Indian plants -- who plan to begin production with 28 nano metre chips -- will take two to four years to get off the ground. By that time, in the fast changing world of chip making, the global market would have shifted to 22 nm.
The Securities and Exchange Board of India (Sebi) has cleared the draft red herring prospectus (DRHP) of the state-owned Life Insurance Corporation of India (LIC). According to investment banking sources, the so-called final observations were issued by the market regulator on Tuesday evening. Following the market regulator's nod to the IPO papers, the insurer can launch its share sale. However, LIC may not launch its IPO immediately given the current volatile market conditions.
Fiscal deficit for 2020-21 was at 9.3 per cent of the gross domestic product (GDP), lower than 9.5 per cent estimated by the finance ministry in the revised Budget estimates, according to the CGA data. Unveiling the revenue-expenditure data of the Union government for 2020-21, the Controller General of Accounts (CGA) on Monday said that the revenue deficit at the end of the fiscal was 7.42 per cent.
The country's current account deficit is likely to hit a three-year high of 1.8 per cent or $43.81 billion in FY22, as against a surplus of 0.9 per cent or $23.91 billion in FY21, a report said on Thursday. According to an assessment by India Ratings, the Current Account Deficit (CAD) has moderated to $17.3 billion or 1.96 per cent of GDP in the fourth quarter of FY22 as against $8.2 billion or 1.03 per cent in the year-ago period, and massively down from $23.02 billion or 2.74 per cent in Q3, which was a 13-quarter high. The improvement in the key numbers are due to the remarkable improvement in merchandise exports in FY22, when it grew 42.4 per cent as against a negative 7.5 per cent in the pandemic-hit FY121.
Undeterred by the stock market volatility, uncertainty due to the Ukraine-Russia war and high inflation, equity mutual funds continue to remain attractive choice for investors for the 15th straight month, registering a net inflow of Rs 18,529 crore in May on robust SIP numbers. This was higher than Rs 15,890 crore net inflow in April, data from the Association of Mutual Funds in India (AMFI) showed on Thursday. Equity schemes have been witnessing net inflow since March 2021, highlighting the positive sentiment among investors.
The chipset accounts for over 25%-30% of the cost of an average smart phone. Hence, a reduction in its price, device makers say, will make a huge difference to the cost of a phone.
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
Demonetisation to result in short-run disruptions in cash-intensive sectors like retail, hotels, restaurants and transportation, RBI said while announcing the Monetary Policy
According to Planning Commission Deputy Chairman Montek Singh Ahluwalia, more than the anticipated growth in the farm sector will make up for the shortfall in the industrial output.
The official GDP data for the September quarter will be released on Friday.
The government on Wednesday said it will borrow Rs 7.24 lakh crore in the first half of 2021-22 fiscal to meet resources to perk up the economy hit by the coronavirus pandemic. According to the Budget 2021-22, the government's gross borrowing was estimated at Rs 12.05 lakh crore in the financial year beginning April 1. "In the Budget, we had announced that there would be a gross borrowing of Rs 12.05 lakh crore and net borrowing of Rs 9.37 lakh crore. "In the first half of 2021-22, we would be borrowing Rs 7.24 lakh crore, which is 60.06 per cent of the gross issuances," economic affairs secretary Tarun Bajaj said. He said the government would issue 2-year, 5-year, 10-year, 14-year, 30-year, and 40-year securities.
The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
The dairy major is transforming into a full-fledged F&B and fast moving consumer goods (FMCG) player, reports Vinay Umarji.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
Finance Minister Pranab Mukherjee said economic growth in 2011-12 likely to be 9 per cent, government while presenting the Union Budget for 2011-12 on Monday.
Disney Star won the coveted IPL Indian sub-continent TV rights for a whopping Rs 23,575 crore, while Viacom18 grabbed the digital rights with a bid of Rs 20,500 crore at the media rights auction on Monday.
'In auction economics, it is very difficult to retain everybody. We were aware of it...we will lose somebody. We will also get somebody in their place. Now, we have to get the best out of what we have.'
Agriculture and allied activities are likely to grow at 5.4 per cent in 2010-11, compared to just 0.4 per cent in 2009-10, according to Advance Estimates released by the Central Statistical Organisation on Monday.
Recent estimates show that foodgrain production in 2016-17 has touched a new record of 273.4 million tonnes or 8.7 per cent higher as compared to last year.
'India's economy faces further downside risks from sluggish private investment and rural demand weakened by slow wage growth.'
India's domestic passenger traffic slipped to a 10-year low at an estimated 53.4 million in the just-concluded financial year, a report said. However, in the previous fiscal there were no passenger flight operations for almost two months due to the pandemic-induced lockdown. During the financial year 2010-11, all domestic air operators together had flown a total of 53.8 million passengers on local routes, according to ratings agency ICRA. The domestic passenger traffic in March 2021 has been estimated at around 77-78 lakh, a marginal decline of about 1 per cent over February during which airlines had flown around 78.30 lakh passengers, it said.
An analysis of WHO data shows that most of the countries with an older cohort of population and higher in the development index had a lower excess mortality rate than India.
A head of its meeting, the Reserve Bank of India (RBI) can take some solace from the softening food commodity prices. However, the events surrounding the last few weeks show that the fall may not be uniform across all commodities, and cereals like wheat and rice could be the outliers. A Reuters report said that local wheat prices jumped to a record Rs 23,547 per tonne on Wednesday. That is a 12 per cent rise from the recent lows that followed the government's surprise ban on exports on May 14.
The Planning Commission has projected that investment in infrastructure would almost double at $1025 billion in the 12th Plan, compared to $514 billion in the 11th Plan.
It was an eventful weekend in the English Premier League. Pritesh Mistry reviews the action.
The economists, who were surveyed, also felt it will take time for banks to make any further reduction in deposit rates
Sentiments on domestic economic activity appear to be reviving, RBI said, adding that there are early signs of modest strengthening of corporate sales and business flows.
The information technology sector, India's largest private-sector employer with 3.1 million direct jobs, will witness muted hiring activity this year.
Australia, on their first tour of Pakistan in 24 years, finished day three 205 behind but scored freely after resuming on five for no loss.
Liverpool survived a first-half scare to reach the Champions League final with a 3-2 win at Villarreal on Tuesday that secured a 5-2 aggregate victory after the night had threatened to turn sour for Juergen Klopp's side.
Earlier, the apex bank had projected inflation at 5.5 per cent by March 2011, and the latest higher estimate is on account of the impact of fuel price hike,which it said, is likely to add a full 1 percentage point directly to the headline inflation numbers with the second round impact coming in the next few months.
Finance Minister P Chidambaram said the Indian economy would continue to grow at more than 8 per cent in the next few years.
Warne finished his career with 708 wickets in 145 Tests
The Centre for Monitoring Indian Economy (CMIE) has lowered its growth forecast to 6 per cent, from 6.2 per cent projected earlier, for this fiscal, owing to the delay in recovery in industrial sector and the fall in mining, manufacturing and construction segments.
In absolute terms, revenue receipts stood at Rs 9.07 lakh crore at the end of October. For the entire 2019-20, the revenue receipts have been pegged at Rs 19.62 lakh crore.
With the Adani and Jindal groups and Mukesh Ambani-owned Reliance Industries joining the race to buy Videocon Industries' (VIL's) assets, lenders are expecting aggressive bids for VIL's consumer durables and overseas oil assets, which are to be sold in separate auctions. The entire asset sale exercise is expected to be completed in the next six months, said a banker. A promoter entity of Naveen Jindal-owned Jindal Steel and Power has also evinced interest in the second round of bids for VIL's consumer durable business. The deadline to submit bids for VIL's assets ended on February 2.
Just a few weeks ago, Communications Minister Ashwini Vaishnaw did some tough talking with the senior managers of Bharat Sanchar Nigam Ltd, the ailing state-owned telecom service provider. The message was clear: They had to perform, quit by taking the voluntary retirement package or be compulsorily retired from service. The terse message from an otherwise polite and soft-spoken minister came just days after he announced a second and bigger package of Rs 1.64 trillion as part of a four-year turnaround plan for BSNL.
The 19-year-old Bhaker, ranked No. 2, was pegged back by a technical glitch involving her gun after an impressive start saw her take one of the places in the top eight.
The report said even though overseas demand will take some more time to revive, robust domestic consumption and rising investment would place the economy firmly on the growth trajectory.
Pakistan rode on a stroke-filled 81 by one-down Muhammad Shehzad and a late cameo by Ahmad Khan
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