The country's CAD stood at 5.4 per cent of GDP during April-December period of financial year 2012-13 amounting to $72 billion.
Some say the MPC will raise the rate, while others are of the view that there is already de facto interest rate tightening through rising bond yields, which might prompt the central bank to go for a pause.
External Affairs Minister S Jaishankar is set to hold separate bilateral talks with his Chinese counterpart Qin Gang and Russia's Sergey Lavrov at a beach resort in Goa on Thursday on the sidelines of a conclave of the Shanghai Cooperation Organisation (SCO) amid rapidly evolving regional security situation.
Overall trade with China grew by about 66 per cent during the period, raising hopes of achieving the trade target of $60 billion this year.
Don't be surprised if growth in the second half of the financial year drops below 4%, which is where it was in the year before the pandemic, warns T N Ninan.
Pragmatism and flexibility is a virtue. An untethered and short-term approach to policymaking is a flaw, argues Mihir S Sharma.
The President said that because of the policies of the government foreign investment has increased from $36 billion to $60 billion during the period.
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
Keen to capitalise on the growing geopolitical support from African nations after the recently concluded G20 Summit, India is working with the African Union to hold the fourth India-Africa Forum Summit later this year in Kenya's Nairobi, sources said. Prime Minister Narendra Modi is expected to attend the mega meet along with as many as 50 African leaders, they added. First held in New Delhi in 2008, the India-Africa Forum Summit marked India's initial diplomatic efforts to seek a comprehensive partnership with the African bloc of nations as a whole, at a time when China had begun its own outreach.
Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
High crude oil prices, widening current account gap and political uncertainty may keep the rupee weak in the near term.
'The finance ministry and the RBI will never admit to the difficulties in the economy because if they do so, it will adversely impact the financial markets, etc.' 'They like to present a rosy picture that everything is fine and under control.'
The rupee rose notwithstanding weakness in local stocks with Sensex paring 110 points gained in early trade and closing 19 points lower while dollar firmed against euro.
NITI Aayog vice chairperson Rajiv Kumar tells Indivjal Dhasmana that additional funds could be generated through divestment, and that the fiscal deficit should be widened while focusing on the revenue deficit.
It has mostly been a one-way street for markets that have moved up sharply since July. The front-line indices - the S&P BSE Sensex and the Nifty50 - have gained 6.7 per cent and 7.3 per cent, respectively, in the past three months. The rally in mid- and small-caps has been sharper, with both indices surging 14 per cent and 9 per cent, respectively, during this period. This sharp run has made analysts at Jefferies cautious.
Markets erased early morning gains towards the end of the day and ended flat. The Sensex dropped to a low of 17,182 after trading in a range bound fashion for most part of the day. The BSE benchmark index ended down 19 points at 17,214. Nifty ended down eight points at 5,227.
'This novel format of diplomacy -- the informal summit -- will not only facilitate bilateral communication and reduce miscalculations at the very top level of the two governments, but possibly open the space for China and India to speak in one voice on various issues of mutual concern,' note Feng Renjie and Ding Kun Lei
India's demand for petroleum products like petrol and diesel will grow by 7.73 per cent in 2022, the fastest pace in the world, an OPEC report said. India's demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2021 to 5.14 million bpd in 2022, OPEC said in its monthly oil report. The growth in demand is the fastest in the world ahead of 1.23 per cent of China, 3.39 per cent of the US and 4.62 per cent of Europe.
Markets ended in the red after a lacklustre session of trade, owing to soft cues from global peers. The Sensex after touching a high of 17,912, slipped back into the red and ended at 17,847 - down 38 points. Nifty ended down eight points at 5,413.
Trump has long accused China of manipulating its currency to make its exports more competitive globally.
India is the largest importer of gold after China.
The government and the central bank launched a series of measures this year to curb the country's appetite for gold as India battled a ballooning trade deficit and a weak currency.
In a bid to enhance its equity exposure and earn higher returns for its nearly 65 million subscribers, the Employees' Provident Fund Organisation (EPFO) is considering reinvesting 50 per cent of its exchange-traded funds (ETFs) redemption proceeds back into equity. Sources close to the development said a proposal regarding this was discussed in the investment committee (IC) meeting in October last year, and the recommendation has been sent to the Central Board of Trustees (CBT), the apex decision-making body of the EPFO for its approval. The next CBT meeting is scheduled to be held on Saturday.
The study also pegs India as the country having highest external political risks.
Focus should be on integrating India into regional trade blocs and helping professional services transcend borders.
Heavyweights in financial and It space lead the upmove in noon trades.
India's merchandise exports crossed the government's target of $300 billion in the last fiscal and reached $303.7 billion. But according to Commerce Secretary Rahul Khullar, the present fiscal is going to be tougher.
In an address at the Indian Council of World Affairs, he said Nepal wants to take the relations with India to the next level, but at the same time added: "We should be mindful equally that healthy relations require continuous nurturing, creative thinking, promptness and readiness to understand each other in changing dynamics."
The relationship between India and China experienced both highs and lows in 2013 with high-level visits and the inking of a pact to defuse recurring border stand-offs after incursions by Chinese troops dented bilateral ties. PTI's K J M Varma reports from Beijing.
The agenda prepared by ministers will be discussed by Prime Minister Narendra Modi and other RCEP leaders in Nonthaburi, a city north of Bangkok, on November 4, the official deadline to close talks.
Overnight, the Dow Jones industrial average rose 0.4% to 13,253 and the Standard & Poor's 500 Index advanced 0.6% to 1,403 at close.
India's current account deficit is expected to deteriorate in the current fiscal on account of costlier imports and tepid merchandise exports, according to the Finance Ministry's monthly economic review. The review released on Thursday by the ministry also said that global headwinds would continue to pose a downside risk to growth as crude oil and edibles, which have driven inflation in India, remain major imported components in the consumption basket. For the present, it said, "their global prices have softened, as fears of recession have dampened prices somewhat. This would weaken inflationary pressures in India and rein in inflation."
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
Govt mulls raising duty on non-essential goods with annual import bill exceeding $1 billion
Centre shows optimism of achieving the target of 4.1% at back of recent measures and turn around in manufacturing.
Whether this remains under control in the coming months will depend on the future intensity and spread of the Russia-Ukraine war, and the effectiveness of the Indian government's response, points out A K Bhattacharya.
The Securities and Exchange Board of India (Sebi) might relax the disclosure norms around rumour verification to help smooth implementation and ease compliance amid pushback from India Inc, said people in the know. The rule has been notified following amendments to the Listing Obligations and Disclosure Requirements (LODR) by Sebi. However, its implementation has been deferred until February.
India is scrambling to crack down on a new gold smuggling tactic that it fears could accelerate a flood of illegal imports of the precious metal into the world's second-biggest buyer.
Former prime minister Manmohan Singh said India is poised to take advantage of globalisation and engage in trade to finance its imports through exports.
