Page 333 - Economy
'India's growth potential is above 7.5%': RBI Governor Shaktikanta Das
At a Singapore forum, RBI Governor Shaktikanta Das projected that India has a growth potential of at least 7.5%, slightly above the RBI's official 7.2% forecast for 2024-25
 "'India's growth potential is above 7.5%': RBI Governor Shaktikanta Das")
PM E-DRIVE brings relief to EV industry, but lacks FAME-level incentives
Subsidy reduced because they can't be sustained indefinitely: MHI
 "PM E-DRIVE brings relief to EV industry, but lacks FAME-level incentives")
Finance ministry gives GST relief to ad agencies, automobile dealers
Another circular on supply of data hosting services was issued where such services are provided by companies in India to cloud computing service providers located outside India
 "Finance ministry gives GST relief to ad agencies, automobile dealers")
Maritime Development Fund may set sail with foreign kitty, PSU push
Centre looking for equity commitments to the Rs 30,000 crore maiden fund
 "Maritime Development Fund may set sail with foreign kitty, PSU push")
Ayushman Bharat's 70+ coverage: Minimal impact expected on health insurers
On Wednesday, the Union Cabinet expanded the health coverage under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to all senior citizens aged 70 years or above
 "Ayushman Bharat's 70+ coverage: Minimal impact expected on health insurers")
Scheme reset may not shake Centre's FY25 fiscal maths, say experts
Allocations may be via supplementary demands for grants
 "Scheme reset may not shake Centre's FY25 fiscal maths, say experts")
FPI investment in debt rebounds in September, FAR allocations lag
The investment in FAR securities had exceeded Rs 1 trillion on October 16, 2023
 "FPI investment in debt rebounds in September, FAR allocations lag")
Retail inflation inches up to 3.65% in August; IIP growth at 4.8% in July
The data released by NSO on Thursday showed that food inflation rose slightly to 5.66 per cent from 5.42 per cent in July
 "Retail inflation inches up to 3.65% in August; IIP growth at 4.8% in July")
In a first, govt to conduct yearly private capex survey from October
The annual private capex survey will run in conjunction with the annual survey of industries, which tracks output, value-added, and employment across manufacturing sector enterprises
 "In a first, govt to conduct yearly private capex survey from October")
Boost for govt spending on welfare, infrastructure as crude prices plunge
Crude oil futures dipped to the lowest this week in nearly three years, wiping out all the gains made earlier this year after seasonal demand for crude from China did not materialise as expected
 "Boost for govt spending on welfare, infrastructure as crude prices plunge")
Provide credit enhancements for civic bodies: Sebi ED Rao to NaBFID
Rao said that municipal bodies have an investment grade rating, but very few of them are rated AA and above which is considered essential by institutional investors like insurance and pension funds
 "Provide credit enhancements for civic bodies: Sebi ED Rao to NaBFID")
NPCI reports Rs 1,134.31 crore surplus in FY24, up 37% on payment services
NPCI, which operates UPI platform, earned Rs 2,693.42 crore in FY24, up 36 per cent from Rs 1,971.69 crore
 "NPCI reports Rs 1,134.31 crore surplus in FY24, up 37% on payment services")
India to lead global oil demand growth in 2024, surpassing China: IEA
Global oil demand is experiencing its slowest growth since 2020, primarily due to weak demand from China and a drop in Russia's global oil supply
 "India to lead global oil demand growth in 2024, surpassing China: IEA")
India to drive 20% of global economic growth in next decade: Amitabh Kant
He noted that the country needs to transform the lives of people living in rural areas, improve health outcomes and enhance nutritional standards to become a developed nation by 2047
 "India to drive 20% of global economic growth in next decade: Amitabh Kant")
With a letter to CMs, Siddaramaiah reignites debate on tax devolution
The Karnataka chief minister has invited states to a conclave in Bengaluru to discuss the challenges of fiscal federalism, particularly ahead of upcoming recommendations from the Finance Commission
 "With a letter to CMs, Siddaramaiah reignites debate on tax devolution")
RBI likely selling dollars to hold rupee above key support level: Traders
The rupee was quoting at 83.97 per US. dollar compared to its close at 83.9775 in the previous session
 "RBI likely selling dollars to hold rupee above key support level: Traders")
Dwindling hopes of 50 bps Fed rate cut may push rupee to all-time low
The one-month non-deliverable forward indicated that the rupee will open at 83.98-83.99 to the US dollar, compared with 83.9775 in the previous session
 "Dwindling hopes of 50 bps Fed rate cut may push rupee to all-time low")
EIL bags Rs 4,681 crore orders in FY25 so far, surpasses FY24 total
A 37% rise in the value of orders compared to the whole FY24, driven by new projects in niche chemicals and gas storage
 "EIL bags Rs 4,681 crore orders in FY25 so far, surpasses FY24 total")
Cabinet allocates Rs 12,461 crore for revised hydro projects scheme
The scheme was first announced in 2019 and builds on the initiative floated in 2016 to boost the growth of hydro power in the country
 "Cabinet allocates Rs 12,461 crore for revised hydro projects scheme")
EVs get Rs 14k crore double shot: Boost for ambulances, buses, trucks
Rs 3,435 crore PSM gets nod; will support deployment of more than 38,000 e-Buses
 "EVs get Rs 14k crore double shot: Boost for ambulances, buses, trucks")