Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
The government has spent a little less than one-third of the Budget estimate of capital expenditure, it can still spend about Rs 20,000 crore this year without disturbing its fiscal deficit target.
At 11:37 am, the S&P BSE Sensex was up 28 points at 27,037 and the Nifty50 was up 2 points at 8,268
'The Opposition has no option but to make it an 'All versus One' fight to even think about winning.'
Defending his economic policies, Modi said demonetisation was 'a very big success story'.
'If development, investment, employment, implementation, credibility and commitment are ensured, security will automatically improve and subversive and militant elements will lose ground and be neutralised by the people themselves,' says B S Raghavan, the distinguished civil servant.
Pranjul Bhandari, Chief India Economist, HSBC, speaks about a range of issues ranging from inflation, to how Goods and Services Tax and land acquisition bills can help India hit double digit growth, and her impressions about economic growth in the last one year after Narendra Modi took over as India's Prime Minister.
'We are very watchful about inflation and growth. But the main challenge is economic revival and growth.'
'The foundation of the 2014 triumph was Narendra Modi's appeal to voters in the Hindi belt. The Bihar Vidhan Sabha polls will demonstrate if he continues to appeal to them,' says T V R Shenoy.
The Congress chief said if his party is elected to power, its government would spend 6 per cent of the GDP on education.
The monsoon session of Parliament beginning Tuesday is set to be stormy as Congress and several other Opposition parties appeared to be closing ranks to corner the government on a range of issues including Vyapam scam and Lalit Modi controversy.
The land acquisition bill is a catalyst to investment and passing the bill will improve India's business environment.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
There will very little direct impact from the US Fed's rate hike this time, as we are well prepared both to handle liquidity, outflow of FII funds and managing our currency. But that doesn't mean India will be out of the woods anytime soon, says M V Subramanian.
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
The central government's deposits with the RBI had fallen to just Rs 100 crore as of June 8.
The government clarified that the majority of industrial establishments had reported nil production, and cautioned that the numbers should not be compared with those of previous months. "It is not appropriate to compare the IIP of April 2020 with that of earlier months, and users may like to observe the changes in the IIP in the following months," said the ministry of statistics & programme implementation.
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