Retail Inflation Rises

Retail inflation rises to five-month high of 3.36 per cent in August

Retail inflation rose to a five-month high of 3 (point)36 per cent in August due to costlier vegetables and fruits. According to the data released by the Central Statistics Office, the consumer price index (CPI) based inflation stood at 2.36 per cent in the previous month. 

The August inflation number is the highest since March this year, when it was recorded at 3.89 per cent. Overall food inflation in August also moved up, reversing the deflationary trend, to 1.52 per cent.

Banks Credibility

Banks should maintain their credibility: Arun Jaitley

Union Finance Minister Arun Jaitley has said that Banks should maintain their credibility. He was speaking in Pune on the occasion of the centenary year of Pune District Co-operative bank. Jaitley said that Maharashtra has done tremendous progress in the field of co-operatives and finances. If other states in the country follow this example, the whole scenario of rural India will be changed.

Former Union Minister Sharad Pawar presided over the function. Speaking on this occasion, the Chief Minister of Maharashtra Devendra Fadnavis announced that the loan waiver amount will be deposited in farmers account before Diwali.

Pranab Mukherjee Hails GST

Deadline for filing of GST Returns for July and August extended

Businesses will have more time to file the final GST returns as the government has extended the last date for filing of sales and purchase data as well as payment of taxes for the months of July and August.

Now sales return or GSTR-1 for July will have to be filed by September 10 instead of September 5 earlier and purchase returns or GSTR-2 would be filed by September 25 instead of September 10 earlier.

GDP Of India

The huge drop in GDP, Decreased from 7.9% to 5.7%

GDP figures have also come out after a day, the release of the figures of Demonetisation from the Reserve Bank of India. GDP growth at 5.7% in the quarter ended in the first quarter of 2017-18 i.e. June 30. This is a major drop in GDP. On the basis of year-on-year basis, GDP growth was 7.9% in the April-June 2016 quarter of the previous year. This fall in the GDP is a major drop, which is being directly linked to the Demonetisation.

Foreign Direct Investment

FDI jumps 37% to 10.4 billion USD during April-June 2017

Foreign direct investment, FDI, into the country grew by 37 per cent to 10 (point) 4 billion US Dollar during the first quarter of the current fiscal. According to the figures of the Department of Industrial Policy and Promotion, DIPP, India had received around eight billion FDI US Dollar during the same period last year.

The main sectors which attracted the highest foreign inflows include services, telecom, trading, computer hardware and software and automobile.Bulk of the FDI came in from Singapore, Mauritius, the Netherlands and Japan.