Billionaire Gautam Adani's group has pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka, saying it will use its own resources for the project. In an exchange filing late on Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) said the project "is on track for commissioning by early next year". "The project will be financed through the company's internal accruals and capital management plan," the firm said.
The Indian economy is estimated to grow at 7 per cent in the 2022-23 fiscal, down from 8.7 per cent a year ago, mainly due poor performance of mining and manufacturing sectors. As per the first advance estimates of national income released by the National Statistical Office (NSO) on Friday, the manufacturing sector output is estimated to decelerate to 1.6 per cent in the current fiscal from 9.9 per cent in 2021-22. Similarly, mining sector growth is estimated at 2.4 per cent in the current fiscal as against 11.5 per cent in 2021-22.
'Trump's desire to withdraw the US from some arenas on the global stage will result in ceding space to China.'
With economic activity buoyed by expectations from the new elected government of "Prime Minister Narendra Modi, India is benefiting from a 'Modi dividend'," the Bank said in its twice-a-year South Asia Economic Focus report on Monday.
India has already become 7th largest economy of the world, he said, adding that it is expected to become 5th largest economy soon.
Osamu Suzuki, the man who took a risk and bet on India when no one else believed in having a viable automobile company in the country, has died at the age of 94, according to information shared by Japan's Suzuki Motor Corporation on Friday.
'Not paying workers enough will end up being self-destructive or harmful for the corporate sector itself.'
More than two dozen lawmakers and prominent Indian Americans gathered at the US Capitol for the annual Diwali celebration, highlighting the contributions of the Indian American community and the strong US-India relationship. The event, organized by the BAPS Shri Swaminarayan Mandir, also featured addresses from several Congressmen and Senators who expressed support for Indian Americans and emphasized the importance of the US-India partnership.
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.
Chief executive officers (CEOs) across sectors have expressed intentions to expand capacities, expecting the government's target to invest a record Rs 11.11 trillion on infrastructure development will act as a catalyst for a jump in consumer demand. "With the government planning a capex of Rs 11.11 trillion, private sector investment will come in a big way. Companies will be preparing for it right from today," H M Bangur, chairman of Shree Cement, told Business Standard. For the past few years, the investment scene in India has been dominated by government capital expenditures; private investments in the manufacturing sector have remained muted.
'With India's growing capabilities in the space sector, this creates promising opportunities for enhanced collaboration and market access.'
The previous high GDP growth of 8.1 per cent was recorded in April-June quarter of 2016-17.
India's exports registered a steepest decline in 13-month falling 9.3 per cent in August to $34.71 billion due to global economic uncertainties, while the trade deficit soared to a 10-month of $29.65 billion. According to the government data released on Tuesday, imports increased by 3.3 per cent to $64.36 billion, which is a record high, due to a significant jump in the inbound shipments of gold and silver.
Economy is slated to grow by 7.1 per cent this fiscal after the excellent monsoon although fiscal deficit may overshoot the target, credit rating agency Crisil said on Monday.
Opposition leaders in India have expressed hope that Prime Minister Narendra Modi raised the issue of the deportation of Indian illegal immigrants from the United States during his recent visit. They criticized the manner in which the Indians were sent back, shackled and handcuffed on a military aircraft. The leaders also discussed the need for India to address the root causes of migration and the importance of national interest in diplomatic relations with the United States.
Mayaram also said as of now, a shutdown of the US government is not likely to have a major impact on the Indian economy.
Nestle surged 4.25 per cent after the FMCG major reported 4.94 per cent increase in net profit at Rs 688.01 crore for the quarter ended December 31, 2024. IndusInd Bank, Titan, Tata Motors, Tata Steel, ITC and Maruti were the other major gainers. ITC Hotels, Bharti Airtel, Bajaj Finserv, Bajaj Finance and ICICI Bank were among the laggards.
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In 2008-09, the economy grew at 6.7 per cent despite poor farm sector growth of 0.4 per cent.
NITI Aayog has not said what the reasons were for having achieved or not having achieved what was sought to be achieved, or what lessons can be learned for the future, points out Aakar Patel.
Finance Minister Pranab Mukherjee on Tuesday urged the states to strengthen PDS to enable the government insulate the poor from the adverse impact of inflation.
After the Covid-19 pandemic that derailed the economy since 2019, the Durga Puja festival in West Bengal is back with an estimated 20-30 per cent jump in festive spending. Retail sector is the key contributor to the state's Durga Puja economy which was Rs 32,377 crore in 2019, according to a British Council study conducted for the state government. Retail accounts for 85 per cent of the total puja economy and the rest is shared among pandal making, decoration, illumination, entertainment, advertisement, food & beverage and others.
Prime Minister Narendra Modi on Friday expressed hope that G20 will draw inspiration from the vibrancy of the Indian economy and work towards bringing back stability, confidence and growth on the global landscape.
'While I would never wish for anyone to go through what we are, it has brought out the best in us by making each one of us a better version of ourselves.' 'Being courageous, fighting for freedom, taking the burden of responsibility to help each other...' 'I know hundreds and hundreds of examples where Ukrainians are risking their lives for complete strangers and it is only in moments like this that we truly understand what it means to be human.'
'Future market gains will likely depend primarily on earnings growth.'
Ahluwalia's statement comes in the backdrop of Reserve Bank of India's tight monetary policy and high inflation.
The global rating agency expects the economy to pick up in the next two financial years.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
'You don't need massive industry or huge energy resources.' 'You could start with just 3 or 4 people in a coffee shop and invent the world.'
Sanjay Malhotra takes charge as the 26th RBI governor at a time when headline retail inflation has shot up to 6.2%.
Trump's sweeping tariffs and penalties on China-built ships have turned global shipping into the front line of economic war, observes Shyam G Menon.
A tech architect must have certifications across ERP platforms (SAP, Oracle, Microsoft) and Cloud platforms (MS, Google, Low code SAAS platforms such as Salesforce, and ServiceNow).
Even as both India and the world struggle to re-build after COVID-19, they face slow-burn problems that could develop into full-blown crises, observes T N Ninan.
India is among the fastest-growing markets for Google in the cloud services segment, a senior executive has said, adding that the tech giant is looking to partner companies in their business transformation through its offerings. Google Cloud India is seeing an "increased adoption" of its offerings across segments from the public sector to small and medium businesses and from startups and digital-native companies, Google Cloud India vice president and country managing director Bikram Singh Bedi told PTI.
Amid growing fears of another global recession looming large, President Pratibha Patil today exuded confidence that India with its "strong fundamentals and resilience" will continue to grow economically.
You have to make yourself visible and create opportunities for yourself, advises Gaurav Goyal, co-founder, Scalenut.
'Without his vision and foresight, his willingness to take a risk that no one else was willing to take, his deep and abiding love for India, the Indian automobile industry could not have become the powerhouse that it has become.'
The Prime Minister's Economic Advisory Council on Friday said the economy will grow by 8.5 per cent, up from a projected 8.2 per cent, and inflation will come down from double digits to 6.5 per cent by the end of 2010-11.
For the third month running, investors opened over four million new demat accounts in February, showing growing household confidence in stock markets and their increased risk appetite. Over 13.12 million new demat accounts have been opened in the last three months, taking the total count close to the 150-million mark. Demat accounts are needed for trading and holding shares electronically.
'The past few quarters have seen prohibitive fares for advance bookings, only to dip closer to departure.'
Banking on the Budget's tax relief, the BJP seeks to energise Delhi's middle class; the AAP is doing its bit too. But will their outreach mobilise this politically crucial yet disengaged electorate?
