As per the data, less paddy area is reported from Jharkhand -- 10.51 lakh hectare (ha), West Bengal (4.62 lakh ha), Chhattisgarh (3.45 lakh ha), Uttar Pradesh (2.63 lakh ha), Bihar (2.40 lakh ha), and Odisha (2.24 lakh ha) till August 26 this kharif season.

The government is discussing curbs on broken rice exports, which account for almost 20% of India’s shipments abroad, as local prices have soared, said the people, who asked not to be identified as the information is private. Talks are in advanced stages and a decision may be announced soon, the people said.

Central banks in most of the countries are fighting a stubborn inflation which has risen to decades-high as a melange of factors came together in creating a perfect storm.

Indian companies and banks is expected to feel the bite of high inflation and rising interest rates, but rated issuers are generally better cushioned to withstand, S&P Global Ratings said in a report. The report do not expect any default in the rated portfolio, which benefits from access to domestic banks and capital markets. "Banks will not be immune, but we expect that in the stress scenario NPLs could rise modestly," the report added.

This comes as the ministry has observed that many manufacturers, packers and importers are not making important declarations prominently on the front side of the package, which is necessary in the interest of consumers and also violate their consumer right of "Right to be informed".

India's digital lending market has grown quickly and facilitated $2.2 billion in digital loans in 2021-22, with startups attracting foreign backers and giving traditional banks a run for their money in the credit business.

The Central Board of Direct Taxes, the administrative body for the tax department, undertakes search and seizure operations to check instances of tax evasion apart from performing its regular task of collecting revenue for the government under the direct taxes category.

“I am cautiously optimistic about growth with some signs of gradual, though uneven, revival of consumption demand,” said Jayanth Rama Varma, an external member of India’s monetary policy committee. A modest increase in private capital spending is counted on to support the recovery, he said in an interview earlier this month.

Till now, tax authorities have been mostly disallowing input tax credit on upfront lease premium, arguing that this transaction is similar to immovable property and since no input tax credit is allowed in any real estate deal the same principal should apply to lease premiums, experts said.