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INDIA ACHIEVES $400 BILLION GOODS EXPORTS TARGET FOR FIRST TIME
“India set an ambitious target of $400 billion of goods exports & achieves this
target for the first time ever. I congratulate our farmers, weavers, MSMEs,
manufacturers, exporters for this success. This is a key milestone in our
Aatmanirbhar Bharat journey. #LocalGoesGlobal,” Modi said in a tweet.
* Kirtika Suneja
* ET Bureau
* March 23, 2022, 17:20 IST
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Prime Minister Narendra Modi on Wednesday said that for the first time, India
achieved its target of reaching $400 billion in exports.
“India set an ambitious target of $400 billion of goods exports & achieves this
target for the first time ever. I congratulate our farmers, weavers, MSMEs,
manufacturers, exporters for this success. This is a key milestone in our
Aatmanirbhar Bharat journey. #LocalGoesGlobal,” Modi said in a tweet.
India’s goods exports in FY21 were $298.1 billion.
The Prime Minister also posted infographics of India achieving the highest ever
exports target nine days ahead of the intended deadline. As per the graphic, an
average of $46 million worth of exports were done every hour.
“India on the path to becoming an Export Powerhouse! PM @NarendraModi ji
inspired confidence & led from the front through our journey to $400 billion
goods exports target,” commerce and industry minister Piyush Goyal posted in a
tweet, adding that this success is achieved nine days ahead of schedule & is a
blueprint for AtmaNirbhar Bharat.
India’s merchandise exports in April-February 2021-22 was $374.81 billion as
against $256.55 billion during the year-ago period, registering a growth of
46.09%.
Also Read:
COMMERCE MINISTRY MAY FURTHER EXTEND FOREIGN TRADE POLICY
The policy provides guidelines related to imports and exports in India. The
ministry announces the policy every five years.
See More Details
'ATMANIRBHAR BHARAT' IS NOT A CLOSED ECONOMY, IT'S BEING GLOBALLY COMPETITIVE:
RAJIV KUMAR, NITI AAYOG VC
"Self-reliance in my view is increasing our share in global flows of merchandise
and services trade. I think it's time that we give ourselves the ambitious
target of quadrupling our share in the next 20 years in global trade of
merchandise and services," Rajiv Kumar said.
See More Details
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Industry
India Exports
narendra modi
msme
exports
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* 1 hr ago
KEEPING STAGFLATION FIRMLY AT BAY
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KEEPING STAGFLATION FIRMLY AT BAY
Das is iterating that position, which was regarded in some quarters as being
behind the curve, even though energy prices have spiked after Russia declared
war on Ukraine. Underlying this composure is the belief that India will not
import energy inflation on the scale of Europe or the US.
* ET Bureau
Click Here to Read This Story
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Reserve Bank of India (RBI) Governor Shaktikanta Das has assured industry that
the central bank does not intend ahard landing on liquidity, and will ensure
credit does not dry up as it nurses an economic recovery against a backdrop of
hardening energy prices.
This should provide some reassurance to financial markets that are factoring in
greater volatility as central banks in advanced economies end their
pandemic-induced easy money policies to battle inflation that has reached levels
not seen in decades. RBI maintained its accommodative monetary stance in a
policy review within weeks of the government announcing a surge in its
borrowings to feed infrastructure-led growth.
Das is iterating that position, which was regarded in some quarters as being
behind the curve, even though energy prices have spiked after Russia declared
war on Ukraine. Underlying this composure is the belief that India will not
import energy inflation on the scale of Europe or the US.
Demand has not completely recovered to pre-pandemic levels. India is still
trailing in capacity utilisation and its energy intensity is lower. Inflation is
driven more by manufacturing, and RBI is comfortable with the consumer price
index (CPI) occasionally spiking beyond the policy band on account of Russian
supply disruptions.
The ginger passthrough of crude oil and natural gas prices to retail consumers
of automotive fuels and cooking gas could signal policymakers’ optimism that the
global energy supply disruptions will be limited. Das finds the prospects of
stagflation sparked by an oil shock as non-existent for India. But the
second-order effects on the supply chain will continue to be a worry.
The governor anchored inflationary expectations during the February monetary
policy review meeting. He continues to do so in the run-up to next month’s
review. Demand management remains the priority for both the central bank and the
government. The markets should draw comfort from Das’ reassurance that policy
reversal will be calibrated and communicated in advance.
Also Read:
RISK OF STAGFLATION IN INDIA DOES NOT EXIST, CENBANK CHIEF DAS SAYS
The recent geopolitical tensions in Ukraine and Russia have sent oil prices
spiralling and raised concerns of a hit to India's economic recovery.
See More Details
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WHY NPS IS BETTER THAN PAYG SCHEME FOR INDIA'S ECONOMY, ACCORDING TO AN SBI
ECONOMIST
India had a PAYG (Pay-As-You-Go) scheme prior to 2004, and under this,
contributions of the current generation of workers was used to pay the pensions
of current pensioners. Though the scheme is always used by political parties as
an attractive dispensation, it has always been a fiscal burden, according to an
SBI Ecowrap report.
* Nidhi S Chugh
* ETBFSI
Click Here to Read This Story
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The financing of the old pension scheme, which was in the form of a PAYG
(Pay-As-You-Go), often masks the long-run cost of promised pension obligations,
according to a SBI Ecowrap report. Though the scheme is always used by political
parties as an attractive dispensation, it has always been a fiscal burden.
This can be estimated by quantifying the present value of the "implicit public
pension debt". This debt is the function of number of workers and retirees,
entry age of workers, expected life spans, size of average benefit, retirement
age and discount rate, which is used for calculating the present value, the
report said, reasoning why PAYG may not be fiscally viable.
India had a PAYG scheme prior to 2004, and under this, contributions of the
current generation of workers was used to pay the pensions of current
pensioners. This meant that PAYG scheme involved a direct transfer of resources
from the current generation of tax payers to fund the pensioners.
However, the scheme was discontinued, given the problem of pension debt
sustainability, an ageing population, explicit burden on future generation and
the incentive for early retirement, which led to no accumulated funds.
The report highlighted that trends in the pension liability of the state
governments over the long run showed a very sharp increase during the PAYG
scheme. The CAGR in pension liabilities for the 12 year period ended FY22 was at
34% for all the state governments.
Consolidated data given by NPS Trust shows that there are 55.44 lakh
contributing state-level employees as of Feb 2022, and if all states migrate to
the old scheme with say an entry level age of 28 years and 5% inflation
indexation, the current present value of the implicit pension liabilities will
be around 13% of GDP, and the implicit pension debt will be unfunded, the report
reasoned.
"The above fact clearly underlies World Bank’s warning that PAYG schemes are
illusory. Specifically, when the population is young it induces the government
to offer generous benefits as the costs are low. But the implicit pension debt
will explode rapidly as population ages," the report said.
As per India’s demographic profile, the Ageing Index, defined as the number of
persons 60 years old or over per hundred persons under age of 15 years, is
likely to reach 76 by 2036 from the current value of 40.
How can NPS be made more attractive?
Considering these factors, the government moved to a system of defined
contributory pension benefit scheme, NPS in 2004, and so far all states have
migrated to NPS, except West Bengal and Tamil Nadu.
The government, after enforcing NPS, makes a 14% matching contribution against
the 10% monthly contribution of employees.
It also notified that a subscriber would be adequately compensated for any
non-deposit or delayed deposit of contributions during 2004-12, and the employee
will have the exclusive right to choose the fund manager and his investment pie.
There is also an additional yearly tax rebate of Rs 50,000, and 60% of the
corpus is tax free and the entry age has now been raised to 70 years, the report
highlighted
Going forward, the NPS scheme can be made further attractive, by incentivizing
SME/MSME sector covering its employees to be covered under NPS, and since it is
mandatory for companies with more than 20 employees to file EPFO employee
contributions, the scheme can be made more flexible by introducing NPS and
allowing corporates to select between EPF and NPS, the report suggested.
The government can also increase tax benefit on Employer’s Contribution for
Tier- I account holders from existing 10% to 14%, and can further extend the
benefit of Tier- II Tax Saving Schemes to all citizens of India, it added.
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WILFUL DEFAULT CASES DOWN BY OVER 50% IN LAST EIGHT YEARS: GOVT DATA
A borrower is declared as a wilful defaulter when he does not meet his
obligations or pay back money despite the ability to do so, or diverted funds
for purposes other than those specified while availing of financing, or siphoned
off funds, disposed off secured assets without the bank’s knowledge.
* TIMESOFINDIA.COM
Click Here to Read This Story
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NEW DELHI: The number of wilful defaulters in the country is down by 56 per cent
in the last eight years, from 2,469 cases in 2014-15 to 1,063 in 2020-21, the
Ministry of Finance informed parliament earlier this week.
A borrower is declared as a wilful defaulter when he does not meet his
obligations or pay back money despite the ability to do so, or diverted funds
for purposes other than those specified while availing of financing, or siphoned
off funds, disposed off secured assets without the bank’s knowledge.
The number of wilful defaulters increased by 49% in 2015 when compared to 2014,
which then came down to 8.5% in 2021. However, between 2019-2020 and 2020-2021,
the number of wilful defaulters nearly doubled.
However, RBI does not have data on the amount recovered by the banks from the
wilful defaulters.
Both public and private sector banks recovered an aggregate amount of Rs
6,15,146 crore and Rs 1,86,135 crore respectively in non-performing assets and
written off loan accounts of wilful defaulters from 2014 to 2021.
The highest outstanding amount owed by wilful defaulters is to State Bank of
India, worth Rs 67,304 crore, followed by Punjab National Bank (Rs 37,662 crore)
and Union Bank of India at Rs 26,540.8
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GOVT HAS ISSUED 586 NOTICES INVOLVING UNDISCLOSED FOREIGN ASSETS AND INCOME OF
OVER RS 39,620 CR
While there is no official estimate of how much black money is lying in foreign
accounts, Rs 2,476 crore has been collected as tax and penalty under the
one-time three months compliance window in 2015, the government said in
Parliament earlier this week.
* Sunainaa Chadha
* TIMESOFINDIA.COM
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NEW DELHI: While there is no official estimate of how much black money is lying
in foreign accounts, Rs 2,476 crore has been collected as tax and penalty under
the one-time three months compliance window in 2015, the government said in
Parliament earlier this week.
As many as 648 disclosures involving undisclosed foreign assets worth Rs 4,164
crore were made in the one-time three months' compliance window closed on
September 30, 2015 under the Black Money (Undisclosed Foreign Income and Assets)
and Imposition of Tax Act, 2015. Since 2015, up until Jana 2022, assets worth Rs
9867.04 crore have been seized pursuant to search and seizure actions conducted
by the Income Tax Department in respect of 6,730 groups.
Moreover, as of 31 December 2021, notices have been issued in 586 cases
involving undisclosed foreign assets and income of over Rs 39620 crore.
"Concrete steps have been undertaken by the Income Tax Department to curb black
money, including putting in place robust legislative and administrative
frameworks, systems and processes with due focus on capacity building,
integration of information and its mining through increasing use of information
technology," said Minister of State for Finance Pankaj Chaudhary in Parliament.
The Directorate of Enforcement has attached assets amounting to Rs 86,666 crore
under Prevention of Money Laundering Act, 2002 from 01.04.2012 to 31.03.2021.
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CHALLENGES DUE TO RUSSIA-UKRAINE WAR MAY LEAD TO SOME DISRUPTIONS IN TRADE:
PIYUSH GOYAL
The government is in continuous dialogue with exporters to address the problems
and challenges that are emerging due to the ongoing Russia-Ukraine war and could
lead to some kind of disruption in trade, commerce and industry ninister Piyush
Goyal said on Wednesday.
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NEW DELHI: The government is in continuous dialogue with exporters to address
the problems and challenges that are emerging due to the ongoing Russia-Ukraine
war and could lead to some kind of disruption in trade, commerce and industry
ninister Piyush Goyal said on Wednesday.
He said that there are challenges of commodity prices, inflation, disruption in
shipping lines, and container shortages.
"Those challenges are there before us and that certainly may lead to some kind
of disruption because it is coming along with Covid, which is also rearing its
head. But we are completely on top of these issues and are in continuous
dialogue and hand holding our exporters on a regular basis," Goyal told
reporters.
Bilateral trade between India and Russia stood at $9.4 billion so far this
fiscal, against $8.1 billion in 2020-21. The bilateral trade with Ukraine stood
at $2.3 billion so far this fiscal, as against $2.5 billion in the last fiscal.
Due to the war, challenges would definitely increase, but "we would deal with
that".
When asked about the implementation of India-UAE free trade agreement, Goyal
said the UAE has formally ratified the pact. "It (implementation of the pact)
could happen anytime in the next six weeks time," he added.
When asked about the proposed India-Australia trade pact, the minister said
negotiations are going on and "we are working towards" concluding the talks for
interim trade pact.
About the new SEZ law, he said that the ministry will start consultations with
stake holders from the next month.
On disruptions in shipping lines and container shortages, Director General of
Foreign Trade Santosh Kumar Sarangi said that the shipping ministry is holding
fortnight meetings on the issue and is monitoring the situation.
On exports to CIS (Commonwealth of Independent States) region, he said there is
a port in Georgia which is still operational and it is receiving cargo.
"So that is an entry point which is still open. Exporters are also trying out
other routes like Qingdao Port in China through which they are sending (goods)
to other CIS countries...But to a large extent, some degree of trade to other
CIS countries has been impacted," Sarangi said.
On the proposal about rupee-rouble trade with Russia, an official said that
talks are going between department of financial services, the RBI and concerned
stake holders to find a way on this.
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OVER 27 MILLION MORE INDIAN WORKERS TO REQUIRE DIGITAL SKILLS BY NEXT YEAR:
REPORT
About 95 percent of workers surveyed in India acknowledged that they require
more digital skills -- the ability and knowledge to apply digital technologies
for tasks in the workplace -- in order to cope with changes in their jobs due to
the COVID-19 pandemic.
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The number of Indian workers requiring digital skills for their jobs is set to
rise by 27.3 million, representing seven percent of India's workforce, over the
next year, according to a report. Amazon Web Services (AWS), an Amazon.com
company, released findings from a new research report that revealed digital
skills training needs have become more pronounced amid the pandemic.
About 95 percent of workers surveyed in India acknowledged that they require
more digital skills -- the ability and knowledge to apply digital technologies
for tasks in the workplace -- in order to cope with changes in their jobs due to
the COVID-19 pandemic.
"Over the next year, the number of India workers requiring digital skills for
their jobs is projected to increase by 27.3 million, representing 7 percent of
India's workforce," according to the report.
That said, only 45 percent of employers in India have a training plan in place,
which could affect their competitiveness in areas such as productivity,
innovation and employee retention.
The 'Building Digital Skills for the Changing Workforce' report, prepared by
strategy and economic consulting firm AlphaBeta and commissioned by AWS,
surveyed 1,012 digitally skilled workers in technology and non-technology roles,
and 303 employers in India, with representation from public, private, and
nonprofit sectors of different industries.
The ability to use cloud-based tools, such as cloud developer tools, as well as
online collaboration, accounting, and customer relationship management (CRM)
software will be the most in-demand skill required by employers by 2025,
followed by technical support and cybersecurity skills.
The findings also highlight the need for more advanced cloud computing skills,
including machine learning and cloud architecture design.
These skills are expected to be in high demand in businesses from healthcare to
agriculture, fintech to media and entertainment, the report said.
"Over the course of the pandemic, we have seen organisations of all sizes
accelerate their digital transformation plans, driving an increased need for
employers and their workers to advance skills training for cloud computing,
cybersecurity, and machine learning," noted Rahul Sharma, President, Public
Sector - Amazon Internet Services Private Limited (AISPL), AWS India and South
Asia.
AWS is investing heavily as part of its global endeavour to provide free cloud
computing skills training to 29 million people. AWS offers over 500 free digital
training courses.
To prepare the next generation of professionals for early cloud careers, and to
build a diverse pipeline of entry-level talent into the workforce, AWS partners
with higher education institutions, non-profits, workforce development
organisations, governments, and employers on a range of digital upskilling
programmes.
In India, this includes programmes like AWS re/Start, which is a free,
full-time, 12-week course that prepares individuals for careers in cloud
computing.
Tech Mahindra Foundation, the Corporate Social Responsibility (CSR) arm of Tech
Mahindra and Generation India, a non-profit organisation, recently announced
they will support training individuals in cloud computing through the AWS
re/Start programme, extending the reach of the programme to more cities in
India. AWS has already trained over one million individuals in India with cloud
skills since 2017.
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UPI MOST PREFERRED PAYMENT MODE IN 2021, CARD CIRCULATION CROSSES 1 BILLION:
REPORT
A total of 75 banks joined UPI ecosystem in 2021 bringing the total number of
banks providing UPI services to 282, the report said, adding that UPI
Peer-to-Merchant (P2M) transactions have significantly eaten into the share of
card and other payment modes. Here are the highlights.
* Sheersh Kapoor
* ETBFSI
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Combined digital payments volume and value through cards, mobile wallets and
prepaid cards and unified payment interface peer-to-merchant (P2M) transactions
stood at 28.43 billion and Rs 32 trillion, respectively, with UPI emerging as
the most preferred payment mode among consumers, according to a report by
Worldline India.
UPI clocked over 4.57 billion transactions in volume and breached Rs 8.2
trillion in terms of value in 2021, recording 105% increase in volume and 111%
increase in value compared with 2020, data showed.
In December 2021, out of total UPI volumes, 62% transactions were P2P (Person-to
Person), while 38% were P2M, with an average ticket size of Rs 786 in 2021.
"75 banks joined UPI ecosystem in 2021 bringing the total number of banks
providing UPI services to 282. It is pertinent to note that UPI Peer-to-Merchant
(P2M) transactions have significantly eaten into the share of card and other
payment modes," it said.
SBI, HDFC Bank, Bank of Baroda, ICICI Bank and Union Bank were the top UPI
remitter banks in December 2021, according to the report, while Paytm Payments
Bank, State Bank of India, YES Bank, ICICI Bank and Axis Bank were the top
beneficiary banks for UPI volumes.
Cards in circulation
According to the report, the total number of cards in circulation crossed one
billion in 2021, with 1006.7 million cards recorded as of December. Of these,
credit cards accounted for 7% market share, while debit cards represented 93%.
"It is quite evident that cards dominate the merchant acceptance payments
landscape, and contribute a good chunk of the pie, with 26% transactions in
volume and 53% in value," it said.
Credit Card
The value of credit card transactions in 2021 clocked in at Rs 8.88 trillion,
with the number of credit card transactions at Point of Sale machines standing
at 1.08 billion and that for e-commerce at 1.06 billion, the report said.
"In value terms, consumers made transactions worth Rs 3.67 trillion through
Point of Sale and Rs 5.21 trillion through e-commerce using credit cards in
2021," it added.
Debit Card
There were 4.12 billion card transactions in 2021, amounting to Rs 7.42
trillion, with 2.37 billion of those from Point of Sale and 1.75 billion from
e-commerce, the report said.
In value terms, Rs 4.59 trillion of debit card transactions were in process at
POS terminals, while Rs 2.83 trillion in the e-commerce space.
The average ticket size of debit card transactions in 2021 were at Rs 1,804 as
against Rs 2,568 a year ago. Even as the transaction value of credit cards was
higher, debit cards remain the preferred payment mode due to a huge outstanding
base, the report said.
Growth of Prepaid Payment Instruments
The data shows that as of December, there were 2.64 billion Prepaid Payment
Instruments in the country. Of these, 259 million were prepaid cards and 2.53
billion were mobile wallets.
"During 2021, there was a 48% increase in the number of prepaid cards while the
number of wallets increased by 22%," the report said.
In 2021, total prepaid cards transactions volume and value was 1.16 billion and
Rs 633.67 billion, respectively. The number of transactions through mobile
wallets was 5 billion and its value was Rs 2.1 trillion, which included the
purchase of goods and services and fund transfer through wallets.
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MOST ASEAN-FOCUSSED INDIAN FIRMS PROJECT 93% GROWTH IN REVENUE : SURVEY
Indian companies should consider Indonesia, Vietnam, Malaysia and Singapore
markets that offer the best expansion opportunities, according to a survey by
Standard Chartered. A wide range of risks and challenges remain for these firms,
with the most important ones being the pandemic, slow revival of the economy and
geopolitical tensions.
* ETBFSI
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Indian companies are highly optimistic about business growth and expect to
increase production in ASEAN region. More than 90% of the companies project a
growth in revenue of 93% over the next one year, according to a survey by
Standard Chartered.
Around 63% companies hint on increasing investments into the ASEAN region over
the next 3-5 years, on the back of ratification of the Regional Comprehensive
Economic Partnership (RCEP) agreement, it said.
The survey reveals that the target countries within ASEAN are Indonesia (61%),
Vietnam (49%), Malaysia and Singapore (46% each). Majority Indian companies are
eager to expand their opportunities with Singapore, as it is the ideal place to
set up regional sales and marketing headquarters, the report said.
The survey also highlighted a wide range of risks and challenges, with the most
important ones being the pandemic, slow revival of the economy and geopolitical
tensions.
To mitigate these challenges and risks, the report suggests that the companies
should enter into new partnerships or joint ventures, invest in talent
development and drive ESG initiatives.
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SITHARAMAN TO REPLY ON DISCUSSION ON J&K BUDGET IN RS TODAY
New Delhi, March 23 (IANS) Union Finance Minister Nirmala Sitharaman is likely
to reply to the discussion on the budget of 'Union Territory of Jammu and
Kashmir for 2022-23' in Rajya Sabha on Wednesday.
* IANS
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New Delhi, Union Finance Minister Nirmala Sitharaman is likely to reply to the
discussion on the budget of 'Union Territory of Jammu and Kashmir for 2022-23'
in Rajya Sabha on Wednesday.
The Finance Minister on Tuesday tabled the budget of Jammu and Kashmir for next
financial year, 'The Jammu and Kashmir Appropriation Bill, 2022' and 'The Jammu
and Kashmir Appropriation (No.2) Bill, 2022' for consideration in the Upper
House of Parliament.
The Rajya Sabha had discussed the budget and appropriation bills on Tuesday. The
finance Minister will reply to discussion and move that the bills be returned.
The upper house of the Parliament will continue further discussion on the
Ministry of Railways raised by Prasanna Acharya last week.
Rajya Sabha also listed to discuss the working of the Ministry of Labour and
employment for 2022-23 in the list of business on Wednesday.
Meanwhile, Dr Vinay Sahasrabuddhe will present the 340th report of the
Department-related Parliamentary Standing Committee on Education, Women,
Children, Youth and Sports on 'The National Anti Doping Bill, 2021'.
Amar Patnaik will lay the report of the department-related Parliamentary
Standing Committee on Finance on 'The Chartered Accountants, the Cost and Works
Accountants and the Company Secretaries (Amendment) Bill, 2021'.
Similarly, Jaya Bachchan will lay on the table twelfth report of the
Department-related Parliamentary Standing Committee on External Affairs on the
Demands for Grants of the Ministry of External Affairs, for the year 2022-23.
Arun Singh will lay the report of the Parliamentary Standing Committee on Water
Resources. Union ministers will lay papers related to different ministries.
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