Pure economics.

GST Collection

GST collection in Jun was Rs.1.44 lakh crore, 56% more than the revenue in the same month of last year. This was the fourth straight month when revenue crossed Rs.1.4 lakh crore. This was also the fifth time when GST revenue surpassed the 1.4 lakh crore mark since Jul 2017.

With the significant improvement in GST collection, states' revenue is expected to expand by 10 - 12% in coming months. Rs.1.44 lakh crore is the rough bottom line - as of now - for GST collection.

When GST was implemented in 2017, the central government had committed to compensate states for five years till 30 Jun 2022, for incurring losses on account of new regime subsuming various levies.

As many as 13 states have demanded extension of the scheme by a few years. A final decision will be taken in the next Council meet on 18 Jul.

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RBI's Measures to Check Falling Rupee

The RBI has announced a slew of temporary measures to boost forex flows into the country, which has witnessed foreign portfolio investors selling Indian shares amid a burgeoning current account deficit, in turn, weakening the rupee.

* Doubling the external commercial borrowing (ECB) limit under the automatic route to $1.5 billion up to 31 Dec 2022. ECBs are foreign debt availed by an eligible entity in India for commercial purposes. It has been decided to temporarily increase the limit, under the automatic route, from $750 million to $1.5 billion. The all-in cost ceiling under the ECB framework is also being raised  by 100 basis points, subject to the borrower being of investment grade rating.

* With effect from the reporting fortnight beginning 30 Jul 2022, incremental FCNR(B) Foreign Currency Non-Resident Bank and NRE Non-Resident (External) deposits, with reference base date of 01 Jul 2022 will be exempt from the maintenance of CRR(Cash Reserve Ratio) and SLR(Statutory Liquidity Ratio).

My take

It's my fond hope that the GST collection improves progressively and the Rupee steadies up, gaining strength!

Tailpiece.

Got up at a quarter past 6, the chores and was ready by a quarter to 10. It was pouring, making it a thoroughly wet day.

Still on wait list for tomorrow's journey but it should get confirmed; Paulson says.

The maid finished her work pretty late in the evening.