For fiscal year FY23, the 2022 Union Budget had targeted a capex outlay of Rs 7.5 trillion, which is 35.4 per cent higher than the FY22 Budget Estimate of Rs 5.54 trillion.
'Justice B V Nagarathna has excellent human qualities and is a stickler for the law.'
Government's focus on infrastructure is the biggest positive for the Indian economy, followed by the improvement in tax collections and good consumption recovery.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
Uncertain political times in Meghalaya, Nagaland, Tripura.
As a percentage contributor to nominal GDP, PFCE's share was 60.1 per cent in FY23, compared with 59.6 per cent and 60.8 per cent in the two preceding fiscal years. "Although PFCE is expected to grow 7.7 per cent in FY23, we believe it is still short of a broad-based recovery. "The current consumption demand is highly skewed in favour of goods and services consumed largely by the households falling in the upper income bracket. "A broad-based consumption recovery, therefore, is still some distance away," said Sunil Kumar Sinha, principal economist with India Ratings.
Ever since Nitish embarked on the slippery path of trying to unite the Opposition against the BJP, he has repeatedly rebutted suggestions that the exercise was aimed at bringing himself centre stage. The problem is: It is not enough if he says so. Others have to say so as well, especially Congress, observes Aditi Phadnis.
At 1,180 cases, 2021-2022 reported the highest cases registered -- 4x higher than a decade ago.
The coming year will be one that will test sabka vishwas to the utmost, predicts Aditi Phadnis.
In November, the fiscal deficit widened by Rs 2.2 trillion, the highest ever in any month this financial year.
As the Kejriwal empire spreads, will he be able to keep the momentum going? And will it be at the cost of greater centralisation of authority in the party, asks Aditi Phadnis.
India has been relatively insulated from the severe headwinds in the West. However, with a third of the global economy expected to slip into recession in calendar year 2023, the impact will strongly be felt on India's exports and trade economy, leading economists said in a panel discussion at the Business Standard BFSI Insight Summit in Mumbai on Wednesday. The panel comprised former Reserve Bank of India executive director and former Monetary Policy Committee member Mridul Saggar, State Bank of India Chief Economic Advisor Soumya Kanti Ghosh, Citibank India Chief Economist Samiran Chakraborty, ICRA Chief Economist Aditi Nayar, and IndusInd Bank Chief Economist Gaurav Kapoor. The topic of the panel discussion was No recession in sight: Is India decoupled from developed economies?
Ahead of the Union Budget for 2023-24, Budget makers have welcomed the global consensus view that India will remain one of the bright spots in calendar year 2023. But there is some alarm over the grim global situation and how that might impact the Centre's projections and assessments for next financial year. The big global headwinds include a deep and sustained recession in the West, including India's biggest trading partners in North America and Europe, continuing volatility in commodity markets, and renewed Covid-19 fears, as lifting of strict curbs by China could potentially lead to a massive spread again.
The BJP's massive victory will make it hard for the party to derive a criterion for selecting ministers, as the claimants will be many and the berths, few.
The system of 'selecting' an election commissioner, which is before the Supreme Court, must be institutionalised.
'AAP is more acceptable to sections of the middle class because it has pragmatically tried to accommodate Hindu sensibilities.'
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.
India's consumer price index (CPI)-based inflation could ease in the coming months thanks to the arrival of kharif crops, lower international commodity prices, and a pass through of lower input costs to consumers, the finance ministry said in its Monthly Economic Review (MER) for October, which was released on Thursday. The MER, however, warned that the global macroeconomic situation remained precarious and a recession in many advanced economies would impact India's exports. "Easing international commodity prices and new Kharif arrival are set to dampen inflationary pressures in the coming months.
Bhupendra Patel can never really break free of intervention from New Delhi. But if he can win over the Gujaratis and improve the BJP's tally substantially, he will have proved that he should be taken seriously.
Seven of the meetings will be held in late November or early December at the finance ministry, as is the norm.
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