Page 43 - Economy

Office leasing set to grow 10-15% in current, next fiscal year: Report

In spite of ebbing growth momentum, commercial leasing activity is likely to grow at a healthy 10-15 per cent this fiscal and the next, a report said on Wednesday. At this growth rate, commercial leasing space will touch 28-30 million sq ft (msf) this fiscal and grow further to 31-33 msf, riding on the improvement in demand as more and more employers are going back to working from office, the report by Crisil said. It added that even at this rate of growth, demand will be below the pre-pandemic high of 42 msf in fiscal 2020, but within sniffing distance of fiscal 2019 level of 34 msf. This is attributable to growing global recessionary headwinds and slower hiring in technology companies, subduing demand growth. It also said credit profiles of commercial realtors will continue to be healthy during these two years, backed by adequate leverage. The report is based on an analysis of players with over Rs 63,000 crore debt and total leasable area of 170 msf. Grade-A office space has an

Markets wilt for second day as fresh Covid worries spook investors

The Sensex slumped 635 points while the Nifty finished below the 18,200-mark on Wednesday as surging COVID cases in China and concerns over renewed outbreaks in other countries sapped risk appetite. Three cases of Omicron subvariant BF.7, apparently the strain driving China's current surge of Covid cases, have been detected in India so far, official sources said. Different sets of data modelling indicate that China could be facing a massive death toll after it lifted its stringent zero-COVID policy. Union Health Minister Mansukh Mandaviya on Wednesday reviewed the COVID-19 situation in the country and directed officials to be alert and strengthen surveillance. Declining for the second straight day, the 30-share BSE benchmark Sensex tumbled 635.05 points or 1.03 per cent to settle at 61,067.24. The broader NSE Nifty declined 186.20 points or 1.01 per cent to end at 18,199.10. IndusInd Bank was the biggest laggard in the Sensex pack, shedding 2.28 per cent, followed by Maruti Suzuki,

Micro, small industries exempted from EPR registration in Uttarakhand

In a major relief for micro and small scale industries, the Uttarakhand High Court has exempted them from the mandatory extended producer responsibility (EPR) registration for disposal of plastic waste. The decision by the bench of Chief Justice Vipin Sanghi and Justice R C Khulbe came after an organisation representing the industries informed the court that they had been kept in the ambit of the mandatory registration despite an exemption by the Central Pollution Control Board. The exemption was granted on Tuesday. Laghu Udyog Bharti, an organisation that works for small and micro industries, via its advocate informed the court that the CPCB, while amending its rules in February 2022, made EPR registration mandatory for all except the small and micro industries. However, the State Pollution Control Board has cancelled their consent to operate without EPR registration and bringing the industries in this category on the brink of closure. The court also directed the commissioners of

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China's budget deficit hits record $1.1 trillion on Covid zero slump

The lockdowns, testing and quarantine rules that were key to the Covid Zero policy put a strain on consumer and business spending, pushing the economy close to contraction in the second quarter

Jammu & Kashmir tops scheme to assist microenterprises, shows govt data

Under the central sector scheme notified in 2008, 62,808 jobs were created by 7,851 assisted projects in Jammu & Kashmir till November 30 this year

Irdai advises firms about minimum rate rule for reinsurance treaties

Regulator's instruction is about burning or break-even cost calculated to estimate the expected losses for a policy

Centre develops new metrics for imports after reports of under-reporting

In November, media reports emerged showing a $12 billion mismatch in the Indian and Chinese trade figures between January and September

Bank of England unveils its first banknotes featuring King Charles III

The notes are expected to enter circulation in mid-2024

BS BFSI Insight Summit 2022: Leading economists to discuss recession fears

From Aditi Nayar the Chief Economist at ICRA to Mridul Saggar, professor of practice, IIM Kozhikode; formerly MPC Member and RBI ED, here is the full list of economists on BFSI panel

The race to $1trillion economy among states: Who gets there first?

The bigger the state's economy, the better placed it is to reach that proverbial milestone

Note in circulation rise 8% annually to Rs 32 trillion: Finance Minister

Finance Minister Nirmala Sitharaman on Monday said note in circulation (NiC) has witnessed an annual growth of 7.98 per cent to Rs 31.92 lakh crore as of December 2, 2022. The demand for currency depends upon several macroeconomic factors, including economic growth and level of interest rates, she said in a reply to the Lok Sabha. The quantum of cash or banknotes in the economy depends on the requirement for meeting the demand for banknotes due to GDP growth, inflation, replacement of soiled banknotes and growth in non-cash modes of payment. She stressed that the mission of the government is to move towards a less cash economy to reduce the generation and circulation of black money and to promote the digital economy. Both the government and RBI have taken measures to promote a less cash economy and encourage digital payment, she said. With regard to 'Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions', she said the RBI has advised banks to ensure that ...

Interest settlement part of indirect tax scheme with some riders: HC

Tax authorities' order not allowing disputes arising out of interest payment for resolution quashed

Centre to levy import duties on non-essential items as exports fall: Report

The government is also looking for ways to separate commodities that come under the same Harmonized System of Nomenclature (HSN) code for imposing duties

Indicators suggest Pak's economic situation would worsen in future: Report

Pakistan's economy still remains critical and several economic indicators suggest that the situation could get worse. Food shortage, depleting energy, and foreign reserves may create a bigger problem

IMF approves deal to provide $3 bn support package to cash-strapped Egypt

The International Monetary Fund has approved a deal that will provide a USD 3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in additional USD 14 billion in financing for the Middle East country. The announcement from the IMF's executive board late on Friday comes after a preliminary agreement was reached in October between Egypt and the fund, hours after Egypt's central bank introduced a series of reforms, including a hike in key interest rates by roughly 2 percentage points. The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine, events that have played havoc with global markets and hiked oil and food prices worldwide. Egypt is the world's largest wheat importer, most of which came from Russia and Ukraine. The country's supply is subject to price changes on the international market. The deal announced on Friday known as an Extended Fund Facility Arrangement is expected to

Finnish economy to fall into mild recession in 2023, says central bank

A surge in the cost of living, and the energy crisis exacerbated by the conflict in Ukraine, have accelerated a looming recession, the bank said

Windfall profit tax on crude slashed; tax on diesel, ATF export cut

The government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a decline in global oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut steeply to Rs 1,700 per tonne from Rs 4,900, the order dated December 15 said. Crude oil pumped out of the ground and from below seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 5 per litre from Rs 8 and the same on overseas shipments of ATF to Rs 1.5 a litre from Rs 5. The new tax rates are effective from December 16. The reduction in tax rates follows a 14 per cent slump in global crude oil prices since November. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, exp

Exports rise marginally to $32 bn in Nov; trade deficit lowest in 7 months

Imports at 10-month low of $55.88 billion, trade deficit lowest in 7 months

Indian steel mills hopeful as demand rises, China eases Covid curbs

Prices have plummeted some 29% in domestic market after peaking in April