Analysts and economists have hailed the fiscal projections in the interim Budget, saying the lower fiscal deficit forecast shows that the government, even in an election year, is serious about fiscal consolidation and that the numbers look achievable. According to Devendra Kumar Pant, the chief economist at India Ratings, the two broad themes of the interim Budget are fiscal consolidation and stepping up focus on agriculture/rural to course correct, to some extent, the differential benefits of the ongoing economic growth that's tilted in favour of upper-income bracket/urban households. The projected fiscal deficit numbers for FY24 and FY25 suggest that the government is serious about achieving the fiscal consolidation path of 4.5 per cent fiscal deficit by FY26, and given the nominal GDP growth assumption and revenue buoyancy, the target appears plausible, Pant said in a note.
'Rather than taking a very short-term view on the markets, equity investing should be premised on longer term growth opportunities.'
The Economic Survey 2022-23 (FY23), to be presented a day before Union Budget 2023-24 (FY24), is likely to project India's real gross domestic product (GDP) growth between 6 per cent and 7 per cent for FY24, Business Standard has learnt. The broader theme of the Survey could be on how India has dealt with two years of a global pandemic and the ongoing geopolitical disturbance, the strengths and weaknesses that emerged, and what lessons may be learnt. The much-awaited Survey will be the first one by Chief Economic Advisor V Anantha Nageswaran and his team in the finance ministry's economic division.
The AAP will contest all the 90 assembly seats in Haryana on its own, but the Lok Sabha polls will be fought as part of the INDIA bloc, Kejriwal said.
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
'Use this money to build an emergency fund if you do not have one.'
'Due to rural stress, volumes continue to remain an issue for the industry, and we are yet to see any revival in demand.'
Critics said a 10-plus per cent annual increase in incomes is a tall order, given that between 2002-03 and 2012-13, farm incomes grew yearly by 3.6 per cent.
India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6 per cent from 3.6 per cent due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.
Feeble demand in rural areas of the country has affected sales of fast-moving consumer goods (FMCG) in September as compared to August, which saw heavy stocking ahead of the festival season, according to the data of Bizom, a retail intelligence platform. Sales in rural India fell 14.3 per cent while urban sales growth stood at 1.1 per cent in September as compared to the previous month. Overall FMCG sales fell by 9.6 per cent in September as compared to August.
Household income in India, which had only about seven million private cars in 2004, is advancing at a two-digit pace
The report profiled the four largest immigrant communities -- Indians, Mexicans, Chinese and Vietnamese. It found that although three-quarters of the Indian population was born abroad, they own the most valuable home of about median home price of $860,000 (about Rs 3.4 crore), compared with the county's price of $743,000 (about Rs 2.9 crore).
India's festival season is bound to leave behind a bitter taste for the common people with prices of several commodities skyrocketing.
'The household sector, which is still the largest contributor of financial savings, has been experiencing a decline in the last six years, and it has fallen below 8% of GDP.'
If you have been planning to buy a house, don't postpone your purchase. Developers are offering discounts, freebies and attractive payment plans.
'We need a candidate who will do our work and fight with the authorities; someone we can hold accountable.' 'Piyush Goyal is not that candidate.'
Fitch Ratings on Monday cautioned that the Indian government has little fiscal headroom at its disposal to respond to possible shocks to growth given the country's lowest investment grade credit rating with a negative outlook. "India's public debt/GDP ratio, at about 87 per cent in FY21, is well above the median of around 60% for 'BBB' rated sovereigns. "We revised the Outlook on India's rating to Negative, from Stable, in June 2020, partly owing to our assumptions about the impact of the pandemic on public finance metrics. "The government has little fiscal headroom at its current rating level to respond to possible shocks to growth," it said in a report.
While many of the lost jobs will come back, the current loss is huge and its impact on the households that have suffered because of this cannot be captured in the comfort that jobs will come back eventually, observes Mahesh Vyas.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
India needs to spread irrigation and do so against a backdrop of rising water scarcity and depleting groundwater resources
Workers moving out of agriculture to the rural labour force were largely getting absorbed in construction activities
As per Delhi Government's report on 'Household Consumer Expenditure' released today, the monthly per capita expenditure of urban population has increased from Rs 1,972 in 2007 to Rs 2,078 in the year 2008 -- topping all the States and Union Territories.
The Year of India in Russia - as 2009 is officially known - has helped India Inc get into a long bear hug with the Russian consumer. They are lapping up everything - from Ratan Tata's marquee cars to Vijay Mallya's whisky.
Less than half of rural households are engaged in agriculture.
'Set aside around six months' monthly expenses for emergencies.' 'Keep this money in safe and liquid options, such as liquid funds and fixed deposits.'
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
A new paper by blames 'jobs deficit' for the decline in female labour force.
Dwaipayan Bose on how index funds play a key role in the diversification of portfolios and help manage risks
'In India those who want change cannot bring about change, and those who can bring about change do not want change.'
Modi said that for nearly one and a half years he has been putting in place details of new schemes to give new pace to the country's development and curb poverty.
One wonders what, given the recent past, the next quarter century holds in store for India, asks Aakar Patel.
It would not be surprising if India, the world's largest producer of milk, has to resort to imports to meet the elevated summer demand, states Surinder Sud.
Terming the Bill as a 'non political bipartisan issue,' he hoped to have all political parties on board as the Bill would benefit over 75 per cent of rural households and 50 per cent of urban households in the country.
Every patriot should learn from our history and recognise that celebrating size will neither negate nor obscure the huge economic challenges that India faces, asserts Rathin Roy.
Do you think that the number of rich in India is rising? Or is it that this is true only of big cities? Do you still feel Indians are poor?
An improvement in political relations, anchored in a restoration of peace and tranquillity at the border, could open up opportunities for expanded economic and commercial relations between them, suggests former foreign secretary Ambassador Shyam Saran.
'What should surprise BJP supporters is Modi's call for 'stability' at the manifesto launch, a theme that he and his team members had not touched ahead of the Lok Sabha polls in 2014 and 2019.' 'The last time the party called for 'stability at the Centre' was in 1998 and 1999,' recalls N Sathiya Moorthy.
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