West Bengal has received total investment proposals worth around Rs 2.43 lakh crore spread across sectors like education, health, mining, steel, infrastructure and financial services during the two-day Bengal Global Business Summit, which concluded in Kolkata on Thursday.
Maruti Suzuki India (MSI) will keep consolidating its existing product line-up, including hatchbacks, while bolstering presence in the fast growing SUV segment to power its way back to 50 per cent market share in the domestic passenger vehicle market, as per a senior company official. The country's largest carmaker, which has seen its market share drop to 43.38 per cent in FY22 from 47.7 per cent in FY21, aims to bring in multiple SUV products with focus on new technologies like hybrid powertrains in order to enhance fuel efficiency, making them comparable or better than diesel-powered models that are currently being sold in the market, especially by its Korean rivals. With no intention of making a comeback in the diesel segment, MSI is also focusing on increasing its play in the CNG segment to bring in additional volumes.
Companies in China, South Korea and Indonesia pay 25 per cent tax, while those in Malaysia pay 24 per cent. Only Japan has a higher tax than India at 30.6 per cent. Hong Kong has the lowest corporate tax rate of 16.5 per cent while Singapore has 17 per cent rate and Thailand and Vietnam levy 20 per cent tax on companies.
The non-food component in the price basket will continue to keep inflation at a high level and result in a "long pause" in interest rates, a foreign bank said on Wednesday. The central bank is likely to pare the pandemic-driven emergency response as well, the report by Singaporean lender DBS said. It can be noted that the high inflation driven by the food prices has forced the RBI to go for a status quo in rates for the three consecutive reviews of the bi-monthly policy meetings, even as growth continues to be in the negative territory.
Spiralling prices pinched the pocket of consumer as edible oil, fuel and many other commodities turned dearer this year amid pandemic-induced disruptions but the inflationary pressure is anticipated to ease, though marginally, in the coming months. As consumers, at retail as well as wholesale levels, are willy-nilly learning to live with the new normal of curbs to contain the spread of coronavirus infections, experts are of the view that elevated inflation is likely to stay longer. After dealing with the devastating blows from the second COVID wave, especially during the April-June period, the economy is well on the revival path but the emergence of Omicron might unsettle the recovery trajectory in the short term.
A total of 22,27,506 farmers have obtained loan of about Rs 10,736 crore from cooperative banks in the state.
After extricating five bodies from an abandoned coal mine in Jharkhand's Dhanbad district, government authorities and the Eastern Coalfields limited Wednesday called off the rescue operation, while locals and leaders of political parties claimed more people were still trapped under the debris.
The SJB has begun to collect signatures from MPs for the no-confidence motion, according to media reports.
Had Finance Minister Sitharaman thought a little more about the middle class, disadvantaged sections, and the poor who are struggling, it would have been an inclusive Budget that would have made history, notes Ramesh Menon.
It plans to use it as collateral, along with forex reserves, to print currency.
India's aggregate NPA as a percentage of GDP is far lower than that in Italy, Greece.
Officials asked what the point was in going through banks when the government has to give guarantees.
'Good investment opportunities should not be missed.'
The US president tweeted on Friday that Mulvaney "has done an outstanding job" in his administration and would take over from John Kelly in the new year.
'We are looking at the Budget with the hope that it will address all issues even at the cost of exceeding the fiscal deficit target.'
UBS, Credit Suisse see emerging markets doing well next year, but expect India to underperform, given its rich valuations.
The budget-making exercise offers golden opportunities despite challenges, observes Shankar Acharya, former chief economic adviser to the Government of India.
'We may have moved back three decades on the fiscal situation,' notes T N Ninan.
The pandemic has led to the International Finance Corporation massively ramping up its impact investment in the country - its largest client nation globally - at $1.7 billion as of June, a 51 per cent rise over the past 12 months, the largest developmental lender into third world private sector said on Tuesday. This is nearly half of its investment in the whole of South Asia since the pandemic, which touched $3.8 billion as of June 2021, it said. "Our total commitment to India, which is our largest client country globally, at the end of June stood at $1.7 billion representing an increase of over 51 per cent from last year," IFC vice-president for Asia and the Pacific region Alfonso Garcia Mora said in a statement.
'How can you explain the necessity of selling an institution that has been delivering regular returns to the government, that has never asked for any capital from the government, that has invested Rs 38 lakh crores in the Indian economy and that owns 4 per cent of the market capitalisation in India?'
The broad trends of GST collections will make you wonder if indeed the biggest indirect tax reform in the country has led to a real improvement in revenues, notes A K Bhattacharya.
'A lot of first-time users who have entered the markets after Covid are increasingly investing in mutual funds, exchange-traded funds, and stocks for their long-term goals.'
Getting the balance between fiscal restraint and growth-contracting policy remains a problem.
Oil sank to the lowest level in a month after shedding all of its gains from the US-Iran clash as traders waited to see whether any further hostilities will disrupt exports from the East Asia.
'When bankers are hounded by investigative agencies for credit decisions going wrong and defaulters are treated like outcasts, who will borrow money and who will lend?' asks Tamal Bandyopadhyay.
Imports during October also rose by 17.62 per cent to $44.11 billion, leading to widening of trade deficit to $17.13 billion.
We should work in unison to boost growth: FM
GST will yield 'better value for money' for car buyers, increasing automobile industry demand, says Sandip Neogi.
In fact, no other recent Union Budget has held so much significance for the Indian economy as the one to be presented in about six weeks from now, notes A K Bhattacharya.
The Budget decides to take the lead in revving up infrastructure.
FY22 will be the year to rebuild with the IMF projecting output growth at 11.5 per cent, economic survey at 11.0 per cent and the RBI's Monetary Policy Committee at 10.5 per cent.
How do we get back to higher trend growth? The heart of the problem lies in private corporate investment, recommends Ajay Shah.
The government is pushing the public sector behemoth ONGC to involve private sector companies and service providers wherever possible to help raise oil and gas production, Petroleum Secretary Tarun Kapoor said Thursday. Kapoor's comments came days after the second-highest ranked official in his ministry asked Oil and Natural Gas Corporation (ONGC) to give away a 60 per cent stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies. "ONGC has to explore more so that it can discover more oil and gas reserves and bring them quickly to production to raise domestic output. The government is very clear that ONGC has to do more," he told reporters.
Family philanthropy has proven resilient throughout the pandemic and grew to nearly Rs 12,000 crore in fiscal year 2020, accounting for almost two-thirds of the rise in private sector funding since FY19, says a report. According to the India Philanthropy Report 2021, co-created by Bain and Company and Dasra, funding from family philanthropy has tripled its corpus, growing to nearly Rs 12,000 crore in FY 2020. As per the report, in FY 2020, private-sector funding which stems from four sources including foreign, corporate, retail, and high-net-worth individuals (HNIs) or families totalled about Rs 64,000 crore and 20 per cent of this came from family philanthropy. While foreign contributions account for a quarter of all funding, domestic corporation donations also known as Corporate Social Responsibility (CSR) account for 28 per cent and retail investors account for another 28 per cent.
Bankers said as part of its debt reduction plan, Canada's Brookfield-sponsored India Infrastructure Trust acquired a pipeline for Rs 13,000 crore from East West Pipeline Ltd, an arm of Reliance Industries Holding Private Ltd, and all the liabilities are now off the subsidiary's books.
On the Sensex chart, IndusInd Bank was the top gainer, rallying over 11 per cent, followed by ICICI Bank, SBI, HDFC, M&M and Axis Bank. On the other hand, Dr Reddy's, Tech Mahindra and TCS were among the laggards.
The Narendra Modi government's alacrity in promoting ease of tax administration, a critical component in the ease of doing business index, has set in motion several incremental policy and administrative reforms, says Mukesh Butani.
Senior bureaucrats say the government has planned a 'feel-good' Budget after the 'pain' of demonetisation.
India's manufacturing sector activity strengthened in December, with manufacturers stepping up production and input buying amid efforts to rebuild their inventories following business closures earlier in the year, a monthly survey said on Monday. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) was at 56.4 in December, a tick higher than November's reading of 56.3 and above the critical 50 threshold for the fifth straight month. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
"We are facing a global health crisis unlike any in the 75-year history of the United Nations -- one that is killing people, spreading human suffering, and upending people's lives. But this is much more than a health crisis. It is a human crisis," Guterres said.
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