Daily News - Tuesday, 26 November 2024
CCEA approves PAN as common biz identifier (Business Standard)
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved the PAN 2.0 project with a budget of ₹1,435 crore, aimed at establishing the PAN as a common business identifier for specified government digital systems. This initiative, first proposed in Finance Minister Nirmala Sitharaman’s FY24 Budget speech, seeks to replace multiple identifiers like PAN/TAN/TIN, enhance data security through a mandatory PAN data vault, and modernize the IT backbone. The project promises faster, eco-friendly services, improved data consistency, cost optimization, and a streamlined business environment for taxpayers.
S&P cuts India's FY26 GDP forecast to 6.7% (Business Standard)
S&P Global has revised India’s FY26 growth forecast to 6.7% from 6.9% while maintaining FY25 growth at 6.8%, citing high interest rates and reduced fiscal impulse as key constraints on urban demand. Persistent food inflation, driven by agricultural supply shocks from climate-related disruptions, has delayed anticipated RBI rate cuts, with inflation projections for FY25 rising slightly to 4.6%. Despite positive signals from purchasing manager indices, the September quarter saw temporary growth softening, while Asia-Pacific growth is expected to face headwinds from weaker global demand and U.S. trade policy.
India to Go Natural for Farming. Cost: ₹2.5kcr (The Economic Times)
The government has launched the National Mission on Natural Farming (NMNF) with a budget of ₹2,481 crore, aiming to promote sustainable, chemical-free farming practices among 10 million farmers by FY26, with ₹1,584 crore funded by the Centre and ₹897 crore by states. The mission includes simplified certification, common branding for natural produce, and real-time geo-tagged monitoring through an online portal, encouraging traditional farming techniques using local livestock and diversified crops. This initiative seeks to improve soil quality, promote chemical-free food, and ensure better health outcomes while supporting farmers with market access for their natural produce.
Govt expects food inflation to moderate (Financial Express)
The Finance Ministry’s October report projects a cautiously optimistic short-term economic outlook for India, with expectations of a bumper Kharif harvest easing food inflation despite October’s 14-month-high retail inflation of 6.21%. While high-frequency indicators show a rebound in economic activity, the economy is forecast to grow at 6.5%-7% in FY25, supported by strong domestic demand, stable capital inflows, and a $64.8 billion increase in forex reserves, the second-largest globally after China. However, challenges remain from geopolitical tensions, weak export recovery due to softening global demand, and a widened trade deficit driven by higher imports relative to exports.
CNG prices hiked by ₹2, Delhi spared (Financial Express)
CNG prices have been increased by ₹2 per kg in Mumbai and other cities, while poll-bound Delhi remains unaffected, as per city gas firms. Indraprastha Gas raised prices in areas around Delhi, including Noida and Gurugram, while Mahanagar Gas implemented similar hikes in Mumbai following the Maharashtra elections. Despite a 20% rise in input costs over the past two months, city gas retailers, including Adani Total Gas, had previously held prices steady.
