'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
'The robust tax collections give the finance minister a fair amount of headroom for an expansionary fiscal policy.'
The Indian economy remains on track to regain its position as the world's fastest-growing major economy after official estimates on Friday put the expansion at a tempered 9.2 per cent this fiscal amid concerns over the impact of a resurgent virus on the fragile recovery. The growth in the gross domestic product (GDP) of 9.2 per cent in April 2021 to March 2022 fiscal (FY 2021-22) given by the National Statistical Office (NSO) in its first advance estimate compares with 9.5 per cent expansion forecast by the Reserve Bank of India (RBI) last month. The economy had contracted by 7.3 per cent in the previous financial year.
After contracting for two quarters in a row, the Indian economy entered the positive territory with a growth of 0.4 per cent in the October-December quarter, mainly due to good performance by farm, services and construction sectors, official data showed on Friday. Trade and hotel industry registered a contraction of 7.7 per cent during the third quarter this fiscal, as the sectors continued to suffer on account of coronavirus pandemic. According to the data released by the National Statistical Office (NSO), the farm sector recorded a growth of 3.9 per cent, and the manufacturing sector output grew by 1.6 per cent in the quarter under review.
Last week's releases Farrey and Starfish have not done well at the box office.
For the country's maiden offshore mineral mining auction, the Centre is planning to relax the rules on the number of chances for bidding. Under the newly announced draft Offshore Areas Mineral (Auction) Rules and Offshore Areas (Existence of Mineral Resources) Rules, the ministry of mines is planning to offer three chances to potential bidders in its forthcoming inaugural offshore mining auction. If a single bid is not received during the second attempt, the plan is to initiate a new round of bidding for the third time.
India's GDP is estimated to contract by a record 7.7 per cent during 2020-21 as the COVID-19 pandemic severely hit the key manufacturing and services segments, as per government projections released on Thursday. Amid overall decline in economic activities, some respite was provided by the agriculture sector and utility services like power and gas supply, which have been projected to post positive growth during the current fiscal ending March 2021.
The international cargo operations of two major carriers - IndiGo and Air India Group (Air India and Vistara) - are experiencing opposite trajectories despite both the airlines significantly expanding their international flight offerings over the past year. During the fourth quarter of 2023-24, IndiGo's international non-passenger cargo business declined to 6,848 tonnes. This is an 18.2 per cent year-on-year (Y-o-Y) decrease, according to data from the Directorate General of Civil Aviation (DGCA)
Ramoji Rao lived as the interface between business and politics and was an active participant in both for most of his remarkable life.
India's gross domestic product (GDP) growth slowed to 4.1 per cent in January-March 2022 period, while for the full year 2021-22 the growth stood at 8.7 per cent, according to the government data released on Tuesday. GDP at constant (2011-12) prices in Q4 2021-22 is estimated at Rs 40.78 lakh crore, as against Rs 39.18 lakh crore in Q4 2020-21, showing a growth of 4.1 per cent, as per the National Statistical Office (NSO) data. India's GDP growth has slowed for the third straight quarter.
Oilseed output to surpass its previous record of 32.75 mt in 2013-14 to 33.59 mt this year
Rediff.com spoke to registered investment advisors to figure out how best the extra Rs 17,500 saved ever year can be invested to create a decent corpus in the years ahead. This is what they said.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
Three different invitations were sent out for the wedding and the receptions with top-run guests being sent a large red box that contained an intricate chest incorporating a mini silver temple featuring gold idols of various Hindu deities, including Lord Ganesh, Radha-Krishna, and Goddess Durga.
The World Bank has retained India's economic growth forecast for the current fiscal at 8.3 per cent as the recovery is yet to become broad-based. As per the first advanced estimates of the national income released by the National Statistical Office (NSO) last week, the economy is projected to grow at 9.2 per cent in 2021-22, surpassing pre-COVID level in actual terms, mainly on account of improved performance, especially in farm, mining and manufacturing sectors. "India's economy is expected to expand by 8.3 per cent in fiscal year 2021/22 (ending March 2022), unchanged from last June's forecast as the recovery is yet to become broad-based.
After a ban on wheat exports, India's cereal grain procurement for the central pool was struggling to rise significantly until the middle of last week, informed trade and market sources. Farmers have been holding on to their produce as the price of wheat in the open market recouped some of the losses it suffered in the aftermath of the ban. According to trade estimates, around 18.12 million tonnes (mt) of wheat was procured in the central pool up until May 18. Before the export ban was enforced on May 13, it was 17.96 mt.
It would be a difficult task for the Indian economy to reach the $5-trillion mark a year before the International Monetary Fund (IMF) projection of 2026-27. Pankaj Chaudhary, minister of state for finance, said in the Rajya Sabha on Tuesday that the government is taking steps to make the country a $5-trillion economy at a date earlier than the IMF's projection. In that context, it would not be difficult to meet the projection in the third quarter of FY27.
"Growth is expected to moderate gradually in China... pick up in India, and remain broadly stable in the Asean-5 region."
India Inc said policymakers should take doable steps to revive fixed investments and production of capital goods
'We now look at divestment as an opportunity for maximising the value of public assets, not necessarily as a short-term resource-raising measure.'
The Department of Telecommunications (DOT) on Wednesday received over Rs 17,873 crore from companies towards 5G spectrum dues. Nearly half the amount (Rs 8312.4 crore) was paid by Bharti Airtel, which made advance payments for four years to free up cash for future investments. Reliance Jio and Vodafone Idea paid Rs 7,864 crore and Rs 1,680 crore, respectively.
India's growth slowed in three months through December from a revised 7.4% expansion in the previous quarter, but it was much stronger than expected.
The unclaimed funds within the life insurance sector are higher from policies sold by agents as against other channels like bancassurance or a digital platform, said analysts and officials from insurance companies. Unclaimed life insurance funds refer to the proceeds of insurance policies including death or survival benefits not claimed by the beneficiary or the policyholder. Bancassurance means selling an insurance product through banks.
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
After seeing a good rise in box office collections over the first weekend, Rocky Aur Rani Kii Prem Kahaani had stable weekdays ahead.
If the fiscal deficit for the year can be maintained at Rs 7.04 trillion, the deficit as a percentage of GDP will slip to 3.44 per cent
It's still early days, but the southwest monsoon has been nearly 37 per cent 'below normal' in the first seven days (June 1-7) of this month. According to the data furnished by the India Meteorological Department (IMD), between June 1 and June 7, India received 14.5 millimetres (mm) of rainfall, against a 'normal' 23.1 mm. Among places where rains have arrived, monsoon in Kerala in the first seven days has been 48 per cent 'below normal', while in Puducherry, it has been 56 per cent 'above normal'. In Tamil Nadu, rains were 21 per cent 'above normal' between June 1 and June 7.
Businesses are still taking time to adjust in the new tax regime, which would weigh on growth rates for the financial year closing today.
'it's not just youth in India who are left behind because of their inability to find jobs; nearly two-thirds of Indian women of working ages do not participate at all in the paid labour force.'
The Budget allocation for Ministry of Agriculture and allied activities has grown by 114% since 2010-11
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
'Revision of the base year for both CPI and GDP are long overdue.' 'The basic data that went into the 2011-2012 series were mainly from surveys done in 2011 or earlier.' 'We have since seen the emergence of new sectors like platform-based work and online marketing.' 'The employment surveys and the consumption surveys need to reflect these adequately.'
National security advisor Ajit Doval on Friday suggested that various central armed police forces of the country should have "jointness" and interoperability among themselves like the ongoing plan for the defence forces.
Since January 2021, the inflation rate in health has stood in the range of 6.08-8.44 per cent.
GAIL (India) Ltd has pre-poned the supply of gas from the US and is looking to contract more LNG next year as it doubles down efforts to secure affordable energy supplies to meet the needs of Asia's third-largest economy, chairman Manoj Jain said. India's No.1 gas transporting and marketing firm has long-term liquefied natural gas (LNG) supply contracts from the US to Australia and with Russia, supplementing domestic gas supplies. "In 3Q (October-December 2021) we preponed a couple of cargoes (LNG shiploads) from supplies that we were to receive next year and we did it again in the current quarter," Jain told PTI. This is because US LNG costs one-third of the price of gas available in the spot or current market.
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
A complete ban on firecrackers in Delhi until January 1, the government's refusal to grant licences for sales in Karnataka, and restrictions in the Noida region are adversely affecting the business of manufacturers in Tamil Nadu's Sivakasi, which produces over 90 per cent of India's fireworks. According to industry players, demand has decreased by 20 per cent compared to last year. Moreover, the ban on the use of barium nitrate and the manufacturing and sale of joint fireworks is also impacting demand.
The mesmerizing march included elite marching contingents, missiles, warplanes, surveillance gadgets and lethal weapon systems, with French President Emmanuel Macron gracing the occasion as the chief guest.
You filed your income tax returns for 2017-2018 and think you tax problems are over for now. But have you paid your advance tax this quarter, asks Samkit Maniar.
The change in the baseline for IIP and WPI, currently at 2004-05, is expected to bring in more accuracy in mapping the level of economic activity and calculating other numbers like national accounts.
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