Once bitten, twice shy, the laid-off workers, many of whom had switched to sectors like textile and agriculture, are apprehensive about returning to diamond processing. Before Diwali last year, there were about 3,000 diamond cutting and polishing units with a 600,000-strong workforce.
Economy grew at 7.9 per cent in the fourth quarter of 2015-16 taking the overall GDP growth to a five-year high of 7.6 per cent in the fiscal, mainly on account of good performance of manufacturing sector.
Industrial growth has entered the negative zone in October, two years after the global financial crisis. But Prime Minister's Economic Advisory Council chairman C Rangarajan pins hopes of a revival in the fourth quarter.
Besides reviving investor sentiments, Vasundhara Raje's regime has brought reforms in the social sector.
'What happens in the real estate market is that once the prices go up it goes on to stay at that level.' 'It might not increase and at the same time the prices will not come down too.'
A new entrant, whether a popular actor or not, has not been able to sweep the polls, as their fans had hoped for. Given a proven pattern, it should hold true for Vijay as well. Or, something drastically has to happen between now and 2026, asserts N Sathiya Moorthy.
The auto industry expects lower taxes and interest rates from Budget 2015.
Analysts believe that the worst might be over for Indian IT and the sector might just be entering a stabilisation zone. However, they caution that it will be at least a year before tech companies start growing again, even though the Indian economy might revive earlier on the back of strong consumer demand.
India's leading capital goods and engineering firms are in the midst of one of their busiest seasons, with the combined orderbook surging past Rs 8 trillion in value. As on September 30, 2023, 13 of India's top 15 listed capital goods and engineering firms, for which data for the September 2023 quarter was available, had a total orderbook worth Rs 8.45 trillion - a number unseen at least since 2018-19. "This intuitively looks like an all-time high factoring in inflation," said Anupama Arora, a senior independent analyst who tracks the capital goods sector.
In another round of economic booster, Sitharaman announced steps to help homebuyers and push exports.
Emphasising that revival of growth should be the number one priority of the RBI at this time, industry groups said apprehensions about inflation rearing its head again may prove to be misplaced.
He took a swipe at former Congress president Rahul Gandhi over his remark during a rally in MP on Monday that mobile phones in the people's pockets were "Made in China" and they should rather be "Made in Madhya Pradesh".
"Unfortunately, while homage was paid to the photos of Bapu, and he found mention in speeches for many years, Khadi, handicrafts, use of swabhasha and swadeshi were forgotten. After becoming the prime minister, Narendra Modi gave a new lease of life to all these ideas of Bapu," Shah said.
In a clear sign of the strength of the industrial comeback, excise duty collection for August registered a 22.7 per cent increase over last month, raising the government's hope of meeting the indirect tax mop-up target for the year.
Elections are not won or lost by expounding on such macro-economic matters. For the aam admi, what matters in manifestos are promises that will improve their quality of life, notes Vinayak Chatterjee.
Industrial growth in the country revived moderately to 8.8 per cent in June this year on the back of a smart recovery in the manufacturing sector and better offtake of capital goods.
'Mere fundamentals will not do the trick,' cautions former commerce secretary Rahul Khullar.
From the Sensex pack, Bharti Airtel, HDFC Bank, Titan, UltraTech Cement, ITC, Sun Pharma, Bajaj Finserv, Bajaj Finance, Hindustan Unilever and Kotak Mahindra Bank were among the major gainers. Tata Steel, Axis Bank, NTPC, ICICI Bank and IndusInd Bank were the major laggards.
The slot constraint in Indian airports is also going to play a role in pushing airlines to have wide bodies.
Recently, Hindu religious seers had threatened to boycott the ceremonial Kumbh snan if the Ganga was not clean.
Seven electric two-wheeler companies have suffered a cumulative loss of over Rs 9,000 crore on account of unpaid dues and loss of market after their subsidies were stopped last year, the Society of Manufacturers of Electric Vehicles (SMEV) said on Wednesday. These companies have also been directed by the govt to refund the subsidies availed by them. The audit by SMEV's chartered accountants indicates the total, cumulative damages to affected companies could account for over Rs 9,000 crore on a conservative basis, it noted.
Corporate leaders said a stable government at the Centre will help boost infrastructure spend, address agricultural distress, and encouraging employment.
Analysts seem to be generally pessimistic about Bharat Heavy Electricals (BHEL). Out of 15 brokerages with recommendations since May this year, two have 'buy' while five have 'sell' and eight have 'underweight'/'reduce'/'underperform'/'hold' recommendations. The average target price of the public sector undertaking (PSU) is Rs 61. However, the stock has been consistently hitting new highs, which indicates that there is some kind of valuation mismatch.
The devastating fire that gutted the four-storied building housing the marketing office of Dunlop India Ltd early this morning would have no impact on the revival plans of the company
Go First chief executive officer Kaushik Khona and tribunal-appointed interim resolution professional Abhilash Lal on Thursday reached out to the airline's staff, seeking their support for revival. While Khona said the company had taken all steps for the airline's revival, Lal put forward the view it would have to raise funds. Employee engagement took place a day after the National Company Law Tribunal (NCLT) admitted the airline's insolvency plea on Wednesday and ordered a moratorium on recoveries.
While much attention has been devoted to interest rates and industrial revival, the bigger problem for the economy could be its external vulnerability.
The Planning Commission on Tuesday said it expected industrial production to beat last year's growth and attributed the revival to various stimulus measures. His comments came after latest government data showed that factory production grew 11.7 per cent in November last year.
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
The UPA government has already come out with three stimulus packages in the last six months to give a fillip to the core sector, which has been hit by the global economic slowdown. It may announce another booster for the economy as part of the annual budget to be presented in July. The Congress in its manifesto for the 15th Lok Sabha polls had said it will continue to focus on the core sector and bring in new steps to stimulate demand in the economy.
The cement industry continues to present a puzzle to investors.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
From 50 stores Vimal Textiles aims to have 150 in 3 years.
Twenty-one sectors have done better than expected and recorded growth during the first nine months of 2001-02 in areas of production, sales and exports in the face of industrial recovery, according to a CII-ASCON survey.
The Street's optimism on India's largest listed automotive maker by market capitalisation is not misplaced, given the robust wholesale performance in recent months and the strong 2023-24 (FY24) October-December (Q3) results.
Senior officials say the government might come up with an incentive package for the SEZs following the release of Foreign Trade Policy.
The first economic readings to be published in 2015 will be out on Monday, when the government releases industrial output data for November and the consumer price index for December.
