Mahanagar Gas (MGL) has just hiked prices for compressed natural gas (CNG) and domestic piped natural gas (PNG) in the Mumbai Metro Area. The distributor raised prices by Rs 1.50 per kilogramme (kg) for CNG, bringing the price up to Rs 75 per kg, including taxes. Domestic PNG prices were hiked from Rs 1 per standard cubic meter (SCM) to Rs 48 per SCM, inclusive of taxes.
The total allocation to the defence sector is 12.9 per cent of the total budget of the government of India for the financial year 2024-25.
Chief economic advisor V Anantha Nageswaran on Tuesday said Indian economy will grow at over 7 per cent, down from above 8 per cent of growth rate projected in January. He, however, said that the economic momentum and the animal spirits are "unmistakable". "India's own growth rates have come off the projections made in January down to about 7-plus per cent for the current financial year," Nageswaran said speaking at Global Fintech Fest event in Mumbai.
Bill & Melinda Gates Foundation (BMGF) has offered to help in monitoring of the progress made with regard to Pradhan Mantri Jan Dhan Yojana (PMJDY), the flagship financial inclusion scheme of the government.
Bajaj Auto reported steady results in Q1FY25, with revenue surging 16 per cent year-on-year (Y-o-Y), operating profit registering a growth of 24 per cent Y-o-Y, and margins swelling 20.2 per cent. The profitability was aided by 50 basis points (bps) on the accrual of PLI benefits. The domestic prospects for two-wheelers are healthy, though the response to the newly launched CNG motorcycle is a key monitorable.
Real estate investment trusts (Reits) are in talks with regulatory bodies - the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) - to seek changes in regulations that will allow easier access to capital. The Indian Reits Association (IRA) said it has approached the market regulator seeking to get classified as an 'equity' asset, which will open the path for their inclusion in equity indices and also make investment by mutual funds (MFs) easier. The association is also in active discussions with the RBI to allow banks to lend to a Reit.
Nitish Kumar wants to assure the BJP leadership that he will continue to be a part of the NDA. But he also wants to secure a larger number of seats for his party in the 2025 assembly elections in Bihar.
The Reserve Bank on Friday said it will soon commence the pilot launch of e-rupee for specific use cases with a view to bolstering India's digital economy, making payment systems more efficient, and checking money laundering. In a concept note on Central Bank Digital Currency, the RBI said CBDC is aimed to complement, rather than replace, current forms of money and is envisaged to provide an additional payment avenue to users, not to replace the existing payment systems. "Supported by state-of-the-art payment systems of India that are affordable, accessible, convenient, efficient, safe and secure, the Digital Rupee (e?) system will further bolster India's digital economy, make the monetary and payment systems more efficient and contribute to furthering financial inclusion," the paper said.
Foreign portfolio investors' (FPIs') net investment in the domestic debt market in October was the third highest during the current calendar year as foreign investors rushed to lock in higher returns amid global uncertainty and geo-political tensions, market participants said. FPI inflows in debt stood at Rs 6, 322 crore in October against Rs 768 crore in September, according to data on the National Securities Depository Limited (NSDL). Market participants said that the majority of the inflows were channelled through corporate bonds.
The Reserve Bank of India's (RBI's) record surplus transfer to the government has raised hopes among bond traders that the government might reduce its gross borrowing for the current financial year (2024-25/FY25) by up to Rs 1 trillion. The RBI approved a dividend of Rs 2.11 trillion for the central government for 2023-24, marking an increase of roughly 141 per cent from 2022-23 (FY23). In addition, the contingency risk buffer has been raised to 6.5 per cent from the previous 6 per cent.
This is the full text of the address to the nation by President Droupadi Murmu on the eve of India's 78th Independence Day.
Reliance Industries Ltd on Friday reported an 11 per cent drop in its June quarter net profit largely due to weak oil-to-chemical (O2C) vertical and higher interest and depreciation cost. Net profit was Rs 16,011 crore, or Rs 23.66 per share, in April-June - the first quarter of current 2023-24 fiscal year - compared with Rs 17,955 crore, or Rs 26.54 a share, earning a year back, according to a company's stock exchange filing.
More than half (56 per cent) of chief economists expect the global economy to weaken in 2024, with most saying the pace of geo-economic fragmentation will accelerate, according to the latest "Chief Economists Outlook" released on Monday at the World Economic Forum (WEF). The report indicates that the global economic prospects remain subdued and uncertain. Challenges include tight financial conditions, geopolitical rifts, and the rapid development of generative artificial intelligence (AI).
Days after JP Morgan announced the inclusion of government bonds in its emerging market (EM) bond index, a host of banks and other financial institutions (FIs) are set to tap the debt market. They plan to raise Rs 18,000 crore by issuing non-convertible debentures (NCDs) and bonds. National Bank for Agriculture and Rural Development (Nabard) plans to raise up to Rs 3,000 crore via five-year social impact bonds on Tuesday, the first of its kind in India.
To achieve this, the bank plans to hire 15,000 business correspondents, who will help people in the rural areas to open bank accounts.
Jio Financial Services Limited, the demerged financial services unit of Reliance Industries, will be excluded from various indices of NSE, including the benchmark Nifty 50, from September 7. Shares of Jio Financial got listed on the stock exchanges on August 21, after its spin-off from parent Reliance Industries. In accordance with the index methodology, as JIOFIN has not hit price band on two consecutive trading days on September 4 and 5 at NSE, the Index Maintenance Sub Committee (Equity) of NSE Indices Ltd has decided to exclude JIOFIN from various indices effective from September 7, 2023 (close of September 6, 2023), as per a statement by NSE Indices Ltd on Tuesday.
It was widely expected that this time around, the government would be less likely to initiate fresh reforms and rather loosen its belt a little to give various segments of the economy, especially the multitudes that truly constitute India, something to smile about, says Sudip Bandyopadhyay.
'We want to play the value game for our consumers, which is health and retail will grow faster for us than the group.'
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
These smart cities should have the capacity to absorb, adapt and provide opportunities for both the poor rural migrants as well as the educated professionals, say Sujit K Pruseth & Sachi Satapathy.
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII president Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket". "The growth rate is poised to touch 8 per cent during the current year, marking the fourth consecutive year of above 7 per cent + growth.
'The Digital Rupee will be equal to the Indian rupee in value and backed by the full faith and credit of the RBI/Indian government.'
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
Right now there are about 30 lakh (3 million) subscribers under the Swavalamban scheme.
Modern Masters aims to showcase Rajamouli's enigmatic career and paints a context of what makes him the singular voice that defined his generation of film-makers, for millions, observes Arjun Menon.
The former RBI Governor also emphasised on the need to boost economic productivity and attract investments.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
'You cannot have only one product or one market or one customer segment.'
'India's fundamentals are a lot better (than those of other emerging market economies).' 'India will suffer (witness a fall in its stock market) what I call the second order effect.' 'And the second order will happen when these funds (belonging to macro and hedge fund investors and which have leveraged Japanese yen-carry trades), because they lose money elsewhere as lot of their positions were financed by borrowing Japanese yen, will have to book profits in investment destinations where they are making money, including in markets like India.' 'They (these investors) will have to effectively sell in countries like India and which is the consequence (the crash in equity markets) that Indian markets might see.'
The government has exempted units of investment trusts and ETFs issued by entities based in GIFT City or traded in exchanges there from capital gains tax. The Central Board of Direct Taxes (CBDT) notified the exemption from capital gains tax any unit of investment trust; a unit of a scheme; and a unit of an Exchange Traded Fund (ETF) launched under the International Financial Services Centres Authority (Fund Management) Regulations, 2022. Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector.
The Confederation of Indian Industry (CII) on Sunday urged Indian startups to keep their valuation "realistic" and distinguish between the goals of the organisation and its founder. "Startups may strive for long-term value creation rather than short-term valuations. "The valuations of businesses should be kept as realistic as possible," CII said in its Corporate Governance Charter for Startups.
The Bharatiya Janata Party and its allies on Tuesday welcomed the Union Budget and said it focussed on youth, farmers, women, and has 'substantial allocations' for Maharashtra, but the opposition slammed the annual financial statement, claiming it neglected the western state and only seeks to please the saffron outfit's partners in Bihar and Andhra Pradesh.
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said. After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.
From liquidity, monetary policy operations to financial inclusion, know about RBI monetary policy
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
The digital transformation should not be confined to a small part of the "human race" and its greater benefits will be realised only when digital access becomes "truly inclusive", Prime Minister Narendra Modi said at the G-20 summit on Wednesday. Modi also strongly pitched for a pledge by the G-20 leaders to work for bringing digital transformation into the life of every human being in the next 10 years so that no person is deprived of the benefits of the new technologies. In a session on digital transformation, the prime minister also said that principle of "data for development" will be an integral part of the overall theme of India's upcoming G-20 Presidency.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
Market participants attribute the stability to the Reserve Bank of India's timely intervention in the foreign exchange market, both in terms of selling and buying dollars.
To ensure seamless settlement of funds and convenience to investors, Sebi on Thursday said stock brokers should maintain current accounts in appropriate number of banks for holding clients' funds. The clarification comes after Sebi received representations regarding the issue being faced by stock brokers. They requested the regulator to issue instructions in respect of maintenance of current accounts in multiple banks.
The committee's suggestion that existing commercial banks be allowed to hold payment banks as subsidiaries is also seen as unviable by RBI and the finance ministry.
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