India's current account deficit declined sharply to 1 per cent of the GDP or $8.3 billion in the second quarter of this financial year, mainly due to lower merchandise trade deficit and growth in services exports, according to a RBI data released on Tuesday. The current account deficit (CAD), which represents the difference between the total amount of money sent abroad and money received from overseas across the economy, was 3.8 per cent of GDP or $30.9 billion in the July-September quarter in 2022-23. CAD was $9.2 billion or 1.1 per cent of GDP in the first quarter (April-June) of the current financial year 2023-24.
'If attacks escalate, there is a risk the Suez Canal may be closed.'
Gold discounts in India, the world's second-biggest consumer, widened this week as dealers struggled to offload stocks amid sluggish demand.
The BJP-led NDA now has nearly 100 members in the 245-member House. If the support of friendly parties like the All India Anna Dravida Munnetra Kazhagam (9), Biju Janata Dal (9), Yuvajana Shramika Rythu Congress Party (6), and several allied nominated members and smaller parties is counted, then the Modi government is unlikely to face any serious numerical challenge there.
In November, the fiscal deficit widened by Rs 2.2 trillion, the highest ever in any month this financial year.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
'What has happened at Byju's is no surprise to anyone.'
The Securities and Exchange Board of India (Sebi) might relax the disclosure norms around rumour verification to help smooth implementation and ease compliance amid pushback from India Inc, said people in the know. The rule has been notified following amendments to the Listing Obligations and Disclosure Requirements (LODR) by Sebi. However, its implementation has been deferred until February.
Indian service sector output broadly stabilised in September but remained in the contraction zone as incoming new business fell moderately due to the damaging impact of the pandemic on demand, leading to more job losses.
The three-day India Mobile Congress (IMC) will showcase the widening convergence of telecom with new domains, such as semiconductors and deep tech, P Ramakrishna, the forum's chief executive officer, said on Tuesday. With more than 250 global and domestic exhibitors, the seventh edition is expected to draw more than 100,000 visitors this year, he said. There will also be over 5,000 CXO-level delegates and more than 350 speakers.
'.. if you do not want to take the asset allocation call.'' 'This category of funds can offer optimum risk-adjusted returns.'
In the last one week several companies have had to face the hurdle of making a distinction between what's essential and what's not. To help them the government has now clarified that grocery would include hygiene products such as hand wash, soaps, disinfectants, body wash, shampoo, surface cleaners, detergents, tissue paper, toothpaste, oral care, sanitary pads, diapers, chargers and battery cells, etc.
SIT on black money on Monday decided to widen its probe as new names of Indians with Swiss bank accounts have come up
Since bodies are still being found from the slush and debris left behind by the river in both the states, the exact casualty count will be clear in the next few days after collating the details, officials said.
The share of low-cost money in total deposits continued to take a knock at the close of FY23 as banks engaged in intense competition by offering higher interest rates on term money to garner funds amid tight liquidity conditions. The share of current accounts and saving accounts (CASA) in total deposits declined by 2-4 per cent by end of March 2023 from March 2022 figure, according to BSE filings by private banks. The ease of movement of funds on digital platforms and the deployment of money by businesses from current accounts also played a role in dwindling the share of CASA money.
Apart from such advisory, IT biggies such as TCS, Infosys and HCL Tech among others have been pursuing 'remote working' model to overcome the situation.
Biden, in his call with Netanyahu, updated him on US military support and reiterated his warning against anyone seeking to expand the conflict, according to a readout of the call.
'The sense of Constitutional propriety and political morality seems to be vanishing fast.' 'There are many things in today's politics of governance which Manmohan Singh would have never dreamt of saying or doing.'
The International Cricket Council has unveiled a mesmerising promo video for the coming marquee event, enlisting Kolkata Knight Riders Co-Owner Shah Rukh Khan as its captivating narrator.
Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices.
The 4.5 kilometre-long Silkyara tunnel project in Uttarakhand, which is part of the central government's strategic 900-km 'Char Dham Yatra All Weather Road', will continue after the necessary safety audit and repair of the broken structure, a senior road ministry official said on Wednesday.
On December 31, SpiceJet's accumulated losses had grown to Rs 3,233 crore.
The Border Roads Organisation says it will complete restoration of the Amarnath Yatra track by June 15, 2023.
An improved showing of mutual funds (MFs) is helping the industry attract distribution talent at a brisk pace. The industry has onboarded a net of 11,600 individual distributors in the first seven months of 2023-24 (FY24) compared to just 5,555 distributors in the whole of 2022-23 (FY23), according to data from the Association of Mutual Funds in India. Like most financial products, MFs also have significant reliance on individual distributors to sell their products, even as digital platforms are gaining popularity.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
Security forces are using drones and helicopters for surveillance of the dense forest area where terrorists are believed to be holed up since Wednesday after killing two Army officers and a deputy superintendent of police in the initial exchange of fire, the officials said.
Byju's plans to raise funds at a lower valuation of $7-8 billion as the embattled edtech major looks to shore up its financials with adequate liquidity, a senior company executive said on Tuesday. Banking on overall "improved performance", Think and Learn, the parent of Byju's, is hopeful of a higher valuation ahead of its rights issue being planned in February to raise funds. Byju's India chief financial officer Nitin Golani said the company is in need of funds and plans to raise it at a lower valuation to make the offer lucrative for investors as well as ensure adequate liquidity support for the edtech firm.
Australia and India control their own destiny as they edge towards the conclusion of the competition
Following the sharp run in markets, valuations across the board have become elevated. The National Stock Exchange Nifty50 Index now trades at a 12-month trailing price-to-earnings (P/E) multiple of 24.3 times, 18 per cent higher than this year's low of 20.5 times. The valuation expansion in the broader markets has been sharper.
'If you look at assets truly working for us, you should look at Aakash and Great Learning.'
Widening of the tax base, doing away with cess and surcharge, improvement in compliance and moderation in tax for emerging sectors are some of the suggestions submitted to the Finance Ministry ahead of the Budget by Think Change Forum (TCF). Experts are of the opinion that there is a need to grow tax revenues for the government to drive economic growth and make investments in developmental activities, TCF, the think tank said in a statement. Towards this end, poor compliance was identified as a weak link in achieving targeted collections leading to complex issues like overtaxing, complicated tax structures, rising litigation, among others.
"Which foreign powers may be interested in taking advantage of unrest and instability in Manipur? Does the geopolitics of south east Asia also have a role in these events," he asked.
Prabha Atre, the woman who could have been lawyer, scientist or doctor but became a globally renowned Hindustani classical vocalist instead, died in her Pune home on Saturday hours before she was to leave for a concert in Mumbai. She was 92.
India's exports declined by 6.86 per cent to $34.48 billion in August this year as against $37.02 billion in the same month last year, government data showed on Friday. Imports too declined by 5.23 per cent to $58.64 billion as against $61.88 billion recorded in August 2022.
'We have also been incredibly clear to Hizbollah and any other malign actors that they should not use this opportunity to widen this conflict. And when we're talking about a humanitarian pause, what we are talking about is conditions that simultaneously ensure that Hamas is not in a position in which it can regroup, restrengthen itself'
Biden would also travel to Jordan for a summit meeting with the heads of States of Jordan, Egypt and the president of Palestinian Authority.
Young Indian wrestler Antim Panghal's superb campaign at the World Championships culminated with a bronze medal, a performance that also earned the country a 53kg quota for the Paris Olympics.
A fresh crack has appeared near a residential building in subsidence-hit Joshimath, sparking concerns among residents and the administration that the problem might worsen during the monsoon.
The country's real GDP growth in the first quarter will be better than the Reserve Bank's estimate of 8 per cent, economists said on Tuesday. Economists at the country's largest lender SBI pegged the growth at 8.3 per cent while domestic rating agency Icra estimated it to come even higher at 8.5 per cent. The Reserve Bank of India (RBI), which expects the GDP to grow at 6.5 per cent in FY24, has estimated a growth of 8 per cent in the April-June period.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
