For India, it is business as usual with the government muddling along.
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
India processes as many as 1.2 billion cheques annually and, therefore, the implementation of this system would drastically cut down the waiting period involved. The system will be implemented nationwide from January 1.
'Who would think of making a bank of poor women? She had vision and boldness.'
Intense bidding is expected to be the order of the day when 10 teams jostle to grab their preferred players in the IPL players' auction in Kochi on Friday.
Facebook's parent company Meta announced on Tuesday it will fire another 10,000 people, implementing a second round of jobs cuts after it slashed 11,000 positions in November last year, to improve its financial performance in a "difficult environment". Meta founder Mark Zuckerberg said in a post that overall "we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven't yet hired." The company has said that in its "Year of Efficiency", the company aims to make itself "a better technology company and to improve our financial performance in a difficult environment so we can execute our long-term vision."
A desperate Indian team will pray for a rain-free third and final ODI against New Zealand on Wednesday in its bid to finish on an even keel in a series that neither had context nor any major takeaways.
At market close, the oil-to-telecom conglomerate's market capitalisation (m-cap) zoomed to Rs 10,01,555.42 crore on BSE.
'His (the Pakistani terrorist's) aim was to enter the mosque, engage with the security forces, stir religious sentiments of the people and create a law and order problem. But we will not let them to succeed in that.'
With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year ending in March 2023 to 6.7 per cent from its earlier projection of 5.8 per cent. For the next fiscal year too, the forecast has been revised upwards to 5.8 per cent from 5 per cent earlier.
No violation of rules or regulations were found in the transfer of land by businessman Robert Vadra's Skylight Hospitality to realty major DLF, the Haryana government has told the Punjab and Haryana high court in Chandigarh.
The RBI on Wednesday cautioned that while the Indian economy appears capable of weathering the deterioration in geopolitical conditions amid the ongoing Russia-Ukraine war, it faces headwinds from global spillovers from geopolitical tensions, elevated commodity prices and moderating external demand. The RBI, however, did not tinker with the GDP growth projection made in April. It had slashed the GDP growth projection for the fiscal 2022-23 to 7.2 per cent from its earlier forecast of 7.8 per cent.
Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Those aware of deliberations between the Prime Minister's Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist, though it will be the last full-year Budget before the 2024 Lok Sabha election. Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.
India and China on Tuesday agreed to hold the next round of the Senior Commanders meeting at an early date to achieve complete disengagement from all friction points in eastern Ladakh to create conditions for the restoration of normalcy in bilateral ties.
The ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing.
The bank chiefs have also cancelled the customary media conference after the bi-annual policies.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
The hosts cannot afford to take England lightly, as the visiting team boasts of some of the big names in women's cricket.
India has been eyeing deeper energy ties with Iran and has already lined up $20 billion as investment in oil and gas as well as in petrochemical and fertiliser sectors there.
Currently, foreign lenders are present in India only through branches or representative offices.
The announcement comes on the first anniversary of the project.
Gandhi is out to "connect" Bharat but he needs to study Indian history first, Shah said.
Retail inflation has eased from double digits in 2013.
The move, amid a rise in slippages from restructured assets, is aimed at resolving stress in the banking system.
Gujarat and Karnataka have been ranked as the best performers in developing startup ecosystem for budding entrepreneurs, according to the ranking of states and Union territories by the Department for Promotion of Industry and Internal Trade (DPIIT). Among smaller states having population of less than one crore, Meghalaya has been adjudged as the best performer. The rankings are based on the initiatives taken to develop the startup ecosystem for promoting budding entrepreneurs.
A team would soon be visiting Switzerland to hold talks with the Swiss authorities in an effort to unearth unaccounted for money stashed away by Indian nationals, Finance Minister Pranab Mukherjee has said. The government has finalised dates to renegotiate existing treaties with Switzerland and Belgium to broaden the scope for bringing back money parked illegally by Indians in foreign banks.
The initiative, which was launched by the United Nations Environment Programme in 2003 in collaboration with Indian banks, was aimed at providing loans to rural households for setting up solar energy systems. Besides, the 'Billion Tree Campaign' launched in 2006 and the 'Environmental Management of Iraqi Marshlands' leading to partial restoration of the largest wetland ecosystem in West Asia were among other UNEP projects which won the awards.
Fintech unicorn Razorpay has raised $375 million in the Series F round of funding at a $7.5-billion valuation, making it India's second-most valuable start-up in this space, after Paytm. The company valuation has surged over seven times in 15 months, helping it push Walmart-owned digital payments firm PhonePe to the third spot on the country's most-valuable fintech list. Razorpay's latest round of fundraising was led by Lone Pine Capital, Alkeon Capital, and TCV.
China's intended role for AIIB is not so different from the existing Western lenders like the World Bank.
Did you know that India is among the top five countries in food processing?
Falling valuations, slowing funding rounds and faltering investor sentiment seem to have prompted many start-ups to lay off employees in a bid to conserve cash. The latest to do so is SoftBank-backed Cars24, a leading e-commerce platform for pre-owned vehicles, which has laid off over 600 staff, according to sources in the know. The move, they said, is aimed at conserving cash amid cautious investor sentiment and a slowdown in funding.
The government should not go in for an 'aggressive fiscal consolidation' in the upcoming Budget as global risks have not abated, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said on Wednesday. Goyal further said subsidies are expected to come down as food and energy inflation moderates. WPI inflation in food articles in November was 1.07 per cent against 8.33 per cent in the previous month.
The private college and hospital has been in the thick of controversy following irregularities and fraud, raising questions on why the Chhattisgarh government wants to acquire the debt-ridden institution by paying double the amount of its valuation.
'Had Muslims been a vote bank, they wouldn't be in the condition they are now,' Asaduddin Owaisi tells Jyoti Punwani.
The Yuan Wang 5 can easily monitor the Indian coast while operating in international waters. She does not have to enter a port in Sri Lanka to fulfill this mission, points out Commodore Venugopal Menon (retd).
India will aim to soar higher with the return of Virat Kohli against Joe Root's England
A Reserve Bank panel has suggested a benchmark floating interest rate, especially or home loans, to bring greater transparency in the pricing of credit.
The development of private data sources is a hugely positive development. It should serve as a challenge to the government to improve its own record on producing timely and reliable statistics, points out T N Ninan.
Stating that COVID-19 has not yet been contained in India, the rating agency in a statement said the government stimulus package is low relative to countries with similar economic impacts from the pandemic. "The COVID-19 outbreak in India and two months of lockdown -- longer in some areas -- have led to a sudden stop in the economy. That means growth will contract sharply this fiscal year (April 2020 to March 2021)," it said. "Economic activity will face ongoing disruption over the next year as the country transitions to a post-COVID-19 world."
The surge in oil prices has also affected the rupee, which hit a 6-week low of 70.25 on Friday against the dollar.
