Page 7 - Economy
Shanghai encourages 'duty-free economy' as part of consumer push
Duty-free spending in China is largely concentrated in Hainan, where the annual limit on individual duty-free spending was hiked to 100,000 yuan last year from 30,000 yuan previously.
 "Shanghai encourages 'duty-free economy' as part of consumer push")
Recent uptick in bank credit growth augurs well for economy: RBI study
The uptick in the credit growth in the recent months notwithstanding the second COVID-19 wave augurs well for the economy, said an article published in the RBI's latest bulletin.
 "Recent uptick in bank credit growth augurs well for economy: RBI study")
9.5% growth projection for whole year seems on track: RBI Dy Governor Patra
Reserve Bank will remain in surplus mode and the liquidity management framework will continue in absorption mode, he added
 "9.5% growth projection for whole year seems on track: RBI Dy Governor Patra")
UNCTAD projects Indian economy to expand to 4-year high of 7.2% in 2021
This is against a contraction of 7% in 2020; UN body sees India outpacing all other major economies in the next year even though the growth would be slower, at 6.7%
 "UNCTAD projects Indian economy to expand to 4-year high of 7.2% in 2021")
Google says it offers $10.25 bn in consumer benefits in S Korea annually
Google on Wednesday said it offers around 12 trillion won (US$10.25 billion) in economic benefits for South Korean consumers annually through its services
 "Google says it offers $10.25 bn in consumer benefits in S Korea annually")
India needs $8 trn in greenfield assets to become $5 trn economy: Deloitte
Says country can aim to attract greater FDI into seven capital-intensive sectors that have contributed $181 billion of merchandise exports in FY21
 "India needs $8 trn in greenfield assets to become $5 trn economy: Deloitte")
Recovery tracker: Office visits slip; retail and recreation up a bit
Power generation & traffic point to limited activity than before
Supreme audit institutions can become partners in evaluating economy: CAG
Supreme audit institutions can become valued partners in objectively evaluating resourcesand effectiveness of public expenditure to provide insight for optimising public finance management
 "Supreme audit institutions can become partners in evaluating economy: CAG")
Go ahead and reinvent your career. you'll have plenty of options
Declines in automobile and new home sales, combined with the rise of services like Uber, led to a belief that in the future people would be less attached to buying things
 "Go ahead and reinvent your career. you'll have plenty of options")
Afghanistan's economic crisis deepens as airlift winds down
Hundreds of Afghans protested outside a bank in Kabul and others formed long lines at cash machines as a UN agency warned that a worsening drought could leave millions in need of humanitarian aid
 "Afghanistan's economic crisis deepens as airlift winds down")
Slack in economy, not the right time to change policy course: RBI Governor
Shaktikanta Das tells TV channel that capacity utilisation is nowhere near pre-pandemic levels
 "Slack in economy, not the right time to change policy course: RBI Governor")
Weak China economic data halts winning streak for European stocks
Mining, oil stocks among top decliners
 "Weak China economic data halts winning streak for European stocks")
Saudi Arabia's economy returns to growth after pandemic slump
The data, which showed the economy growing 1.5% from a year ago, prompted economists to expect faster expansion in the second half of the year with the oil sector benefiting from higher output.
 "Saudi Arabia's economy returns to growth after pandemic slump")
Kerala will not cut down on public spending, says FM Balagopal
He also warned that "we're in a time that's worse than the Great Depression, and my fear is that we may face more difficulties going forward".
 "Kerala will not cut down on public spending, says FM Balagopal")
The 150-year trend that could help
Commercialisation of leisure could be the solution to many economic problems
 "The 150-year trend that could help")
Maharashtra govt committed to keeping economic cycle moving amid Covid: CM
Maharashtra Chief Minister Uddhav Thackeray on Sunday said the state government was committed to ensuring that the economic and development cycle keeps moving despite the Covid-19 pandemic.
 "Maharashtra govt committed to keeping economic cycle moving amid Covid: CM")
European economy grows 2% in second quarter, ending double-dip recession
But the economy in the 19 countries that use the euro currency still lagged pre-pandemic levels
 "European economy grows 2% in second quarter, ending double-dip recession")
Japan eyes fresh stimulus package as new curbs weigh on growth
Lawmakers have escalated calls for a new relief package
 "Japan eyes fresh stimulus package as new curbs weigh on growth")
Second Covid wave may have more lasting damage on economy: Moody's
With regard to vaccination, Moody's Analytics, which is a financial intelligence company, said India is struggling to accelerate its pace of inoculation.
 "Second Covid wave may have more lasting damage on economy: Moody's")
Govt's excise collections on petrol, diesel jump 88% to Rs 3.35 trn
To a separate question, the Minister of State for Finance Pankaj Chaudhary said excise collections in April-June this year totalled Rs 1.01 trillion.
 "Govt's excise collections on petrol, diesel jump 88% to Rs 3.35 trn")
