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A law made for processing data and amends various legislations including Right to Information Act and IT Act. It will come into force on such date as the Central Government may announce by notification..

Copy of the notification is attached.

The Reserve Bank of India on Thursday decided to keep policy rate unchanged for the third time in a row as it maintains heightened vigil on inflation. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.

Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent.

He said the MPC will remain watchful of the inflation and remains resolute to its commitment to align inflation to the targeted level.

While keeping the interest rate intact, Das said headline inflation still remains above RBI’s target of 4 per cent.

The MPC meeting took place against the backdrop of consumer price-based (CPI) inflation on some food items like tomato, wheat and rice that have witnessed surge in price in the last few weeks.

The government has mandated RBI to ensure CPI inflation at 4 per cent with a margin of 2 per cent on either side.

In its latest Look Forward research series, titled Look Forward:India’s Moment, focusing on the opportunities, risks and potential for India to strengthen its claim to be a global superpower in the decade to come, S&P has said that while the world is in the midst of an unprecedented period of transition and uncertainty, India faces a defining opportunity to capitalise on this moment. S&P expects India to grow 6.7% per year from fiscal 2024 to fiscal 2031, catapulting GDP to $6.7 trillion from $3.4 trillion in fiscal 2023. Per capita GDP will rise to about $4,500.

According to S&P Global, as countries across the development and political spectrum navigate the shared global challenges and expanded opportunities of the next decade, India’s cooperation and involvement will be vital for resolving various global issues. The country has set ambitious targets both domestically and globally to achieve sustained high, stable and inclusive growth. However, the path ahead will not be straightforward, and will require decision-making that considers a vast array of potential scenarios.

India seeks to balance its pursuit of high growth and carbon reductions goals, while also guiding other emerging economies on the journey toward net-zero emissions. The country will also need to adeptly utilise both multilateral and bilateral relationships and affiliations to transition from being a “balancing power” to being a “leading power”, while fostering trading partnerships in all regions.

India’s ability to become a major global manufacturing hub will be a paramount test for its economic future. Developing a strong logistics framework will be key in transforming India from a services-dominated economy to a manufacturing-dominant one. Additionally, upskilling workers and increasing female participation in the workforce will be crucial for India to realize its demographic dividend.

Highlights from Look Forward: India’s Moment include:

• India has come out of the pandemic reasonably well, with GDP growth of 7.2% in fiscal year 2023.
• India’s short-term economic growth will stand on the shoulders of its 678.6 million strong labor force. Getting more women to enter the workforce will be pivotal for future growth, as only 24% were participating in 2022.
• India has an immense opportunity to increase its share of global manufacturing exports, and the government is seeking to raise manufacturing to 25% of GDP from 17.7% by 2025.
• With domestic energy demand set to double by 2050, India will prepare for an energy future that aims to strike a balance between increasing energy access and reliability, while securing affordable supplies and diversifying its fuel mix.
• Share of venture capital flowing into Indian startups will double by 2030; newer verticals to benefit include EVs, space technology, AI, drones, robotics and clean technology.
• Based on analysis of S&P Global environmental, social and governance data, nearly 40% of India-headquartered companies conduct physical risk assessments, and one-third of large Indian companies rate climate strategy as one of their top three material issues.

As per the latest data released by the Government, India’s gross GST revenue collected for the month of July, 2023 was ₹1,65,105 crore of which CGST is ₹29,773 crore, SGST is ₹37,623 crore, IGST is ₹85,930 crore (including ₹ 41,239 crore collected on import of goods) and cess is ₹11,779 crore (including ₹ 840 crore collected on import of goods).

The government has settled ₹39,785 crore to CGST and ₹33,188 crore to SGST from IGST. The total revenue of Centre and the States in the month of July 2023 after regular settlement is ₹69,558 crore for CGST and ₹70,811 crore for the SGST.

The revenues for the month of July 2023 are 11% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) were 15% higher than the revenues from these sources during the same month last year. It is for the fifth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.

The Rajasthan Platform Based Gig Workers (Registration and Welfare) Bill, 2023 passed by Rajasthan Assembly on 24.7.23. It will come into effect from these date of publication in the Gazette

The details can be viewed on:

https://assembly.rajasthan.gov.in/LegislationGovernmentBills.aspx

Central Government approves 8.15% interest for EPF account for 2022-23

Copy of circular attached.

The Asian Development Bank (ADB) on Wednesday retained India’s economic growth forecast at 6.4 per cent for the current financial year and 6.7 per cent for the next, saying robust domestic demand will continue to support the region’s recovery.

In an update to its Asian Development Outlook, the ADB said inflation is expected to continue to fall, approaching pre-pandemic levels as fuel and food prices decline. It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024.

The Indian economy grew 7.2 per cent in the 2022-23 fiscal ended March 2023. “Asia and the Pacific continues to recover from the pandemic at a steady pace,” ADB Chief Economist Albert Park said. “Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak, and the outlook for global growth and demand next year has worsened, Park added.

ADB’s outlook has also pegged a decline in inflation, approaching pre-pandemic levels as fuel and food prices decline. It forecast 3.6 per cent inflation for Asia’s developing economies and 3.4 per cent in 2024.

July 18, 2023, Mumbai: Speaking at the 187th AGM of Bombay Chamber of Commerce & Industry yesterday, Shri Piyush Goyal, Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, said that Atmanirbhar Bharat is India’s goal, but that does not mean that the country is closing its doors to the world. “It does not mean we are living in a cocoon or a shell. We are in fact opening our doors wider. We want to have greater international trade and want to be a part of global supply value chains. We recognise that different countries/geographies have comparative or competitive advantages which we should leverage on, but at the same time we want to open the doors of other markets for products where we have skills, capabilities and the competitive edge. Therefore, a focus on FTAs or comprehensive economic partnerships with world leaders and developed economies has been the core of our commerce agenda. We have had record exports, but, currently, as recession sets in, discretionary spending is lukewarm. Products which are our strength areas are currently under stress. In this situation it is incumbent on all of us to work as a team and make the India story the compulsive story of the world.”

He further spoke about the three ‘D’s that make India a great opportunity. “Democracy, Demographic dividend (young population expected to remain young for the next 3 or 4 decades and the Demand that aspirational India generates – these three Ds drive our economy making it the fastest growing one in the world today,” he said.

Speaking about the business climate in the run up to the 2024 elections, Guest of Honour, Sanjay Pugulia, CEO and Editor-in-chief, AMG Media Network, opined that he expects no dramatic change in the political scene. “Policy making has got completely delinked from electoral outcomes. Even with a coalition government, the policy trajectory is not going to change. We are one of the fastest growing economies of the world and that is not going to change.”
However he cautioned, “What is important is, have we created the enabling systems for big money to flow in? We have to work on that.”

In his opening notes, Sandeep Khosla, Director General, Bombay Chamber of Commerce & Industry said that the Chamber with a long and illustrious history is keeping with the times by initiating several modern concepts like the recent DEI Awards, one of its kind by a Chamber in India.

In his Presidential address, Nilesh Shah, outgoing President, Bombay Chamber of Commerce & Industry and Group President & MD, Kotak Mahindra AMC, outlined the Chamber’s various path breaking initiatives and said, “The Chamber’s USP is its intellectual capital. Nearly 60 per cent of our membership comes from the MSME sector and we play a pivotal role in acting as a bridge between them and the regulatory bodies.” Commenting on India’s emerging role as an investment destination, he added that clearly global investors are seeing the three Gs – Growth, Governance and Green – in India, resulting in an appropriate advantage for the Indian economy.

In his mission statement, Ritesh Tiwari, incoming President, Bombay Chamber of Commerce & Industry and CFO, Hindustan Unilever Ltd and Unilever South Asia, said, “My mission statement is an attempt to marry the rich legacy of our Chamber with the opportunities we can unleash in this new global world by working together as India Inc. As stakeholders of our society and community, it is important that we acknowledge the role we must play in enabling growth and development of our country. It is equally important to understand that we are not in a perpetual race – this is not a zero-sum game. The more we come together as leaders of India Inc and work with the government and regulators, higher will be the value we can unlock for all of us. I call it ‘Collaborative Development ‘. There will be four critical aspects of this mission (1) Embracing Digitalisation (2) Bringing sustainability at the heart of business (3) Fostering Diversity, Equity, and Inclusion (4) Enhancing Ease of Doing Business.”
Hitendra Dave, Sr. Vice President Designate, Bombay Chamber and CEO, HSBC India, delivered the Vote of Thanks.

In a bid to facilitate seamless cross border transactions and payments, and foster greater economic cooperation between the two countries, the Reserve Bank of India (RBI) and Central Bank of UAE (CBUAE) signed two MoUs for establishing a Framework to Promote the Use of Local Currencies – the Indian rupee (INR) and the UAE Dirham (AED) for cross-border transactions; and cooperation for interlinking their payment and messaging systems. The MoUs were signed by the Governor of the Reserve Bank of India, Shaktikanta Das and the Governor of the Central Bank of UAE, Khaled Mohamed Balama.

The MoU on establishing a framework for the use of local currencies for transactions between India and UAE, aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED bilaterally. The MoU covers all current account transactions and permitted capital account transactions. Creation of the LCSS would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-AED foreign exchange market. This arrangement would also promote investments and remittances between the two countries. Use of local currencies would optimise transaction costs and settlement time for transactions, including for remittances from Indians residing in the UAE.

Under the MOU on ‘Payments and Messaging Systems’, the two central banks agreed to cooperate on (a) linking their Fast Payment Systems (FPSs) – Unified Payments Interface (UPI) of India with Instant Payment Platform (IPP) of UAE; (b) linking the
respective Card Switches (RuPay switch and UAESWITCH); and (c) exploring the linking of payments messaging systems i.e., Structured Financial Messaging System (SFMS) of India with the messaging system in the UAE.

The UPI-IPP linkage will enable users in either country to make fast, convenient, safe, and cost-effective cross-border funds transfers. The linking of Card Switches will facilitate mutual acceptance of domestic cards and processing of card transactions. The linkage of messaging systems is aimed to facilitate bilateral financial messaging between the two countries.