Page 31 - Economy

Out of 343 CEOs in S&P 500 companies, only 20 were women, shows study

AP and Equilar conducted a compensation survey of the S&P 500 companies

India's growth rate underscores resilience amid global challenges: PM Modi

Prime Minister Narendra Modi on Wednesday said the Indian economy's annual growth rate of 7.2 per cent underscores its resilience amidst global challenges. This robust performance along with overall optimism and compelling macro-economic indicators, exemplify the promising trajectory of our economy and the tenacity of our people, he tweeted. India's economy grew by 6.1 per cent in the January-March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent on account of better performance by agriculture, manufacturing, mining and construction sectors, official data showed. The growth propelled the Indian Economy to USD 3.3 trillion and set the stage for achieving the USD 5 trillion target in the next few years.

GDP data shows Indian economy moving at faster pace, says experts

GDP data released on Wednesday clearly indicates that the Indian economy is moving at a faster clip from the March quarters onwards, with sectors like manufacturing and agriculture pushing the overall economic activities, according to industry associations and experts. The economy grew by 6.1 per cent in the March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent. The growth has propelled the country's economy to USD 3.3 trillion, setting the stage for achieving the USD 5 trillion target in the next few years. In 2021-22, the economy grew by 9.1 per cent. "Looking into the fine print of the GDP data for 2022-23, a clear signal is available that the Indian economy has moved at a faster clip from the fourth quarter of FY23 in key sectors like manufacturing, construction and financial services," industry body Assocham's Secretary General Deepak Sood said. Going forward, he said the momentum is likely to continue given softening of raw material prices, including crude

GDP preview: Why is India likely to retain fastest-growing economy tag

Growth in services and manufacturing and private investment rebound likely to have helped economy in Q4

Share of salaried women workers declines to 2-year low in March quarter

Though the share of women in primary sector employment which includes agriculture and allied activities declined in the March quarter, it still remained elevated at 9.3 per cent

Growth momentum to hold amid easing inflation, says RBI annual report

Government capex increase in recent years expected to spur higher private investment in 2023-24, it says

India looking at low fertiliser subsidy burden, less urea import in FY24

Urea is the most widely consumed fertiliser in the country, which is followed by DAP

Advance estimates fail to gauge economy correctly in periods of uncertainty

Advance estimates have varied from actual numbers during 2008 crisis, Eurozone crisis, 'policy paralysis' and Covid lockdown years

Angel tax: Experts seek 10% safe harbour for convertible preference shares

The I-T department's draft rules on valuation of funding in unlisted startups for calculating 'angel tax' will bridge the gap between the rules outlined in FEMA and the Income Tax, but the 10 per cent safe harbour which is proposed for equity investment should be extended to convertible preference shares, experts said. The Central Board of Direct Taxes (CBDT) on May 26 issued draft rules providing more flexibility for valuation of equity investments made in unlisted startups. For non-resident investors the valuation methods provided under the rules are: book value or net asset value method, valuation by a merchant banker using DCF (discounted cash flow), and valuation at which a venture capital fund/specified fund has invested in a Venture Capital Undertaking (VCU). Additionally, a 10 per cent leeway or safe harbour is provided where investment valuation is 10 per cent more than the valuation determined under above rules. On Friday, the CBDT invited suggestions from stakeholders on

UP CM unveils statue of ex-Union minister Madhavrao Scindia in Mainpuri

Uttar Pradesh Chief Minister Yogi Adityanath unveiled the statue of Madhavrao Scindia in Mainpuri on Friday and described the former Union minister as a "rising figure in the country's politics" before his untimely death in a plane crash 22 years ago. Congress leader and scion of the Gwalior royal family Madhavrao Scindia died in a plane crash near Bhaisroli village in Uttar Pradesh's Mainpuri district on September 30, 2001. Addressing the ceremony to unveil the statue on Friday in the presence of Madhavrao Scindia's son Union Minister Jyotiraditya Scindia, Adityanath said that the Gorakhnath Peeth has centuries-old relationship with the Gwalior royal family. "Madhavrao Scindia was a rising figure in the country's politics and everyone was shocked by the tragedy in 2001. People of every caste, creed, religion, sect and leaders cutting across political lines had paid their heartfelt tributes to him," the Uttar Pradesh chief minister said. At the event, Adiytanath assured the people

Germany enters recession: What went wrong with Europe's largest economy?

According to Germany's statistics agency, the economy contracted by 0.3 per cent in the first quarter of the year, following a 0.5 per cent contraction in the final three months of 2022

India to be a developed country by 2047, economists agree on roadmap: SKOCH

/ -- Dr Bibek Debroy, Chairman, Economic Advisory Council to Prime Minister Narendra Modi, projects that India will grow comfortably at a real rate of 7.5% to pass through the upper-income category and approach the high-income status by 2047. Dr C Rangarajan, former Chairman, Economic Advisory Council to Prime Minister, calculates that India would need to grow at a real rate of 6.18-6.74% to achieve the status of a higher-income country by 2047. Both economists arrive at similar numbers though they take different starting figures and currencies to project their calculations in their papers on macro-economic essentials. Twenty-three renowned economists have detailed their roadmap to India 2047 in the book 'India 2047 High Income with Equity', put together by Mr Sameer Kochhar, Chairman, SKOCH Group, Reforms Historian and Author of ModiNomics. Mr Sameer Kochhar says, "It has always been my attempt to grasp the full magnitude of the direction given by the Prime Minister and translate i

There are downside risks to growth due to external sectors, weather: FinMin

There are downside risks to growth and upside risks to inflation, partly channelled through the external sector and partially originating from weather uncertainties, the finance ministry said in a report on Monday. Consumption has shown steady and broad-based growth, while investment in capacity creation and real estate is finding traction, said the April edition of the Finance Ministry's Monthly Economic Review. "April is too early to forecast the economic outcomes for the entire year. A good beginning, though, is a harbinger of positive outcomes," it said. Observing that the FY24 for the Indian economy opened on the back of strong activity witnessed in the last quarter of the previous fiscal, the report said GST collections in April, which marked the commercial activity of the last month, underwent a level shift pushed up by the widening of the tax base and heightened economic activity. Index of Industrial Production (IIP) and Eight Core Industries Index (ECI) averaged steady gro

Economy likely to see downside risks to growth, upside risks to inflation

Economy is likely to see downside risks to growth and upside risks to inflation, partly due to challenges in country's external sector as well as weather-related uncertainties, finance ministry said

El Ninos cost trillions of dollars with lasting economic scars: Study

The natural burst of El Nino warming that changes weather worldwide is far costlier with longer-lasting expenses than experts had thought, averaging trillions of dollars in damage, a new study found. An El Nino is brewing now and it might be a big and therefore costly one, scientists said. El Nino is a temporary and natural warming of parts of the equatorial Pacific, that causes droughts, floods and heat waves in different parts of the world. It also adds an extra boost to human-caused warming. The study in Thursday's journal Science totals global damage with an emphasis on lasting economic scars. It runs counter to previous research that found, at least in the United States, that El Ninos overall aren't too costly and can even be beneficial. And some but not all outside economists have issues with the new research out of Dartmouth College, saying its damage estimates are too big. Study authors said the average El Nino costs the global economy about $3.4 trillion. The strong ...

Current account deficit to narrow to $53 billion in FY24: Acuite Ratings

Credit rating agency Acuite Ratings & Research said it expects India's current account deficit to narrow to $53 billion in FY24.

Here's how much wealth you need to join the richest 1% across globe

Switzerland and Australia have the next highest entry points to the 1%, requiring net worth of $6.6 million and $5.5 million, respectively, according to data released Wednesday

India to be Sri Lanka's key partner as Colombo looks at economic growth

India was Sri Lanka's main partner in helping it deal with the economic crisis last year and the country will remain a key ally as Colombo looks at a growth path, island nation's envoy Milinda Moragoda said on Tuesday. On China's attempts to expand influence over Colombo, Moragoda said India-Sri Lanka relationship is too important to be measured in the context of a third country. "We have to get back to the growth path. Growth is the key aspect. For that, India becomes a key partner. India was our main partner last year in helping stabilisation of our economy with different instruments," he said. "For the revival of the economy too, India will be an important partner. We have to diversify our sources of income when it comes to exports and foreign exchange earnings," the envoy said. Moragoda made the remarks during a media interaction at the Foreign Correspondents' Club Of South Asia here. India extended financial assistance worth around USD 4 billion to Sri Lanka, including lines

Himachal govt taking prudent measures to boost rural economy: CM Sukhu

Chief Minister Sukhu said that the state government had started to fulfil the election promises made by the Congress party during state elections

Australian consumer confidence hits lowest since April 2020: Report

The report underlined that -39 is the biggest net negative on this question in the history of the survey