- US Dollar Hits 16 months high
The dollar index, which measures the currency against the six peers’ hits 16 months high of 95.256, 1.08% gain this week, the most since period ended June 2020.
The dollar index shifted gears after the CPI in US saw a sixth consecutive annual reading above 5%. The consecutive high reading becomes a large blow against the transitory narrative by the Fed.
- Indirect tax receipts see a substantial growth
In the first seven months of FY22, gross indirect tax collections (net of refunds, but before devolution to states) grew 51% on year to about Rs 7.4 lakh crore, as against a required rate of 3% to achieve the full year target of Rs 11.09 lakh crore
The collections have been 41% higher than the pre covid levels on account of steady GST, customs duty and excise duty collections.
- CAD seen hitting 1.4 % by March as crude soars
India’s widening current account deficit (CAD), driven by the massive spike in commodity prices led by crude oil, is set to put pressure on the economic recovery
From an average monthly trade deficit of USD 12 billion till June, it has jumped to USD 16.8 billion in July-October, with September showing the highest-ever trade deficit on record at USD 22.6 billion, on account of high crude bills. With record high foreign reserves there should not be any material impact on the macro stability
- Office space leasing falls 4% to 25 million sq ft during Jan-Sep
Office Space leasing dropped four per cent to 25 million square feet during January-September this year across six major cities due to adverse impact of the second wave of the COVID-19 pandemic
Looking ahead, with the pickup in mobility, a comeback to physical offices will help increase the office space leasing in the second half of the fiscal year.
- Govt includes CNG, LNG, 98 other advanced techs under auto PLI scheme
The Union government has added more than 100 advanced technologies, including alternate fuel systems such as compressed natural gas (CNG), under the production-linked incentive (PLI) scheme for the automobiles.
Till now only two wheelers and four wheelers were included in the PLI Scheme which now aims to boost the manufacturing capability of the automobile sector including the electric and hydrogen fuel cell vehicles.
