Page 77 - Indian Economy

'Goldilocks' economy to prompt RBI to keep rates on hold: Economists

As India heads into a general election this month, the economy is growing faster than expected amid signs prices are trending lower though food inflation remains a risk

Manufacturing PMI in March rises to 16-yr high, employment improves

Sharpest uptick in output, new orders since Oct 2020, says survey

Consumer sentiment of urban Indians dips to a 4-month low, shows data

Rural consumer sentiment is at its highest level thus far in 2024

'Govt meets tax collection target of over Rs 34.37 trn for 2023-24'

The government has broadly met the tax collection target of over Rs 34.37 lakh crore for 2023-24 on the back of robust economic activity and improved compliance, an official said. "Overall targets for tax revenue have been met," the official told PTI. The government had raised the target for direct tax collection in FY24 (April 2023 to March 2024) to Rs 19.45 lakh crore, while for indirect taxes (GST+ Customs + Excise) the target was lowered to Rs 14.84 lakh crore in the revised estimates (RE) presented in Parliament on February 1, 2024. The net direct tax collections (comprising corporate tax and personal income tax) reached over Rs 18.90 lakh crore as of March 17. GST remained a high point during the last fiscal with collections reaching a record high of Rs 1.87 lakh crore in April 2023 and the second highest collection coming in at Rs 1.78 lakh crore in March 2024. The gross tax collection target as per the revised estimate stood at Rs 34.37 lakh crore for FY24. Tax collection

16-yr high: At 59.1 in March, India's manufacturing PMI highest since 2008

The manufacturing PMI has remained above the 50-mark for more than 30 consecutive months

Indian firms collect Rs 9.41 trn from private placement of corporate bonds

Indian companies garnered Rs 9.41 lakh crore through the issuance of bonds on a private placement basis in 2023-24, a surge of 10 per cent from the preceding fiscal amid surge in credit demand. The 2024-25 fiscal is expected to be very robust as companies will continue to raise capital for capex post-election results. "In an unprecedented era of economic development aided by pro-business reforms and macroeconomic stability, India is set to become the third largest economy globally by 2027 and will continue to see strong flows. "In this backdrop, we expect FY25 to also be a very strong year from a primary capital perspective as companies will continue to look to raise capital for capex post-election results," Neha Agarwal, Managing Director & Head of Equity Capital Markets at JM Financial Ltd, said. According to data compiled by Prime Database, the amount raised through debt private placement in 2023-24 stood at Rs 9.41 lakh crore, up 10 per cent from Rs 8.52 lakh crore in 2022-23.

Firms in a tough global environment

Strategy thinkers have to redesign firms

Key indicators suggest economy remains buoyant at end of FY24: NCAER

Indian economy shows resilience with PMI growth, strong GST collections, and bank credit growth

Highlights: Sunita Kejriwal releases phone number to rally support for Delhi CM

From Muktar Ansari's death to the dip in student applications to Harvard University, catch all the latest updates from around the world here

Harvesting progress for '47: Invest in R&D, address farm political economy

NITI Aayog member Ramesh Chand, eminent agriculture economist Ashok Gulati and Chairman of Bharat Krishak Samaj Ajay Vir Jakhar were part of the panel

Amitabh Kant's growth call: 10K big companies, 10 champion states

The government must take the lead in ensuring Life Insurance Corporation of India invests in startups, says Amitabh Kant

Banks ready systems for capturing int'l credit card spends under LRS

Last year the government had announced that credit card spends in a foreign currency will be a part of LSR's annual limit of $2,50,000

Fiscal deficit at Feb-end touches 86.5% of full-year target: Govt data

The government's fiscal deficit at Rs 15 lakh crore touched 86.5 per cent of the revised annual target at the end of February, according to official data released on Thursday. In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 82.8 per cent of Revised Estimates (RE) of the Union Budget 2022-23. For 2023-24, the government's fiscal deficit is estimated at Rs 17.35 lakh crore or 5.8 per cent of the GDP. The government's total receipts stood at Rs 22.45 lakh crore (81.5 per cent of corresponding RE 2023-24 of total receipts) as of February 2024, according to the data released by Controller General of Accounts (CGA). The total expenditure incurred by the Centre was Rs 37.47 lakh crore (83.4 per cent of corresponding RE 2023-24).

Strong economy, steady inflows power Nifty to best fiscal since 2021

India's growth has also outpaced its Asian peers, with the domestic economy speeding towards growth of 7.6% in fiscal 2024, the fastest among large economies

BS Manthan: Reforms momentum will continue, says FM Nirmala Sitharaman

From tariffs and Centre-state relations to how she unwinds, Sitharaman covered a vast ground at BS summit; Union Minister Ashwini Vaishnaw spoke on the steps towards India becoming a product nation

Growth could reach 9% with reforms in 5 years, says Arvind Panagariya

India can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the next five years, Chairman of the 16th Finance Commission Arvind Panagariya said on Wednesday. Panagariya said Prime Minister Narendra Modi worked hard over the past 10 years to make India a friendly place for businesses, so investment is coming in. "Today, the economy is open. In the next 2-3 decades, we can sustain a very rapid growth," he said, while speaking at the Times Now Summit. India's economy grew at better-than-expected 8.4 per cent in the third quarter of FY24 -- the fastest in the past one-and-a-half years. "India is currently growing in real rupees at about 7 per cent or so per year. "Certainly with a few more reforms in the next five years, we can realistically push it to close to 9 per cent, certainly somewhere at 8-9 per cent and that can be sustained easily for a couple of decades," the economist said. Responding to a .

Growth of 7% perfectly good unless external enviorment improves: Sanyal

India should be satisfied with the current growth rate unless the external environment improves, Member of Economic Advisory Council to the PM, Sanjeev Sanyal, said on Wednesday, terming economic expansion in the range of 7 per cent perfectly good. Sanyal further said it was necessary to protect the hard-earned macroeconomic stability. "Now look, it is possible for us to hit double-digit growth, but I would actually be rather careful about it. This whole game is about compounding growth," Sanyal said while speaking at the Times Now Summit. India's economy grew at better-than-expected 8.4 per cent in the final three months of 2023, logging the fastest pace in the past one-and-a-half years. The growth rate in October-December helped take the estimate for the current fiscal to 7.6 per cent. "We should not attempt to grow this economy by anything more than what it is growing now. "If the external environment does not dramatically improve, because what will happen then, is that our ...

Tariffs not a permanent stance of our government: FM Nirmala Sitharaman

At Business Standard Manthan, Sitharaman said that in matters of economy, the differences between Centre and States must not arise on the grounds of politics

BS Manthan: Education, health key for Viksit Bharat plan, says Rohit Lamba

Economic growth won't be sustainable if it is K-shaped, says economist at Business Standard Manthan 2024

Key India peers see sharper growth in services trade, shows data

India's services exports increased by 14 per cent between the third quarter of 2022 and Q3 of 2023