A second person said the mission is in line with the government’s ‘Vision 2047’ plan, adding the ministry will work as the nodal agency for the mission document, which will house all schemes and policies aimed for the automotive sector.

In a policy shift, completed and revenue-generating highways under the toll-operate-transfer (ToT) mechanism will be directly and exclusively auctioned to private InvITs

Earlier, such road projects were offered only to state-owned National Highways Authority of India’s InvIT, the National Highways Infra Trust (NHIT).

In the financial account, foreign direct investment recorded a net inflow of $4.2 billion as compared with a net inflow of $2.0 billion in Q3 of FY23

Mumbai: Indian exporters have received notices from the customs department demanding payment of duty differentials on rice exported in the last 18 months, four exporters told Reuters, a rare tax demand that could cripple rice shipments from India. The world’s biggest rice exporter imposed a 20% export duty on white rice in September 2022, followed by a similar duty on parboiled rice in August 2023 to control domestic rice prices ahead of key 2024 state and national elections. reuters

Meanwhile, the total gross GST collection so far during the current fiscal (April 2023-February 2024) stood at ₹18.40 trillion, 11.7% higher than the mop-up for the same period last fiscal.

State government expenses usually increase during elections, due to increased spending on social welfare schemes during the election year

A few key takeaways from the Delhi Budget allocation are-

• Allocation of ₹16,396 Crores for the Education Sector,

• Allocation of ₹8,685 Crores for the Health Sector,

• An Outlay of ₹510 Crores for E-Buses and ₹500 crores for Delhi Metro,

• Delhi Government to give monthly ₹1,000 to every Woman aged 18 years and/or above under the Mukhya Mantri Mahila Samman Yojana,

• Allocation of ₹902 Crores for the development of Unauthorised Colonies in National Capital,

• The Government will implement the 'Business Blaster Scheme' in its Universities and Industrial Training Institutes (ITIs) through ₹15 Crores allocation.

Meanwhile, India’s fiscal deficit during the first 11 months of FY24 stood at ₹15.01 trillion, or 86.5% of the revised annual estimate, according to data released by the Controller General of Accounts.

The fiscal deficit for the corresponding period of the previous year was ₹14.54 trillion, or 82.8% of the annual estimate of ₹17.55 trillion for FY23.

The last fiscal year ended on an upbeat note for India’s economy, going by the purchasing managers’ index (PMI) for the manufacturing sector. It hit a 16-year high of 59.1 in March, the highest level since February 2008. The big margin by which it exceeded the 50 mark, which separates expansion from contraction, suggests a boom in factory orders. That this reading has been in expansionary zone now for 33 months on a roll is a sign of sustained strength. While new orders rose sharply, manufacturers also reported a build-up of stocks last month in anticipation of stronger sales. Other indicators such as surging GST intake or freight figures present a similarly bright picture. That said, although business optimism has been found to be high in surveys of managers, whose reports are what go into PMI readings, actual production numbers, as revealed in the recent national accounts data released by the government, are yet to reflect such a boom in factory activity. Sure, India’s overall pace of economic growth has been a succession of surprises on the upside, lately, but we still await clear signs of a manufacturing upsurge of the kind that would raise this sector’s share of GDP.

The highest earnings of ₹1,06,271.79 crore came from GST/VAT. This includes ₹75157.81 crore from GST, according to the state government’s revenue collection dataLUCKNOW Uttar Pradesh government collected ₹18,660.30 crore more tax and non-tax revenue in 2023-2024 compared to the previous financial year. Its total revenue collections were ₹1,93,329 crore in 2023-2024, up from ₹1,74,668.80 crore in 2022-2023. The 2023-2024 collections were around 74.3% of the annual target of ₹2,60,232 crore.

A compensation of ₹4070.30 crore received from the Centre up to March 2024, however, has not been included in the GST collection figures.