a month, the minimum monthly wage came to Rs 9,750.
The committee has alternatively proposed a national minimum wage at various regional levels in the range of Rs. 8,892-11,622 a month (depending on local factors) and suggested an additional house rent allowance for urban workers.
Government Increases Sugar MSP By Rs. 2 to Rs. 31 Per Kg
For the year 2019-20, with the aim of benefiting Sugar farmers and in order to clear their arrears/cane dues, the Union Government has decided to increase the Minimum Selling Price (MSP) of Sugar from Rs. 29 to Rs. 31.
The Union Minister of Consumer Affairs, Food and Public Distribution, Ram Vilas Paswan said that the hike in MSP will lead to increased income and savings for the Sugar Mills which will then be passed on to the Sugarcane farmers.
The Department of Food and the State governments will also be able to monitor the sale of Sugar at the new, revised MSP rate so as to ensure that the Sugar Mills are utilising their increased liquidity to pay farmers' dues.
As on 13th February, 2019, the Farmers' dues amount to Rs. 20167 crore while the same computed at FRP amounts to Rs. 18157 crore.
95% of registered realty firms have no PAN
In an audit of assessments made by the Income Tax Department on the real estate sector, the Comptroller and Auditor General (CAG) found that a whopping 95% of the companies registered with the Registrar of Companies (RoC) did not have a permanent account number (PAN).
In an analysis of the data of the RoCs in 12 States, the CAG also noted that there were several companies that the tax net had failed to capture and that the department had no mechanism to ensure that all the registered companies had PAN or that they filed their income tax returns (ITR) regularly.
RoCs did not have information about PAN in respect of 51,670 (95%) of a total of 54,578 companies for which data was made available to audit.
It was difficult for Audit to ascertain from the information obtained from RoCs whether these companies were in the tax net of the ITD or not.
US and Canada move to WTO against India for MSP on five pulses
The United States and Canada have submitted a counter-notification to the World Trade Organization’s Committee on Agriculture on India’s minimum support prices for agricultural commodities chickpeas, lentils, pigeon peas, black matpe and mung beans.
When calculated according to WTO Agreement on Agriculture methodology, India’s market price support for each of these pulses far exceeded its WTO allowable levels of trade-distorting domestic support.
The United States expects a robust discussion on how India implements and notifies its policies at the next Committee on Agriculture (COA) meeting.
This is the third U.S. counter-notification with regard to India. Last November the U.S. submitted a counter-notification on India’s market support price for cotton, and one on Indian rice and wheat earlier.

February 17

India hiked customs duty to 200% on goods imported from Pakistan
India hiked the customs duty on all goods imported from Pakistan to 200% with immediate effect, a day after it revoked the most favoured nation (MFN) status that it had given in 1996.
The action has followed the Pulwama terrorist attack that killed about 40 Central Reserve Police Force (CRPF) personnel.
The move is likely to hit Pakistan’s exports to India which were $381 million in the April-November period compared with $489 million in all of FY18.
India’s major imports are fruits and nuts, gypsum, sulphur, finished leather, ores, mineral oils and cement.
The new tariff of 200% is higher than India’s average bound rate for agricultural products of 113.5% and that for non-farm goods of 34.6%. The MFN applied rates are 32.8% and 10.7%, respectively for farm and non-farm products.
GS1 India signs MoU with Government e-Marketplace.
GS1 India, a standards organisation set up by the commerce and industry ministry signed a Memorandum of Understanding (MoU) with Government eMarketplace (GeM).
The MoU will enable GeM's buyers and vendors to access accurate and standardised information on attributes of thousands of products across categories, empowering them to make more informed decisions.
GeM will access product data from GS1 India's DataKart, the national repository of information on attributes of millions of retail products in the country.

February 18

RBI to transfer Rs. 28,000 crore interim surplus to government
The board of Reserve Bank of India decided to transfer an interim surplus of Rs. 28,000 crore to the government.
Inclusive of the Rs. 40,000 crore transferred by the central bank as final dividend for 2017-18, the Centre has earned a total of Rs. 68,000 crore as dividend from the RBI for the 2018-19 fiscal. The accounting year of the RBI runs from July to June.

February 19

Indian Oil Corporation signs USD 1.5 billion deal to buy US crude oil
In the first-ever deal by an Indian company, Indian Oil Corp (IOC) has signed an annual deal worth USD 1.5 billion to import 3 million tonnes of crude oil in the fiscal year beginning April 1.
This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude oil from the US.
IOC has finalised a term contract for import of up to 3 million tonnes of crude oil of US origin grades as a part of its strategy to diversify term crude sources.
The term contract follows IOC signing up to buy crude oil from the US through a term-tender deal in August last year. It had at that time bought about 6 million barrels of US crude oil under single tender for delivery between November 2018 and January 2019.

Sachin bansal invested Rs. 650 crore in Ola
Co-founder of Flipkart Scahin bansal invested Rs. 650 crore in Ride-hailing platform Ola.
The investment, which has been made in Mr. Bansal’s personal capacity, is the largest investment by an individual in Ola till date.
Mr. Bansal, who had co-founded Flipkart with Binny Bansal in 2007, exited the company after the U.S. retail giant Walmart picked up 77% in the Bengaluru-based e-commerce firm for $16 billion.

Jindal Steel sets up facility for Railways
Jindal Steel has set up a dedicated facility for Railways in Chennai which will supply stainless steel components to the Integral Coach Factory (ICF).
It was commissioned by JSL Lifestyle Limited a subsidiary of Jindal Stainless.
The facility, spread over two acres, has come up at Maraimalai Nagar near Chennai. The new facility would supply stainless steel components to Integral Coach Factory (ICF), Chennai, for production of railway coaches.
Earlier, these components were supplied from the Pathredi unit of Jindal in Haryana. This railway facility will produce railway coach sub-assemblies for ICF.

February 20

Government relaxes angel tax norms for start-ups
The Government has revised the definition of start-ups to address angel tax woes by increasing the time period, turnover criteria and also raising the tax exemption limit for investments made.
An entity shall be considered as a startup up to10 years from its date of incorporation instead of the existing period of 7 years.
Now a firm can be a startup even if its turnover for any of the financial years since its incorporation hasn’t exceeded Rs. 100 crore instead of the existing cap of Rs. 25 crore.
The limit for tax exemption for start-ups is increased from Rs. 10 crore to Rs. 25 crore.
Cabinet approves release of an additional instalment of DA to Central Government employees and DR to Pensioners, due from 1.1.2019
The release of an additional instalment of Dearness Allowance (DA) to Central Government employees, and Dearness Relief (DR) to pensionersw.e.f. 1.1.2019 was approved.
Increased 3% over the existing rate of 9% of the Basic Pay/Pension, to compensate for price rise.
This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission (CPC).
The combined impact on the exchequer on account of both DA and DR would be Rs. 9168.12 crore per annum and Rs. 10696.14 crore in the FY 2019-20.
This will benefit about Rs. 48.41 lakh Central Government employees and Rs.62.03 lakh pensioners.

February 21

Government to Infuse Rs. 48,239 crore in 12 Public Sector Banks
The Finance Ministry announced to pump in Rs. 48,239 crore in 12 public sector banks this fiscal year to help them maintain regulatory capital requirements and finance growth plans.
Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs. 9,086 crore of funding, followed by Allahabad Bank with Rs. 6,896 crore and Bank of Maharashtra gets the lowest at Rs. 205 crore.
This will take the banks tout of Reserve bank of India’s (RBI) Prompt Corrective Action framework.
Google to acquire cloud migration platform Alooma
Google will acquire Silicon Valley data migration company Alooma to grow its cloud business service in its latest efforts to compete with its rivals Amazon and Microsoft.
Alooma is a leading company that helps enterprise customers to streamline database migration in the cloud and move their data from multiple sources to a single data warehouse.
Google is going to leverage Alooma's deep expertise for both enterprise and open source databases to build its additional but critical migration capabilities within Google Cloud Platform.
Both Google and Alooma, which is based in California and Israel, did not disclose details of the transaction, which is subject to regulatory approvals.

February 22

FDI during April-December 2018-19 falls 7% to $33.49 billion
According to commerce and industry ministry data, Foreign Direct Investment (FDI) into India decreased by 7% to USD 33.49 billion during April-December in the current fiscal.
Foreign fund inflows during April-December 2017-18 stood at USD 35.94 billion.
Singapore was the largest source of FDI during April-December 2018-19 with USD 12.97 billion inflow, followed by Mauritius (USD 6 billion), and the Netherlands (USD 2.95 billion).
The key sectors that received the maximum foreign investment during the nine months of the fiscal include services (USD 5.91 billion), computer software and hardware (USD 4.75 billion), telecommunications (USD 2.29 billion), trading (USD 2.33 billion), chemicals (USD 6.05 billion), and the automobile industry (USD 1.81 billion).
A decline in foreign inflows could put pressure on the country’s balance of payments and may also impact the value of the rupee.
Employees Provident Fund (EPF) hiked interest rates to 8.65%
The Employees Provident Fund (EPF) deposits will now earn more, with the Employees’ Provident Fund Organisation (EPFO) deciding to hike interest rates to 8.65% for 2018-19.
EPFO’s Central Board of Trustees decided to hike the rate by ten basis points.
This hike returns the rate of interest to the same level as it was in 2016-17, after a dip to a five year low of 8.55% in 2017-18.
The EPFO had provided a five-year low rate of interest of 8.55% to its subscribers for 2017-18.
The body had kept the interest rate at 8.65% in 2016-17 and 8.8% 2015-16. It provided 8.75% interest for 2013-14 as well as 2014-15. The rate of interest was 8.5% in 2012-13.

February 23

RBI forms new NBFCs' category by merging 3 categories of NBFCs to ease operational flexibility
The Reserve Bank of India (RBI) has merged three categories of NBFCs - Asset Finance Companies (AFC), Loan Companies (LCs) and Investment Companies (ICs) - into one new category called NBFC-investment and credit company (NBFC-ICC) to ease operational flexibility of these institutions.
To replace entity-based regulations with activity-based ones, the RBI in its last bi-monthly monetary policy had decided to harmonise major categories of non-banking financial companies (NBFCs) engaged in credit intermediation into a single category.
A deposit taking NBFC-ICC shall invest in unquoted shares of another company which is not a subsidiary company or a company in the same group of the NBFC, an amount not exceeding 20% of its owned fund.
CBDT sets up Panel to Reduce Litigation at Appellate Forums
The Central Board of Direct Taxes (CBDT) has constituted a six-member committee to recommend steps to reduce litigation before the appellate forums of Commissioner of Income Tax (Appeals) and the Income-Tax Appellate Tribunal (ITAT).
This committee - comprising senior Indian Revenue Service officials - has been told to “appraise the efficacy” of existing dispute resolution forums of CIT (A) and ITAT.
The panel will have to submit its report within eight weeks.
The committee has been asked to give its recommendations for different income groups and separately for corporate and non-corporate assessees.
Within the overall terms of reference, the committee has been asked to conduct analysis of assessment orders; orders of CIT (A) and success rate of appeals filed by the department/assessee before the ITAT.
Government to Auction 66 Oilfields of ONGC and Oil India for Private Firms
India plans to auction 66 small oil and gas fields of Oil & Natural Gas Corporation Ltd. and Oil India Ltd. as it tries to step up production to reduce the import bill of the world’s third-biggest consumer of fossil fuel.
These small discovered fields will be auctioned for private companies.
Sixty-two fields of ONGC and four of Oil India will be auctioned.
This comes after the Cabinet in its meeting on Feb. 19 decided to revert to a two-decade-old system of awarding areas based on exploration work commitment rather than giving highest revenue share to the government.
According to the Ministry of Petroleum and Natural Gas this will incentivise increased investment and output.

February 24

Goods and Services Tax (GST) on affordable housing properties reduced to 1%
On 33rd Goods and Services Tax (GST) meeting GST rate was decreased on under-construction residential properties and affordable housing projects.
The GST Council’s tax rate 1% (from 8%) on affordable housing and 5% (from 12%) on under-construction.
The new rate will be effective from April 1, 2019.
Ministerial Panel headed by Deputy Chief Minister of Gujarat Nitin Patel.
In Metros houses with a carpet area up to 60 square metres, and in Non-Metros houses with a carpet area of up to 90 square metres will be classified as affordable housing. Properties worth Rs 45 lakh will be also be classified as affordable.

February 25

Oil Marketing Companies to engage 10,000 women as grassroots energy ambassadors in Odisha
In Odisha, Oil Marketing Companies will engage more than 10,000 rural women as 'UjjwalaDidis' to act as grassroots energy ambassadors across the state to ensure sustainability of LPG use.
Chief General Manager, IOCL & SLC Oil Industry, Odisha, SubhajitGhosh in Bhubaneswar that UjjwalaDidis will act as a bridge between existing and prospective LPG consumers and the distributors in the state.
PradhanMantriUjjwalaYojana has contributed to LPG growth in Odisha almost single-handedly, since its launch in 2016.
The state saw phenomenal growth in LPG households from 20 lakh in 2014 to almost 78 lakh in February, 2019.
SEBI has declared MotilalOswal Commodities Broker and India Infoline Commodities (IICL) unfit to function
After nearly three years of investigations,the Securities and Exchange Board of India (SEBI) declaredMotilalOswal Commodities Broker(MOCB) and India Info line Commodities (IICL)‘not fit and proper’ to function as commodity brokers.
On account of their alleged role in the Rs.5,600 crore settlement scam at the National Spot Exchange Ltd (NSEL) that came out in the open in July 2013.
SEBI had rejected the application for registration of the 2 entities and further directed that all existing clients should be allowed to move to other brokerages within 45 days.

February 26

RBI extends KYC compliance norms by six months to e-wallet companies
The Reserve Bank of India extended six months deadline for compliance with Know Your Customer (KYC) norms, for prepaid payment instrument (PPI) issuers. The earlier deadline was February 28.
Based on requests received from various stakeholders to increase the above timeline on account of difficulties in undertaking Aadhaar e-KYC and time necessary to put in place alternative systems for completing the KYC process, it has been decided to allow PPI issuers additional time of Six months for completion of the KYC process.
PPIs are instruments that facilitate purchase of goods and services, including financial services and remittance facilities, against the value stored on such instruments.
E-wallet companies were caught in a bind over looming deadline as companies were apprehensive that they will not be able to meet the central bank's deadline to complete KYC of all customers by February-end.
Government released draft e-commerce policy
The government released the draft national e-commerce policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad.
The 42-page draft addresses 6 broad issues of the e-commerce ecosystem - data, infrastructure development, e-commerce marketplaces, regulatory issues, stimulating domestic digital economy and export promotion through e-commerce.
This is the second draft being prepared by the Department for Promotion of Industry and Internal (DPIIT) as several concerns were raised over the first draft of the department of commerce.
Key Points in Draft:
All e-commerce sites/apps available for download in India must have a registered business entity in India as the importer on record or as the entity through which all sales in India are transacted.
Online marketplaces should not adopt business models or strategies which are discriminatory and which favour one or few sellers/traders operating on their platforms over others, the draft Clarifies.
The Trade Mark (TM) owners will be given the option to register themselves with e-commerce platforms.
If a complaint is received about a product being fake it will be conveyed within 12 hours to the owner of the trade mark. If the seller thereafter is unable to provide evidence that the product is genuine, the marketplace shall take down its listing and notify the trade mark owner the same.

February 27

Fiscal deficit touches 121.5% April -January
During April – January India’s fiscal deficit stood at Rs. 7.7 laksh crore or 121.5% of the budgeted estimate of Rs. 6.24 lakh crore for 2018-19.
In January 2018 the gap between the government’s revenue and expenditure had stood at 113.7%.
While presenting the interim budget earlier this month, the government had revised the fiscal deficit target for FY19 to 3.4% of GDP from 3.3%.
Adani Group won the bid to operate 5 Airports for 50 years
Adani Group has won the bid to operate five out of six Airports, put up for privatisation by the central government, for the next 50 years.
The bid was conducted by the Airport Authority of India (AAI), winner was chosen on the basis of “per-passenger fee” offer by the bids.
Five airports are:
Ahmedabad
Lucknow
Magaluru
Jaipur
Thiruvananthapuram
Thomas Cook India Group acquired Digiphoto Entertainment Imaging (DEI)
Thomas cook India Group acquired 51% stake in Digiphoto Entertainment Imaging (DEI) for $40.6 million (Rs. 289 crore).
Digiphoto Entertainment was established in 2004 and provides imaging solutions for the tourism industry.
It also focuses on imaging solutions for the attractions industry and has a network of over 120 partners.
It is spread in around 250 venues spanning over 14 countries and has done 3.6 million transactions in 2018.

February 28

Rs. 20,000 crore GST evasion was detected by the Government in April - February FY19
The government detected Goods and Services Tax (GST) evasion of around Rs. 20,000 crore between April 2018 and February 2019.
Out of this, Rs. 10,000 crore has been recovered. Tax officers detected fake invoice worth Rs. 1,500 crore which was used to claim illegal GST credit of Rs. 75 crore.

India’s GDP growth projected to 7% in 2018-19
As per Central Statistics Office (CSO), India is estimated to grow at a slower pace of 7% in 2018-19, down from the 7.2% attained during the previous financial year.
According to Second Advance Estimates of National Income, Real gross domestic product (GDP) at constant (2011-12) prices in the year 2018-19 is likely to attain a level of Rs. 141 lakh crore, as against the ‘First Revised Estimates of GDP’ for the year 2017-18 of Rs. 131.80 lakh crore



<--Back