New investment projects announced in the manufacturing sector declined in the three months ended June 2023. The value of new projects was lower than in the March quarter, as well as the year-ago period, shows data from project tracker the Centre for Monitoring Indian Economy (CMIE). The new project announcements worth around Rs 85,000 crore in the manufacturing segment in June were a 48 per cent decline from the Rs 1.6 trillion in March and a 66 per cent decline from the Rs 2.5 trillion seen in June 2022.
The African Union on Saturday joined the G20 after all member countries accepted Prime Minister Narendra Modi's proposal to bring the key bloc of the Global South to the high table of the world's top economies, a major diplomatic achievement of India's presidency.
The combined entity is set to be the third largest bank in India, behind State Bank of India and ICICI Bank.
The biggest question looming over the summit is whether there will be a joint leaders' declaration in view of the sharp differences between the West and the Russia-China combine on the text to describe the Ukraine conflict in the document.
The Narcotics Control Bureau on Tuesday claimed to have busted the "biggest" darknet-based LSD cartel operating in India with the seizure of more than 13,000 blots and Rs 26 lakh in cash and the arrest of three persons.
The Indian economy recovered from the Covid-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world.
Banking assets of emerging nations are likely to overtake that of G7 economies by the year 2050, with India likely to emerge as the third largest domestic banking market in the world in the next three decades, says PricewaterhouseCoopers.
'Rhetoric and chest-thumping are running high on India's recent growth record.'
'But will the giant waves developing elsewhere allow us to sail smoothly into fair winds?' asks Debashis Basu.
Foreign ministers of G20 major economies will meet in the national capital on March 1 and 2 to deliberate on pressing global challenges amid escalating confrontation between Russia and the West over the Ukraine conflict that entered the second year this week.
Investors believe Indian is a tough place to do business with.
Emerging markets facing 5th year of slow growth: World Bank.
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
The Pandays aka The Travelling Family are making a trip around the world. Three days spent in the Amazon were unforgettable.
Of $90 billion remittances that India is expected to receive in 2022, only $27.4 billion has come in the first half of the year.
Henry Kravis, co-founder of global private equity firm Kohlberg Kravis Roberts & Co, thinks India should go for a bad bank to deal with bad assets in banks. In an interaction with journalists in Delhi, he says there are plenty of opportunities in India. He was joined by India CEO Sanjay Nayar.
There is lack of scientific basis in computing the poverty line, says govt.
Top gainers in the Sensex pack were TCS, Bharti Airtel, Infosys, Axis Bank, L&T, ITC, PowerGrid, HCL Tech and Tata Steel, ending up to 2.39 per cent.
Foreign Secretary Vinay Kwatra on Wednesday refused to speculate on whether the G20 foreign ministers' meeting would be able to come out with a joint communique against the backdrop of widening differences between the West and Russia on the Ukraine conflict.
Borrowing from BRICS bank will help India avoid other kinds of politics emanating from the West. Overall, the BRICS institutions will necessarily adopt alternative ways of doing things based on their own cultural and socio economic needs, says M K Venu.
Just because India has outperformed the US markets in a short recent period, it does not mean that this is based on fundamental reasons that are here to stay, points out Debashis Basu.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
According to a recent study, 89 per cent working women from India believed that it is important to have ambitions compared to the global average of 59 per cent
Will G20 showcase an India that is inclusive, culturally rich, diverse and tolerant, asks Ramesh Menon.
As the central bank continues to increase forex reserves by running down the forward book which totalled $42 billion as of end-July, signalling its strong resolve to build a bigger reserve cushion to aid its expansionary, unorthodox monetary policy, the reserves are set to top the $655-billion-mark by March, according to a report. The forex kitty declined by $2.10 billion to $619.36 billion for the week to August 13 due to a fall in the core currency assets and gold, showed the latest RBI data. The reserves had risen to a lifetime high of $621.46 billion in the previous reporting week ending August 6.
"The largest displacements in the context of disasters in 2021 occurred in China (6.0 million), the Philippines (5.7 million) and India (4.9 million). Most disaster displacements during the year were temporary," it said.
Sensex climbs higher on favourable global cues.
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
Top gainers in the Sensex pack were Tata Motors, ONGC, Yes Bank, IndusInd Bank and Vedanta -- rising up to 2.71 per cent.
So, while it is great that India's numbers look relatively good, don't raise a cheer just yet, points out T N Ninan.
IIM-B, professor R Vaidyanathan talks to Shobha Warrier about black money, Mudra Bank and Jaitley's Budget.
Ford dealers in India are staring at huge losses with the automaker deciding to shut production in the country with immediate effect, automobile dealers' body FADA said on Thursday. Terming the company decision as shocking, the industry body noted that the dealers have invested over Rs 2,000 crore in creating sales infrastructure while employing around 40,000 people across the country. "The auto retail fraternity is really shocked to hear another Ford India's announcement where it has said that it will shut down production with immediate effect," FADA president Vinkesh Gulati said in a statement.
President Zelenskyy's telephonic conversation with Prime Minister Modi came hours after India abstained on a UN Security Council resolution by the United States that 'deplores in the strongest terms' Russia's 'aggression' against Ukraine.
Traditionally, issuance from Chinese companies dominate the green bond market, but other emerging market economies are coming up fast
'Earlier-than-expected tapering from the US, followed by rate hikes, and locally, a potential third wave, which mimics the second wave in terms of severity.'
Combined net profit of BSE500 companies at $ 63 bn is 2.3% of GDP; global average is 5%.
RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh. This mode is used primarily to facilitate trade and market transactions. The primary beneficiary would be the capital markets.
While most economies contracted in the second quarter of 2020, the Chinese economy grew by 3.2 per cent.
An estimated 10,000 to 20,000 jobs will be axed, according to a media report
