HSBC on Thursday said the Indian economy, which is projected to grow at 5.7 per cent this fiscal, is likely to grow at a faster pace next fiscal at 6.9 per centfollowing the recent spate of policy reforms.
Corporate India is more dependent than before on exporters of IT services such as Tata Consultancy Services (TCS), Infosys, and Wipro for earning foreign exchange. Such companies account for nearly 43 per cent of the forex revenues of listed firms, up from 22 per cent a decade ago. The listed IT services companies earned nearly Rs 4.2 trillion through exports in FY22, up 15 per cent from the Rs 3.65 trillion a year earlier. In comparison, the forex revenues or exports of the rest of the BSE500 companies were down 11.9 per cent to Rs 5.6 trillion last financial year.
Provisioning for bad investments, finance costs shoot up in FY14.
Led by Tata Motors and Tata Consultancy Services (TCS), the combined revenue of the Tata group's listed firms crossed the Rs 10-trillion mark for the first time, in 2022-23. The group's 14 key listed companies in which Tata Sons holds a direct equity stake reported a combined revenue of Rs 10.07 trillion in FY23, up 15.3 per cent from Rs 8.73 trillion in FY22. The combined net profit of these companies was, however, down 10.6 per cent year-on-year (YoY) at Rs 66,670 crore in FY23, from a record high of Rs 74,540 crore in the previous financial year, when the profit had jumped 156 per cent YoY, aided by Tata Steel's strong showing.
India's economy grew 4.7 percent in 2013/14, marking a second straight year of sub-5 percent growth -- the worst slowdown in more than a quarter of a century.
The global rating agency expects the economy to pick up in the next two financial years.
The government cut its disinvestment target by more than half for the current financial year and pegged the proceeds at Rs 36,925 crore for 2014-15.
He also said that regardless of the outcome of the next elections, they will once again demonstrate the strength of India's democracy and its institutions.
Deal wins, though better than a year ago, are nowhere near competitors'
India's current account deficit which narrowed in the second quarter of this fiscal, however, is likely to widen during the second half of FY 2013-14 as seasonal demand bring in more imports, an HSBC report says.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
A five-seven per cent agriculture growth in 2013-14 would mean farming might exceed the 12th Five-Year Plan annual growth target of four per cent, if the trend continues.
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It is normal practice for Indian governments to go to parliament for spending not included in the annual budget.
Economic growth was revised from 4.7 per cent in FY14.
India's per capita income, a gauge for assessing standard of living, for 2013-14 is up at Rs 6,699 per month for 2013-14 as against the earlier estimate of Rs 6,198.33 after the government updated the base year for measuring national accounts.
Lower crude prices and dip in gold demand will push the CAD down.
Honda Cars India Ltd would be able to manufacture only 4,000-5,000 units of Amaze per month this year as its limited by the current production capacity, company's senior vice-president (sales and marketing) Jnaneswar Sen said at the car's launch in the city.
Gross NPAs of public and private sector banks stood at Rs 2.41 lakh crore and 26,571 crore respectively.
Number of operators per circle falling from 11 to 8 would lead to price recovery.
Indian Sellers Collective (ISC), a trade association of micro and small enterprises and family businesses, on Wednesday urged IT veteran NR Narayana Murthy to cooperate in the Competition Commission of India's antitrust probe against Amazon for alleged anti-competitive practices. In 2014, Murthy's Catamaran and Amazon had formed a joint venture, Prione Business Services. On Monday, the partners announced that they have mutually decided not to continue the JV beyond May 2022. ISC thanked Murthy for deciding to end the joint venture with Amazon.
There is widening gap between what the government's premier retirement fund makes on its investments and what it offers to employees. The Employees' Provident Fund Organisation (EPFO) makes the bulk of its investments in government-related securities. In other words, it lends to central and state governments and related entities. The interest it gets from these instruments is largely what it uses to pay interest to its subscribers.
Mumbai land sale part of non-core divestment this year, counters DLF
MEIL has become one of the fastest growing and most successful infrastructure and engineering, procurement, and construction companies in the country in recent times.
While the government has infused huge capital into PSBs, the same has largely been used to mitigate losses and has failed to contribute meaningfully to credit growth.
Insurance Regulatory and Development Authority Chairman T S Vijayan also said the regulator is mulling to bring out norms for sub-brokers of insurance products.
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
the processing of the returns to determine refunds is an ongoing and continuous process and a return can be processed up to one year.
Britannia Industries will take higher grammage cuts instead of increasing prices in a bid to tackle rising inflation, the firm said. The biscuit major took a 10 per cent price hike in financial year 2021-22 (FY22) and resorted to reducing pack sizes as an indirect way of increasing prices. In the previous financial year, the ratio of grammage reduction was 65 per cent, which will be higher in FY23.
Retirement fund body EPFO settled 1.21 crore subscriber claims, including withdrawal and transfer of provident fund, in 2013-14, an increase of 13 per cent over the previous year.
Unless supported by investment, any spark of a recovery could be temporary, hint economists.
Centre took Rs 1,002 bn from here in 2017-18, sharply up from Rs 904 bn a year before and Rs 123.6 bn in FY14
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
The country's current account deficit is likely to decline to 1.1-1.2 per cent of the gross domestic product in the third quarter, say rating agencies.
The Economic Survey released before next year's Budget could become a single volume, reverting to the practice followed till FY14. "There is so much to write about the Indian economy's performance in the past year. "Most of the exciting themes will be covered in what used to be considered Part II," said a senior government official who is part of the preparations for the Survey.
The Budget, to be presented on February 1, is likely to be less worried about fiscal deficit and will be focused more on nursing the fragile growth, according to a Wall Street brokerage report. Bank of America Securities India expects the budget to peg "fiscal deficit at a high 5 per cent of GDP for FY22 and 7.2 per cent for FY21, as it is likely to step up capex, recap public sector banks, push asset sales to break government monopolies, offer sops for real estate, tax cuts for lower income groups and creation of a bad bank". Its house economists expect these spends to be funded by debt and partly by imposing a cess on high income groups and also by some non-fiscal measures like tapping the central bank's revaluation reserves and bank recapitalisation and infra bonds.
But return on equity deteriorated for 7 of the 12 firms analysed.
'Quite a few notices have been issued in both black money and benami transactions.'
Impact of the slowdown is most visible among promoter/owner-CEOs
In the first quarter of FY14, real GDP growth estimated by the Central Statistics Office stood at 4.4 per cent on a factor cost basis, and at 2.4 per cent on a market price basis, the IMF said.
While Mumbai (including Navi Mumbai) registered the highest average rate (Rs 7,105), Goa had the highest revenue per available room at Rs 4,778.
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