India's GDP growth will slow down to 5.5 per cent in FY24 from the 6.9 per cent expected in the current fiscal 2022-23, a Swiss brokerage said on Wednesday. The slowdown was attributed to slowing global growth and tightening of monetary policies in the report by economists at UBS India. It said India will be among the "lesser affected economies" in the world, but made it clear that the world's fifth largest economy is not immune from global headwinds.
US-based Tesla is working through a lot of challenges with the government to launch its products in India, the electric car major's founder and CEO Elon Musk said on Thursday. Responding to a tweet on the company's plans to launch its products in India, Musk tweeted: "Still working through a lot of challenges with the government." Last year, Tesla had sought a reduction in import duties on electric vehicles (EVs) in India.
Noting that there is a huge potential in the agricultural sector, he said value added production through processing could add considerably to the economic growth.
The Centre has completed asset monetisation worth Rs 96,000 crore during FY22, surpassing the target of Rs 88,000 crore. For FY23, it has set itself a goal of Rs 1.62 trillion, and already has a pipeline of assets worth Rs 1.6 trillion under advanced stages of implementation, an official said. Union Finance Minister Nirmala Sitharaman on Tuesday reviewed the progress made by several ministries and nudged departments to achieve the targets set for them, the official added.
State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth. Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23). The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
The amendments to the six-and-half-decade law provides that stock holding limit on commodities will only be imposed under exceptional circumstances like national calamities, famine with a surge in prices, the minister said.
Prime Minister Narendra Modi said India and the United Kingdom are economically made for each other.
Money to come only after Delhi improves biz environment & fast-tracks work.
About railways sector, the Survey said that it is facing stiff competition from other modes of transportation and the government is initiating various transformative measures to keep railways on track.
Overseas airlines can operate unlimited number of flights into and out of India.
However, the report pointed out that the implementation of the grievance redressal process still has many gaps as "only 22 per cent of the consumers involved in a grievance redressal process were satisfied due to the uncertain timelines involved". The Real Estate (Regulation and Development) Act, 2016, was passed by Parliament in March 2016.
The majority have stayed away from getting into cash handling.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
Kotak Mahindra Bank was the biggest gainer on both the indices, ending nearly 9 per cent higher following reports that Warren Buffett's Berkshire Hathaway Inc was planning to pick up stake in the private sector lender.
The new Budget would do well to fill up the gaps and pave a strong way forward to ensure that the optimism surrounding it is not short-lived.
Finance Minister Nirmala Sitharaman presented her third Budget on February 1.
From The New York Times to BBC and The Guardian to The Washington Post, the historic event in India's space programme on Wednesday made headlines across the globe.
The growth in the contact-intensive portion of the economy trailed our expectation, highlighting how imperative it is for confidence to improve, either through accelerated vaccinations or otherwise, to drive a sustainable recovery in these sectors, asserts Aditi Nayar.
Prime Minister Narendra Modi will visit Abu Dhabi on July 15.
"The initial supply price of Covishield for all government immunization programme, including India, has been the lowest", SII said.
Don't get carried away by the current rally; be picky and take a stock-specific approach.
With Deputy Governor Viral Acharya and another member Chetan Ghate voting for a status quo, RBI governor Shaktikanta Das and three others outvoted them for reduction in repo rate to 6.25 per cent from the existing 6.50 per cent.
Other income stood at about a quarter of PBIDT in the first 9 months of 2013-14
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The year 2014 was one of the most challenging years for India. For two consecutive years our GDP growth was sub 5 per cent. Employment generation had declined, the revenue buoyancy was low and the country had become investment starved.
Rajan also said the outlook for agriculture is subdued, in view of both rabi and kharif prospects being hit by monsoon vagaries.
Iran is preparing for a trade and investment boom that could reshape the region after agreeing with world powers to curb its nuclear programme, paving the way for sanctions that have stifled its economy to be lifted.
After years of disappointing growth, the economy and the markets are poised for a breakout, notes Akash Prakash.
Finance Minister Nirmala Sitharaman on Tuesday said monetisation of Central Public Sector Enterprises (CPSE) assets is based on the principle of value creation for the government and investors and would bring about a paradigm shift in infrastructure augmentation and maintenance. Chairing the National Workshop with the states/UTs on Asset Monetisation organised by Niti Aayog, the minister sought the collaboration of states for the holistic development of infrastructure. She said India can become a $5 trillion economy, while striking the right balance between fiscal imperatives and socio-economic welfare, through active collaboration between the public and private sector.
Successive plans have allocated less resources to the Railways.
Govt is likely to find it hard to meet deficit target next year.
Economic Affairs secretary S C Garg said inflation has consistently come down since 2014 and will not cross 4 per cent this fiscal.
Sitharaman said economic slowdown seems to have bottomed out and the coming festive season will help the economy start looking up.
Team Amazon would also educate and train the khadi artisans to directly sell their products to online customers.
This marks the second billion-dollar investment by Silver Lake in a Reliance subsidiary after the $1.35 billion investment in Jio Platforms.
Investment by US PE firm KKR will add fire to Ambani's battle for dominance in the retail market that is also being eyed by Jeff Bezos' Amazon and Walmart's Flipkart.
After monetising Jio Platforms -- which houses the firm's telecom arm and digital ventures, richest Indian Mukesh Ambani is looking to rope in investors in the retail business.
Tech Mahindra is building 5G use cases with US-based hospitals to help manage devices remotely and eventually manage remote surgeries that will require seamless network connectivity.
Ailing telecom operator Vodafone Idea has flagged the industry's "unsustainable financial duress" in its latest annual report and hoped that the government would provide the necessary support to address "all structural issues" faced by the sector. In the chairman's letter to shareholders, Himanshu Kapania cited persistent challenges in the operating environment, amid "unsustainable pricing" and "hyper-competition" during FY21. Kapania expressed hope that government will support efforts to generate reasonable returns on massive investments.
After giving negative or low returns from 2013-2016, the Nifty Realty Index is up a whopping 91.14 per cent, making it the best performer year-to-date. Can you still make money in this sector? Sanjay Kumar Singh finds out.
