'We are looking at the Budget with the hope that it will address all issues even at the cost of exceeding the fiscal deficit target.'
In the quarter ending June 2022, the growth of Internet subscribers was less than one per cent of all of 2021.
We are certainly for digitisation. I do not have opinion about demonetisation. I still don't, says Bill Gates.
The government, in February, had released the draft national e-commerce policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad.
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.
'I shot the video in January 2014 and I had no idea then that demonetisation will happen.' 'Narendra Modi mentioning my video is the ultimate (high).' 'Even beggars can go tech savvy. I believe technology can be a great leveller.' Kaur spoke to Rediff.com's Syed Firdaus Ashraf about the video which the whole country is talking about.
'I shot the video in January 2014 and I had no idea then that demonetisation will happen.' 'Narendra Modi mentioning my video is the ultimate (high).' 'Even beggars can go tech savvy. I believe technology can be a great leveller.' Kaur spoke to Rediff.com's Syed Firdaus Ashraf about the video which the whole country is talking about.
'The expectation was that Modi would become even bolder in his approach, and after only four months into his second term, we are starting to see evidence of this.'
Demonetisation and Agniveer reveal the two mindsets India has become. In both these government schemes, one sees a desire to play the country like an orchestra anchored by conductor/conductors, argues Shyam G Menon.
The development of private data sources is a hugely positive development. It should serve as a challenge to the government to improve its own record on producing timely and reliable statistics, points out T N Ninan.
WhatsApp's ambitious payment services' blueprint in India has been caught in a bind over concerns around authentication and its data storage practices.
Modi cautioning that cryptocurrency can spoil the youth.
USAID looks forward to working with each to make financial inclusion a long-lasting and sustainable reality in India.
Indian industry snubbed Google Play's decision to cut by half its commission for developers when they make $1 million in annual revenue for in-app purchases, saying the US tech giant may continue its "abrasive & monopolistic abuse" as it owns the Android system. Google Play said Tuesday that beginning July 1 it would slash its 30 per cent billing fee to 15 per cent for developers globally when they make the first $1 million of their annual revenue.
Finance Minister Nirmala Sitharaman on Tuesday said many countries have evinced interest for bilateral trade in the rupee after the RBI announced a mechanism recently. Speaking at Mindmine Summit 2022, she said this along with other steps taken by the government is towards full capital account convertibility. "It isn't the rouble-rupee which was in the old format. "Now this (bilateral rupee trade) formulation, which I am glad the RBI has come up at a time which was so critical," she said when asked if India is ready for capital account convertibility.
About Rs 15 lakh crore of high-value notes were scrapped, against which RBI has managed to supply roughly Rs 4 lakh crore worth of notes in the market so far, Anup Roy/Business Standard reports from Mumbai.
'The IPO market is cooling off and getting a reality check.'
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
'While foreign institutional investor flows are still negative, they will turn positive in the latter part of 2023 as India's resilient growth becomes perceptible.'
China, it said, is projected to grow at 6.6 per cent in the current year which will moderate to 6.4 per cent next year.
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
'In light of the events in Israel, Foreign Minister Cohen decided to cut short his diplomatic visit to India and return to Israel after the meeting with Indian Prime Minister Narendra Modi that will take place today'
Wiccan Rashme Oberoi looks at the year ahead.
The outlook is improving and that mostly reflects the fact that the new government has pledged to prioritise economic reforms.
India has more than 45 million SMEs, accounting for nearly 40 percent of gross domestic product.
'Information highways are getting stronger and being strengthened.' 'Occasionally, accidents could occur. But do you stop constructing highways because two motor cars collide?'
The Bharatiya Janata Party rejected this was any sort of demonetisation and instead reminded the Congress that even during the rule of Manmohan Singh, old currency notes were taken off circulation.
India's growth in the last three financial years has averaged just 1.9%. It is natural to project rapid growth from this low base. Crucial to that would be the assumption that the economy has suffered no lasting damage from the pandemic, observes T N Ninan.
Prime Minister Narendra Modi arrived in Bali on Monday for the G20 Summit and bilateral meetings on its sidelines with key leaders attending this annual conference of the world's major economies.
Uncertainties on account of COVID-19 pandemic have increased the demand for currency notes not only in India but across the globe, official sources said, dismissing the criticism that demonetisation has failed to reduce cash in the economy. Government sources said that growth of the digital payments system post-demonetisation will ultimately curb the dependence on cash. Official data points out a jump in digital payments through different modes, including plastic cards, net banking and Unified Payments Interface (UPI).
'If you are going to have only a handful of telecom players on whom the entire dream of Digital India rests, it's important they are financially sustainable.'
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.
Amazon Web Services (AWS) will invest nearly $4.4 billion (Rs 36,000 crore) in India by 2030 and support more than 48,000 jobs externally through a new regional service launched on Tuesday, said the on-demand Cloud computing company. AWS Asia Pacific (Hyderabad) is the company's second infrastructure region in India, six years after it opened its first Cloud region in Mumbai in 2016. The Hyderabad region will give customers access to AWS technologies for data analytics, security, machine learning, and artificial intelligence.
Bank credit offtake is expected to pick up following normalisation of economic activities aided by the government thrust on public expenditure in current fiscal year, a report said. According to the Care Edge report, the gross non-performing assets (GNPA) ratio hit a six-year low of 5.9 per cent in FY22 but remained above the pre-asset quality review of 2015-16. However, it said, India's NPA ratio is one of the highest among the comparable countries despite gradual decline.
Rationalisation of income tax slabs, infrastructure status for digital services and incentives to hydrogen storage as well as fuel cell development were some of the suggestions made by various stakeholders at the pre-Budget consultation meeting convened by Finance Minister Nirmala Sitharaman. The customary pre-Budget consultation meetings were held with the finance minister virtually between December 15 and December 22, as per the finance ministry statement. More than 120 invitees representing seven stakeholder groups participated in eight meetings, scheduled during this period, it said.
Following a gap of several months, global brands like Walmart have started lifting orders from Tiruppur's garment makers, leading to growth in knitwear exports in January after five months. Knitwear exports from Tiruppur increased 1.5 per cent in dollar terms and 11.6 per cent in rupee terms in January. According to the Tiruppur Exporters' Association (TEA), global majors have started placing more orders from the region.
'We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.'
The earnings of India Inc hit a record high in the 2022-23 (FY23) January-March quarter (fourth quarter, or Q4), compared with their poor showing in the previous two quarters of the financial year. The rise in earnings, however, is exclusively led by banking, financial services, and insurance (BFSI) companies. A better-than-expected showing by banks and non-bank lenders in Q4FY23 more than compensated for the earnings contraction in the non-BFSI space.
In a statement ahead of his visit to the Indonesian city for the G20 leaders' summit, Modi said he will also highlight India's achievements and its 'unwavering commitment' to collectively address key global issues.
Railway Budget is the first indicator of possibly better days
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