Economy watch
Direct tax collections (income tax and corporate tax) have risen 42 per cent over the previous corresponding figures.
Index of industrial production
Status: 7.1 per cent in July 2007.
Impact: The fall in IIP in July (it was at 12.4 per cent in July 2006) is mainly due to rising interest rates and indicates a slowdown in the production of goods and services, and presents a strong case for easing the interest rate regime.
Direct tax collections
Status: Rs 61,030 crore in April-August, 2007-08.
Impact: Direct tax collections (income tax and corporate tax) have risen 42 per cent over the previous corresponding figures.
This indicates improved coverage of taxpayers (despite no major reduction in tax rates) and makes it easier for the government to spend on its social sector schemes.
(Compiled by Anand Adhikari)
