India's economic growth accelerated to 8.4 per cent in the third quarter of 2023-24, mainly due to good performance by the manufacturing, mining & quarrying and construction sectors. The Indian economy recorded a growth of 8.4 per cent in the third quarter of this fiscal (October-December 2023), according to data released by the National Statistical Office (NSO) on Thursday.
The government's indirect tax collection is expected to increase by 8.3 pc in the financial year 2025-26 (FY26), according to a report by ICICI Bank. The report also noted that this growth is higher than the 7.1 per cent increase seen in FY25 and is mainly driven by rise in GST revenue from strong urban consumption. It said "The increase is driven by higher goods and services tax collections which in-turn is explained by boost to urban consumption".
The government resolution does not spell out what action would be taken, if any, against those writing and publishing 'negative' news. Nor does it define 'negative news and "misinformation', explains Jyoti Punwani.
The Centre's fiscal deficit at the end of the eighth month of financial year 2024-25 touched 52.5 per cent of the full-year target, government data showed on Tuesday. In absolute terms, the fiscal deficit -- the gap between the government's expenditure and revenue -- was about Rs 8.47 lakh crore during the April-November period, according to the data released by the Controller General of Accounts (CGA).
The Reserve Bank of India (RBI) on Friday cut the repo rate by 25 basis points to 6.25 percent, marking the first reduction in five years. The central bank also projected GDP growth for fiscal year 2026 at 6.7 percent and inflation to come down to 4.2 percent in FY26 from 4.8 percent in FY25. The RBI said the global economic backdrop remains challenging but the Indian economy continues to remain strong and resilient.
'But I don't think the government is in a great hurry to sign the BTA.'
Samajwadi Party MLA Abu Asim Azmi was on Wednesday suspended from the Maharashtra legislative assembly till the ongoing budget session ends on March 26, over his remarks eulogizing Mughal emperor Aurangzeb.
Global funds have pulled out Rs 1.54 trillion from domestic stocks in fiscal 2024 - 25 (FY25), the highest-ever outflow recorded so far, according to the data compiled by Business Standard. The last time the global funds exited Indian shores in droves was back in 2022, when they sold a net Rs 1.41 in the backdrop of Covid-19.
Samajwadi Party MLA Abu Asim Azmi's remarks praising Mughal emperor Aurangzeb sparked outrage in the Maharashtra legislature, leading to calls for his suspension and accusations of treason. The issue, which was politicized by both the ruling coalition and opposition parties, led to the adjournment of both Houses of the state legislature. Azmi later retracted his statements, saying they were twisted and that he had not made any derogatory remarks against Shivaji Maharaj or Sambhaji Maharaj. The BJP, however, seized the opportunity to slam the Congress and other opposition parties, accusing them of trying to "eradicate" Sanatan Dharma. The Mumbai police have initiated a probe into the matter, registering a case against Azmi for his remarks.
The Indian economy is recovering from the slowdown in momentum witnessed in the September quarter, driven by strong festival activity and a sustained upswing in rural demand, according to a Reserve Bank of India (RBI) bulletin released on Tuesday. An article on the 'State of the Economy' in the December bulletin noted that the global economy continues to exhibit resilience with steady growth and moderating inflation.
After cement, billionaire Gautam Adani's group and Kumar Mangalam Birla's Aditya Birla Group are set for a face-off in the wires and cable business with both conglomerates announcing forays into the high double-digit growth sector.
India's manufacturing sector growth fell to a 14-month low in February amid softer increase in new orders and production, a monthly survey said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) registered 56.3 in February, down from 57.7 in January, but remained firmly within the 'expansionary' territory. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
Continuing on the fiscally prudent path, the Modi government in the interim Budget refrained from announcing populist measures, which will help it trim the fiscal deficit to 5.1 per cent of the GDP next fiscal and 4.5 per cent in FY26.
Prime Minister Narendra Modi on Wednesday urged all stakeholders to come together and invest in people for skill development, nurturing talent and promoting innovation which are essential for job creation and boosting the economy. Participating in post-Budget webinar on employment, Modi said the government has provided skill training to 3 crore youth since 2014 and decided to upgrade 1,000 ITIs and set up five centres of excellence.
The Reserve Bank of India on Friday raised the GDP growth projection for the current fiscal to 7 per cent from 6.5 per cent earlier on buoyant domestic demand and higher capacity utilisation in the manufacturing sector. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das, however, flagged protracted geopolitical turmoil and global economic fragmentation as risks to the growth outlook. The RBI kept interest rates unchanged at 6.5 per cent in Friday's monetary policy statement.
Global trends, macroeconomic announcements and US tariff developments are expected to drive stock markets in a holiday-shortened week, analysts said. Market participants will also closely track foreign investor activity, geopolitical tensions, and their impact on the US dollar and crude oil prices, they added.
Domestic rating agency Icra on Monday revised its FY24 GDP growth forecast to 6.5 per cent from 6.2 per cent earlier. However, the revised forecast is still much lower than the Reserve Bank of India's (RBI's) 7 per cent real Gross Domestic Product (GDP) growth estimate for the ongoing fiscal. Earlier this month, the RBI had revised upwards its GDP estimate to 7 per cent from 6.5 per cent, calling the revised number a "conservative" one.
Mahindra & Mahindra, Bharti Airtel, Infosys, Tata Motors, Titan, Tata Consultancy Services, Nestle and Maruti were also among the major laggards. HDFC Bank emerged as the only gainer from the pack.
At the PMO, policies are framed by factoring in analytical perspectives, implications, sustainability, and other dimensions.
'Every Indian should move to an EV, and the government should not buy any fossil fuel cars. The government should become the first driver of EV adoption.'
Despite gross domestic product (GDP) growth being lower-than-expected for the July-September quarter, the six-member Monetary Policy Committee (MPC) may not cut the policy repo rate in the review meeting scheduled for next week due to high inflation in October, according to experts. "Consumer Price Index (CPI) inflation breaching the upper limit of the RBI's tolerance band in October (6.2 per cent year-on-year) is not a favourable backdrop for the MPC to commence the easing cycle, even as the growth outcome disappointed the MPC's expectations," said Shreya Sodhani, regional economist at Barclays, who expects the policy repo rate to be kept unchanged in the December meeting.
Among Sensex shares, Mahindra & Mahindra, Bharti Airtel, Bajaj Finance, Zomato, Nestle, Bajaj Finserv, Maruti and Titan were the biggest gainers. Sun Pharma, Power Grid, Tata Consultancy Services, Tech Mahindra, Asian Paints and Tata Motors were among the laggards.
'Each state is unique, but when it comes to finance, the fundamentals cannot be different.'
Uttar Pradesh Chief Minister Yogi Adityanath defended the Maha Kumbh, claiming it generated Rs 3 lakh crore in business and provided significant economic benefits to the region. He also highlighted the "flawless" law-and-order management during the event, citing no crime reports despite the participation of 66 crore devotees and tourists. Adityanath countered opposition criticism of the event, stating that a family with 130 boats made a profit of Rs 30 crore during the 45-day congregation.
Discrepancies in computation of advance estimates of the country's Gross Domestic Product for 2023-24 stood at Rs 2.59 lakh crore as against (-) Rs 3.80 lakh crore in 2022-23 and (-) Rs 4.47 lakh crore in 2021-22, according to National Statistical Office (NSO). On Friday, the NSO released its first advance estimates of national accounts which showed that the Gross Domestic Product (GDP) or Indian economy will grow at 7.3 per cent in 2023-24, slightly higher than 7.2 per cent in 2022-23.
The time is ideal for a 'Dream Budget' akin to the 1991 reforms that sparked high growth and unlocked significant gains in productivity, points out Rajeswari Sengupta.
Equity markets will take cues from the US tariff related developments, global trends and trading activity of foreign investors this week, analysts said.
India will become the world's third largest economy by 2026 as its GDP in current dollar terms will reach $5 trillion in that year and further rise to $5.5 trillion in 2027, former Niti Aayog vice chairman Arvind Panagariya said on Friday. Delivering the 18th C D Deshmukh Memorial Lecture titled 'India at 125: Reclaiming the Lost Glory and Returning the Global Economy to the Old Normal', he said it is unlikely that GDP in current dollar terms of either Germany or Japan will cross $5 trillion-mark in the coming three years. Japan will have to sustain a growth rate of 3.5 per cent in current dollar terms to reach $5.03 trillion in 2027 from its 2022 level of $4.2 trillion, he said.
Several leading scientists, academicians, and agriculturalists have called for raising government support for research and development to make Indian agriculture future-ready.
'The intensity and frequency of heatwaves will be much higher than in previous years over Punjab, Haryana, Rajasthan, Gujarat, Madhya Pradesh and Odisha.'
India's current account deficit declined sharply to 1 per cent of the GDP or $8.3 billion in the second quarter of this financial year, mainly due to lower merchandise trade deficit and growth in services exports, according to a RBI data released on Tuesday. The current account deficit (CAD), which represents the difference between the total amount of money sent abroad and money received from overseas across the economy, was 3.8 per cent of GDP or $30.9 billion in the July-September quarter in 2022-23. CAD was $9.2 billion or 1.1 per cent of GDP in the first quarter (April-June) of the current financial year 2023-24.
From the Sensex pack, Tata Consultancy Services and Infosys fell over 2 per cent each. Hindustan Unilever, Bharti Airtel, Sun Pharma, Power Grid, Bajaj Finserv, HCL Tech, Mahindra & Mahindra, and Tech Mahindra were also among the laggards. Among the gainers, Zomato jumped nearly 5 per cent. Larsen & Toubro, Axis Bank, ICICI Bank, IndusInd Bank and Kotak Mahindra Bank were also among the gainers.
Following the eviction of protesting farmers from the Shambhu border, Haryana security personnel began removing cemented barricades erected to prevent Punjab farmers from reaching Delhi. The Shambhu-Ambala road, closed for over a year, is being cleared with JCBs and other machinery. Meanwhile, the Samyukta Kisan Morcha (Non-Political) and the Kisan Mazdoor Morcha announced dharnas outside deputy commissioners' offices in protest against the Punjab Police crackdown. The groups criticized the Aam Aadmi Party (AAP) government in Punjab for evicting the protesters and detaining farmer leaders on Wednesday. The police action was justified by Punjab Finance Minister Harpal Singh Cheema, who said industries and businesses were hit hard due to the prolonged closure of the highways. The protesting farmers, led by the Samyukta Kisan Morcha and the Kisan Mazdoor Morcha, had been camping at the Shambhu and Khanauri border points since February 13, 2022.
Finance Minister (FM) Nirmala Sitharaman has presented a forward-looking Budget, reinforcing the government's commitment to 'Reform, Perform, and Transform'.
There is a reason this 11 year phenomenon is a rule as much as it is an observation. It speaks to the nature of man and what humans are like, explains Aakar Patel.
China has announced a 7.2 percent increase in its national defence budget, bringing the total to USD 249 billion for the year. This rise comes amidst China's ongoing efforts to modernize its armed forces, including the development of new warships and fighter jets. The budget increase, exceeding last year's 7.2 percent rise, reflects China's commitment to bolstering its military capabilities. Chinese Premier Li Qiang emphasized the importance of the Communist Party's leadership in guiding the military, with President Xi Jinping at the helm of the Central Military Commission. China's defence spending is now three times that of India's and is viewed by critics as a sign of the country's growing military ambitions.
For the first time, the government is likely to dip into the Oil Industry Development Fund (OIDF) to finance part of its fertiliser subsidy programme for 2025-26, according to official sources. The finance ministry has accounted for Rs 23,000 crore in the FY26 Budget as net additional resources to be drawn from dedicated reserve funds, including the OIDF, the Agriculture Infrastructure and Development Fund, and the Universal Service Obligation Fund.
'We face the risk of remaining a low-income country for a very long time unless something changes in the next few years.' 'Instead of constantly talking about becoming a developed economy, we need to start fixing the problems of the economy one by one.' 'There is so much potential, and we are squandering away the opportunity.'
Facing criticism from the government over the central bank prioritising inflation over growth, the new RBI Governor Sanjay Malhotra on Monday said that prospects of the Indian economy are expected to improve on the back of high consumer and business confidence in 2025. "As we strive to preserve financial stability to support a higher growth path for the Indian economy, our focus remains steadfast on maintaining stability of financial institutions and, more broadly, systemic stability," Malhotra said in foreword to the Financial Stability Report.
With its age-old fascination for education, southern states have done better than the North. Start-ups, IT hubs, and industry majors setting up shop have changed the face of the South. Nearly 79% of global offices set up by international conglomerates in India are in the South. Almost 46% of tech unicorns are from the South. The GDP per person in the South is 4.2 times higher than the North. None of these indicators can be ignored by any central government, whatever the political compulsions, notes Ramesh Menon.
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