Prime Minister Narendra Modi said during the reply to the debate on no-confidence motion on Thursday that when the government said that it would make India the third largest economy in the next five years, a responsible opposition would have asked questions how it would do so, but the fact is he had to teach this to them.
Wholesale price inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.
The Indian economy is projected to grow at 6.3 per cent in current financial year aided by investment and domestic demand. According to a World Bank report released on Tuesday, India continues to show resilience against the backdrop of a challenging global environment. In India, which accounts for the bulk of South Asia region, growth is expected to remain robust at 6.3 per cent in 2023-24, India Development Update of the World Bank said.
Opposition parties will hold the next meeting of their 26-member INDIA coalition in Mumbai on August 25 and 26, sources said on Thursday.
Prime Minister Narendra Modi will chair a meeting of the Union Council of Ministers on Monday amid a heightened buzz about the likelihood of a Cabinet reshuffle following a series of meetings of the ruling Bharatiya Janata Party's top brass.
Sugar prices are hovering near six-year highs, leaving a bad taste in Indian consumers' palates but sweetening the portfolios of investors in related stocks at Dalal Street. Shares of sugar manufacturers such as Piccadily Agro, DCM Shriram, Magadh Sugar, and Bajaj Hindustan have rallied up to a whopping 200 per cent so far in the financial year 2024 (FY24) as deficient monsoon rains in major sugarcane producer states like Maharashtra and Karnataka are expected to lead to a shortfall in sugar output ahead. In comparison, the BSE Sensex has modestly gained 11 per cent during this period.
Retail inflation fell to a 15-month low of 5.66 per cent in March, mainly due to a decline in food prices, government data showed on Wednesday. The inflation figure in March is within the RBI's comfort zone as it is below 6 per cent. The retail inflation based on Consumer Price Index (CPI) was 6.44 per cent in February 2023 and 6.95 per cent in the year-ago period.
Asserting that his government's decision to ban instant triple talaq has boosted the overall sense of security for Muslim women, Prime Minister Narendra Modi has asked Bharatiya Janata Party leaders to reach out to them during the upcoming festival of Raksha Bandhan.
Following a strong performance in the 2022-23 January-March quarter, publicly listed paint industry giants displayed a mixed performance in the 2023-24 (FY24) April-June quarter. While Berger Paints India outperformed its peers and reported results in line with expectations, market leader Asian Paints and Kansai Nerolac Paints fell slightly short of expectations.
'We are in a sweet spot.' 'Equity, on a standalone basis, will continue to remain the asset class to stay invested in.'
According to the sources, the meeting will be held at 10 am on Thursday in the chamber of Rajya Sabha LoP.
'India is an equity market with a breadth and depth of companies to invest in.'
'The actions of Indian monetary authorities will depend on how quickly they want the inflation to come down to 4 per cent.'
Congress president Mallikarjun Kharge on Friday said a decision on whether to oppose the Centre's ordinance on the control of administrative services in Delhi would be taken before the Parliament session.
Maharashtra Speaker Rahul Narvekar will likely disqualify the 16 Shiv Sena MLAs, including Eknath Shinde, who will then be asked to resign as chief minister. 'Once this is done, Ajit dada will be sworn in chief minister.'
Congress deputy leader in Lok Sabha Gaurav Gogoi also alleged that the Bharatiya Janata Party's nationalism is "fake" and "they are not patriots".
In the coming months, globally as well as in India, rice might remain a hot potato.
Maruti Suzuki says it has sold at least one car in 418,000 villages.
The festive season will mean business for the steel industry as it is the time when automotive and consumer appliance companies bump up demand to prepare for higher sales, experts have said. Ranjan Dhar, chief marketing officer at ArcelorMittal Nippon Steel India (AM/NS India), said that bookings by auto and consumer appliance industries are 20 per cent higher ahead of the festive season compared to last year. "While this could be for a couple of months, it could normalise later at approximately 10 per cent," he said.
'They can transition from short to long-duration funds when the yield curve normalises.'
'Commerce Minister Piyush Goyal once told me that if onion prices rise we will face the flak for it across India.' 'What can farmers expect from a government which talks like a trader and only believes in (electoral) profit and loss?'
The alliance -- Indian National Developmental Inclusive Alliance (INDIA) -- has resolved to save the character of the republic 'being severely assaulted in a systematic manner by the Bharatiya Janata Party' and safeguard the idea of India as enshrined in the Constitution.
India's economy grew 6.1 per cent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 per cent, official data showed on Wednesday.
Automotive (auto) and auto ancillary stocks have been in the fast lane thus far in 2023-24 (FY24), with the National Stock Exchange Nifty Auto Index surging nearly 27 per cent, outperforming the Nifty50, which has gained roughly 11 per cent during this period. The top-gear performance of auto stocks at the bourses, according to A K Prabhakar, head of research at IDBI Capital, has been triggered by the premiumisation of products across vehicle manufacturers, which has seen vehicle sales remaining relatively stable. "It is not about higher sales figures now, but about premiumisation.
Besides, the government would also undertake and promote steps for water conservation and curbing extraction of underground water, which is depleting the water table and is a matter of concern, the minister said.
Inflation data, both at domestic and global level, interest rate scenario in the US, geopolitical situation and general elections in 2024 are some of the major factors that would influence trading in the equity market this financial year, analysts said. Besides, foreign fund trading activity and global trends will also dictate terms in the equity market going ahead. Equity markets across the globe faced major challenges in FY23 due to concerns over high inflation, which resulted in increase in interest rates around the world, lowering investor sentiment, experts added.
'Earnings will be the catalyst for markets to march higher from here on out.'
The Government of National Capital Territory of Delhi (Amendment) Bill, 2023, which will replace an ordinance promulgated for handling the transfers and postings of senior officers in the city government, was passed in the Lok Sabha on Thursday amid a walkout by opposition parties.
The veteran politician accused the BJP of breaking duly elected governments in opposition-ruled states even as it boasted about providing a stable government at the Centre.
'Investors should look to incrementally allocate towards equity from a medium-to-long term horizon.'
Notwithstanding lower growth rates recorded in the first quarter (Q1) of 2023-24 (FY24), which spanned from April to June, footwear stocks have seen some gains in the past two trading sessions. Bata India saw an increase of approximately 5 per cent, driven by positive expectations surrounding a potential tie-up in the sports/athleisure segment. This development is viewed favourably due to the segment's higher growth rates.
The Bharatiya Janata Party will have an understanding with former prime minister H D Deve Gowda-led Janata Dal-Secular for the 2024 Lok Sabha polls, former Chief Minister B S Yediyurappa said on Friday, an announcement that shot up political temperature in Karnataka.
Sparks flew on the first day of the debate on the no-trust motion moved by the Congress with the Opposition on Tuesday asserting that it was forced to do so to break Prime Minister Narendra Modi's 'maun vrat' (vow of silence) on Manipur and the treasury benches hitting back saying it was a no-trust vote against a 'poor person's son' who has worked for the welfare of the people.
The finance ministry will kick-start the exercise to prepare the annual Budget for 2023-24 from October 10, in the backdrop of revival of the Indian economy and fears of recession in developed countries. The budget for the next year will have to address critical issues of high inflation, job creation, boosting demand, and putting the economy on a sustained 8 per cent-plus growth path. On Wednesday, finance minister Nirmala Sitharaman said inflation is no longer "red-lettered" and the priority for the government now is job creation and boosting growth.
Modi knows that the BMC elections are critical for his party which has never won a majority in the city's 227 wards.
After lagging behind other segments in the automotive (auto) space over the past few years, two-wheelers are expected to reverse their volume underperformance. After witnessing a 36.3 per cent volume decline over the 2018-19 (FY19) through 2021-22 (FY22) periods, the sector staged a recovery in 2022-23 (FY23), with volumes rising 17 per cent. While volumes are still a quarter lower than the FY19 peak of 21 million units, a double-digit growth trajectory is expected to prolong.
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.
Rating agencies Crisil and Icra on Monday revised down their India growth projections for the current fiscal and the second quarter mainly due to the ripple effect of slowdown in global growth and mixed crop output. Crisil downgraded the India growth forecast by 30 bps to 7 per cent while Icra pegged the economic expansion at 6.5 per cent for the second quarter of FY2022-23. "We have revised down our forecast for real gross domestic product growth to 7 per cent for fiscal 2023 from 7.3 per cent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity.
Most of the 40 MLAs in the Shinde camp don't have enough legislative experience to conduct business in the House and so the first ministry expansion needed induction of veterans.
'Limited spillovers' to Asia's third-largest economy, even as world 'perilously close' to recession.
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