Stressing that economic growth will only move upwards, the Reserve Bank of India Governor Shaktikanta Das on Friday pegged the GDP growth rate for the next financial year at 10.5 per cent, though a tad lower than the government's projection of 11 per cent. The projection is in line with the estimates in the Union Budget 2021-22 presented in Parliament earlier this week. The Economic Survey, tabled by the government in Parliament recently, has projected that the economy will grow at 11 per cent, up from an estimated historic decline of 7.7 per cent in 2020-21, on account of the COVID-19 pandemic.
It also advocated adoption of technology platforms and innovative models.
The party also promised reservation to minorities on basis of their population after the caste census.
Our caste warriors will not even ask these questions, let alone explore better solutions to address the problems of inequality and skewed life outcomes, argues R Jagannathan.
Survey calls for reorienting policies to promote young firms which have the potential to become big, rather than small MSME firms which remain small.
A substantial deposit of petroleum and natural gas has been discovered in Pakistan's territorial waters, a cache so large its exploitation could change the country's destiny, according to a media report. A three-year survey was undertaken in collaboration with a friendly country to verify the presence of the oil and gas reserves, DawnNewsTV quoted a senior security official as saying on Friday.
Prime Minister Narendra Modi's state visit to the US is expected to see discussion on India's possible entry into a US-led global alliance on critical minerals, officials told Business Standard. In June last year, the US, the European Union, and other G7 partners launched the Minerals Security Partnership to ensure that China did not further strengthen its grip on supplies of critical minerals the world over. Various ministries, including the Ministry of Finance, have communicated to the Ministry of External Affairs to explore the possibility of India joining the partnership, officials said.
Nearly 9 out of 10 ultra-high-net-worth individuals in India saw an increase in wealth during in 2022, and the super rich expect their wealth to grow further this year, according to a Knight Frank survey. In its latest 'The Wealth Report: Outlook 2023', real estate consultant Knight Frank has revealed the findings of the global survey. Among Indian respondents, the consultant said 88 per cent saw a rise in UHNWI's (ultra-high-net-worth individuals) wealth in 2022.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
Announcing the bi-monthly monetary policy, Reserve Bank of India Governor Shaktikanta Das said the RBI's internal survey says manufacturing, services and infrastructure sector firms are optimistic of the business outlook.
India needs to play a more constructive role in global economy, particularly in matters like international trade and capital flows, government said on Thursday.
Services sector activities in India picked up marginally in February on the back of better demand conditions and the retreat of the coronavirus pandemic but the rate of expansion was the second-slowest since last July and subdued by historical standards, according to a monthly survey. Reflecting a moderate rate of expansion, the seasonally adjusted IHS Markit India Services Business Activity Index rose to 51.8 in February from 51.5 in January. "The upturn was attributed by panellists to greater bookings, better demand conditions and the retreat of the pandemic. "That said, the latest increase was subdued by historical standards, with some companies indicating that growth was dampened by competitive pressures, COVID-19 and higher prices," the survey released on Friday said.
India's services sector growth recorded another month of robust expansion in July, albeit at a slightly slower pace than in June, largely supported by robust demand conditions and investment in technology, a monthly survey said on Monday. The seasonally adjusted HSBC India Services Business Activity Index was at 60.3 in July, down only fractionally from 60.5 in June. In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
The Economic Survey called for improving business environment.
A query has been raised about the "missing" Rs 1.7 trillion fiscal hole in India's financial accounts. This is so because the Budget uses the revised estimates, a projection of how much the government was expected to earn, while the Economic Survey uses the first actual numbers.
While there has been no official statement related to the action, British government sources said they are 'closely monitoring reports of tax surveys conducted at the offices of the BBC in India'.
'The lack of opportunities here remains the biggest worry.' 'We have seen investment summits, but if you look around, much of it is only on paper and not on the ground.'
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
The Budget would preserve macro-economic stability.
The Opposition had promised to scrap the Dharavi redevelopment project if it came to power. With the Mahayuti's massive mandate in the Maharashtra assembly election, that prospect has been laid to rest.
As we brace for unprecedented rates of urbanisation, it is crucial to ensure that illegal constructions and unauthorised land use are curbed, asserts Amit Kapoor.
The proposed units comprise seven coking coal washeries and 13 non-coking coal washeries.
It said while Indian IT services companies were the "disruptors" and had created the modern offshoring industry, they are now incumbents, challenged by a host of specialised and niche start-ups that have emerged in the new digital environment.
'It feels like Assam is good just as a tourist spot and not a place to earn and live.'
The Commerce and Industry Ministry has circulated a draft Cabinet note for inter-ministerial consultations.
The adjusted gross revenue (earnings from sale of telecom services) of the top three telecom companies in India - Bharti Airtel, Vodafone India and Idea Cellular declined by 7.98 per cent, 5.14 per cent and 4.91 per cent respectively during third quarter of 2016-17.
As the Congress batted for a national caste census with an assertion that rights should be proportionate to population, its senior leader Abhishek Singhvi on Tuesday created a flutter by saying "it will eventually culminate into majoritarianism", a remark he later withdrew from social media and blaming it on his staff.
On the other hand, 16 or half of all states and Union Territories account for only 3 per cent of all exports.
In a relatively rare occurrence, the growth in manufacturing jobs exceeded the pace of sector growth in 2022-23 (FY23). The number of persons engaged in the segment grew by 7.43 per cent in FY23, according to figures from the Annual Survey of Industries (ASI) released on September 30. The gross value added for the manufacturing sector grew by 4.24 per cent in current prices and declined by 2.2 per cent in real terms for FY23, according to earlier annual figures released by the government.
Notably, Pakistani journalist Ali, cited the BBC documentary on the 2002 Gujarat riots and said he "regretted" that no US official had criticized it, while the US State Department highlighted the close relationship between the two countries, especially over shared values.
Workplaces of 2025 will be defined by a deep focus on people-first values, inclusivity, and sustainable growth, foresees Sonica Aron, founder of Marching Sheep.
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.
The fiscal deficit, as per the survey, deteriorated to 5.8 per cent of the GDP as compared to 3.4 per cent for 2018-19 estimated in the interim Budget.
Policy rates have been reduced substantially in 2015.
Noted economist Arvind Subramanian is favoured as the choice for the government's Chief Economic Advisor (CEA).
India's services sector growth eased slightly in April but growth of new business and output remained sharp and among the fastest in 14 years amid favourable economic conditions and strong demand, a monthly survey said on Monday. The seasonally adjusted HSBC India Services Business Activity Index fell from 61.2 in March to 60.8 in April, highlighting one of the strongest growth rates seen in just under 14 years. Survey members attributed the latest upturn in output to favourable economic conditions, demand strength and rising intakes of new work.
The decline in inflation was broad-based across major commodity groups except housing and fuel and light.
A PhD from Chicago-Booth and a top-ranking IIT-IIM alumnus, Krishnamurthy Subramanian is one of the world's leading experts in banking, corporate governance and economic policy
'Such steps would be a barrier and something people do not want.'
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