Although it started with a focus on infrastructure, the Mumbai office will target investments in India across all asset classes, including public and private equities, infrastructure, real estate, credit and venture and growth equity. Deepak Dara, an existing OTPP employee, has been appointed senior managing director and head of India and will assume the role in early 2023.
"The acreage of kharif crops is unlikely to meet last year’s level. The erratic rainfall will have an impact on the final yield and harvest. The heavy rains we are seeing in some states are also not good for harvest. Overall, we could expect a slower fall in food inflation, " said Aditi Nayar, chief economist, ICRA.
Sitharaman said pending cases need to be resolved expeditiously and that the department could run a campaign for this on the lines of public sector banks. Despite Covid-19 related challenges,she said direct tax collections had sustained the momentum and use of technology had closed the gap between direct tax and indirect tax collections.
Forex market interventions during surges in capital flows to contain the INR volatility lead to an increase in money supply or M3, which however is found to be neither inflationary nor elicit a policy rate response by the RBI, finds a research paper published by the Reserve Bank of India .
"The momentum of the last fiscal continues in this fiscal with net direct tax collection of Rs 7.04 lakh crore so far, which is a growth of 23 per cent over the same period last fiscal," Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said.
As per the survey (QES), which is fourth in series of the revamped survey released last year, manufacturing employed 12.25 million workers followed by 6.9 million in the education sector, 3.8 million in IT/BPOs and 3.3 million in the health sector. These four sectors constituted 83% of the total estimated workers in the nine sectors.
The spike in average cost reflects the overall interest tightening taking place in the system after the US Fed went ahead with its third 75 bps hike last week and said it will deliver at least two more to fight inflation, which is trending at over 40 years high.
Meetings of the Monetary Policy Committee, presided over by Governor of the RBI Shaktikanta Das, are set for September 28–30. The decision will be made public on Friday (September 30).
​​The reserves, which have been dipping as the central bank deploys the kitty to defend the currency amid a pressure caused majorly by global developments, had declined by USD 2.23 billion to USD 550.87 billion in the previous week. Finance minister Nirmala Sitharaman on Monday had said "due to the strength of our microeconomic fundamentals, rupee is holding out well. The rate of fall of other currencies vis-a-vis against the US dollar has been sharply much more than the Indian rupee".