Manufacturing activities in India touched a three-month high in November as new orders and exports expanded boosted by demand resilience and substantial easing of cost pressure, according to a monthly survey released on Thursday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) stood at 55.7 in November, up from 55.3 in October, signalling the strongest improvement in operating conditions in three months. The November PMI data pointed to an improvement in overall operating conditions for the 17th straight month.
'Higher valuation remains the only spoiler for equities.'
A plunge in fuel demand after the raging pandemic forced people to stay home and stifled the economy dealt a body blow to the firm's traditional cash cow oil refining and petrochemicals, even as consumer-facing businesses, which account for 35 per cent of the oil-to-telecom-to-retail conglomerate's revenues, continued to do well.
Asserting that the self reliant India programme will help revive the global economy, Prime Minister Narendra Modi on Thursday told global business community that his government aims to transform the country through access, inclusion and empowerment while also ensuring complete data security. Addressing the World Economic Forum's online Davos Agenda Summit, where he also interacted with global business leaders, Modi also said India offers a predictable and friendly environment from tax regime to FDI norms. He said Aatmanirbhar Bharat movement is committed to global good and global supply chain while the country's digital profile has been completely transformed.
The key platforms that India has been exporting are Dornier-228 aircraft, 155 mm Advanced Towed Artillery Guns (ATAGs), Brahmos missiles, Akash missile system, radars, mine protected vehicles, armoured vehicles, Pinaka rockets and launchers, ammunition, thermal imagers and various components of avionics and small arms.
Foreign direct investment into the country is expected to rebound in the coming months on account of India's high economic growth, and steps to further improve the business environment of India, the Economic Survey said on Tuesday. The rise in global uncertainty in the wake of the Russia-Ukraine conflict, FDI equity inflows in the manufacturing sector in the first half of the current fiscal (April-September) fell below its corresponding level in the first half of 2021-22, the document, which was tabled in Parliament, said. The monetary tightening at the global level has further restricted the FDI equity inflows, the survey said.
Indian businesses have emerged as being the most optimistic about the economy for 2015, with 98 per cent suggesting they are positive about the policies of the new government, way above the global average of 35 per cent, says a report by Grant Thornton.
Modi said the young and aspirational India understood the need for political stability to achieve faster development and had ended three decades of instability by mere touch of a button.
BJP candidate Rajeev Chandrasekhar's wife and son who keep themselves far from the political limelight reveal what it is like to campaign for the first time.
Tata Motors' 2022-23 (FY23) January-March quarter (fourth quarter, or Q4) results were better than Street estimates, with strong showing across Jaguar Land Rover (JLR), as well as commercial and passenger vehicle businesses in the domestic market. The company posted its highest consolidated top line and operating profit, with growth of 35 per cent and 46.5 per cent, respectively, over the year-ago quarter. While the top line was aided by a 49 per cent growth in the JLR unit, all key segments reported margin expansion.
Companies like Amazon Prime Video are also temporarily lowering bit rates -- a measure of how much data is being transferred -- to ease pressure on telecom network infrastructure.
Raising the share of manufacturing from about 17 per cent to 25 per cent of GDP is necessary, says S Gopalakrishnan.
Modi said India's next general elections will be held in 2024 and he invited G20 delegates to visit the country to witness the "festival of democracy" in the "mother of democracy".
'If Trudeau chooses to repeat his allegations in his UN speech on Friday, it would create a whole new escalation.'
Experts believe modifying the placement model is a good decision given the changes that campus recruitment has undergone globally, says Vinay Umarji.
The ministry of finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1. Brent crude prices moved up on Thursday, ending at $78.9 per barrel. Crude oil and cooking gas prices, which move in tandem, impact fertiliser and cooking gas subsidies, constituting 53 per cent of the government's total subsidies.
'Life had its own plans and now I have learnt to go with the flow.'
There were fewer Series-B deals this year versus last, but more money was raised
Ease of doing business will improve in India with the Industry Ministry planning one stop e-biz portal which can be approached by entrepreneurs for seeking clearances - both central and state.
He said that during the interaction, he has seen that secretaries have vision, commitment and energy to take the country forward.
Earlier, the Reserve Bank of India was the approving authority.
At the core of Nitish Kumar's decision was a cold political calculation. He assessed that the RJD's support base was unlikely to vote for JD-U candidates in the Lok Sabha polls. He was unsure of winning even half a dozen if he stayed with the RJD and the Congress.
Now, non-banking finance companies can give a loan up to 75 per cent of the gold value; the previous limit was 60 per cent.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments.
Moody's Investors Service on Thursday slashed India's economic growth projection for 2022 to 7.7 per cent, saying that rising interest rates, uneven monsoon, and slowing global growth will dampen economic momentum on a sequential basis.
Rohit Sharma and Ravindra Jadeja slammed centuries under pressure in a 204-run partnership as India recovered from a jittery start to pile 326/5 on the opening day of the third Test.
'Their deteriorating economic and international situation is also responsible for being more reasonable.'
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
Citing India's commitment to deep economic reforms and ease of doing business, Prime Minister Narendra Modi asserted on Monday that this is the best time to invest in the country as policy-making is focussed on the needs for the next 25 years for a 'clean and green' as well as 'sustainable and reliable' growth period. In his special address to the World Economic Forum's online Davos Agenda 2022 summit, Modi underlined a host of reform measures undertaken by his government to stress that it has worked to reduce the administration's interference in business by deregulating many sectors and to clear the way for free trade agreements with different countries. India was once associated with "license raaj", he noted and highlighted the measures, including reduction of corporate tax to boost business and doing away with over 25,000 compliance requirements.
Navi Mumbai airport's construction is facing delays, and is likely to commence commercial operations in 2025 instead of 2024, aviation consultancy firm CAPA has said in a report. When asked about this matter, the Adani Group told Business Standard that the Navi Mumbai airport project is "being executed as per scheduled implementation plan and will be operational by the original target date of December, 2024, without any delay". Navi Mumbai International Airport Limited (NMIAL), responsible for both the construction and operation of the airport, is a subsidiary of the Adani Group.
PM promised a tax regime that is predictable and competitive
Unprecedented rains and floods in the northern region in the past few days have not only caused extensive damage to lives and property but have also impacted business and commercial establishments. Vegetable prices have gone through the roof in the national capital and many other parts of the country since rains started pouring earlier this month. Traders say vegetable prices would come down only after roads open and skies clear, even as water in the fields will take time to recede.
Modi said there were a slew of 'matching priorities' between the business council and that of his administration, including dismantling trade barriers, promoting skills development, establishing manufacturing supply chains and infrastructure development.
Equity benchmark indices ended flat on Wednesday with Sensex sliding 33 points and Nifty gaining 9 points after an unabated record-breaking rally in the last few trading sessions. Weak global market trends and fall in HDFC twins also spoiled markets party. The 30-share BSE Sensex dipped 33.01 points or 0.05 per cent to settle at 65,446.04.
To further simplify the foreign investment regime, the Department of Industrial Policy and Promotion proposes to ease investment norms for foreign companies that have existing joint ventures or technical collaborations in India.
Mutual funds (MFs) have lined up information technology (IT) funds, indicating that technology stocks are back on fund managers' radar after a hiatus. Over the past 18 months, stock prices for companies in the software space have either corrected or remained subdued. Fund houses have launched five IT-based sectoral funds in the past three months, with three of them taking the passive route.
Chief Justice of India DY Chandrachud on Thursday said the Supreme Court has onboarded the National Judicial Data Grid (NJDG), a repository of data on pendency and disposal of cases right from taluka to the national level.
R Ashwin is a content man after becoming only the second Indian to take 500 Test wickets and has no interest in chasing Anil Kumble's national record of 619 scalps.
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