Read daily news briefs on the economic issues collected from different sources.
Direct tax collection has surged by 33% in the April-August period of the current fiscal year. The direct tax collection touched Rs.4.80 lakh crore compared to Rs.3.60 lakh crore in the same period of the previous fiscal year. [BL]
The NDTV promoters in another move to delay the transfer of 29.8% stakes to the Adani group, claimed that the transfer will require the approval of the Income Tax department. [BL]
The National Family Health Survey (NFHS) 2019-21 found that 30% of the deaths in India are not getting registered. It also found that 83% of the urban household while only 66% of rural household register death. [BL]
The Centre for Monitoring Indian Economy’s (CMIE’s) latest data shows that the unemployment rate in India rose to 8.28% in August 2022, which is the highest since August 2021. The data shows that urban unemployment registered a rate of 9.57% in August compared to 8.21% in July 2022. While rural unemployment also rose to 7.68% in August compared to 6.14% in July 2022. [BL]
The goods and Services Tax (GST) and manufacturing sector in India continue to show a stable recovery in August 2022. [ET]
In order to save the Indian Bond Market from getting hurt by the global market, India is seeking a way to settle its sovereign bond locally in case if it is included in the global bond market. [ET]
International Monetary Fund (IMF) agrees to provide a conditional bailout of $2.9 billion to recover its financial condition. [BS]
Moody has slashed the growth forecast for India to 7.7% for 2022. [FE]
Editors:
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)
Note: BL – Business Line, BS – Business Standard, FE – Financial Express, ET – Economic Times
