Page 46 - Economy

Building boom sets up India as saviour for flagging global steel demand

Inward shipments rose 15% in April through October from a year earlier to 3.1 million tons, according to government figures

World economy is headed for recession in 2023 amid rate hikes: Research

That institution warned in October that more than a third of the world economy will contract and there is a 25% chance of global GDP growing by less than 2% in 2023

North Korean economy down 0.1% in 2021 amid prolonged Covid, sanctions

The country's real gross domestic product (GDP) fell for the second consecutive year, following a 4.5-per cent on-year drop tallied in 2020, according to the data from Statistics Korea

Pharma exports likely to touch all-time high of $27 bn in FY23 riding on EU

Better figure expected despite global headwinds; India has so far exported pharma products worth $16.57 bn during April-November this year

Dipam seeks to make dividends from PSUs part of disinvestment target

The government is half way against the disinvestment target of Rs 65,000 crore for the current fiscal year

Centre saves subsidy and wheat stocks by making PDS free, ending PMGKAY

If PMGKAY was continued beyond December 2022, at least Rs 40,000 crore would have got spent for three months (Jan to March)

Europe set the bar on Russian gas high enough to leave India unaffected

The impact of the gas price cap on India may, however, be muted as the EU, fearing disruptions to domestic gas supplies in winter, set the bar very high

After massive mandate, Gujarat's BJP-led govt eyes $1 tn economy by 2030

According to the state budget its Gross State Domestic Product is estimated to be Rs 22,03,062 crore by the end of the current financial year

S Korea's National Assembly passes 2023 budget, cuts corporate tax

It marks the first time in three years that the budget was decreased by the parliament

Japan approves 2023 draft budget at $ 862 bn with record defence allocation

Japanese govt approved a draft budget for the next fiscal year for a record 114,38 trillion yen with a record-high defence budget in the amount of 6.8 trillion yen, Japanese media reported on Friday

Canara Bank crosses business milestone of Rs 20 trn, stock down by 6.54%

Canara Bank on Friday said it has crossed the business milestone of Rs 20 lakh crore. "Canara Bank has achieved a milestone of crossing the total global business of Rs 20,00,000 crore as on 22nd December, 2022," the bank said in a regulatory filing. Stock of Canara Bank closed at Rs 291.45 apiece on BSE, down by 6.54 per cent.

ITAT recalls decision on beneficial ownership under Indo-Mauritius treaty

Assessee appealed it was denied benefit of treaty on capital gains from share transfer

India planning new rules for quicker resolution of builders' insolvency

The proposed change to the nation's Insolvency and Bankruptcy Code will permit resolution of the cases on a project-wise basis

Japan upgrades GDP growth forecast to 1.5% for fiscal year 2022-23

The Japanese government on Thursday revised upward its economic growth forecast for fiscal 2023 to a real 1.5 per cent on expectations for increased capital spending and private consumption.

Some of the world's biggest economies hunting for alternatives to US dollar

Smaller nations, including at least a dozen in Asia, are also experimenting with de-dollarization. Corporates around the world are selling an unprecedented portion of their debt in local currencies

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