The country's banking system, while remaining "resilient" with bad loans at over a decade low and strong capital buffers, will continue to face intense competition from non-bank sources for resource mobilisation, said the Reserve Bank of India's (RBI's) Trend and Progress of Banking in India 2024-25 report.
In a double-dose bid to boost growth and employment prospects, the Union Cabinet on Tuesday approved a Rs 2.07 trillion outlay for a research development and innovation (RDI) Scheme to fund private sector innovations, and an employment-linked incentive (ELI) to create over 35 million new jobs over the next two years.
The department of economic affairs, in its Monthly Economic Review for September, said critical reforms undertaken by the government will put India to a strong and sustainable growth path in the long run.
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Prime Minister's key economic advisor C Rangarajan on Friday lowered the growth forecast for the current fiscal to 5.3 per cent from 6.4 per cent projected earlier and listed out host of measures, including further liberalisation of FDI norms to improve economic condition.
'Indian equity valuations, although not very expensive, are not cheap either.'
'While intensification of fuel prices and broad-based domestic cost pass-through pressures is a downside risk, core inflation is expected to strengthen further as demand recovers to pre-Covid levels,' the ministry said on Friday.
BSE Healthcare index slumped by nearly 2% followed by counters like Consumer Durable, Banks, Oil & Gas and PSU shares, all falling down by 1% each.
Despite a slowing economy, the Budget does not envisage any major stimulus through the budgeted fiscal deficit figures, said Goldman Sachs.
In the current cycle, the capital inflows have been even larger, resulting in a much higher growth push. During the 1990s cycle, the capex cycle recovered sharply from lows with the support of positive sentiment for emerging markets.
The GST bill was earlier planned to be introduced from April 1.
Rising bullion prices was no deterrent to the Indian gold jewellery segment in India as sales soared in the third quarter of the current fiscal (Q3).
A Chinese government newspaper accuses the Modi government of manipulating economic data to project the 'myth' that India has caught up with the US and surpassed China.
'One of the biggest issues the Indian economy faces right now is of job creation...' 'The nexus between growth and employment has to be closed...' 'In the absence of a manufacturing expansion, the alternative is to have the service sector as the driver of both GDP as well as employment growth.'
Sensex plunges 322.39 points to over 1-month closing low of 27,797.01; Nifty tumbles 97.55 points to 8,340.70.
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