Page 9 - Indian Economic Growth

Budget 2023 delivers on all counts; pushes hard on capex, growth

Budget 2023 has more or less maintained the ratio of size of the budget to GDP to around 15 per cent.

Union Budget to be pro-people, will boost economic growth: Basavaraj Bommai

Karnataka Chief Minister Basavaraj Bommai on Wednesday said that the Union Budget 2023 will be a "pro-people" budget that will support the growth of the economy

Jyothy Labs consolidated profit jumps 77% to Rs 67.39 cr in Dec quarter

FMCG firm Jyothy Labs Ltd has posted a 77.25 per cent jump in its consolidated net profit at Rs 67.39 crore in the third quarter ended December 31, 2022. The company had posted a consolidated net profit of Rs 38.02 crore in the same period last fiscal, it said in a regulatory filing. Consolidated revenue from operations was at Rs 612.67 crore during the quarter under review as compared to Rs 539.03 crore in the year-ago period, it added. "The business has been resilient in spite of high commodity inflation impacting the consumption across categories. We have been focussed only on execution to drive higher operating revenues and manage margins in the inflationary environment," it said. The company said it has focussed on a strategy to build scale and gain market share backed by enhanced distribution, including reaching out to newer geographies, increase brand visibility and product innovation initiatives. "We continue to drive execution-led growth to build scale. This will deliver

Infrastructure investment trust IndiGrid Q3 profit up 27% to Rs 120 crore

India Grid Trust (IndiGrid) has posted 27 per cent rise in consolidated net profit at Rs 119.78 crore for December quarter 2022-23. The infrastructure investment trust logged a net profit of Rs 94.38 crore in the year-ago period, as per a BSE filing. Total income also increased to Rs 607.06 crore in the quarter from Rs 580.96 crore in the same period a year ago. Board of Directors of IndiGrid Investment Managers Limited (IIML), acting in the capacity of investment manager to IndiGrid, on Wednesday approved distribution of Rs 3.30 per unit comprising Rs 2.8042 per unit in the form of interest and Rs 0.4958 per unit in the form of principal payment for the quarter. The record date for this distribution will be January 31, 2023, and payment will be made on or before February 9, 2023. The board also approved a proposal for raising debt up to Rs 3,700 crore for refinancing opportunities through various sources including term loans, non-convertible debentures, among others. "We have ..

As acute inequality grows, squeeze on Indian spenders is yet to lift

While India's rapid economic growth since the 1990s has undoubtedly expanded the spending capacity of its 1.4 billion people, acute and rising inequality makes for a budget-conscious median consumer

2023 to be tough on trade as global economies will slow down: GTRI to Govt

Announcement of measures like quick refund of duties, resolving inverted duty issues and bringing exports through post and courier at par with standard customs clearances in the forthcoming Budget

Kerala FM Balagopal seeks inputs to revitalise state's sagging economy

Ahead of the state budget to be presented on February 3, Kerala Finance Minister K.N. Balagopal has sought the people's suggestions to reinvigorate the sagging economy of the state

India ranked second-largest market for Singapore tourism sector in 2022

India has been ranked the second-largest tourist market for Singapore in 2022 behind Indonesia, with 686,000 Indian arrivals, according to data provided by the country's tourism authority here on Tuesday. Tourists from Indonesia, India and Australia were among the top spenders in the first nine months of 2022 with a spending of 8.96 billion Singapore dollars (SGD), Singapore Tourism Board (STB) said. India was the second-largest tourist market for Singapore in 2022 with 686,000 Indian visitors. Indonesia was the largest tourist market with 1.1 million arrivals from the country. Malaysia with 591,000 tourists was in third place. Singapore's tourism receipts are estimated to reach SGD 13.8 billion to SGD 14.3 billion for 2022 - about 50 to 52 per cent of 2019 levels, said the STB. Final figures for tourism receipts will be available in the second quarter of 2023. The STB said the number of tourist visitors to Singapore reached 6.3 million in 2022, exceeding its forecast of between

Opportunities for India amid global headwinds, says PM Narendra Modi

PM Modi underscored 'Nari Shakti' as a key driver of India's growth

Indian industry leaders expect GDP to grow at 6.5% in FY24: Survey

Sixty per cent of respondents suggested raising funds through Indian Government Bonds, DTTILLP said

Rupee to open higher on Friday as data boosts smaller Fed rate-hike bets

The rupee was likely to be around 81.20-81.30 per dollar in early trades, compared to 81.55 in the previous session

Dec services PMI at a 6-month high, thanks to stronger inflow of new biz

The headline figure has now been in the expansion zone for seventeen consecutive months since August 2021

Indian economy poised for further growth despite global headwinds: Analysts

The Indian economy recovered from the COVID-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world. India recorded a growth of 9.7 per cent in the first half of 2022-23 (April-September), as against 5.6 per cent in Indonesia, 3.4 per cent in the UK, 3.3 per cent in Mexico, 3.2 per cent in the Euro area, 2.5 per cent in ...

India has become 5th largest economy in 2022: PM Modi in Mann Ki Baat

Prime Minister Narendra Modi on Sunday addressed the last Mann Ki Baat of the year 2022 and said that this year, the country had become the world's fifth largest economy

Indian economy likely to grow at over 7% in FY23, says Arvind Panagariya

The Indian economy is likely to grow at over 7 per cent in the current fiscal year, former Niti Aayog vice chairman Arvind Panagariya said on Wednesday, while observing that the growth rate should sustain next year too provided the forthcoming Budget does not have any negative surprises. Panagariya further said recessionary fears have been around for a while but so far neither the US nor the EU has gone into recession. "From the viewpoint of India, in terms of headwinds originating abroad, the worst is probably behind us," he told PTI. Earlier this month, the RBI revised down its growth estimate for FY23 to 6.8 per cent from the earlier 7 per cent, while the World Bank revised upwards its GDP growth forecast to 6.9 per cent, saying the economy was showing higher resilience to global shocks. "Overall, I still expect us to end the current fiscal year with a growth rate exceeding 7 per cent. Next year, the 7 per cent growth rate should sustain assuming the forthcoming Budget does not

India emerging as key investment destination amid China's zero-Covid policy

As foreign investors pumped money in stocks in India over the last week, Indian benchmark Indices, the BSE Sensex and NSE Nifty, reached new highs, despite economic chaos at the global level

Budget 2023: How the finance ministry can kill many birds with one stone

The govt should shift all welfare spending into the capital spending account and call it an investment in social capital

Slower annual economic growth will be good for India, for now: Economists

India's annual economic growth is forecast to slow to about 6% for a few years, according to economists from Goldman Sachs Group Inc. and Barclays Plc.. And they say that's not such a bad thing

Dollar-rupee forward premia lowest since 2011 as US-India rate gap shrinks

Indian currency's recovery since US CPI leads to reversal of onshore-offshore arbitrage

Centre likely to raise authorised fund in NSFDC by Rs 1,000 crore

The Department of Social Justice, the nodal authority, has floated a draft cabinet note for inter-ministerial consultation