Experts hail Budget 2015 as a progressive, growth oriented one.
Be it roads, railways, ports, civil aviation, energy or electricity, the Narendra Modi govt has invigorated all these sectors since it took over, says Arvind Panagariya.
PM Modi recalled the historical connection between the two nations stating how South Africa had "transformed" Mahatma Gandhi.
The PM said that the Union Budget will accelerate the economic growth, financially empower every citizen and strengthen the foundation of the economy in the new decade.
RBI has taken a balanced approach in the credit policy considering various developments across the globe and their near term impact.
India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-Budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.
The BJP does 'empowerment and not appeasement,' Union Minister Mukhtar Abbas Naqvi asserted.
As India emerges from the COVID-19 crisis, the ninth budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
Prime Minister Narendra Modi on Friday expressed hope that G20 will draw inspiration from the vibrancy of the Indian economy and work towards bringing back stability, confidence and growth on the global landscape.
The two governments have already set a target of increasing bilateral trade in goods and services to $500 billion.
The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said.
The Congress is planning a high-pitch media blitzkrieg in the run up to the assembly and general elections on the twin agenda of governance and development as opposed to the Bharatiya Janata Party's decision to push for Hindutva.
Finance Minister Arun Jaitley on Wednesday said the country is on an "upward curve" and a good monsoon, GST passage and increased infra and rural spending will further accelerate the growth.
We have to wait and see whether Jaitley's Budget speech translates into actions and desired outcomes, says T N C Rajagopalan.
Despite the absence of any notable price growth, transaction volumes are picking up in major Indian cities. The surge in sentiments is also backed by a significant rise in transparency in the industry.
Govt keen to revive business sentiment in india.
India's largest mobile operator Reliance Jio Infocomm will land the multi-terabit India-Asia-Xpress (IAX) undersea cable system in Hulhumale, Maldives, according to a statement on Monday. The high capacity and high-speed IAX system will connect Hulhumale directly with world's major internet hubs in India and Singapore. Jio's IAX project will land in the Maldives in collaboration with Ocean Connect Maldives, the statement said. The IAX system originates in Mumbai in the west and connects directly to Singapore, with branches including additional landings in India, Malaysia, and Thailand.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
Finance Minister Nirmala Sitharaman on Monday said the government has come out with open and transparent Budget and has not made any attempt to hide anything under the carpet.
The Finance Ministry expects GDP growth to be 8-8.5 per cent in 2015-16.
While the two sides' objectives may appear to differ, it is clear that both India and China are emphasising on the common minimum possible areas of cooperation between them, says Srikanth Kondapalli.
Moody's Investors Service on Friday warned that the rout in Adani Group shares could hurt the conglomerate's ability to raise capital, while its peer Fitch saw no immediate impact on its ratings. Adani Group's listed companies have lost over USD 100 billion in value in just over a week after short-seller Hindenburg Research's scathing report flagged concerns about the ports-to-energy conglomerate's debt levels and alleged stock manipulation, accounting fraud and the use of tax havens.
'We all wanted a strong Centre with a decisive mandate from the people, to allow them to take bold decisions.'
At the pre-Budget meeting at Niti Aayog, Modi called for a focussed effort from all stakeholders in order to achieve the target of $5 trillion economy. The participants urged the government to focus on credit expansion, exports growth, governance of PSBs, increasing consumption and job creation.
'The Budget has maintained fiscal prudence while announcing a number of steps to boost growth, particularly in infrastructure and rural sectors.'
After years of disappointing growth, the economy and the markets are poised for a breakout, notes Akash Prakash.
The international community counts a lot on India's leadership of the G-20 at a time when the world is faced with the continued economic slowdown and social distress, the chief of the International Monetary Fund Kristalina Georgieva has said. "India, which is the president of G-20 countries, remains among the countries that perform better than the global average and by a good percentage," IMF managing director Kristalina Georgieva told reporters during a media roundtable on Thursday. India formally assumed the G20 (Group of 20) Presidency on December 1.
By 2030 India will be among top three countries in science and technology: PM
The project, the agreement for which was signed way back in 2009, had been gaining strategic relevance over the years as India-China ties took a hit.
Tarun Das and T N Ninan offer their prognosis for US-India momentum on the economic front
India's GDP is poised to accelerate to 5.5 per cent in 2014-15 on the back of improved performance in industry and services but it may take some time for the country to reach its potential growth rate, says an Asian Development Bank (ADB) report.
India is the largest client for the World Bank Group.
Raghuram Rajan optimistic about passage of GST
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
The Budget oration of the finance minister and the confidence with which she delivered it, along with the measures and the recent upsurge in the economy would all contribute to unleashing the storied 'animal spirits' and help the economy run on the growth path quite smoothly. Or so the government hopes, notes Shreekant Sambrani.
Fitch Solutions on Thursday said the new climate targets announced at the COP26 summit by Prime minister Narendra Modi pose an upside risk to its outlook for renewable growth in the country. With the new targets, it expected to see attempts to alleviate the issues regarding supply chains, manufacturing and project development that have long plagued renewable proliferation.
The simultaneous decline of several trade-related indicators should put policy makers on guard for a sharper slowdown.
There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans.
Billionaire Gautam Adani's embattled conglomerate said its balance sheet is "very healthy" and is laser focused on continuing business momentum, as it looked to reassure investors to keep faith in the conglomerate despite a share rout triggered by a damning report by a US short-seller. Group CFO Jugeshinder (Robbie) Singh in an earnings call said the group is confident of its internal controls, compliance and corporate governance. Separately, it released a compendium of group companies to highlight that it has adequate cash reserves and has ability to refinance debt.
Stepped up public expenditure must be accompanied by focused policies, advises Vinayak Chatterjee.
