July 2022 - This report has been prepared by Jagannath Mallick and Ayesha Ahmed. Comments are welcome at aahmed@ncaer.org.

New GST Rates: Changes in GST rates to take effect from July 18 - The Economic Times (indiatimes.com) • Indian states have budgeted 36 per cent higher capital expenditure in FY’23 compared to FY’22, which may lead to a significant rise in states’ fiscal deficit to Rs 8.4 lakh crore in FY’23. [...] Figure 10: Services Trade • The share of Chinese imports in the country's total imports has declined from 16.5 per cent in FY’21 to 15.4 per cent in FY’22. [...] There has also been an increase in formal job creation reflected in the uptick in addition of new subscribers to the Employee’s Provident Fund pension scheme. [...] changes in reserves reflect a combination of RBI’s Note: The data for figures 17 & 19 are as of 22nd July 2022, and the data for figure 18 are as of foreign exchange interventions and the valuation effects. [...] The CPI inflation in May 2022 was 11.7 percent in Brazil, 9.1 percent in UK, 8.6 percent in US and 8.1 percent in Euro area (Table 1).