The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth. The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.
Finance Minister Arun Jaitley on Friday tabled the pre-Budget Economic Survey in the Lok Sabha.
Imports rose by 1.44 per cent to $43.44 billion in March 2019.
'When growth drops precipitously from 7% to 4.5% in four quarters, it is for all practical purposes a recession' notes T N Ninan.
Markets ended lower amid volatile trade with Sun Pharma leading the decline.
It won't be an easy ride for the markets, reckon experts, considering the multiple state elections in 2018 and general elections next year.
'Global investors expect the rupee to be more vulnerable in the downturns in the future than ever before,' notes Apoorva Javadekar.
The government would also take steps to promote exports and restrict non-essential imports, said Jaitley
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
Explore the map to see and compare different countries' Doing Business Index in 2015.
In another round of economic booster, Sitharaman announced steps to help homebuyers and push exports.
So vaccinate employees and families, staff at home, rickshaw drivers, milkmen, service providers, shopkeepers and street vendors, says Naushad Forbes.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
The five Ahmedabad-based call centres that made calls to people living in the US are Hglobal, Call Mantra, Worldwide Solution, Zoriion Communications and Sharma BPO Services.
'For the RBI, it is also strategic to allow the rupee to over-depreciate, then come and buy the rupee, and benefit from its appreciation. Speculators who have driven the rupee too low then make losses,' says Ashima Goyal.
Sources said that the capital markets regulator Securities and Exchange Board of India has come across quite a few cases where GDR route could have been used for round-tripping of funds in the name of capital-raising activities of listed companies from abroad.
With response tepid so far from domestic investors, these funds might soon approach FIPB for approvals.
Total assets under management (AUM) for September stood at Rs 20.4 lakh crore compared with Rs 20.6 lakh crore at the end of August.
IMF, which has also lowered its global economic growth forecast for 2016 and 2017 by a marginal 0.1 per cent to 3.1 and 3.4 per cent respectively, recommended six 'reform priorities' for India
Year 2017 will be a benign year for FII flows into India feels Akash Singhania, deputy chief investment officer, DHFL Pramerica Asset Managers.
'Gold could return 10% to 12% in the next two-three years.'
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Investors can now park money in practically all overseas firms via domestic mutual funds (MFs). The removal of this key deterrent will encourage investment in the funds.
The government on Saturday made its prior approval mandatory for foreign investments from countries that share land border with India to curb 'opportunistic takeovers' of domestic firms following the COVID-19 pandemic, a move which will restrict Foreign Direct Investment from China.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
While the COVID-19 pandemic has completely halted production and new orders, exporters say that payments have also been delayed for the shipments sent before the lockdown. Exporters say some customers are not taking delivery of the shipments because they have shut shop. Ready-made garment players had been hoping for a revival in demand in China but with the virus spreading to Europe, the US and other major markets, there are no orders coming from the major retailers.
The rupee closed at Rs 66.21 in its last trading session.
India's economy grew by 1.6 per cent in the fourth quarter of 2020-21, restricting the full-year contraction to 7.3 per cent, official data showed on Monday. The fourth quarter growth was better than the 0.5 per cent expansion in the previous October-December quarter of 2020-21. The gross domestic product (GDP) had expanded by 3 per cent in the corresponding January-March period of 2019-20, according to data released by the National Statistical Office (NSO).
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The 50-issue NSE Nifty too cracked the 10,200-mark and hit a low of 10,108.55 before finishing 104.75 points, or 1.02 per cent down at 10,121.80.
'The recent price hike would only be beneficial if the airlines continue to operate at 80 per cent airline capacity. An increase towards 90 or 100 per cent airline capacity would again add pressure to the fares as demand remains muted. Also, we are in the fourth quarter of the fiscal year which is a seasonally weaker quarter,' says an analyst.
In 2017, a consortium led by Russian state oil company Rosneft agreed to buy Essar Oil for $12.9 billion in India's biggest foreign acquisition of a homegrown company. Rosneft's buyout of Essar's assets was meant to herald a wave of energy investments in India - over six decades after Esso, Caltex and Shell invested in India's refining sector in the 1950s. But the government has tripped up in its efforts to sell Bharat Petroleum Corporation Ltd (BPCL), formerly Burmah Shell, a blue chip public sector company. Bidders include a couple of global funds and resources firm Vedanta.
Besides the manufacturing industry, voices in favouring the need for protectionism have also been heard from local start-ups, which at times find it tough to compete with global players that entered India with deep pockets.
'Fiscal purists would quarrel with the idea of selling assets to pay for current expenditure -- such as the payout to farmers and the health insurance programme -- for the obvious reason that the process cannot go on forever.' 'At some point, the list of assets available for sale will run out,' notes T N Ninan.consultations -- something already aired in connection with the lease of airports to the Adani group, says T N Ninan.
Call money rate touches an intra-day peak of 30%.
Most brokerages have maintained their Sensex and Nifty targets as they believe there is little room for further re-rating in the backdrop of weak earnings.
Jaitley said note ban has compelled people to deposit money into bank accounts.
The markets had touched their highest levels in a month.
The sector employs around 1 million skilled and unskilled workers directly and indirectly and decline in exports is a major worry for participants in the value chain.
