Page 103 - Indian Economy

Q1 GDP data: Investment growth comes up short despite govt capex push

This was despite heavy capital expenditure by the Centre. That grew 57 per cent at Rs 2.8 trillion in the Q1 of FY'24 year-on-year

Fiscal deficit touches 33.9% of full-year target at end-July: CGA data

The Centre's fiscal deficit in the first four months of 2023-24 touched 33.9 per cent of the full-year target, government data showed on Monday. In absolute terms, the fiscal deficit -- the gap between expenditure and revenue -- was Rs 6.06 lakh crore as of end-July, according to the data released by the Controller General of Accounts (CGA). The deficit stood at 20.5 per cent of the Budget Estimates (BE) in the corresponding period of the financial year 2022-23. In the Union Budget, the government projected to bring down the fiscal deficit to 5.9 per cent of the gross domestic product (GDP) in the current 2023-24 financial year. The deficit was 6.4 per cent of the GDP in 2022-23 against the earlier estimate of 6.71 per cent. Unveiling the revenue-expenditure data of the Union government for the April-July period of 2023-24, CGA said the net tax revenue was Rs 5.83 lakh crore or 25 per cent of the BE for the current fiscal. The net tax revenue collection was 34.4 per cent at end-Jul

McDonald's, Domino's and 200 others now face a Rs 30,000 cr tax demand

Seeking about Rs 30,000 crore in taxes for the FY11-FY15 period, these notices were sent by the tax authorities in the last six months

PM SVANidhi scheme to help bring India in top 3 world economies: Mos Karad

Union Minister of State for Finance Bhagwat Krishanrao Karad on Tuesday said that PM SVANidhi, a loan scheme for street vendors and small traders, will help in achieving the target of bringing India into the world's top three economies in the next few years. He said Madhya Pradesh was on the second spot in implementation of the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), which was launched in June 2020. The Union minister was talking to reporters on the sidelines of a zonal conference organised here to review the implementation and progress of the special micro-credit facility for street vendors. Officials of Madhya Pradesh, Chhattisgarh and Rajasthan participated in the conference. Prime Minister Narendra Modi has said India, currently the world's fifth largest economy, will be at No. 3 spot in the next few years, Karad said. "To achieve this target, we need to speed up money circulation and the PM SVANidhi scheme will play an important role for this," said the junior ...

As India pushes to make rupee international, UCO Bank is in a sweet spot

State-owned lender aims to use its experience in facilitating trade with Iran

$10 trillion economy a realistic target for India: BCG's Hans-Paul Burkner

"India cannot be considered an appendage to anyone; it holds its own position and developmental strength"

Decoupling from GVCs would lead to 10% loss in global GDP: WEF President

Brende emphasised that future prosperity and poverty eradication will rely on open trade and strong GVCs that must be inclusive and adjusted for climate change

Beyond forming an alliance: INDIA must offer more than the govt's criticism

Building the temple in Ayodhya, removing J&K's special status, and ending the so-called minority appeasement may be Mr PM's pitch to beat the criticism on inflation and unemployment, writes T N Ninan

Real estate sector expected to expand to $5.8 trn by 2047: Report

International Property Consultant Knight Frank India in its latest report, 'India Real Estate: Vision 2047', prepared in association with the National Real Estate Development Council (NAREDCO) has projected that India's real estate sector is expected to expand to USD 5.8 trillion by 2047. A press release from Knight Frank said this estimated real estate output value will contribute 15.5 per cent to the total economic output in 2047 from the existing share of 7.3 per cent. The report will be unveiled by M Venkaiah Naidu, Former Vice President, at NAREDCO's Silver Jubilee Celebration event here in Hyderabad, along with other dignitaries present at the event here tomorrow, it said. By 2047, when India reaches 100 years of independence, the size of India's economy is estimated to be around USD 33 trillion, and for study purposes, Knight Frank has taken the mean estimated growth of the Indian economy to be valued at USD 36.4 trillion by 2047. Commenting on the occasion, Rajan Bandelkar,

India to grow fastest among top economies: Finance secy T V Somanathan

He also outlined three channels through which the diaspora can exert influence: fund flow, trade, and knowledge transfer

Inflation may stay elevated in coming months, says finance ministry

The government's continued emphasis on capital expenditure is expected to drive growth in the coming years, the finance ministry said in its monthly economic review for the month of July

Card payments in India to hit Rs 27.9 trillion mark in 2023: GlobalData

To drive card payments and reduce dependence on cash, the government had abolished merchant service fees on transactions with state-owned RuPay cards from January 2020.

India to become growth engine for world, will be $5 trn economy soon: PM

Prime Minister Narendra Modi on Tuesday said India will become the growth engine for the world in the coming years, and the ease of doing business has improved with "mission-mode" reforms being undertaken by his government. Speaking at the BRICS Business Forum Leaders' Dialogue here, Modi also said India soon will become a USD 5 trillion economy. He told the gathering that India has the world's third-largest startup ecosystem and there are over 100 unicorns in the country. Modi is on a visit to South Africa, which is hosting the first in-person summit of BRICS comprising Brazil, Russia, India, China, and South Africa, since 2019.

BS Policy & Politics: Food-driven retail inflation may cool only in Sept

Cereals, pulses and milk were other food items to push up the rate of price rise in July, prompting the government to take more measures to tame prices

TMS Ep502: Indian economy, PM e-bus Sewa, markets, Parliamentary privilege

Are fresh headwinds hurting the Indian economy? Is India's plan to buy 10,000 electric buses enough? What can move the needle on markets now? What is parliamentary privilege? All answers here

Indian economy shining as beacon of hope in challenging times: PM Modi

Prime Minister Narendra Modi asserted on Saturday that India's economy is shining as a beacon of hope in these challenging times. "With robust growth and resilient spirit, the future looks promising. Let us keep this momentum and ensure prosperity for 140 crore Indians," he said on X, reacting to news portal Moneycontrol's 'Bullish on India' campaign. The portal, which specialises in reporting on markets and financial sector, had posted on X that the country's economy has not just withstood challenges, but thrived setting the stage for optimism. The 'Bullish on India' campaign showcases India's economic resilience and growth potential in various critical sectors, it said. It aims to analyse the key drivers of India's economic growth while fostering awareness about the unparalleled potential the nation offers at a time of a global economic slowdown, the portal said in a separate statement. "With detailed analysis of macroeconomic factors such as manufacturing, demography, economy,

PM cites reports to assert India on cusp of new era of economic prosperity

Prime Minister Narendra Modi said on Friday India is making remarkable progress towards achieving equitable and collective prosperity as he cited some reports to assert the country stands at the cusp of a new era of economic progress and is on course to become developed by 2047. In a post on Linkedin, Modi said he recently came across two insightful research pieces which would interest all those passionate about India's economy: one from SBI Research and another by journalist Anil Padmanabhan. "These analyses shed light on something that should make us very happy- that India is making remarkable progress on achieving equitable and collective prosperity," he said. Sharing highlights from these reports, he said the SBI Research has pointed out (based on ITR returns) that the weighted mean income has made a commendable leap over the last nine years, from Rs 4.4 lakh in AY (assessment year) 14 to Rs 13 lakh in FY (financial year) 23. Posting several data points from the two reports, he

Fitch warns rapid growth in unsecured retail credit needs management

Operating environment for Indian banks improved as economic risk recede

TMS Ep498: Indian economy, corporate themes, market momentum

How can India become the world's third-largest economy? What themes will drive India Inc in coming months? Can the Sensex hit 78k by 78th Independence Day? All answers here

Sectoral earnings dashboard: Auto takes the wheel, banks ride shotgun

IT services, a growth driver, showed a revenue and profit slowdown, ranking third in net profit after banks and oil firms