India's top IT services firms delivered single-digit revenue growth in April-June, capping off a mixed, somewhat-sobering quarter as macroeconomic instability and geopolitical tensions weighed on global tech demand and delayed client decisionmaking. Management commentary painted a mixed picture, caution prevailed, yet industry CEOs also emphasised cost optimisation, vendor consolidation, and opportunities in AI makeovers.
The really disturbing numbers relate to inequality.
Automobile retail sales across the domestic market witnessed a 21 per cent year-on-year increase in the 42-day festive season led by record registrations of passenger vehicles and two-wheelers aided by GST rejig enabled drop in prices across segments, dealer' body FADA said on Friday.
Referring to the impact of political turmoil in West Asia, he said the crisis would not hurt the economy unless the crude oil prices rise to 'abnormally' high levels.
Taking a dig at the previous NDA government led by the BJP for poor economic performance, Union Home Minister P Chidambaram on Wednesday said the Congress-led UPA regime pushed up the average annual economic growth from 5.8 per cent to 8.5 per cent in the last five years.
IT czar Azim Premji on Friday said the government has realised it is slowing down economic growth rate and he expected it to get into policy initiatives action post assembly polls in five States, irrespective of results.
India's economy is showing signs of slowdown, with hi-frequency indicators like industrial output posting subdued growth and automobile sales touching historical lows.
India's economic growth slipped to 6.2 per cent in the third quarter of 2004-05 from 11 per cent in the year-ago period.
Prime Minister Manmohan Singh on Tuesday cautioned that return to high economic growth should not be taken for granted, as the global environment is likely to remain difficult in the year ahead.
S&P Global Ratings on Wednesday said the second wave of COVID infections poses downside risks to India's GDP and heightens the possibility of business disruptions. The second wave brings in uncertainty and a drawn-out COVID outbreak will impede India's recovery, it said.
Finance Minister Nirmala Sitharaman is likely to strike a fine balance between being fiscally prudent and growth supportive when she presents her fourth straight budget on Tuesday, which is expected to have plans to boost spending to revive investment and create jobs. The Budget for the fiscal year starting April 1, 2022 is likely to raise spending on infrastructure to set the economy on a firmer footing. The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent growth in the 2022-23 fiscal.
Over 2,500 global leaders in business and politics arrived in this Swiss resort on Wednesday to put their minds together on how best to support the fragile recovery following the worst economic crisis since the 1930s.
Prime Minister Narendra Modi inaugurated Phase 1 of the 19,650 crore (196.50 billion) Navi Mumbai International Airport, marking a major milestone in India's aviation infrastructure. Conceived as the country's largest greenfield airport project, the facility has been developed under the public-private partnership model and will function as the second international airport for the Mumbai Metropolitan Region, easing pressure on the congested Chhatrapati Shivaji Maharaj International Airport. The new airport is expected to significantly improve air connectivity for Mumbai and its adjoining regions, catalyse economic growth in Navi Mumbai and Raigad districts, and serve as a key hub for passenger and cargo traffic in western India.
Stock market sentiment is likely to remain optimistic going ahead, though some consolidation cannot be ruled out after the recent sharp rally in the benchmarks, analysts said. According to experts, the Nifty and Sensex could indeed move towards new record highs before the end of the year, if global cues stay supportive, crude oil prices remain benign and there is continued domestic earnings momentum.
Indian economy's growth is expected to be "below trend" even as neighbouring China and most of the developed nations are expected to see better prospects, according to Paris-based think tank OECD.
Warning that slippages in power sector may trip economic growth, Prime Minister Manmohan Singh on Monday asked both states as well as the Power Ministry to reduce theft, raise generation capacity and attract private investment to provide electricity.
Indian economy remains a key driver of global growth on the back of sound macroeconomic fundamentals and prudent policies, the Reserve Bank said on Monday. In its bi-annual Financial Stability Report (FSR), the central bank also said elevated economic and trade policy uncertainties are testing the resilience of the global economy and the financial system.
Indian government's decision to cut GST rates on various products will increase purchasing power of consumers and boost demand for residential properties in the upcoming festive season, according to realtors' body CREDAI. The association, which has a 13,000 members from across India, said the construction cost is expected to come down because of reduction in GST rates on cement and few other building materials.
The growth in the current fiscal is likely to slip to a decade-low of 5.7 per cent.
'...then preparing oneself for the long haul is also essential.' 'Identifying and holding onto values gives you strength to withstand the difficulties enroute.' 'Taking care of your physical, mental, and intellectual well-being gives you the strength to stay the path.'
India's exports contracted 11.8 per cent to $34.38 billion in October, showed government data released on Monday. Imports jumped 16.63 per cent to $76.06 billion.
'An asset must generate income. Equities yield dividends, bonds pay coupons, deposits give interest, and real estate earns rent.' 'Gold, silver, and even Bitcoin produce no income, they merely store value. So, they should not be compared to productive assets.'
India's economy is expected to grow 6.4-6.7 per cent during the current financial year driven by strong domestic demand, even as geopolitical uncertainty poses downside risks, the newly appointed CII president Rajiv Memani said on Thursday.
Reserve Bank of India (RBI)Governor Sanjay Malhotra on Friday said it was not the regulator's job to take decisions for bank boards, speaking in the context of the wide range of enabling reforms announced for lenders during the October monetary policy review, and emphasised that financial stability remained the regulator's focus.
Entities controlled by governments - sovereign wealth funds, and pension funds - have recorded higher growth in equity assets under custody compared to other foreign portfolio investors (FPIs) over the past five years.
Moody's Ratings on Tuesday cut India's GDP growth projections for 2025 to 6.3 per cent, from 6.5 per cent, saying economies globally will see a slowdown on account of heightened US policy uncertainty and trade restrictions.
The Indian government is dealing with the matter having in mind the national interests of this country in the first place, he said.
'When you compare Bihar's poverty from its earlier times, then there is a huge difference. Things have improved a lot. And migration has played an important role in reducing poverty.'
China's economy picked up pace notching up 7.4 per cent year on year growth in the first half of 2014, the National Bureau of Statistics (NBS) said on Wednesday.
If he cannot do it this term by using his bureaucracy and experts from different fields, it will be a tragedy, asserts Ramesh Menon.
Despite sharp interest rate cuts expected in this financial year amid easy liquidity conditions, state-run banks are treading cautiously on their loan growth projections for FY26. Most large banks are projecting loan growth at 11-13 per cent, almost similar to the previous financial year.
Officials from both India and the US in the recent past have indicated that a "fair deal" will be concluded soon, with Indian officials holding that more formal rounds of talks are not needed.
India imports a staggering 1,000 tonnes of gold every year, draining out foreign exchange and putting pressure on the fiscal deficit.
Buoyed by 8.1 per cent growth in the first half of the current fiscal, the Mid-Year Economic Review on Friday projected high growth of about 7 per cent in 2005-06.
'BSE has facilitated nearly Rs 35 trillion in capital raising across multiple segments.'
Union Commerce and Industry Minister Piyush Goyal on Thursday described the reduction in GST rates as "game-changing" and the "biggest reform" since independence, as he asked the industry to pass on the full benefit to consumers.
'First-time or conservative investors should avoid narrow sectoral funds.'
Fell by 95.55 points to 19.484.77 on heavy selling in last 30-minute of trade.
'We are working with a few housing finance companies to drive affordable lending because that's where we believe our sweet spot is.'
Top carmakers led by Maruti Suzuki, Mahindra & Mahindra, Tata Motors Passenger Vehicles and Kia India on Saturday reported record sales in the domestic market riding on festive demand boosted by GST rate cut. Other manufacturers such as Skoda Auto India and Toyota Kirloskar Motor also posted impressive growth in sales in October.
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