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.
'If we want faster growth and want greater flow of credit towards the private sector, it's important to have many more of such large entities.'
While a DFI will help banks derisk their loan portfolios, creation of a bad bank will clean up their balance sheets.
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
Mr Modi might have questions to ask himself on the most formidable strategic challenge before India that he inherited from the United Progressive Alliance: The triangulation between China and Pakistan. The failure to break out of it, or even loosen it a bit, is something to reflect on, notes Shekhar Gupta.
Amid rising cases of Covid, the Centre on Friday asked eight states including Uttar Pradesh, Tamil Nadu and Maharashtra to maintain a strict watch and take pre-emptive action in any area of concern to control any emerging spread of infection.
As many as 2,000 chips are annually designed in India by semi-conductor and fabless companies, Intel India managing director Prakash Mallya said in a conversation with Business Standard. Mallya was reiterating the importance of India in the semi-conductor sweepstakes. "As much as 90 per cent of the semi-conductor companies have a design footprint in India.
Bank credit is likely to grow at a four-year high of 11-12 per cent in fiscal 2023, on the back of better economic growth and budgetary support from the government, according to a report. In the fiscal ended March 2022, bank advances have likely grown at 9-10 per cent. "Healthy economic growth and budgetary support from the government should lift bank credit growth by 200-300 basis points to 11-12 per cent this fiscal," Crisil Ratings said in the report. The higher credit growth expectation is also supported by the improved resilience of the banking system, it added.
Despite unprecedented levels of uncertainty in Samvat 2077, investors have little to complain about on the returns front. The BSE Sensex delivered returns of 38 per cent in this period, while the Nifty registered a return of over 40 per cent. As is the case in bull markets, companies in the small- and mid-capitalisation basket outperformed the benchmarks, with returns almost twice those of frontliners.
Customs and excise duty rates have been amended mainly to promote Make in India.
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
Very gradual fiscal consolidation glide path with looser-than-expected fiscal policy; good quality spending mix and reasonable assumption on fiscal math; and focus on privatisation, asset monetisation and long-term funding for infrastructure investments, according to Morgan Stanley, are the three key themes from the Budget 2021.
Created over the past 12-15 months, Niti's new Export Preparedness Index flagged the major intra-and inter-regional disparities in export infrastructure, problems in trade support and lack of unique exports as the main challenges hampering export growth.
The fundamental issue between banks and fintech would be who will own the customer and who will be the service provider.
'We would like to develop Andhra Pradesh into a logistics hub not only for India, but also for South Asia.'
Fitch Ratings on Monday cautioned that the Indian government has little fiscal headroom at its disposal to respond to possible shocks to growth given the country's lowest investment grade credit rating with a negative outlook. "India's public debt/GDP ratio, at about 87 per cent in FY21, is well above the median of around 60% for 'BBB' rated sovereigns. "We revised the Outlook on India's rating to Negative, from Stable, in June 2020, partly owing to our assumptions about the impact of the pandemic on public finance metrics. "The government has little fiscal headroom at its current rating level to respond to possible shocks to growth," it said in a report.
Bihar Agriculture Minister Sudhakar Singh Thursday said that Chief Minister Nitish Kumar could "sack" him for his perceived defiance but he will not step down unless asked to do so by the top leadership of his party, the Rashtriya Janata Dal.
From reiterating his commitment to build the border wall to protecting the American way of life from terrorist threats, President Donald Trump outlined his vision for the United States of America
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
Delhi BJP chief Tiwari said each poor family will be provided good quality, subsidised 'atta' (wheat flour) at a rate of Rs 2 per kilogram. The BJP will bring an ambitious 'Samridh Delhi Infrastructure Scheme', with a provision of Rs 10,000 crore, to ensure "focussed and priority" development of roads, flyovers, foot over-bridges and other key infrastructure projects, the manifesto stated. The manifesto promises to set up a 'Colonies Development Board' for undertaking development of various civic amenities.
Make in India campaign has huge potential.
Industry players credit Sebi's first woman chairperson with putting special emphasis on cyber security, use of tech and data, areas where Sebi is trying to 'stay ahead of the curve'.
What is more surprising is that a surge in Russian oil supplies has come after the G7 imposed stringent sanctions on Moscow.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
'Health will continue to be at the centre of the government's attention as it underpins economic recovery and our collective well being.'
The most immediate challenge for growth is the disruption of the global economy brought about by the Ukraine war and related sanctions, the Covid shutdowns in China and the rising tide of inflation, points out Nitin Desai.
Modi cautioning that cryptocurrency can spoil the youth.
Investments by private equity and venture capital funds in November stood at $6.8 billion across 102 deals, which is double by value when compared with the pandemic-impacted year-ago period but half of the bets in the preceding month of October, as per a report. In November 2020, such high-risk investors had infused $3.9 billion, while in October, the total investments had stood at $13.1 billion, the monthly data shared by industry lobby IVCA and the consultancy EY said. The overall investments in the first 11 months of the year have touched $72.6 billion, which is 53 per cent higher than the all-time high for a year achieved in 2020, it said.
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Not making it 'prestige' issue: Govt on Land Ordinance.
The West Bengal government on Saturday sought support of the Indian Army, railways and port for restoring essential infrastructure and services in the cyclone-ravaged areas of the state. It also urged private entities to provide manpower and equipment for the purpose.
'Success will require political skill, not just economic expertise'
The banking sector in India is reeling under Rs 8 lakh crore of non performing assets (NPAs) or bad loans, of which PSU banks alone account for over Rs 6 lakh crore.
India proposes to organise a briefing of the Security Council on December 15 on 'Global counter-terrorism approach - principles and the way forward" under the 'Threats to international peace and security caused by terrorist acts'.
'The force of reforms. The force of investment. The force of formalisation. The force of digital and green technology. And the force of youth and entrepreneurship. I am convinced that these 5 forces will propel India's rise over the next several decades,' predicts Kumar Mangalam Birla, chairman, Aditya Birla group.
Chief Justice of India (CJI) D Y Chandrachud's first 100 days in office saw the Supreme Court take a giant leap towards reforms, especially making courts more technology-friendly, and ensuring relatively fast judicial appointments including those of eight judges to the apex court.
It is significant that the PM's appeal to invest in India comes at a time when the global economy is facing a difficult phase
'Short term volatility is likely due to various factors, global and domestic; investors may use this as an opportunity to increase the allocation to equities.'
"What would be your advice for investors?" 'Keep it simple. Don't panic.'
The development of the Rih-Tiddim road and establishment of numerous rural "haat" (flee markets) along the Mizoram-Myanmar border would also increase the trade volume, Modi said while addressing a public meeting at the Assam Rifles ground here after inaugurating the 60-MW Tuirial hydro-electric power project.
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