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.
According to the finance minister, India was compliant with most of the internationally accepted standards in banking, securities markets and insurance sector.
Some of the money used to finance the terror attacks in Mumbai last November and the Indian Institute of Science in Bengaluru in December 2005 came via a fake currency racket, sources from the Intelligence Bureau and Central Bureau of Investigation have revealed.
Benchmark BSE Sensex rose by over 379 points on Tuesday as gains in oil & gas, banking and auto shares helped the barometer continue winning run for the third straight session. The 30-share BSE benchmark index advanced 379.43 points or 0.64 per cent to settle at 59,842.21. During the day, it jumped 460.25 points or 0.77 per cent to 59,923.03. The broader NSE Nifty climbed 127.10 points or 0.72 per cent to 17,825.25 as 42 of its constituents advanced.
Mixed earnings and not so encouraging macroeconomic data dented sentiment, Ajit Mishra, VP - Research, Religare Broking Ltd said. In twin blows to Indian economic revival, higher food prices drove retail inflation to a five-month high of 7.4 per cent, while factory output fell for the first time in 18 months. The second consecutive month of rise in consumer price index (CPI)-based inflation will add to the pressure on the Reserve Bank of India (RBI) to again raise interest rates to tame high prices. In the broader market, BSE Midcap declined 0.73 per cent while smallcap dropped 0.45 per cent.
Online video platform YouTube's ecosystem has contributed over Rs 10,000 crore to India's GDP and supported more than 7.5 lakh full-time equivalent jobs in the country, according to a report. In India, over 4,500 channels had over 10 lakh subscribers and the number of YouTube channels in India making Rs 1 lakh or more in their annual revenue increased by over 60 per cent year-over-year in 2021, the YouTube Impact Report based on analysis by Oxford Economics said. "YouTube's creative ecosystem contributed over Rs 10,000 crore and supported more than 7,50,000 full-time equivalent jobs in the Indian economy in 2021. "That economic impact shows up in four ways, through direct, indirect, induced, and catalytic impacts," the report said.
Economists and experts said on Tuesday the Union Budget presented by finance minister Pranab Mukherjee on Monday has not shown any fiscal prudence. They were speaking at a post Budget analysis session organised by the Confederation of Indian Industry in Ahmedabad.
The ministry on Sunday decided to allow foreign individuals and pension funds, as well as other entities, to invest directly in equity markets.
Benchmark indices ended on a flat note on Thursday as fag-end selling wiped out intra-day gains amid weak global trends. The BSE benchmark Sensex slipped 8.03 points or 0.02 per cent to settle at 53,018.94. During the day, it had gained 350.57 points or 0.66 per cent to 53,377.54. Similarly, the broader NSE Nifty fell 18.85 points or 0.12 per cent to close at 15,780.25.
The rupee breached the 80-mark against the dollar on Tuesday. The steady depreciation in the value of the rupee against the US dollar is likely to prove expensive for corporate India. The listed companies' revenue expenses in foreign currency or imports exceed their export revenues or revenue earnings in forex. In their latest financial year, BSE500 companies, excluding banks and non-banking finance companies and insurance (BFSI), reported combined forex expenses of Rs 12.31 trillion against forex earnings of around Rs 10 trillion.
Lot of money is now being withdrawn from the Swiss banks and transferred to Singapore.
Indian Institute of Management Ahmedabad (IIMA) invites applications for admission to the doctoral programme of IIMA's Fellow Programme in Management (FPM).
India's economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. "We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks," the review said. "Opec's surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
R Vaidyanathan, a professor of finance at Indian Institute of Management-Bengaluru, tells Vicky Nanjappa why the time is just not right to reveal details of the temple's treasures.
India's dream to be in the forefront of international politics has come true. India has placed itself firmly as a major player in the shaping of a new world order, observes Ambassador T P Sreenivasan.
In a move initiated by Prime Minister Manmohan Singh, high-calibre graduates from institutions like the Indian Institutes of Management, as well as graduates from other streams like law, may be attached with government departments for some duration o
Among the prominent gainers on the Sensex chart were Bajaj Finance, Bajaj FinServ, ICICI Bank, Axis bank, Tata Steel, IndusInd Bank and HDFC Bank -- rising as much as 3.50 per cent. NSE Nifty soared 271.65 points to settle at 17,625.70.
The Asian Development Bank is all set to enter the Indian capital market with a bond issue to raise upto Rs 100 million (Rs 10 crore) as it has obtained the Reserve Bank of India's and ministry of finance's approval.
Indian Institute of Management Bangalore (IIM-B) invites applications for admission to the Fellow Programme in Management (FPM) (equivalent to PhD).
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
Debroy worked as a consultant in the Department of Economic Affairs in Finance Ministry.
IPO-bound mobility platform Ola, said it has successfully raised $500 million via a Term Loan B (TLB) from marquee international institutional investors. This term loan has no impact on the valuation of Bhavish Aggarwal-led Ola. The Bengaluru-based firm recently raised $139 million. This is part of a $1 billion funding round for which the company is in talks with investors, increasing its valuation to about $7.5 billion, according to the sources.
The company also announced $765,000 for Bangalore-based Centre for Budget and Policy Studies, $660,000 for Centre for Policy Research, $1,015,000 for Institute for Finance Management & Research (IFMR) while NGO database information PRS Legislative Research will get $880,000.
Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.
As Germany took note of Rahul Gandhi's disqualification from Lok Sabha, the Bharatiya Janata Party on Thursday accused the Congress of 'inviting foreign powers' for interference in India's internal matters and the Opposition party hit back, alleging that its rival was attempting to divert attention from the Adani issue.
The same rating agency, however said India's GDP growth rate would go below 7 per cent in the current fiscal from 8.5 per cent a year ago.
Debroy is expected to have a role and responsibility similar to the erstwhile chairman of the Prime Minister's Economic Advisory Council
Titan was the top gainer in the Sensex pack, rising 3.5 per cent, followed by Kotak Bank, SBI, Maruti Suzuki, Bajaj Finance, HUL, Axis Bank and Sun Pharma. On the other hand, NTPC, Tech Mahindra, PowerGrid and Infosys were the laggards.
'IIM Ahmedabad has seen one of the best placement seasons ever and this change can be attributed to the markets opening up after the pandemic.'
India needs $800 billion (Rs 50 lakh crore) annually if the economy is to grow at 7 per cent, Financial Services Secretary Hasmukh Adia said.
The National Skill Development Corporation (NSDC) said it will provide funding to Gurgaon-based Indian Institute of Skill Development to train 2.4 lakh youngsters across the country over next 10 years. As part of the deal, NSDC, a Ministry of Finance initiative, would provide Rs 12 crore by way of a loan to IISD for the project.
The government must review its policy to allow foreign direct investment up to 24 per cent in the small and medium scale enterprises, and ensuring better credit facility and technology financing to make them globally competitive.
India's macroeconomic situation is certainly better than what it was a year ago, eminent economist Pinaki Chakraborty said on Monday, while expressing hope that the country will be back on the path of economic growth if there is no major third wave of the COVID-19 pandemic. In an interview with PTI, Chakraborty, who is the director of the National Institute of Public Finance and Policy (NIPFP), said that inflation may remain at an elevated level as there was a significant fiscal and monetary expansion in the last 18 months. "The current macroeconomic situation is certainly much better than what it was one year back. We are seeing recovery in most sectors," he said. Chakraborty noted that COVID-19 vaccination has been going on at a very fast rate in India.
Indian Institute of Management Ahmedabad requires faculty and postdoctoral/research fellows in Centre for Management in Agriculture (CMA)
Hindenburg Research has alleged that Adani Group was "engaged in a brazen stock manipulation and accounting fraud", a charge the conglomerate described as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale.
The Indian Institute of Management-Bangalore, invites applications for admission to its Fellow Programme in Management.
The Indian Institute of Management-Ahmedabad invites applications for its Fellow Programme in Management.
While 2009 placements saw a 20-50% dip in salaries, the institutes are optimistic this time, even though salaries and number of offers per student are yet to touch 2007-08 levels.
