In the shadows of a sliding rupee, India's knitwear hub Tiruppur is weaving a success story. While the domestic currency edges closer to the 86 mark against the US dollar, triggering concerns for many sectors, this textile town in Tamil Nadu is finding opportunity in adversity: Between April and December alone, Tiruppur's exports reached Rs 26,000 crore, almost eclipsing last financial year's total of Rs 30,690 crore.
The upcoming Union Budget to be presented on February 1 is likely to assume a nominal gross domestic product (GDP) growth between 10 and 10.5 per cent for FY26, a Business Standard poll of 10 economists showed. The first advance estimates released by the National Statistics Office (NSO) had estimated a nominal GDP growth of 9.7 per cent for FY25. Nominal GDP, calculated at current market prices, factors in the effect of inflation. It is used as the base to calculate crucial macroeconomic indicators, such as fiscal deficit, revenue deficit, and debt-to-GDP ratio.
The Budget assumes significance as it comes on the back of lower-than-expected growth numbers during the second quarter and geopolitical uncertainty.
Following the lacklustre growth numbers in the second quarter (Q2FY25), economists believe the upcoming Union Budget for 2025-26 should focus on reforms that will stimulate consumption, manufacturing and spur employment. India's growth unexpectedly slowed to 5.4 per cent in the second quarter, due to low capital formation, weak consumption, besides adverse weather impact.
Unified Payments Interface (UPI) transactions saw an 8 per cent month-on-month increase in volume to 16.73 billion in December, the highest volume for the digital system since it became operational in April 2016. The value also increased by 8 per cent to Rs 23.25 trillion, up from Rs 21.55 trillion in November.
The government's capital expenditure in the April-November period of financial year 2024-25 (FY25) continued to contract with a 12.3 per cent decline year-on-year (Y-o-Y), according to data released by the Controller General of Accounts on Tuesday.
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
If it becomes a reality, the Chennai-based company will become the first private player from India to conduct such a mission to the lunar surface.
Taiwanese footwear major Hong Fu Industrial Group - a supplier to Nike, Converse, Vans, UGG, Puma, Adidas, Reebok, HOKA, Under Armour, and ON (a Swiss sportswear brand) -marked its India entry on Monday, with the ground breaking ceremony of the Rs 1,500-crore footwear manufacturing facility at the SIPCOT Industrial Park in Panapakkam, nearly 85 kms from Chennai.
Taxing capital less may not lead to more investments but taxing more will drive capital away, Chief Economic Advisor V Anantha Nageswaran on Friday said during a discussion on Inequality, Economic Growth and Inclusion. While it is easy to drive capital out, bringing it back is a lot harder, said Nageswaran.
'Along with Blackstone, we would be keen to look at opportunities in the North.'
The need for a manufacturing policy, reining in food inflation and raising investment in the country were among key suggestions given by economists who met Finance Minister Nirmala Sitharaman and senior ministry officials in the first round of pre-Budget consultations on Friday.
'Not paying workers enough will end up being self-destructive or harmful for the corporate sector itself.'
Dhoni endorses 42 brands to Bachchan's 41 and SRK's 34.
Latest GDP growth numbers a one-off development and not the beginning of a trend, says CEA V Anantha Nageswaran.
The state is in the process of grooming a supplier ecosystem, for which India is almost entirely dependent on imports.
Prospects of a bumper kharif harvest are expected to lower food inflation in the coming months, making the country's inflation outlook benign, the Union Ministry of Finance (FinMin) said in its monthly economic report for October released on Monday.
States are on track of fiscal consolidation with their total borrowings reaching Rs 5 trillion till October, which is 60 per cent of the projected borrowings of Rs 8.38 trillion till December 2024, according to data from official sources. Government officials said the lower-than-projected borrowings by states were a sign of prudent fiscal management by them. States announce their borrowing plans every quarter.
According to a recent CareEdge Ratings report, Bangladesh accounts for around 50-60 per cent of India's total medical tourism inflow
After experiencing an 11 per cent contraction in exports in 2023-24 (FY24) due to a dip in exports for 10 consecutive months from April to January, the Tiruppur textile industry is back on track in 2024-25 (FY25). The cluster, which contributes 55 per cent of the country's total knitwear exports, posted a 13 per cent increase in the first five months of this financial year (FY25), with August seeing a 22 per cent rise - the highest in over two years.
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