The minerals, used in EVs and medical devices, are an area of key interest for India as the country has launched production-linked incentive schemes for these sectors. "Australia is excellent in exploration, extraction, production and processing of critical minerals... and India is strengthening its manufacturing capability. So, we can together improve that supply chain resilience," Eaton said.
The proposal entails raising the threshold of cognizable and non-bailable offences under Section 132 of the Central GST Act to ₹20 crore from ₹5 crore now and attaching bank accounts only for serious and high value offences under Section 83.
The outbound shipments of cereals; sugars and sugar confectionery; Inorganic chemicals; and nuclear reactors, boilers, machinery and mechanical appliances increased by 161 per cent, 237 per cent, 74 per cent, and 27 per cent to USD 281.36 million, USD 111.49 million, USD 156.92 million, and USD 267.89 million respectively during the period under review.
With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year ending in March 2023 to 6.7 per cent from its earlier projection of 5.8 per cent.
Ahead of the implementation of the India-Australia Economic Cooperation and Trade Agreement (ECTA), a 106-member business delegation from Canberra is visiting this week to forge ties across agriculture, critical minerals, infrastructure, digital health and education.
The RBI, which has since May raised the short-term lending rate (repo) by 140 basis points (bps), may again go for a 50-bps increase to take it to a three-year high of 5.9 per cent, say experts.
The gross direct tax collection grew 30 per cent to Rs 8.36 lakh crore in the April to mid-September period of the current fiscal on increased corporate tax and personal income tax (PIT) mop up due to increased economic activity. The Rs 8.36 lakh crore direct tax collection for the April 1- September 17 period includes corporate tax of Rs 4.36 lakh crore and PIT of Rs 3.98 lakh crore. After deducting refunds of Rs 1.35 lakh crore issued, there was a 23 per cent growth in net direct tax mop up, totalling Rs 7 lakh crore.
According to the Ministry of Statistics and Programme Implementation, which monitors infrastructure projects of Rs 150 crore and above, out of 1,526 projects, 393 reported cost overruns and as many as 647 projects were delayed. According to the report, the expenditure incurred on these projects till August 2022 was Rs 13,60,645.94 crore, or 52.49 percent of the anticipated cost of the projects
The free trade agreement (FTA) talks between India and the UK are now in their final phase and despite some outstanding issues to be resolved, there is optimism on both sides that the Diwali deadline for a draft will be met, according to the Lord Mayor of London.