Union Finance Minister Nirmala Sitharaman will on Monday meet chief ministers and state finance ministers to discuss measures to attract private investments to help boost the economy. Finance secretary T V Somanathan said the meeting comes in the backdrop of strong economic recovery post the two COVID waves, and the central government has made a big push in Capex. The focus of this interaction will be on state-level issues, opportunities and challenges, which will enable us to go to a higher trajectory of investment and growth, he said.
It is also likely to assume a deflator of around 4 per cent. That could take the nominal GDP outlook for FY21 to around 10 per cent. It is this nominal GDP forecast on the basis of which the finance ministry is calculating key Budget targets like the fiscal deficit as a percentage of GDP and tax revenue growth for the coming year.
Nirav Modi and his uncle Mehul Choksi are being investigated by the Enforcement Directorate for allegedly cheating the PNB, the country's second largest lender, to the tune of more than $2 billion.
No stock on BSE Sensex ended in red while only 3 stocks in the broader Nifty50 index settled the day negative
The Index of Industrial Production (IIP) grew by 1.4 per cent in November as most components like manufacturing, electricity, mining, primary goods, and consumer durables witnessed a slowdown, according to data released by the National Statistical Office (NSO) on Wednesday. This is on the base of a decline of 1.7 per cent in November 2020 and before the new Covid variant started impacting economic activity. IIP growth was lower than the 4 per cent expansion recorded in the previous month but was better than a 1.6 per cent contraction seen in November 2020. Separately, rising prices of kitchen staples pushed retail inflation, or rate of price increase, to 5.59 per cent in December 2021, bringing it close to the upper band of Reserve Bank's comfort zone.
Y V Reddy argues that while the merits of the proposal to hold simultaneous elections to Parliament and all state assemblies appear self-evident, the reality might be very different.
The rupee had hit an intra-day low of 61.6750 on Friday, its lowest level since Oct. 17.
Ten trade unions with a combined membership of 15 crore workers in public and private sector, including banks and insurance companies, are on a nationwide strike to protest against changes in the labour laws.
PNB took the delivery of these high-end luxury cars worth approximately Rs 1.34 crore last month, unmindful of the coronavirus outbreak, subsequent nation-wide lockdown and its crippling effect on the financial sector as well as the economy. The annual depreciation on this purchase will be around about Rs 20 lakh.
Chidambaram questioned the Narendra Modi government whether its demonetisation decision was designed to convert black money into white.
What might be useful is targeted assistance to those sectors and individuals that are disproportionately affected, suggests Mihir S Sharma.
The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth. The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.
Expectations are high. There is a little bit of euphoria in India, says RBI governor.
The country imported 9.31 million tonnes (mt) of steel in FY15.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
The mid-cap universe - comprising firms that rank 101-250 in terms of m-cap - could see as many as 17 new stocks move out. Similarly, over half a dozen stocks could exit the large-cap universe, which is defined as the top 100 entities in terms of m-cap.
"There are clearly two sides. On one side, there is an organisation of patriots in the form of BJP and on the other side, tukde-tukde gang have come together under the leadership of the Congress. It is for the people of Karnataka to decide now whether they are with the patriots or those who support people who want to divide this country," he added.
A likely easing in inflationary pressures in the forthcoming months will reopen the window for the RBI to once again prioritise growth and ease its interest rates.
The central probe agency issued a provisional order under the Prevention of Money Laundering Act for attachment of Indian assets in Kodaikanal and Ooty in Tamil Nadu and a flat in Delhi's Jorbagh. A cottage and house in Somerset in the UK and a tennis club located in Barcelona, Spain have also been attached as part of the same order, the agency said.
Several critics including some rating agencies have doubted prospects of meeting this ambitious fiscal deficit target.
Trade, transport and hotels form a major part of the country's GDP and these sectors were crippled by the strike
CREDAI Chairman Lalit Jain said a long term status quo on interest rates would not help prospective home buyers.
Refusing to link his seeking voluntary retirement, a year before his superannuation, to his transfer to the relatively low profile power ministry, he said that he had conveyed his decision to the Prime Minister's Office on July 18.
One of the reasons why conviction rates in India are poor is that "adventurism and megalomania overtakes our investigators and professionalism takes a back seat," Jaitley said on Twitter.
Shah said that the people of the country will decide about the principal opposition party to BJP in the 2024 polls and they have not given this label to any party.
Apart from Bihar, Chhattisgarh and Jharkhand, where none of the estimated 6.7 million construction workers got cash transfer benefits, the coverage of the construction workers was the lowest in Delhi, where only about 5 per cent of the estimated workers received cash under the PMGKY, followed by Kerala and Uttar Pradesh (22 per cent), among major states. In India, construction workers belong to the unorganised sector but account for the highest share of non-farm jobs after manufacturing.
Had it not been for the intellectual dominance and political legitimacy of the Leftist philosophy since 1970, would EPW have become what it did? After all, there were other more established journals around then, says T C A Srinivasa-Raghavan.
'Increased allocations for MNREGA could have provided the much needed push to rural demand and consumption at a time when recovery continues to remain uneven.'
It is time for the three finance ministers of the 1990s to reveal the real hero, says T C A Srinavasa-Raghavan.
Rahul attacked Modi and BJP, alleging that 'politics of divide and polarisation is radicalising people in India'.
CRR to remain unchanged at 4.00 pc this fiscal
The home ministry has deputed three top officials to be in touch with state governments to ensure security of banks, ATMs and cash transporting vehicles.
10 central trade unions have called a nationwide shutdown against 'anti-worker policies' of the central government. Apart from being successful in Bengal, Kerala and NE states, the bandh has also got support from Cong leader Rahul Gandhi and Shiv Sena in Maharashtra.
It seems China is ready to cooperate with India in the central Asian region through the SCO framework, the reasons for which are manifold, says Sana Hashmi.
The central probe agency that began action against the banker by raiding his upscale residence in south Mumbai on Friday is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited.
Market participants are hoping for a few tweaks on the taxation front which will encourage consumers and businesses to spend.
'If the Union Budget can provide incentives for animal spirits to come as well as induce demand stimulus and consumption, the Budget would have done a wonderful job.'
Demand among several pre-Budget representation by BSE Brokers' forum
CBI officer V K Shukla, who is probing the death of Jharkhand Judge Uttam Anand, is among 15 officers of the agency awarded the 'Union Home Minister's Medal for Excellence in Investigation' for the year 2021, officials said Thursday.
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