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.
The Reserve Bank on Thursday said that the overall stance of its monetary policy for this fiscal would continue to accord a high-priority to price and financial markets stability and well-anchored inflation expectations.
Analysts and economists have hailed the fiscal projections in the interim Budget, saying the lower fiscal deficit forecast shows that the government, even in an election year, is serious about fiscal consolidation and that the numbers look achievable. According to Devendra Kumar Pant, the chief economist at India Ratings, the two broad themes of the interim Budget are fiscal consolidation and stepping up focus on agriculture/rural to course correct, to some extent, the differential benefits of the ongoing economic growth that's tilted in favour of upper-income bracket/urban households. The projected fiscal deficit numbers for FY24 and FY25 suggest that the government is serious about achieving the fiscal consolidation path of 4.5 per cent fiscal deficit by FY26, and given the nominal GDP growth assumption and revenue buoyancy, the target appears plausible, Pant said in a note.
The bizarre incident came to light on Monday after bystanders took videos and uploaded those on social media.
Images from the IPL 2024 match between Gujarat Titans and Sunrisers Hyderabad on Sunday.
Adani Power, part of the Adani group, plans to add close to 6 gigawatts (Gw) of new power assets in the next five years, according to an investor presentation by the company. That is clearly meant to ride on India's burgeoning power demand. But there is another side to it: All of this new capacity is expected to be thermal power, or power produced from coal.
Winning the country's first ever bronze medal at the Tent Pegging World Cup in South Africa was a historic feat for the Indian riders, but instead of rejoicing the podium finish, the equestrians were struggling to hold their tears.
'One genre cannot survive 365 days of the year. It can be the flavour of the season.'
The government will announce the FY13 GDP numbers on May 30, where it expects the readings to be around 5.2 per cent.
The domestic aviation industry is expected to report a net loss of Rs 25,000-26,000 crore this fiscal with elevated jet fuel prices and fare caps continuing to pose a major challenge for the airlines' profitability, domestic rating agency ICRA Ltd said on Thursday. The domestic airlines, however, are likely to post a reduced net loss of Rs 14,000-16,000 crore in the next financial year on the back of a "notable recovery" in air passenger traffic and lower level of debt, ICRA said. The ratings agency also estimates that the industry will require an additional funding in the range of Rs 20,000-22,000 crore during FY22-FY24.
Reforms can be the game changer for poor and help economy goes back on growth trajectory.
The sources said the President, who is also the supreme commander of the three services, signed the order terminating the services of the Major around a week ago while exercising powers under the Army Act, 1950.
ITC stock slipped over 4 per cent on Thursday (February 8) after British American Tobacco (BAT) said it could sell some of its stake in the company, recovering partially in trade. The stock of the cigarette-to-hotels conglomerate traded at Rs 420 levels, rising 1.3 per cent in intraday deals as compared to the S&P BSE Sensex that traded flat for most part of the day. The development, meanwhile, saw Jefferies downgrade the stock to 'hold' from 'buy' earlier with a target price of Rs 430, down a huge 17.3 per cent from its earlier price target of Rs 520.
Indian economy has clocked a growth of 8.7 per cent in the first half of the calendar year. It said strong farm production will help drive economic recovery and also bring down food inflation, even though it said, 'inflation remains worrying.'
The survey predicts that agricultural growth would contract by 1 per cent this fiscal, but the industry would grow by 8.5 per cent, and services by a smart 9 per cent.
Growth rate in per capita income is projected to fall to the lowest in 21 years this financial year - except for the financial years 2019-20 (FY20) and 2020-21 (FY21) - according to the first advance estimates. During the last 21 years, the two periods - FY20 and FY21 - saw growth rates in per capita income lower than 7.9 per cent, seen during FY24. This was despite the real gross domestic product (GDP) being projected to grow by 7.3 per cent in the current financial year by the first advance estimates.
Kagiso Rabada grabbed a five-wicket haul before K L Rahul rallied India to 208/8 on a rain-hit Day 1 of the first Test.
'What has happened at Byju's is no surprise to anyone.'
He was speaking to reporters on the sidelines of a conference organised by the Madras School of Economics.
Even after the government data showed a sharp fall in FY12 growth numbers and the April factory output data at a poor 0.1 per cent, a leading economic think tank on Thursday said it expects a revival in fortune and pegged GDP growth for the current fiscal at 7.3 per cent.
French banking major BNP Paribas is planning to sell its domestic retail broking unit, Sharekhan, according to news reports on Tuesday. The reports even named leading financial institutions as possible suitors. "We would not be able to comment on the mentioned queries at this time," said a company spokesperson in response to a query from Business Standard seeking clarification on the news item.
According to insiders, their lack of enthusiasm is showing on the ground. There is nothing to suggest that their enthusiasm will return in the final four phases of polling, observes N Sathiya Moorthy.
IndusInd Bank, Suzlon, and Paytm will remain under focus, as the stocks are pegged to get added to the MSCI global standard index. These stocks, along with six others, are seen attracting cumulative inflows of nearly $2 billion from passive funds tracking MSCI indices. Persistent Systems, APL Apollo, Polycab, Macrotech Developers, Tata Motors DVR, and Tata Communication are the other six stocks that will be added to the MSCI index, shows an analysis done by Nuvama Alternative & Quantitative Research.
Sources close to the development told Business Standard the company was exploring different ways to save on its employee costs and had laid off a few employees on "performance" grounds. "We will see a similar development for the next few months. "The company is fine-tuning its hiring policies and implement rigourous measures to look into employee performance," a source said.
Kagiso Rabada's hunger for success and an impeccable technique to release the ball easily makes him a modern-day South Africa legend, reckons former fast bowling great Allan Donald.
Berger Paints, the country's second-largest decorative paint maker, continued to outperform its peers and gain market share in the 2023-24 (FY24) October-December quarter (third quarter, or Q3). The company posted a consolidated revenue growth of 7 per cent compared to the year-ago quarter, surpassing Asian Paints (5.4 per cent) and Kansai Nerolac Paints (5.7 per cent).
The industry chamber also pegged the current size of the retail industry at only $16 billion, while Indian Council for Research on International Economic Relations had put the size of the Indian retail industry at $322 billion in 2006-07. The chamber in its paper on 'Retail Scenario in India and Its Related Issues' said that with the increasing size of the industry, space requirement would also increase to over 220 million square foot.
The Union government is projected to share about 32 per cent of central taxes with states during the financial year 2024-25 against the 15th Finance Commission's recommendation of 41 per cent. The Revised Estimates (RE) for FY24, too, show a similar share of states in the central taxes at 32 per cent. In absolute terms, however, there has been an increase in the amount devolved to states compared to the Budget Estimates (BE) for FY24 at Rs 11 trillion.
Sales of apparel were a mixed bag this festive season while those of consumer durables saw an uptick with mobiles, laptops, and air conditioners being in demand. In apparel, Tier-2 and -3 markets did better for some brands, because these have been witnessing an uptick for the past 18-20 months compared to metros. "The past two weeks have been good, and we saw a 13 per cent increase in value sales, and volume sales have also been similar," Manish Kapoor, managing director (MD) and chief executive officer (CEO), Pepe Jeans
VIn a dramatic turn of events on Day 3, India faced a resounding defeat against South Africa in the first Test as their batting lineup crumbled, managing only 131 runs in the second innings after the hosts posted a formidable 408 in their initial essay.
Images from Day 2 of the fourth Test between India and England in Rajkot on Saturday, February 24.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
Neither the BJP, nor the Congress before it, made any manifesto commitments on defence spending, even though allocations have plummeted from 4 per cent of gross domestic product (GDP) in the late 1980s to less than 2 per cent today, points out Ajai Shukla.
Global ratings agency Standard & Poor's on Thursday pegged India's FY'14 GDP growth at 6.4 per cent, one of the most optimistic estimates among analysts, and said it may upwardly revise outlook on the sovereign rating if the government continues to focus on policy initiatives.
Finance Minister Nirmala Sitharaman will keep on the path of fiscal consolidation and opt for narrowing the FY24 fiscal deficit to as low as 5.8 per cent in the upcoming Budget, analysts said on Tuesday. The government may go for a fiscal deficit number which will be far lower than the 6.4 per cent of GDP budgeted for FY23, they said, pegging the Budget figure for the next fiscal in the range of 5.8 - 6 per cent. Given the fact that this will be the last full Budget of the present government, there may be a temptation to make it into an expansionist one.
Backed by investment activity and healthy performance of the services sector, the economy is expected to grow at 6.2 per cent in 2004-05, according to Centre for Monitoring Indian Economy.
The Street's optimism on India's largest listed automotive maker by market capitalisation is not misplaced, given the robust wholesale performance in recent months and the strong 2023-24 (FY24) October-December (Q3) results.
Economic think-tank NCAER on Wednesday pegged the gross domestic product growth at 6.5 per cent in this fiscal, which would accelerate to 7.4 per cent in 2005-06 if government carried out far-reaching reforms.
23 wickets and several records fell on the opening day of the second and final Test in Cape Town on Wednesday.
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