Page 16 - Indian Economy

Rupee up 14 paise to 81.54 per dollar amid firm trend in domestic equities

The rupee gained 14 paise to 81.54 against the US dollar in early trade on Thursday supported by broad dollar weakness and a firm trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 81.54 against the dollar, registering a rise of 14 paise over its previous close. In initial trade, the local unit also touched an early low of 81.66 against US dollar. On Wednesday, the rupee settled at 81.68 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.10 per cent to 103.08. Brent crude futures, the global oil benchmark, rose 0.06 per cent to USD 82.72 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 117.7 points or 0.20 per cent higher at 60,223.20. The broader NSE Nifty advanced 33.25 points or 0.19 per cent to 17,928.95. F

Budget 2023, last full budget of Modi govt, to focus on rural, infra: UBS

The forthcoming budget -- the last full budget of the present government ahead of the general elections to be held in mid-2024 -- will be more rural- and infra-focused, said a foreign brokerage

Hiring activity in white collar professional segment rise by 4% in Dec

The hiring activity in the white collar professional segment showed an increase of 4 per cent in December 2022, compared to the same month in the previous year, according to a report

Direct tax collection grows 24.58% to Rs 14.71 trillion till Jan 10

The country's gross direct tax collection rose 24.58% to Rs 14.71 trillion till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up, the government data showed

IMF sees India as 'bright spot' in global economy, says PM Modi at MP GIS

Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and according to the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. The theme of the two-day summit is 'Madhya Pradesh-The Future Ready State'. Modi said the optimism for India is driven by its strong democracy, young demography and political stability. Due to these, India is taking decisions that boost the ease of living and ease of doing business, he said. The IMF sees India as a bright spot in the global economy while the World Bank says India is in a better position to deal with global headwinds than many other countries, Modi said. "When we talk about a developed India, it is not just our .

4 govt-owned general insurers restructuring ops based on PPTs: Unions

The Central government-owned 4 general insurance companies are restructuring their operations based on powerpoint presentations (PPT) provided by consultancy firm EY and without getting a full report

Best of BS Opinion: Conservative budgeting, financialising economy & more

Here is the best of Business Standard's opinion pieces for today

Indian economy to grow at a robust 6.6% in FY24, says World Bank

'Limited spillovers' to Asia's third-largest economy, even as world 'perilously close' to recession

This Budget's focus should be on expenditure, not taxation: Pronab Sen

Revival in capex in the non-corporate sector, which is our MSME (micro, small, and medium enterprises) sector, is beginning now

RBI not seen taking eye off inflation as prices may stay sticky in 2023

'Govt to continue fiscal prudence,' say bankers at book launch of Roller Coaster - An Affair with Banking by veteran journalist Tamal Bandyopadhyay

Financialising the economy

The sector is expected to outperform

Conservative budgeting

Fiscal space should be used carefully

What is in a number?

The system of releasing numerous GDP growth estimates over three years calls for an overhaul. Budget making will also benefit as a result

Govt likely to consolidate fiscal deficit to 5.9% of GDP in FY24: Goldman

The government aims to shrink the gap to below 4.5% of GDP by 2025-26

Retail inflation likely remained steady at 5.9% in December, finds poll

The Jan. 4-9 poll of 45 economists put consumer price inflation at 5.90% in December from a year earlier, little changed from an eleven-month low of 5.88% in November

Free food scheme moderated income inequality in many states: Report

Free food distribution of cereals during the pandemic has starkly reduced income inequality across laggard states and those at the bottom of the pyramid, according to a report. SBI Ecowrap started the research with a hypothesis of how the free food grain distribution is impacting the distribution of wealth on population quintiles for the poorest of the poor. It has taken a cue from the the International Monetary Fund (IMF) Working Paper which indicated that Pradhan Mantri Garib Kalyan Yojana (PMGKAY), which provides free foodgrains to poor people, played a key role in keeping extreme poverty in India at the lowest level of 0.8 per cent during the pandemic-hit 2020. The SBI study analyzed the impact of share of Rice procurement (since Rice is still the staple food for most of the people in India), on Gini Coefficient for 20 States and the impact of share of Wheat procurement on Gini Coefficient for nine States. "Our results show that relatively laggard states in terms of inequal ...

Economists peg India's FY24 growth at 6% after advance estimates

Say expectations of easing inflation levels, good rabi output will be supportive of domestic demand

Results preview: FMCG firms confident of strong Q3 revenue growth

Rural demand continues to remain under pressure

Fiscal focus

Govt must aim for faster consolidation

RBI optimistic about growth, says fundamentals of Indian economy sound

The fundamentals of the Indian economy, according to the RBI, are sound and resilient and it is confronting strong global headwinds