Page 34 - Economy

5 states project their economies to grow slower than national GDP in FY'23

So far, only 15 states have revealed their projections for the gross state domestic product for 2022-23

Atomic Wallet faces security breach, loses over $35 mn in crypto

Atomic Wallet, a mobile and desktop crypto wallet allowing users to store various cryptocurrencies, has experienced a security breach and lost over $35 million in crypto assets since June 2

May services PMI at 61.2 as demand remains resilient amid rising inflation

India's headline figure has been in the expansion zone for 23 months straight since August 2021

Rupee set to touch 83-per US dollar mark if RBI remains on hold this week

Thursday's policy review will help shape the rupee's fortunes, with traders expecting little reprieve after the currency fell under the weight of a stronger greenback in May

Opec+ members reach agreement to extend production cuts into 2024

Negotiations dragged on as some African producers objected to demands that they give up some of their output quotas

379 infra projects show cost overruns of Rs 4.64 trillion in April

As many as 379 infrastructure projects, each entailing an investment of Rs 150 crore or more, have been hit by cost overruns of more than Rs 4.64 lakh crore in April 2023, an official report said. According to the Ministry of Statistics and Programme Implementation, which monitors infrastructure projects worth Rs 150 crore and above, out of 1,605 projects, 379 reported cost overruns and as many as 800 projects were delayed. "Total original cost of implementation of the 1,605 projects was Rs 22,85,674.25 crore and their anticipated completion cost is likely to be Rs 27,50,591.38 crore, which reflects overall cost overruns of Rs 4,64,917.13 crore (20.34 per cent of original cost)," the ministry's latest report for April 2023 said. According to the report, the expenditure incurred on these projects till April 2023 was Rs 14,13,592.88 crore, which was 51.39 per cent of the anticipated cost of the projects. However, it stated that the number of delayed projects decreases to 598 if dela

SCO summit being held virtually after taking factors into account: India

Amid speculations over India's decision to hold the SCO summit on July 4 in a virtual format, the government on Friday said that it was never announced that the meeting would be held in person

India's forex reserves fall for second straight week at $589.14 billion

Reserves had fallen by $6.05 billion in the week ended May 19, the biggest fall in more than three months

As interest rates climb, Sweden's central bank fears financial stability

Due to high inflation and increasing interest rates, Sweden's financial stability is strained and the risks are increasing, the country's central bank (Riksbank) said in a report

Govt to build a developed India by 2047, focusing on all sectors: Rajnath

With great power comes great responsibility, Defence Minister Rajnath Singh said on Friday quoting a famous dialogue from Hollywood blockbuster "Spiderman" to emphasise that India's responsibility will increase in sync with its rising global stature. In an address at an event, Singh also noted that when India emerges as a superpower, it will have to ensure that universal values like democracy, religious freedom, dignity of human beings and global peace are established all over the world. The defence minister said the government is working to build a developed India by 2047, focusing on almost all sectors of the country. Talking about the political landscape in the country, Singh said that political parties are integral to democracy and it cannot survive without them. At the same time, he rued that many political parties in India do not operate based on any ideology and their politics revolve around a person or a family or a caste. "I think such politics should have no place in a ..

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