The Signal (weekly highlights)

Amritanshu Singh
17 Jun 3 minutes

The Signal_Weekly Highlights

Fisdom_Weekly

  • Forex reserves falls by 4.6 bn

India’s foreign exchange reserves fell by USD 4.6 billion to USD 596.5 billion during the week ended 10 June 2022. Foreign currency assets, the largest component of India’s foreign exchange reserves, decreased by USD 4.5 billion to USD 532.2 bn.

Both, gold reserves and special drawing rights (SDRs) shrank by USD 1 million and USD 23 million, respectively. India’s reserves position in International Monetary Fund (IMF) deteriorated by USD 40 million to a tad below USD 5 billion during the week ended 10 June 2022.

  • Foreign investment inflows rise to USD 870 mn in April 2022

India witnessed net foreign investment inflows of USD 870 million in April 2022, as against net outflows of USD 2.5 million in the preceding month

Net inflows of foreign direct investment (FDI) rose to USD 5 billion from USD 2.7 billion in March 2022. Net outflows of foreign portfolio investment (FPI) moderated to USD 4.2 billion from USD 5.3 billion in March 2022.

  • Net direct tax mop-up grows by 45% during 1 April-16 June 2022

Net direct tax collections rose by 45 per cent to Rs.3.4 trillion during 1 April-16 June 2022 as compared to Rs.2.3 trillion collected during the same period a year ago. It includes corporation tax (CIT) at over Rs.1.7 trillion and personal income tax (PIT), including security transaction tax (STT), at over Rs 1.7 trillion

Gross collection of direct taxes, before adjusting for refunds, during 1 April-16 June 2022, stood at Rs.3.7 trillion as compared to Rs.2.6 trillion in the corresponding period of the preceding year. This represents an increase of almost 40 per cent over the gross tax collections of the preceding year. Advance tax collection grew by 33 per cent during 1 April-16 June 2022 to more than Rs.1 trillion as compared to Rs.757.8 billion collected during the same period a year ago.

  • Oil companies raise jet fuel prices 

Oil marketing companies have increased prices of aviation turbine fuel (ATF) or jet fuel with effect from 16 June 2022.

Prices were marginally reduced by 1.3 per cent earlier this month. ATF prices have been increased 11 times since the start of the year. They have gone up by 91 per cent since 1 January 2022. 

  • Retail sales in India rise by 24% in May 2022 over 2019 levels

Retail sales in India rose by 24 per cent in May 2022 as compared to pre-pandemic levels seen in May 2019, according to the Retailers Association of India (RAI). Region wise sales in west India grew by 30 per cent, while retailers in east India reported 29 per cent growth in business 

South India region reported a 22 per cent growth in sales and retailers in north India reported a sales growth of 16 per cent in May over 2019 levels. Recovery was led by a sharp improvement in mobility, more people resuming work from office and the opening up of schools among other factors.

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