'Those who should have been affected benefitted from demonetisation.' 'And the vast majority who should not have been affected lost out.' 'That is the ultimate result of demonetisation.'
The government has been waiting for the expansion by the private sector, Finance Minister Nirmala Sitharaman said while reminding India Inc of various measures including corporate tax rate cut, policy consistency, ease of doing business, among others to facilitate investment.
Indian economy is likely to rebound with an 8.9 per cent growth in the fiscal year beginning April 2021 after economic activity showed significant improvement in the last quarter, IHS Markit said on Friday. The National Statistical Organisation (NSO) on Thursday predicted that the economy will contract 7.7 per cent in the current financial year ending in March, the worst performance in four decades.
'If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. 'But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on,' says T N Ninan.
Housing Development Finance Corp (HDFC) chairman Deepak Parekh on Tuesday said that while the country's macroeconomic fundamentals remain strong and the recovery is in progress, the unpredictability of coronavirus will remain a key challenge. Owing to the second wave, the Indian economy is likely to mirror a similar trend seen in FY21, where the first half of the financial year is weaker and the second half is significantly stronger, he said. "I remain confident that India's macroeconomic fundamentals are strong. Recovery is underway," Parekh said while addressing the 44th annual general meeting of HDFC Ltd. He said, the country's forex reserves and foreign direct investment inflows have scaled record highs, the capital markets are also buoyant and agriculture growth is expected to remain strong with food grain production estimated at over 305 million tonnes.
In a meeting with the President on behalf of these 18 non-National Democratic Alliance parties, Leader of Opposition in Rajya Sabha Ghulam Nabi Azad said he has requested the President to return the bills, and only give his assent after they have been passed after following proper rules and procedures.
The economy has shown sharp resilience in the past and has also bounced back in good time. We could hence expect a similar trajectory next year, observes Madan Sabnavis, chief economist, CARE Ratings.
A day after winning Parliament's approval to the decision of allowing FDI in retail, Prime Minister Manmohan Singh on Saturday said the move will benefitfarmers and consumers and help introduce new technologies in agri marketing.
Union minister Prakash Javadekar accused the Congress of ignoring farmers' interests and keeping them poor to ensure cheap grain prices, and asserted that the Modi government empowered them by implementing the Swaminathan commission report to give them remunerative price through MSP.
Food subsidy bill rises 20% in April-January
Is the worst over for Indian banks? The past two years saw them ride on treasury trades as deposits soared and credit growth dipped sharply. Gross and net non-performing assets (NPAs) moved south, and the provision coverage ratio (PCR), capital buffers, and profitability indicators are back at pre-pandemic levels. So, what's the plot ahead?
Broader markets underperformed indices with BSE Midcap down 0.43% while the Smallcap index fell 0.07%.
Releasing a report titled 'Profiting from Pain' in Davos, the rights group further said as the cost of essential goods rises faster than it has in decades, billionaires in the food and energy sectors are increasing their fortunes by $1 billion every two days.
Nomura expects the fiscal deficit target of 3.5 per cent for 2016-17 to be met and to be consolidated further to 3 per cent of GDP in 2017-18.
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He started a fund with Rs 800 crore and made several investments.
The McKinsey report said faster employment growth at 12 million non-farm jobs annually is needed in the post-Covid period till 2029-30, up from just four million created each year between 2012 and 2018.
The experts said that climate change is not only raising temperatures and making India's heatwaves hotter, but also changing weather patterns that further drive dangerous weather extremes.
The Reserve Bank on Friday retained the GDP forecast for the current financial year at 9.5 per cent and flagged global semiconductor shortages, elevated commodity prices and potential global financial market volatility as downside risks to economic growth. In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections. "The ebbing of infections, together with improving consumer confidence, has been supporting private consumption," he said, and added the pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.
'There is a fiscal crisis building up, which might become apparent when the Finance Commission presents its report,' warns T N Ninan.
Rajnath also attacked the Congress for the burning of a tractor by protesters from their youth wing.
To prevent rise in air pollution levels, oil marketing companies and thermal power units were planning to procure stubble from farmers to make bioethanol and promote the central government's 'Agricultural Mechanization' for crop residue management. But both have seen minimal success.
Here are the key decisions announced by the Reserve Bank of India on Thursday.
The 28 new ministers who joined the Chouhan cabinet on July 2 include 20 of cabinet rank and eight ministers of state.
Addressing the 'Namaste Trump' event at the Motera Stadium in Ahmedabad, Trump said that both the countries are in the early stages of discussion for an 'incredible' trade agreement to reduce barriers of investments.
Agricultural incomes can be taxed without hurting farmers, as a substantial section - the small and marginal ones - will remain outside the tax net simply because their incomes are likely to be below the basic exemption limit of Rs 250,000 per annum that is extended to all taxpayers in India, finds out Ishan Bakshi.
Industry players believe the new DFI model will be initially risk capital, which will then be used to mobilise additional resources from development agencies such as World Bank.
A vast majority of employees do just the bare minimum that ensures they escape censure or reprimand, such that they are seen to be doing their bit, without coming in the cross-hairs of the HR team for under-performance, observes Sandeep Goyal, managing director, Rediffusion.
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.
India and five Central Asian countries on Thursday decided to establish a joint working group on Afghanistan at the senior officials' level, ministry of external affairs secretary (West) Reenat Sandhu said.
'Who are these people on the streets?' 'They are youth and students who were hoodwinked, bluffed by Modi for the last seven years, with a promise of 2 crore jobs every year.' 'And Mamata sings the same tune.' 'But the youth can see that as long as there is Mamata or Modi, there is no hope.'
Water shortage is likely to lead to political tensions and instability in the future, warns Simon George, President, Cargill India.
Such investments come with their own share of risks and buyers may need to hold on for at least 5 to 10 years.
The BJP's manifesto for UP elections promised many things. But, given the state's precarious financial position, fulfilling these promises is likely to prove tricky, says Ishan Bakshi.
They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
Prime Minister Narendra Modi delivered the customary Independence Day address to the nation after unfurling the Tricolour at the Red Fort. India is marking its 74th Independence Day under the shadow of the Covid-19 pandemic.
The Taliban have been known for using violence to force the people to accept their agenda and views, he added.
Fitch Ratings on Thursday said the resurgence of COVID-19 infections may delay India's economic recovery, but won't derail it, as it kept the sovereign rating unchanged at 'BBB-' with a negative outlook. It projected a 12.8 per cent recovery in GDP in the fiscal year ending March 2022 (FY22), moderating to 5.8 per cent in FY23, from an estimated contraction of 7.5 per cent in 2020-21. Fitch had in June last year revised outlook for India to 'negative' from 'stable' on grounds that the coronavirus pandemic had significantly weakened the country's growth outlook and exposed the challenges associated with a high public debt burden.
"The way in which UP has controlled the second Covid wave and stopped its spread is unprecedented," the prime minister, who arrived at his parliamentary constituency earlier in the morning on Thursday, said while addressing a gathering.
While reforms may translate into new opportunities for firms like ITC, Adani Wilmar and Reliance Retail, farmers are unlikely to use it for fear of upsetting commission agents.
SP leader Akhilesh Yadav reacted quickly to the allegation, tweeting that the red caps are a 'red alert' for the Bharatiya Janata Party itself as they will oust that party from power.
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