Net tax revenue turned negative during February primarily on account of a contraction in corporate tax revenue and due to the impact of transfer of tax devolution instalments to states, economists said.
The domestic currency fell to a low of 83.45 against the greenback during the intraday trades. The rupee opened at 83.33 compared to the previous close of 83.29 against the dollar.
In December last year, the RBI directed banks, NBFCs and other lenders not to invest in any scheme of alternative investment funds (AIFs) which has downstream investments in a debtor company.
Releasing the report, Chief Economic Adviser V Anantha Nageswaran said it is not correct to think that for every social or economic problem, there needs to be a government intervention, adding that industry needs to hire more.
Speaking at Ficci’s National Conclave on Viksit Bharat @ 2047: Viksit Bharat & Industry, Sitharaman said the next generation reforms will be on top of the agenda of the government, including reforms for all factors of production land, labour and capital along with digital infrastructure.