Moody's boosts India's economic growth forecast, growth to be 13.7 percent in next financial year

Moody's boosts India's economic growth forecast, growth to be 13.7 percent in next financial year

Business Desk:  Moody's on Thursday raised India's economic growth forecast for the next financial year from 10.8 percent to 13.7 percent. This new estimate has been made in view of the general confidence of the economic activity and the increasing confidence in the market after the introduction of Kovid-19 vaccine in the market. The estimate of the same was also improved from its earlier 10.6 percent to 7 percent. That is, the Indian economy is expected to decline by seven percent during the current financial year.

Jane Fang, Assistant Managing Director (Savren Risk), Moody's Investors Service, said that our current estimate is that the Indian economy will fall by seven percent in the current financial year ending March 2021 ... while we normalize activities And looking at the base effect, we are expecting 13.7 percent growth in the next financial year. At the same time, ICRA Principal Economist Aditi Nair said that she expects 0.3 percent growth in the third quarter of October to December 2020 of the current financial year. At the same time, Icra believes that the Indian economy will be down seven percent in the current financial year, while it will register a growth of 10.5 percent in the next financial year.

What is this Moody
's Moody  's is a US company, which is associated with business and economic matters. John Moody's motive behind forming this company, which was formed in the year 1909, was to tell the stock market and bond ratings. Which means telling which stock exchange is performing and which bond can be profitable by buying. For this, John Moody used to rate the stock market and bonds. 


'Government will decide to cut excise duty on petrol and diesel when the time comes'

'Government will decide to cut excise duty on petrol and diesel when the time comes'

Business Desk: Central Board of Indirect Taxes and Customs (CBIC) Chairman M Ajit Kumar said on Tuesday that the government would consider reducing petrol and diesel prices by cutting taxes when the appropriate time comes. The indirect tax collection from record excise duty on petrol and diesel was up 59 percent year-on-year in the financial year 2020-21, ending March 31. 

In a video call with reporters to give information about tax figures, he said, "We hope that the revenue will be good in the coming months." "As far as fuel price cuts are concerned," Kumar said , The Government is constantly on the lookout on this matter and I am confident that a decision will be taken whenever the time comes. Is considering a cut. However, he did not elaborate on the appropriate timing. 

The price of petrol and diesel was
raised by the government by Rs 13 per liter on petrol last year, while on diesel by Rs 16 per liter. The excise duty on petrol is now Rs 32.90 per liter. The petrol rate in Delhi is Rs 90.56 per liter and excise duty is 36 percent. Excise duty on diesel is Rs 31.80 per liter and excise duty is 39 per cent of its retail selling price of Rs 80.87 per liter. 

Adding VAT (value added tax) of states constitutes 55 to 60 per cent of the total tax in retail prices of these fuels. Petrol prices reached Rs 100 a liter in February in some parts of the country, Rajasthan, Maharashtra and Madhya Pradesh, amid the rise in the price of crude oil in the international market. Although assembly elections were announced in five states, including West Bengal, Tamil Nadu and Kerala, the price hike was put on hold. CBIC member (budget) Vivek Johri said one of the reasons for the 59.2 percent increase in excise collection is the increase in the petroleum tax rate. "If there is a deduction, the revenue collection will be affected by the excise duty," he said. 

Tax collection on oil reached Rs 2.94 lakh crore
Last month, Petroleum Minister Dharmendra Pradhan said in Parliament that tax collection on petrol and diesel was Rs 52,537 crore in 2013, which increased to Rs 2.13 lakh crore in 2019-20. At the same time, it increased to Rs 2.94 lakh crore in the first 11 months of 2020-21. CBIC did not separately provide data on excise collection on petrol and diesel in 2020-21.