India's economy grew 6.1 per cent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 per cent, official data showed on Wednesday.
The Union Budget stepped up plan allocation for the health sector by 20 per cent with a focus on health insurance, which Finance Minister Pranab Mukherjee announced would be extended now to unorganised sector workers in hazardous mining and associated industries.
India's industrial production growth perked up slightly to 5.2 per cent in January from 4.7 per cent in December 2022, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Friday. There was an improvement on an annual as well as sequential basis. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at two per cent in January 2022.
Corporate India reported high double-digit growth in net profit for the fourth consecutive quarter in October-December 2023 (Q3FY24), driven by margin gains from lower prices of raw material and energy.
Decades of a state-owned monopoly selling coal at a fixed price has taken its toll on production.
VP Ansari thanked Polish leadership for its support to India's bid for NSG membership,
The government's final rules for reallocation of cancelled mines through an e-auction process give the existing owners an advantage over new bidders.
The divestment department has proposed that public sector units involved in mining ores alone should qualify for 'natural asset' status while imposing additional norms concering employment of labour.\n\n\n\n
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
Modi held a "productive meeting" with his Ethiopian counterpart Abiy Ahmed Ali on a day when BRICS (Brazil, Russia, India, China and South Africa) leaders officially endorsed Ethiopia's entry into the bloc.
India's economic growth slowed to 8.4 per cent in the second quarter of 2021-22, mainly due to waning low base effect, official data showed on Tuesday. The GDP growth in April-June quarter this fiscal stood at 20.1 per cent. The Indian economy had contracted by 24.4 per cent in April-June last year.
Brokerages expect Nifty50 companies to have cumulatively witnessed strong double-digit growth in their earnings in the first quarter of FY24 (Q1FY24). This growth in the combined earnings is expected to have been driven by banks, automakers, and oil & gas companies. Other sectors may report muted profit growth.
Exceptions were made for ultra-mega power plants, such as the one at Sasan, which the court observed were not under consideration, and for coal blocks attached to the power and steel companies controlled by the central government.
The Industrial of Index Production was 1.9 per cent in April and 2.5 per cent in May last year, as per the data released by Central Statistical Organisation.
Financial services and consumer durable companies accounted for most of the selling by foreign portfolio investors (FPI) in the last fortnight of February. FPIs sold finance stocks worth Rs 2,263 crore and consumer durable stocks worth Rs 1,111 crore, according to data collated by Prime Infobase. Information technology (selling worth Rs 708 crore), metals and mining (Rs 694 crore), and power (Rs 497 crore) were the other sectors where overseas funds sold shares.
Foreign Portfolio Investors (FPIs) have pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September, primarily due to rising US interest rates, recessionary fears, and overvalued domestic stocks. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period. Mayank Mehra, smallcase, manager and principal partner at Craving Alpha,believes that strong economic growth prospects, attractive valuations, and government reforms could support foreign investment flows in the next month.
It is the diamond in Africa and Russia that is dazzling India these days. India is planning joint ventures with diamond mining companies across Russia, Africa and the CIS nations.
Ironically, rival Tamil Nadu governments expend the most on social welfare schemes, especially targeting women and youth and children, but that money comes only by selling more liquor. There is always the specious plea, which has been peddled very many times in the past, that without licensed liquor, drinkers would go after hooch and there could be more hooch tragedies and hooch deaths. No one is convinced, but no one can dispute it either, comments N Sathiya Moorthy.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
There are two important points about the price correction in gold. The first one is the anti-correlation with the U.S. dollar; certainly that put pressure on gold. The second one, which may be even more important, is that people really seem to believe that the financial system is safe again.
'Yet the market didn't do all that badly because it was cushioned by domestic inflows.'
'We will see a lot of investments from the private sector.' 'As long as we are not impacted by some global events, I think we will be in a strong place.'
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
India's industrial production growth declined to a three-month low of 3.7 per cent in June mainly due to poor showing by the manufacturing sector, according to the official data released on Friday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 12.6 per cent in June 2022 on account of a lower base effect. The previous low of IIP was at 1.9 per cent in March 2023.
The Modi government's e-auction policy for coal, meant to shield the consumer against hike in electricity charges, has already led to serious allegations of cartelisation among the bidding corporates. Matters came to such a pass that the government at one point last week was considering inviting the Central Bureau of Investigation to probe the matter, reports Sheela Bhatt/Rediff.com.
Terming investment in infrastructure "quintessential" to boost growth, the Economic Survey on Friday said post unlocking of the economy, infra sectors are poised for growth and construction of roads is expected to return to the high pace attained before COVID-19. The infrastructure sector will be the key to overall economic growth and macroeconomic stability, the Survey said emphasising that the year after the crisis (2021-22) will require sustained and calibrated measures to facilitate the process of economic recovery and enable the economy to get back on its long-term growth trajectory. "Basic infrastructure facilities in the country provide the foundation of growth. In the absence of adequate infrastructure, the economy operates at a suboptimal level and remains distant from its potential and frontier growth trajectory.
Industrial production declined by 10.4 per cent in July, mainly due to lower output of manufacturing, mining and power generation, as per the government data released on Friday.
Prime Minister Narendra Modi and Home Minister Amit attended the swearing in ceremony as did BJP president J P Nadda.
Mining and power generation at the public sector Neyveli Lignite Corporation came to a standstill
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The marginal improvement in the index of industrial production was mainly on account of higher power generation and mining sector output, while manufacturing declined.
The central government is expected to complete the auction of the 5.9-million tonne (mt) lithium reserves discovered in the Reasi district of the northern Union Territory (UT) of Jammu & Kashmir (J&K) by the end of this calendar year, Union Mines Secretary Vivek Bharadwaj said on the sidelines of the launch of the Federation of Indian Chambers of Commerce and Industry (Ficci) report on 'New-Age Energy Minerals' on Tuesday. "Auction will be over by the end of this year," said Bharadwaj, adding, "We have already recommended a transaction advisor to the J&K government for the auction of lithium reserves." However, the exact timeline for an auction will be decided by J&K authorities, Union mines minister Pralhad Joshi said in Parliament last month.
As many as seven of eight core industries saw a contraction in output in September.
Based on a feedback, the exchange could cap a sector's weight at 25 per cent, or align with the broader market.
Forced to cut prices by 2-3% due to cheaper imports from Japan, Korea and China
Industrial growth slowed to 3.6 per cent in February, 2011, compared to 15.1 per cent expansion in the year-ago period, dragged down by poor performance of manufacturing and mining sectors.
Indian industry has logged a growth of 9.5 per cent in April 2006 as against 8.1 per cent in the same month last fiscal.
There's a straightforward relationship between economic activity and power consumption. If economic activity increases, so does power consumption. Since the latest GDP (gross domestic product) data indicates India's growth rates exceeded expectations in the second half if the 2022-23 financial year (H2FY23) and GDP estimates of FY24 are strong, we would expect power consumption to rise as indeed it has. There is also a direct relationship between power consumption and National Thermal Power Corporation or NTPC's results since the public sector undertaking (PSU) is the largest power generator in India.
Pulled down by the mining and electricity sectors, the Index of Industrial Production stood at 8.8 per cent during April 2005 compared to 8.9 per cent in the same month last year.
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