Page 13 - Banking Finance December 2021

ROUNDUP

initiative will go a long way in boost- Foreign currency assets, a major part still been higher if the sales of cars and
ing their morale to invest in a big way. of the overall reserves, increased by other products had not been affected
He added that the state government 1.363 billion to USD 578.462 billion for on account of disruption in supply of
will act as a facilitator to promote the the reporting week, the RBI said in the semiconductors," the ministry said on
industry at new heights of glory. weekly data. Monday. Further, the ministry said the
efforts of the state and Central tax ad-
Expressed in dollar terms, the foreign
Excise collection jumps currency assets include the effect of ministration helped collection, result-

79% in Q2 appreciation or depreciation of non-US ing in increased compliance over pre-
units like the euro, pound and yen held vious months.
The government's collection from levy
in the foreign exchange reserves.
of excise duty on petroleum products India Inc's external com-
has risen 33 % in the first six months of Value of the gold reserves increased by
USD 572 million to USD 39.012 billion mercial borrowings rise to
the current fiscal when compared with
last year and is 79 % more than pre- in the reporting week, the data $10 billion in Q2
Covid levels, official data showed. Data showed.
Overseas borrowing of Indian
available from the Controller General of corporates gained momentum in the
Accounts (CGA) in the Union Ministry of GST collection surges to
second quarter amid a pickup in the
Finance showed excise duty collections Rs. 1.3 trillion economic activity and the consequent
during April-September 2021 surging to
In step with the constant rise in the demand for funds and low interest
over Rs 1.71 lakh crore, from Rs 1.28
past five months, goods and services rates in the global markets.
lakh crore mop-up in the same period
tax (GST) collected in October rose to India Inc's external commercial bor-
of the previous fiscal.
Rs 1.3 trillion, which is 24 per cent rowings (ECBs) more than doubled to
Thanks to a steep hike in excise duty higher than in the same period a year $10.20 billion in the second quarter of
rates, the collection is 79 % more than
ago and 36 per cent more than the the current fiscal as against $4.59 bil-
Rs 95,930 crore mop-up in April-Sep-
collection in the equivalent month of lion raised in the previous quarter.
tember 2019. 2019-20, which was before the pan-
ECBs plunged to a two-and-half-year
In the full 2020-21 fiscal, excise collec- demic.
monthly low of $700 million in May
tions were Rs 3.89 lakh crore and in
This is the second highest collection 2021 as the more virulent second wave
2019-20, it was Rs 2.39 lakh crore,
since the introduction of the new indi- of the pandemic and gloomy demand
CGA data showed. rect regime in 2017, reflecting strong outlook forced companies to stave off
economic recovery in the second half their fundraising and expansion plans
Forex kitty swells $1.9bn of the fiscal year. and focus more on cost-cutting mea-

to $642bn The highest collection ever was more sures.
India's forex reserves have increased by than Rs 1.40 trillion in April this year. The overseas fundraising has since
USD 1.919 billion to USD 642.019 bil- The finance ministry expects the posi- picked up amid a fall in the fresh num-
lion for the week ended October 29 on tive trend to continue and the second ber of Covid cases and improving eco-
a healthy increase in the currency as- half of the year will post higher rev- nomic conditions across industries. ECB
sets and value of gold, the Reserve enues. fundraising of Indian entities stood at
Bank said. "This is very much in line with the trend $1.5 billion in June 2021, $3.43 billion
The overall reserves had declined by in economic recovery. This is also evi- in July, $2.85 billion in August and
USD 908 million to USD 640.1 billion at dent from the trend in the e-way bills touched nearly $4 billion in September.
the end of the previous reporting generated every month since the sec- "Corporates have been increasingly
week. ond wave. The revenues would have tapping the overseas markets for funds

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