However, independent economists are not as gung-ho as the finance ministry over the likelihood of deficit target being met this time around, says Indivjal Dhasmana.
Watchdogs of the economy have not been barking and it is high time we noticed it, says Shreekant Sambrani.
As Republican and Democratic lawmakers scramble to sort out their sharp differences over the mega economic stimulus package, US President Barack Obama has said the country desperately needs it and a failure will turn the economic crisis into a catastrophe.
President Barack Obama warned that if the American Recovery and Reinvestment Act is not signed into law quickly, the economic crisis will be turn into a catastrophe. "Millions more Americans will lose their jobs. Home will be lost. Families will go without health care. Our crippling dependence on foreign oil will continue. That is the price of inaction," he said.
'If you do quick back-of-the-envelope calculation, someone earning Rs 10 lakh can get a benefit of anywhere between Rs 35,000 and Rs 45,000, even if s/he is availing exemptions.' 'A large proportion of people do not avail full exemptions as they don't have money to invest in those schemes.'
The impact of stimulus measures was evident as manufacturing grew by 10.2 per cent, electricity by 10.6 per cent in August.
Economists praise Das for his pragmatism and willingness to face challenges head on. And in doing so with the finesse of an able administrator.
The USA-India Chamber of Commerce has said the annual budget presented by the finance minister Pranab Mukherjee is a massive piece of fiscal stimulus which would spur growth and employment in the country.
Auto companies are looking forward to the continuation of incentives, including excise duty cuts, given in the two stimulus packages in the Budget 2009-10.
'The market was expecting the Budget to do more, given the domestic economic slowdown and global uncertainty. Over the next few days, the market is expected to absorb the volatility.'
While most economies contracted in the second quarter of 2020, the Chinese economy grew by 3.2 per cent.
With India's GDP clocking a lower contraction of 7.5 per cent in the September quarter, industry and experts expressed confidence of further recovery in the coming months and said the government's actions are bearing fruit. In a tweet, Vedanta chairman Anil Agarwal said, "Q2 #GDP numbers show that economy is recovering. Government's efforts on stimulus and reform are showing results. Hopefully, we will have positive growth in H2 FY21 and double digit growth in FY22."
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. The gross domestic product (GDP) had contracted by a record 23.9 per cent in the first quarter of the 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.
Jaitley is widely expected to come out with reforms on subsidy front
The finance ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.
Top losers in the Sensex pack on Friday included Bajaj Finance, ONGC, IndusInd Bank, PowerGrid, L&T, Axis Bank, NTPC, Bharti Airtel, HDFC, HDFC Bank and Kotak Mahindra Bank, falling up to 2.08 per cent.
Shah attacked Banerjee over the alleged culture of political violence in the state, saying the only industry that was flourishing in Bengal was that of "crude bombs and illegal weapons".
The surge is a stark turnaround from 2013 when the country's current account gap hit a record high due to outflows on expectations the US Fed would rein in its stimulus programme
In a major setback to the Obama Administration, Republican Senator Judd Gregg withdrew his nomination as Commerce Secretary due to "irresolvable conflicts" over the stimulus package with the US President.
External affairs minister Pranab Mukherjee, who also holds charge of the finance portfolio, minister of state for industry Ashwani Kumar and several secretaries of the key economic ministries have already indicated the government may unveil significant fiscal measures to stimulate the economy reeling under the global slowdown.
Govt is likely to find it hard to meet deficit target next year.
The rupee bounced back by four paise to close at 65.27 per dollar on fresh selling of the American currency by banks.
Alibaba's pervasive economic and social influence in China is seen as a threat to the authority of the Chinese Communist party, notes Shyam Saran.
And why markets could give up 25 per cent of all these gains made since March 2020
Sensex witnessed the biggest single day gain since May 2009 in absolute terms.
The finance minister also said he would strive to bring down high fiscal deficit of 6.8 per cent of the GDP projected for the current fiscal to 5.5 per cent in the next fiscal and four per cent in 2011-12. High fiscal deficit will force the government to borrow around Rs four lakh crore from the markets this fiscal, which many fear would crowd out private sector investment, an apprehension that led to a crash in stock markets on Monday.
With farmers incomes' increasing despite inflation nearing zero, Prime Minister Manmohan Singh on Tuesday exuded confidence that the economy would revive in a big way in 6-7 months as the stimulus packages work their way through the system in and demand expands.
The government's revenue collection from central excise, service tax and customs is likely to fall short by Rs 15,000 crore (Rs 150 billion) from the target of Rs 2,68,000 crore (Rs 2,680 billion) set for the current fiscal due to continuation of the stimulus package, the CBEC said on Monday.
The Reserve Bank of India on Friday said it will unveil the annual credit policy for 2009-10, which is expected to provide further stimulus to the economy, on April 21.
'It was because of the huge selloff in the Indian equities that the rupee fell so sharply against the dollar on Friday.'
In the next 12 months, most sectors are likely to suffer.
The government said on Sunday that public sector banks would shortly launch a package for home buyers. The government expects lower interest rates offered by the public sector banks to trigger similar moves by the private banks and housing financing companies, thereby spurring the demand for homes.
After a positive opening, the 30-share BSE Sensex suddenly faced selling pressure in late-afternoon trade. It finally settled just 5.67 points, or 0.01 per cent, lower at 39,586.41.
Trump has roped in Army Corps of Engineers to build hospitals all over the country, activated the ready reserve components of the Armed Forces and invoked the Defense Production Act to compel General Motors to accept, perform and prioritise federal contracts for ventilators.
A political cartoon depicting a chimpanzee as the drafter of the American financial stimulus bill has sparked a racial row in the United States, with Democratic leaders up in arms against the New York Post, for what they believe is an offensive reference to President Barack Obama.The cartoon, published by the right-wing Post, shows a police officer telling his colleague who has just shot a chimpanzee that 'they'll have to find someone else to write the next stimulus bill'
The 30-share Sensex ended down 151 points at 20,709 and the 50-share Nifty ended down 51 points at 6,167.
'The market won't wait for earnings to recover.'
The RBI had opened special swaps windows to attract deposits from non-resident Indians and allow oil-marketing companies to source dollars.
Sebi's move to curb volatility didn't work for the market as rules were applicable for both long and short positions which makes difficult new long positions while short positions caused more price damage due to lack of liquidity.
The economy, otherwise, is likely to expand by 6.3 per cent in the current fiscal, aided by stimulus packages and United Progressive Alliance's flagship programme National Rural Employment Guarantee Scheme, the report said. The report, prepared by Commission member Kirit Parikh views the measures announced in the interim budget as increase in public consumption and public investment.
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