The IMF on Tuesday cut India's economic growth forecast by 0.5 percentage points to 9 per cent for the current fiscal year, with its chief economist Gita Gopinath saying that the slight downgrade is mainly due to the impact of the spread of the Omicron variant. "If you look at the 2021-22 fiscal year, we have a slight downgrade of -0.5 percentage points and for the next fiscal year 2022-23 we have a slight upgrade of 0.5 percentage points. So, growth for the previous fiscal year is now nine per cent and for this year now is at nine per cent. We moved it up slightly," Gopinath told reporters during a news conference in Washington. In its latest update of World Economic Outlook on Tuesday, the International Monetary Fund has cut India's economic growth forecast to 9 per cent for the current fiscal year ending March 31, joining a host of agencies which have downgraded their projections on concerns over the impact of the spread of Omicron on business activity and mobility.
Improved monsoon, solid fiscal performance, and capex push by the public and private sectors augurs well for India's macroeconomic stability and growth, the finance ministry's monthly economic review for June 2023 said. But the report said that while India's domestic fundamentals remain strong, negative cross-border spillovers and adverse global developments could act as a deterrent in achieving the high growth path this financial year. "An improved matching of aggregate supply and aggregate demand in the Indian economy underpins the progress made in the control of domestic inflation and the consequent strengthening of macroeconomic stability," the review said.
The International Monetary Fund (IMF) warned on Tuesday that India's general government debt (comprising both central and state government debt) could exceed 100 per cent of gross domestic product (GDP) in the medium term. It also cautioned that long-term debt sustainability risks are high due to the significant investment required to meet India's climate change mitigation targets. The Indian government, however, disagreed, arguing that risks from sovereign debt are extremely limited as it is predominantly denominated in domestic currency.
India's banking system is expected to remain unscathed from the troubles in Credit Suisse as it has a very small presence in the country, experts said. Although Credit Suisse is more relevant to India's financial system than Silicon Valley Bank (SVB), it has very limited operations, according to a report by Jefferies India. The Switzerland-based bank, the report said, "has less than Rs 20,000 crore in assets (12th among foreign banks), presence in the derivatives market and funded 60 per cent of assets from borrowings, of which 96 per cent are up to two months.
From the date you put in your papers, the employer will promptly freeze your salary payouts and you will get everything along with the full and final settlement.
The banking system's liquidity slipped into deficit for the first time in the current financial year (2023-24) due to the imposition of the Incremental Cash Reserve Ratio (I-CRR) for banks and outflows from goods and services tax (GST) payments, according to dealers. Reserve Bank of India (RBI) data shows it injected Rs 23,644 crore on August 21. The last time liquidity was in deficit was on March 27, when the RBI injected Rs 45,575 crore.
Low-cost carrier IndiGo has asked American aerospace manufacturer Pratt & Whitney (PW) to quickly provide engines for the airline to press its grounded planes back into service, sources said on Wednesday. The airline wants to increase its domestic frequency to fill the supply-side void created after Go First's exit, they added. Go First stopped operating flights from May 3 after filing an insolvency application with the National Company Law Tribunal.
The Reserve Bank of India on Thursday opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent.
The company at present provides monthly mobile services at starting price of Rs 24 without data, and plans with data service starts from Rs 33 onward. It did not disclose the quantum of hike.
E-sports experts say the burgeoning sector will not be affected by the Goods and Services Tax (GST) Council's recent decision to levy a blanket 28 per cent tax on online gaming, which is being viewed by the industry as a death blow to gaming companies.
With the financial year coming to an end, one needs to start proper planning for the new one.
The striking pilots are now planning to move the labour court against the airline for failing to pay their backlog.
The wife of an employee of crisis-ridden Kingfisher Airlines on Thursday allegedly committed suicide, apparently depressed over financial stress due to non-payment of salary to her husband. The wife of an employee of crisis-ridden Kingfisher Airlines on Thursday allegedly committed suicide, apparently depressed over financial stress due to non-payment of salary to her husband.
The vaccination drive was only one important part of India's globally recognised pandemic management and response strategy, observes Dr Vinod K Paul.
It emerges that Vi has probably offered good data quality despite being short on spectrum and infrastructure due to its stretched finances. Did the two companies that merged face the heat due to price wars? Probably. Did the government's tough stance in demanding its "due" share of telecom revenues hurt the company? Certainly!
Chairing a meeting to review the security situation in LWE-affected states, Shah said the Modi government has adopted a policy of zero tolerance against left wing extremism since 2014.
Over 160 people, including a number of Israeli nationals were killed in the terror attack on November 26, 2008
India's economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. "We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks," the review said. "Opec's surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
Ever wondered what financial advice would the Sarabhais of Sarabhai Vs Sarabhai churn out? Read on to know!
There are multiple laws dealing with insolvency in India, which lead to delays.
Fund managers often find themselves selling bonds at prices below their fair value to meet redemption demands. Investors are the ultimate losers in this. CDMDF aims to remedy this by stepping in and purchasing securities at their fair value in such times.
Ruia, a chartered accountant whose business ranged from sugar to textiles and heavy engineering to tyres, refused to comment on queries about his interest in Air India.
Signs of financial stress were visible when the airline reported a loss of Rs 10.40 billion.
Chirag Daruwalla, who is following in the footsteps of his famed astrologer father, the late Bejan Daruwalla, tells you.
A day after notifying a policy measure to allow foreign airlines pick up 49 per cent stake in Indian carriers, the government today said the aviation industry was in an upbeat mood as it was expecting a positive response to the move.
African joint venture Cennergi, formed six months earlier, already executing projects
The shift to a shorter T+3 settlement cycle for initial public offerings (IPOs) will be a big test of the domestic market structure, requiring players in the ecosystem to work harder to meet the squeezed timelines, according to industry insiders. The Securities and Exchange Board of India (Sebi), has announced that the transition to the T+3 cycle will be voluntary starting next month and mandatory from December 1. The new mechanism will necessitate quicker confirmations from banks and speedy verification of permanent account numbers (PANs) for all applicants.
Bernardo Silva and Jack Grealish scored three minutes apart as Manchester City came from behind to beat Premier League newcomers Luton Town.
The Bharatiya Nyaya Sanhita (BNS) Bill which is proposed to replace the British-era Indian Penal Code (IPC) does away with two contentious provisions on unnatural sex and adultery that were diluted and struck down respectively by the Supreme Court in 2018.
The Board Of Control For Cricket In India working committee decided to take a final call on the fate of the IPL franchisee, Deccan Chargers on September 15 in Chennai.
Putin said work would be completed on building storage units for tactical nuclear weapons in Belarus on July 1, a move he likened to US nuclear deployments in Europe.
rediffGURU Ashish Sehgal, who holds a doctorate in neuro linguistic programming, mental health and social welfare, offers relationship advice.
Prime Minister Narendra Modi on Monday stressed the need to make India's banks and currency an important part of the international trade and supply chain. The prime minister also exhorted financial institutions to continuously encourage good financial and corporate governance practices. Inaugurating the iconic week celebrations by the Ministry of Finance and Corporate Affairs as part of the Azadi ka Amrit Mahotsav, Modi said India has developed various financial inclusion platforms and there is a need to create awareness about them for their optimum utilisation.
A new generation of scholars -- this time, sociologists and anthropologists, who hitherto have been busy with researching social practices of primitive tribes and social structures like India's caste system -- are starting to cast their eyes on the financial sector.
Vodafone Idea's cash flow analysis indicates that its situation may remain challenging even after any relief measures, and the telco needs "meaningful capital infusion" with a long gestation period to become competitive, a report by Credit Suisse said on Wednesday. The report expects Airtel to be "well placed" in either of the scenarios, of two-private-operator sector, or three private operators post an industry repair. The note by Credit Suisse on the Indian telecom sector said there has been increasing interest among investors to evaluate valuations of Bharti Airtel and Indus Towers under two situations, in the wake of recent developments.
Throughout 2022, China turned to the PLA as an increasingly capable instrument of Statecraft, strengthening its ability to 'fight and win wars' against a 'strong enemy', points out Ajai Shukla.
e of them requires MPs to follow the norms including the Code of Ethics, which mandates them not to take gifts that may interfere with honest and impartial discharge of their official duties.
Here are some simple tips that can save you a great deal of money and reduce financial stress.
India on Tuesday told the UN General Assembly that the days when a few nations set the agenda and expected others to fall in line are over, underlining that its presidency of the G20 sought to focus on key concerns of the many, not just the narrow interests of a few.
India, he said, has already taken a host of reforms in banking and other sectors and is now focussing on stepping up public investment. "Compared to other nations, even among advanced countries, I think India is relatively better placed for the simple reason that India paid a certain price last decade... we had a banking system stress which was then compounded by stress in the non-banking financial sector towards 2018," he said at Amazon Smbhav Summit.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances