Which were India's first companies that still exist today? Many trace their origins to over a century back. These venerable organisations are business entities. But they chronicle the beginnings of Corporate India.
A proposed polling booth reconfiguration in West Bengal has ignited a political battle, with the TMC, BJP, Congress, and CPI(M) raising concerns about bias, partisanship, and flawed processes.
Kolkata Police stopped the trailer launch of 'The Bengal Files', a film based on the 1946 Calcutta Riots, its director Vivek Agnihotri claimed, sparking controversy and allegations of censorship.
Fine furniture is now about soul, not just status, whether it's a bar cabinet with elaborate French marquetry or a delicately curved Italian leather sofa.
Jute baron Arun Bajoria is on a selling spree. After deciding to sell India Jute to the Kajarias, Bajoria is divesting three mills in Andhra Pradesh.
In a fresh move, Arun Bajoria entity Mega Resources Ltd has picked up additional 560,000 shares of Bombay Dyeing and Mfg Co Ltd taking Bajoria and associates holding to 4.9 per cent.
Job creation, improving farm productivity, and mobilising public funds for infrastructure development were some of the issues that figured during the interaction between Prime Minister Narendra Modi and economists ahead of the 2025-26 Union Budget. The prime minister on Tuesday met eminent economists and sectoral experts at NITI Aayog to hear their views and suggestions for the upcoming Budget. Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2025-26 in the Lok Sabha on February 1, 2025.
Even as the high inflation figure for October has ruled out any possibility of a rate cut by the Reserve Bank of India's (RBI's) monetary policy committee (MPC) in December, a rate cut in February also looks uncertain due to global uncertainties. Economists told Business Standard that unless domestic growth slows markedly, the outlook on rate cut remains unclear. India's headline inflation touched a 14-month high of 6.2 per cent in October, breaching the MPC's upper tolerance band of 6 per cent.
The FMCG industry hopes for a revival in consumption growth in 2025 with some 'green shoots' already visible, after having a challenging year amid escalating input costs and a double-digit rise in food inflation, which ultimately slowed down the pace of the urban market growth in the second half of 2024. Soaring prices of commodities such as palm oil, coffee, cocoa and wheat forced FMCG players to go for a hike of 3 to 5 per cent or resort to shrinkflation by reducing pack sizes and grammage to retain attractive price points, fearing a volume loss.
Reserve Bank of India (RBI) Governor Shaktikanta Das had stumped the market in the previous two policies - in August and in October - first with action and then with words. In August, it was the introduction of an incremental cash reserve ratio (I-CRR) to take out excess liquidity, which took the markets by surprise. In October, there was no action. Rather, what is known as "open mouth operation", Das' comment that the central bank might conduct open market operations (OMOs) by selling bonds tempered the euphoria in the bond markets after JP Morgan's inclusion of India in its Emerging Market Bond Index.
Wholesale price inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.
The office of Neelam Gorhe, deputy chairperson of the Maharashtra Legislative Council, has sought more details with regard to a letter by Chief Minister Eknath Shinde seeking the appointment of Viplove Bajoria as Shiv Sena whip in the Upper House, effectively giving a temporary breather to the Thackeray camp.
Wholesale price-based inflation rate fell to a 3-year low of (-) 3.48 per cent in May on easing prices of food, fuel and manufactured items, strengthening the case for continuing with the pause in rate hike in the coming months of the current fiscal. This is the second straight month when WPI has been in the negative zone mainly on account of a higher base and falling prices of fuel and manufactured goods. Food prices also eased during May. In May, 2022 WPI inflation was at 16.63 per cent. Last month, it was (-) 0.92 per cent.
Maharashtra Chief Minister Eknath Shinde has written a letter to the state legislative council's deputy chairperson seeking that Viplove Bajoria be made the Shiv Sena's chief whip in the Upper House, a move apparently aimed at further cornering the faction led by former CM Uddhav Thackeray.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
Leterme contended that there is a need for the United Nations Security Council to adapt to the realities of the 21st century as it requires representation that goes beyond the structures established in the 20th century.
The Trinamool Congress on Friday complained to the Election Commission of partisan behaviour by central police forces in favour of its rival Bharatiya Janata Party, while the saffron party made a counter-complaint that Chief Minister Mamata Benerjee had violated the model code of conduct by being inside a polling booth in Nandigram for two hours on polling day.
The members of the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) voiced different views on the interest rate and stance, with two of them indicating they may not vote for further rate increases even if Governor Shaktikanta Das and Deputy Governor Michael Patra maintain bringing down inflation as their primary objective, the minutes of the December review of the monetary policy showed. The other two members remained neutral. The MPC increased the policy repo rate by 35 basis points (bps) - which was lower than the previous three hikes of 50 bps. The repo rate has been hiked by 225 bps to 6.25 per cent since May this year.
The Indian rupee is expected to trade between 80 and 84 against dollar in the first three months of 2023 with support from overseas inflows though worsening current account deficit (CAD) and reduced interest rate differential between the US and India pose challenges. According to a Business Standard Poll of 10 participants, most said the rupee could gain strength in January due to foreign inflows, and the Reserve Bank of India (RBI) is not expected to allow the currency to depreciate ahead of the Union Budget scheduled on February 1. The rupee depreciated 10.15 per cent in 2022, its worst performance since 2013 as the war in Europe and the interest rate increase by the US Federal Reserve prompted investors to flee emerging markets.
Retail inflation declined to a 25-month low of 4.25 per cent in May mainly on account of softening prices of food and fuel items, with experts saying that RBI is expected to hold interest rates steady in the current fiscal. This is the fourth straight month when retail inflation has declined and the third straight month of Consumer Price Index (CPI) based inflation remaining within the RBI's comfort zone of below 6 per cent. CPI-based inflation stood at 4.7 per cent in April and 7.04 per cent in May 2022.
A huge controversy erupted on Sunday amid the polling for 30 assembly seats in West Bengal, with the Bharatiya Janata Party releasing an audio clip where Chief Minister Mamata Banerjee is purportedly heard cajoling a BJP leader from Nandigram to rejoin the Trinamool Congress and help her win the seat.
The wholesale price-based inflation eased for the eighth consecutive month to 4.73 per cent in January on easing prices of manufactured items, fuel and power. The wholesale price-index (WPI) based inflation rate was 4.95 per cent in December 2022 and 13.68 per cent in January 2022. Inflation in food articles, however, rose to 2.38 per cent in January, from (-) 1.25 per cent in December, 2022.
In a jolt to the ruling Maha Vikas Aghadi alliance in Maharashtra, the Bharatiya Janata Party won four of the six seats in the state legislative council, including Nagpur, and wrested the Akola-Buldhana-Washim seat from the Shiv Sena.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
A British brokerage on Tuesday cut India's FY22 GDP growth estimate by a sharp 0.80 per cent to 9.2 per cent, saying the economic impact of the second wave of infections has been deeper than initially expected. Barclays chief India economist Rahul Bajoria also mentioned the slow pace of vaccinations in the country and the rolling lockdowns across many states for the estimate. It can be noted that last month has seen a slew of similar forecasts from analysts, even as the RBI maintained its estimate of a 10.5 per cent growth in real GDP.
After the RBI surprised the Centre with a record Rs 99,122 crore in surplus transfer for FY21, analysts said this will help the government tide over the revenue losses from lockdowns and extend more support to the pandemic hit industries and to the poor people. In fiscal 2020, the RBI had paid only Rs 57,128 crore in dividend to the government and the finance minister had budgeted only Rs 45,000 crore from the central bank. The higher payout followed the Bimal Jalan panel report that had set a new economic framework capital buffer for the central bank along with the contingency risk buffer at 5.5 per cent.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
The Bharatiya Janata Party on Tuesday accused Chief Minister Mamata Banerjee, who is Trinamool Congress's Bhabanipur bypoll candidate, of violating the model code of conduct (MCC) by participating in a programme where the West Bengal government announced a grant of Rs 50,000 to each Durga puja organising committee ahead of the state's biggest festival.
Prime Minister Narendra Modi had announced a relief package of Rs 20 lakh crore or about 10 per cent or GDP last week. However, many of the measures unveiled have been in the form of moves like loan guarantees which do not entail an immediate fiscal cost.
The development comes at a time when Eveready is on the lookout for strategic investors, including a possible stake sale in its battery business.
Reader Gunjan Bajoria sends us some photographs.
Wednesday's expansion shows that Modi still has a keen eye on Bengal. The BJP is gearing up for the panchayat elections in Bengal next May and the Lok Sabha elections in 2024.
Bank of America (BofA) Securities expects India to be the third-largest economy in the world by 2031. The economic rise could become a reality by 2028, but the Covid pandemic delayed the pace, BofA Securities economists Indranil Sen Gupta and Aastha Gudwani wrote in a report.
Rubber prices have fallen globally by 20% from record highs. 10% of the tyre sector is likely to have already shifted to synthetic rubber. This shift to synthetic rubber by Indian tyre companies could affect tyre prices.
The extraordinary spurt in two-wheeler sales over the last year and a half seems to have set tyre companies rolling. JK Tyre, like Apollo and Ceat, is entering the two and three-wheeler tyre market.
'If the chief minister says there are areas in her home state where she cannot enter, where has she driven the state to!'
If the current restrictions remain in place until the end of May, we estimate that the cumulative loss of activity could amount to around $10.5 billion, or around 0.34 percentage point (pp) of annual nominal gross domestic product, say Barclays economists.
As the central bank continues to increase forex reserves by running down the forward book which totalled $42 billion as of end-July, signalling its strong resolve to build a bigger reserve cushion to aid its expansionary, unorthodox monetary policy, the reserves are set to top the $655-billion-mark by March, according to a report. The forex kitty declined by $2.10 billion to $619.36 billion for the week to August 13 due to a fall in the core currency assets and gold, showed the latest RBI data. The reserves had risen to a lifetime high of $621.46 billion in the previous reporting week ending August 6.
CPI inflation slowed to 9.39% in April compared with 10.39% in March.
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