It would be a difficult task for the Indian economy to reach the $5-trillion mark a year before the International Monetary Fund (IMF) projection of 2026-27. Pankaj Chaudhary, minister of state for finance, said in the Rajya Sabha on Tuesday that the government is taking steps to make the country a $5-trillion economy at a date earlier than the IMF's projection. In that context, it would not be difficult to meet the projection in the third quarter of FY27.
The quarter also saw exits worth $1.9 billion across 37 deals, 59 per cent higher YoY. This was driven by one of India's largest PE-backed IPO exit, the $1-billion partial exit by Carlyle in the SBI Cards IPO.
The government had committed to increasing spending in infrastructure
The government will press ahead with the sale of public sector companies that have been approved by the Cabinet, Finance Minister Nirmala Sitharaman said on Thursday. Highlighting that FDI flow into India is much higher compared to other emerging economies, she said India's strong macroeconomic fundamentals, ability to do reforms and a stable government help attract long-term foreign funds into Indian businesses.
The Asian Development Bank has approved a US$ 1.5 billion (around Rs 11,185 crore) loan to India for COVID-19 vaccine procurement.
Whilst substantive public allocations have been made in the infrastructure sector, this strategy is plateauing due to the fiscal deficit constraint, capacity limitation of statal implementing agencies, the declining ability of PSUs, and the precarious situation of the Railways' operating ratio. It is, thus, high time to get the policy compass to point at rejuvenating private sector investments in infrastructure, says Vinayak Chatterjee.
Sounding a note of caution, former Reserve Bank Governor Raghuram Rajan has said that India is "dangerously close" to the Hindu rate of growth in view of subdued private sector investment, high interest rates and slowing global growth. Rajan said that sequential slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO) last month, was worrying. Hindu rate of growth is a term describing low Indian economic growth rates from the 1950s to the 1980s, which averaged around 4 per cent.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
'This market is very expensive in some pockets, dirt cheap in some, and the belly of the market is reasonably valued.'
The National Company Law Appellate Tribunal has directed the new board of the debt-ridden IL&FS Group to distribute Rs 16,361 crore of cash and InvIT units available across the Group to its creditors on pro-rata basis. The interim distribution award of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units (Infrastructure Investment Trusts) and a majority of this is to be distributed to the creditors of three large group firms -- IL&FS, IFIN and ITNL. "The interim distribution shall be confined only to the entities as reflected in Annexure-6 except those excluded and for the amount of Rs 16,361 crores i.e Rs 11,296 crore of cash and Rs 5,065 crores of InvIT Units," said an order by a two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan.
Finance Minister Nirmala Sitharaman on Thursday said Pradhanmantri Suryodaya Yojana will enable one crore families to get up to 300 units of free electricity monthly and help them save up to Rs 18,000 annually. "There is provision of Rs 10,000 crore for rooftop solar (scheme) in the Budget," said finance secretary T V Somanathan in press conference on Budget later in the day. Earlier in the day Sitharaman in her interim Budget speech said through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity each month.
Even at early stage, start-ups are raising more money faster owing to the rise of a lot of specialised early-stage VCs and emergence of seed-stage programmes.
According to industry players, over 50 FMPs have exposure to Zee Group companies.
Punjab National Bank joined hands with the Infrastructure Leasing and Financial Services for setting up a private equity fund for investing in domestic companies mainly in telecom, oil and gas, ports, water supply and surface transport segments.
Mutual funds, as experts and custodians of another set of retail investors' savings, play a speculative game they are neither supposed to nor equipped to do, cautions Debashis Basu.
Modi attended the 20th ASEAN-India Summit in Jakarta. Secretary-General of ASEAN Dr Kao Kim Hourn also attended the summit.
'Three decades of intensive discussions, protocols and Confidence Building Measures were jettisoned one fine morning in 2020.' 'The primary lesson that has been learnt is that that there is no reliability about the Chinese.'
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
Finance Minister Nirmala Sitharaman on Tuesday said the upcoming Budget for 2021-22 will sustain the momentum of public spending on infrastructure and have a "vibrancy" to ensure the economic revival continues. She also said the pace of divestment, which has been hit by the COVID-19 pandemic, will pick up in the coming months. "We shall definitely sustain the momentum of public spending in infrastructure. Because that is the one way we assure that the multipliers will work and the economy's revival will be sustainable.... "I am conscious that the forthcoming Budget will have a vibrancy that is so required for the economy's revival, sustainable revival," she said at the Assocham Foundation Week. The Budget for the 2021-22 fiscal is expected to be tabled in Parliament on February 1.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
The Kerala chief minister's four years in office may well be remembered for the way he handled Cyclone Ockhi, two floods, Nipah, and now COVID-19, reports Shine Jacob.
With passenger growth pegged at 14 to 15 per cent, airport infrastructure could be a make or break business for both new players and incumbents.
The Bharatiya Janata Party has released its manifesto for the upcoming Nagaland assembly elections, promising a special package for the eastern part of the state and establishment of a board for the holistic development of the region if the party returns to power for the second time in a row.
The decision was taken at the BRICS Summit in Durban which also launched a Business Council to encourage investment and trade in member countries and to expand business cooperation.
Modi govt must bring about reforms to kick-start big-ticket infra projects.
Barely two weeks after the Reserve Bank of India permitted 49 per cent foreign stake in stock exchanges
The number of deals announced in the month were the highest ever at 102 for any month, compared to 75 in the same period last year and 92 deals in March.
'My wife, family members as well as members of the workers will be trustees.' 'The trust will take all decisions -- no family member can individually take any decision.'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'They are also sitting on huge public sector assets without many returns.'
Cash-strapped Air India will have to raise Rs 8,165 crore (Rs 81.65 billion) out of its own resources or borrowings to fund its fleet acquisition programme as the Union Budget focused primarily on aviation infrastructure development, giving a total budgetary support of Rs 190 crore (Rs 1.9 billion).
To threaten China and Pakistan, and then to sharply cut back on military funding, bespeaks a remarkable trust in Beijing and Islamabad that is not borne out by anything they say or do, notes Ajai Shukla.
Indian cities need $840 bn investment over 15 yrs, says World Bank report.
Moody's has a 'positive' outlook on its 'Baa3' rating on India.
Kerala Governor Arif Mohammed Khan, Chief Minister Pinarayi Vijayan and Congress MP Shashi Tharoor were also present with the PM as he interacted with the students inside the train.
Hike in planned public-sector capital expenditure will be credit-positive for infra cos
Kerala's election discourse operates surreptitiously. Its explicit face focuses on important national and local issues. At the same time, it seeks to secure apt communal equations to ensure votes, notes Shyam G Menon.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
Among other proposals, she said NRI portfolio route would be merged with the FPI route for seamless investment in stock markets.
Banks are in need of government support to manage the stressed assets
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