It is a Budget 'high on promises but low on design,' the agency said.
'It is a worrying trend as we are not seeing too much fresh capital being raised for new projects, plants, expansion or diversification. It's just private equity or venture capital or promoters cashing out.'
Home Minister Rajnath Singh said that the decision could cost the government roughly Rs 15,000 crore.
The services sector, which plays the biggest role in shaping the economy, is facing loads of issues currently. The largest segments, financial and real estate, are struggling to cope with bad debts and low demand for houses.
BofA Merrill also upgrades its price objectives for private banks, retaining ICICI Bank Ltd as its top pick, and HDFC Bank Ltd and Axis Bank Ltd as its 'preferred' names.
The auto component sector grew at 5-6 per cent last year against a 13 per cent growth in 2012.
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The agency has kept its FY15 growth forecast unchanged at 5.6 per cent.
The MSME sector, which is employment-intensive, accounts for 45 per cent of the country's manufacturing, 40 per cent of exports and nearly 8 per cent of gross domestic product.
If the industrial sector expanded, growth rate is likely to rise in the remaining quarters to reach 7.6-7.8 per cent for 2017-18.
The RBI, in its last policy statement, had mentioned that 'headroom for further monetary easing remains quite limited' due to risks on account of the current account, and pressures on inflation.
Weakness of dollar in the overseas market also boosted the rupee value against the dollar.
If the entire amount of Rs 24,000 crore is raised, then it would be the biggest fundraising exercise by any Indian company ever.
RBI will now increasingly shift focus to domestic parameters
The revised salaries of central government employees are likely to be paid from July 1, 2016.
Indian bourses made a dramatic turnaround after a meltdown in 2011, leaving behind strong optimism about a bullish 2013 in hopes of Reserve Bank of India rate cut, hefty capital inflows, a recovery in global economy and excellent earnings growth in the third quarter of 2012-13.
Standard and Poor's had in April lowered India's rating outlook to negative from stable.
Advertisement revenues will go up in 2016-17 with automobiles and e-commerce being big contributors.
After banks, it is now the turn of non-banking finance companies (NBFC) to see a spike in loan defaults and provisioning for non-performing assets ( NPAs ).
The rupee had closed at 64.83 last Friday.
Indian companies struggle to escape debt burden as profit slows.
The broad contours of their assignment are expected to be making independent assessment of recovery prospects, and estimating haircuts for restructuring cases.
Why unemployment figures in India mean little.
Between Friday's and Monday's close: Yields on 10-year bonds up 6 basis points, rupee slides 13 paise against dollar, Sensex ends flat
While selling started in April, it has intensified this month, with FPIs pulling out $1.1 billion and $2.5 billion from equities and debt market, respectively
In five years, per-employee revenue for IT companies grew at 9 per cent each year.
India Inc has an impressive report card to show for the first quarter of this financial year.
Experts said the new framework has ensured that the focus has moved to creditor protection from debtor protection.
The lowered outlook jeopardises India's long-term rating of BBB-, which is the lowest investment grade rating. S&P has threatened to downgrade India's rating in next 2 years if the fiscal situation does not improve.
Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services, tells Puneet Wadhwa that with Moody's upgrading India's sovereign rating and earnings growth coming back, the country will remain a hot destination for foreign investors.
Pegs 2012-13 GDP growth at 7%, says turnaround of the economy likely, rules out fiscal stimulus to revive growth prospects
Government gets Rs 17.1 lakh crore in its kitty
Relax fiscal consolidation, boost public capex and reduce cost of finance, industry tells Centre
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
Banking system liquidity will experience transient frictional tightness ahead of the payment of arrears
As yields on 10-year government bonds rose from 6.65% in April 2017 to around 7.50% now, liquidity pressures have increased the cost of funds for housing finance companies.
The rupee's stability in the last 12 to 18 months made corporates reduce hedging
Large states like Andhra, Chhattisgarh, Gujarat, Himachal, MP, Odisha, Punjab and Tamil Nadu would need compensation from the Centre
However, independent economists are not as gung-ho as the finance ministry over the likelihood of deficit target being met this time around, says Indivjal Dhasmana.
The move will have cascading effects for lot of related sectors
Crisis of growth is worsened by the challenging global environment and policy missteps. Returning to 9 per cent growth trajectory will be a tall order.
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