A new study shows that the bottom half of the population enjoyed only 15 per cent of national income in 2013-14, down sharply from 24 per cent in the early 1980s.
Australia's state of Victoria has withdrawn as host of the 2026 Commonwealth Games, placing the future of the quadrennial multi-sport event in doubt
India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent.
India's impressive growth has to be more socially inclusive.
While India's GDP growth slowed to five-year low of 5.8% in Q4, China grew at 6.4%.
Advance estimates of national income growth released today by the Central Statistical Organisation (CSO) project it at 7.2 per cent in 2009-10, pegging it a notch below earlier forecasts of the Reserve Bank of India (7.5 per cent) and finance ministry (7.75 per cent). With economic growth back on track the government may initiate a phased withdrawal of the fiscal stimulus package.
State-owned Punjab & Sind Bank is targeting salary accounts to boost the share of low-cost deposits. Swarup Saha, managing director and chief executive officer of the New Delhi-based lender, tells Manojit Saha that the bank may see gross non-performing assets (NPAs) fall below 8 per cent if there is resolution of the stressed assets.
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
India can now claim membership of the select list of economies that have an annual national income of over $1 trillion.
'Rhetoric and chest-thumping are running high on India's recent growth record.'
'But will the giant waves developing elsewhere allow us to sail smoothly into fair winds?' asks Debashis Basu.
The Indian economy is projected to have grown at a slower pace in 2007-08, as data released today showed industrial production growth during the year moderated considerably over the previous year. The advance estimates for national income for 2007-08 had pegged the growth of gross domestic product at 8.7 per cent. Economists now expect it to be a notch lower.
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.
Like its predecessors, the 2014 report (released two days ago) allows one to compare India's performance with other countries.
The state's revenue receipts might not afford various freebies announced by the parties, unless revenue deficit and hence fiscal deficit is widened.
India's external debt rose by almost 13 per cent to $390 billion in 2012-13, mainly due to an increase in short-term trade credit and external commercial borrowings amid a high current account deficit.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
Bank of Baroda (BoB) has made prudential provision of Rs 500 crore for exposure to Go First, which has sought bankruptcy protection after the National Company Law Tribunal (NCLT) admitted its plea for voluntary insolvency. Sanjiv Chadha, managing director and chief executive officer of BoB, said the bank identifies issues in advance and makes provisions if required. The Mumbai-based public sector lender has an exposure of Rs 1,300 crore to the troubled airline.
You can build your own retirement savings portfolio by investing in equity, hybrid and/or debt funds. Alternatively, you can also invest in retirement funds which provide asset allocation solutions for different investment needs and risk appetites, says Dwaipayan Bose
The CSO estimate is, however, a bit lower than 7.4 per cent growth projected by the Reserve Bank for the current fiscal.
Why did Karnataka's economic prosperity fail to influence the nature of electoral promises made by political parties in the run-up to the assembly elections? asks A K Bhattacharya.
As a percentage contributor to nominal GDP, PFCE's share was 60.1 per cent in FY23, compared with 59.6 per cent and 60.8 per cent in the two preceding fiscal years. "Although PFCE is expected to grow 7.7 per cent in FY23, we believe it is still short of a broad-based recovery. "The current consumption demand is highly skewed in favour of goods and services consumed largely by the households falling in the upper income bracket. "A broad-based consumption recovery, therefore, is still some distance away," said Sunil Kumar Sinha, principal economist with India Ratings.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
If that happens, India's economic size will be just shy of $20 trillion and its annual per capita income will be about $10,000, when the country celebrates its centenary of independence.
Rediff Labs analysed the data on happiness, peace and human development for countries all over the world.
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
The manufacturing sector during the fourth quarter recorded a growth rate of 9.3 per cent while the farm sector grew at 2.3 per cent.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
Beside manufacturing, deceleration was also witnessed in sectors like agriculture, construction and electricity, gas and water supply.
China's per capita GDP is about four times of India's, Raghuram Rajan said.
Let's wait for the monetary policy on February 8 -- to see how it complements the fiscal commitments, points out Tamal Bandyopadhyay.
Finance Minister Ishaq Dar, who presented the budget in the National Assembly, the lower house of parliament, said the government will target a growth rate of 3.5 per cent in the coming fiscal year.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
Mobile broadband subscriptions have grown more than 20 per cent annually in the last five years and are expected to reach 4.3 billion globally by the end of 2017.
Indeed, there were frauds, and the politician-banker-industrialist nexus played a role in the rise of NPAs, but governance issues in Indian banking are far more nuanced and complex, reveals Tamal Bandyopadhyay.
The Indian economy can contract by 7.7 per cent in current financial year ending on March 31 and the growth could be 11 per cent in the next financial year, according to the Economic Survey tabled in Parliament by Finance Minister Nirmala Sitharaman. The contraction in FY21 is mainly due to coronavirus (Covid-19) pandemic and the visible damage caused by the subsequent countrywide lockdown to contain it. The survey unveiled two days before the Union Budget is broadly in line with forecasts by the Reserve Bank of India (RBI) which has said it expected the country's GDP to contract by 7.5 per cent in the year ending March 31.
After outperforming the broader market and their public sector peers for the better part of the post-Lehman period, private sector banks - such as HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank - are now underperforming. Last week, the Nifty Private Bank index was up just 6 per cent year-to-date in the calendar year 2021, against nearly 13 per cent rally in the Bank Nifty and a 15 per cent rise in the benchmark Nifty50. Public sector (PSU) banks, such as State bank of India, Bank of Baroda, and Punjab National Bank, are now rally leaders and outperforming the broader market. The Nifty PSU Bank index was up 42 per cent since the beginning of this calendar year. But on a longer term, the Nifty Private Bank index is up 101 per cent since March 2016, against a 118 per cent rally in the Bank Nifty and just 2 per cent rise in the Nifty PSU Bank index in the period.
India, the world's fastest-growing large economy, can surely move ahead in this area faster than the average.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
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