The IMF on Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection. This is reflective of the "momentum" from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment, the International Monetary Fund (IMF) said. "Growth in India is projected at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection," it said in its latest update of the World Economic Outlook.
Fondly remembering the contribution of retiring members from the Rajya Sabha, Chairman Jagdeep Dhankhar on Thursday said the wisdom shared by them would be greatly missed and their departure would leave a void.
The sector may be overcrowded with a fair number of large players and the entry of the Adani Group through its two key acquisitions, followed by the takeover of majority stake in Sanghi Industries via Ambuja Cements. Since every major player is in expansion mode, there could be a capacity surplus and hence, price wars.
To do so, the government will have to tackle a number of broad development challenges successfully, says Shankar Acharya
The contracts for the procurement of the platforms and weapons systems were signed in the presence of Defence Minister Rajnath Singh and defence secretary Giridhar Aramane, under whose guidance these deals fructified, an official readout said.
Retailers claim online firms' predatory pricing strategy disrupting business
...Even if it means less democracy, so that their everyday problems get solved? argues R Jagannathan.
'Investors should focus on largecap funds, flexicap funds, business cycle funds, or hybrid-category funds.'
Consumer goods firms and auto companies are witnessing an upturn in rural demand, which had been lagging for most of FY24. Expectations of a bumper rabi crop harvest have helped turn the tide. The Reserve Bank of India's (RBI's) Monetary Policy Committee kept the repo rate unchanged last week, noting that as rural demand catches up, consumption is expected to support economic growth in 2024-25.
Traders said sentiment in gold remained bearish as the metal extended a decline from the highest level in more than three months in global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cuts.
President Kovind, who arrived in Dhaka earlier in the day on his maiden State visit at the invitation of his counterpart M Abdul Hamid to attend the golden jubilee celebrations of Bangladesh's independence from Pakistan in 1971, held delegation-level talks with him which was followed by a banquet.
'US officials must grapple with the possibility that one of its closest partners attempted an extrajudicial killing on its soil.' 'This is not something that friends typically do to friends.'
The Reserve Bank on Friday retained the inflation forecast for 2023-24 at 5.4 per cent, and vowed to take timely measures to prevent any spillovers of global food and fuel price shocks. Stressing that the Reserve Bank has identified high inflation as a major risk to macroeconomic stability and sustainable growth, Governor Shaktikanta Das said the September retail inflation number may be lower than August and July prints. The headline inflation based on Consumer Price Index (CPI) moderated to 4.6 per cent in first quarter of 2023-24 as compared to 7.3 per cent in the same period a year ago.
In a tightening cycle, a premature pause in monetary policy action would be a costly policy error, Reserve Bank Governor Shaktikanta Das opined while voting along with five other members of the MPC for raising the key lending rate by 35 basis points earlier this month, according to the minutes of the meeting released on Wednesday. Prior to the December hike in repo rate, the RBI had raised the key short-term lending rate by 190 bps in four tranche.
Snapping its declining trend, retail inflation rose to a three-month high of 5.55 per cent in November on firming food prices, including vegetables and cereals, though it remains within the RBI's comfort zone of less than 6 per cent. Inflation based on the Consumer Price Index (CPI) was 4.87 per cent in October and 5.88 per cent in November 2022, the government data released on Tuesday showed. The previous high was 6.83 per cent in August and inflation had been on a decline since then.
Pakistan's polity does not have the capacity to sustain a normal relationship with India, former foreign secretary and national security advisor Shivshankar Menon has said as he characterized relations between the two nuclear-armed neighbors as "managed hostility".
If Tamil Nadu voters preferred the DMK combine, it owed to the Modi-Annamalai combo's ideological battle which often crossed the line of political decency and also challenged 'Tamil pride', argues N Sathiya Moorthy.
Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
India's economic growth will be above 6 per cent in the current fiscal as the country has managed to strengthen its macroeconomic stability and performance even in a period of large global shocks, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said on Monday. Goyal further said that a global slowdown reducing India's export growth, geopolitics fueling oil and food prices, and erratic weather are some of the continuing risks that the country faces. "India has managed to strengthen its macroeconomic stability and performance even in a period of large global shocks.
While the responses of the candidates were predictable, depending on which side they belonged to, an interesting point slipped through when Rahul Shewale cited the Dharavi Redevelopment Project as a scheme that would add to Mumbai's importance. No big infrastructural project in Mumbai, he said, could be successful without the Centre's nod.
In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024. This follows Indian equities witnessing the worst-ever net outflow of Rs 1.21 lakh crore by FPIs in 2022 on aggressive rate hikes by the central banks globally after net inflows for three consecutive years.
The new government that presents the full Budget for 2024-2025 in July should be ready to restructure the way divestment is managed and implemented, proposes A K Bhattacharya.
The guidelines for regulating coaching institutes have been framed to address the need for a legal framework and manage the unregulated growth of private coaching centres.
Prices may go up because of higher energy costs, caused by the rise in shipping charges, with commercial vessels taking a longer route to avoid the troubled Red Sea region, the finance ministry said on Monday. Iran-backed Houthi rebels of Yemen are repeatedly attacking ships in the Red Sea. While the global economy is grappling with challenges such as sticky inflation, sluggish growth, and mounting fiscal pressure, India's external sector could face "potential risks" due to the ongoing geopolitical tensions, according to the finance ministry's report on the review of the Indian economy.
If the pattern over the last three months is going to continue, the likelihood is that both indices will register inflation rates close to current levels over the next few months.
'Higher valuation remains the only spoiler for equities.'
The decline of over 5 per cent in PB Fintech's shares (the parent company of PolicyBazaar) in the past two days presents an opportunity for long-term investors to consider buying the stock, suggest analysts. By comparison, the benchmark S&P BSE Sensex has remained flat during the same period with a negligible gain of 40 points, or 0.06 per cent. Analysts believe that the recent selling is "overdone", as the company behind the online insurance portal remains committed to achieving profitability, and the potential threat from the government's online insurance portal, Bima Sugam, might be embellished.
Delhi Chief Minister Arvind Kejriwal on Wednesday skipped the third summons by the Enforcement Directorate (ED) in connection with the Delhi excise policy case and cited Rajya Sabha polls, Republic Day preparations and the probe agency's 'non-disclosure and non-response approach' as reasons for not appearing before it.
This is the fourth consecutive time that the RBI has kept key interest rates unchanged despite clamours from the industry to cut rates to boost economy.
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.
"We have to stand in readiness to go beyond keeping Arjuna's eye to deploying policy instruments, if necessary" to contain inflation, said Reserve Bank Governor Shaktikanta Das on Thursday. Headline consumer price index-based inflation projection for the second quarter of 2023-24 has been revised up substantially, primarily due to the price shock from vegetables, at 6.2 per cent by the RBI form 5.2 per cent estimated in June. Unveiling the bi-monthly monetary policy, Governor Das said the moderation in headline inflation to 4.6 per cent in the first quarter of 2023-24 was in line with the projections set out in the June MPC meeting.
The central bank was widely expected to maintain status quo.
The banking system liquidity bounced back to surplus mode after three weeks, the Reserve Bank of India (RBI) data showed. This was due to government spending, according to dealers. The liquidity situation could further ease with the disbursement of the last tranche of incremental cash reserve ratio (I-CRR) worth Rs 50,000 crore on Saturday.
The Reserve Bank of India on Friday slashed the growth projection to 7 per cent for the current fiscal from the earlier forecast of 7.2 per cent, citing aggressive tightening of monetary policies globally and moderation in demand. Unveiling the fifth monetary policy for this fiscal, RBI Governor Shaktikanta Das said the central bank remains committed to price stability to put the country on the sustained path of growth.
The services sector growth in India rose to a 13-year high in September on sharp increase in new business amid strong demand conditions, and job numbers continued to increase as overall business mood improved, a monthly survey said on Thursday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 60.1 in August to 61 in September, signalling a sharp upturn in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
India is well positioned to lead the global transitions of digital and artificial intelligence, energy, value supply chains, and the country's growth journey will shape the world's future, B20 India chair N Chandrasekaran said on Friday. In his address to the B20 Summit India 2023, Chandrasekaran, who is also the chairman of Tata Sons, asserted that India stands as a beacon of growth and positively stands out in the global economy, which is facing strong headwinds, tightest rate cycle in decades and record levels of public debt. "The world is currently navigating through three important fundamental transitions.
Finance Minister Nirmala Sitharaman on Thursday said the government will consider the Production Linked Incentive (PLI) scheme for Chemicals and Petrochemicals sector to make India a manufacturing hub for such products. In view of stringent pollution control regulations and rising labour cost, she said, global manufacturers in the chemical industry are looking at diversifying their products and production capability and India stands out as an alternative destination for manufacturing. Besides, India offers a large domestic market, she said while addressing the third edition of the summit on 'Global Chemicals and Petrochemicals Manufacturing Hubs in India'.
In a post on X, Modi said, "Happy to have welcomed @POTUS @JoeBiden to 7, Lok Kalyan Marg. Our meeting was very productive."
Union Home Minister Amit Shah said Prime Minister Narendra Modi government's message is loud and clear that anyone acting against the unity, sovereignty, and integrity of the nation will not be spared and face the full wrath of the law.
China on Thursday told Pakistan's new Prime Minister Shehbaz Sharif that it will always put its "all-weather ally" as a priority in its neighbourhood diplomacy as it praised his commitment to promote the USD 60 billion CPEC initiative.
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