Page 8 - Indian Economy

Govt looks to tap section of kirana stores to expand GST base: Report

The federal government is also working on a strategy with state governments and will seek their inputs to increase the base of indirect tax payers

Govt may consider fuel, maize tax cuts to control climbing retail inflation

The Indian government could consider reducing taxes on some items such as maize and fuel in response to the central bank's recommendations to help rein in climbing retail inflation

Maharashtra will chip in lion's share to India's $5 trn economy dream: CM

For achieving this goal, it was imperative for Maharashtra to become a USD 1-trillion economy with a holistic growth focussed on agriculture, industries and infrastructure development, he said

India's retail inflation at three-month high, hits 6.52% in January

Core inflation, that excludes food and fuel prices, remained sticky above the 6% mark

Rupee to end FY23 stronger after recent volatility: Business Standard Poll

Amid Adani crisis, uncertain US rate view, improving fundamentals to buttress rupee

India's inflation higher than peers like Brazil and South Korea

The RBI last week raised its key interest rate by 25 bps to 6.50 per cent

Consumer sentiments improve, but still too low

The recovery in consumer sentiments from the pandemic has been the slowest among all economic indicators

Centre planning to introduce measures to bring down fertiliser subsidy

Centre's focus is to bring down the cost of gas which is a key component for production of urea. Information from official sources indicated that bids, some of which stood at more than $30

India to become third-largest economy before 2030: Tamil Nadu Governor

Highlighting the country's growth trajectory, Tamil Nadu Governor RN Ravi said India has become the world's fifth largest economy because of the people and not the government

India's toy exports touch Rs 1,017 cr during Apr-Dec in FY23: Govt data

The country's toy exports have touched Rs 1,017 crore during April-December period this fiscal, according to the government data. In 2021-22, the exports stood at Rs 2,601 crore. "Made in India toys continue to tap global markets! India's toy exports rose to more than 6 times in April-December 2022 as compared to the same period in 2013," commerce and industry minister Piyush Goyal said in a tweet. During April-December 2013-14, the shipments were at Rs 167 crore. The government is taking steps to promote domestic manufacturing and exports of toys from the country and reduce imports from countries like China, which are of low quality. In 2018-19, toys worth Rs 2,960 crore were imported into India. With the philosophy of 'vocal for local', the government took several steps to promote indigenous toys designed on Indian culture and history. The overall import of toys in India reduced by 70 per cent to Rs 870 crore in 2021-22. In February 2020, import duty on toys was raised from 20

Rising India rates to upset PM Modi's Budget math on small savings

Bonds have since pared their gains, with the budget math increasingly looking daunting as commercial interest rates soar tracking a tight monetary policy

India will continue to be fastest growing major economy in 2023-24: FM

Finance Minister also talked about the new tax regime stating that it will leave higher disposable income in the hands of people

Industrial production growth slips to 4.3% in Dec from 7.3% in Nov

Mining output rose by 9.8 per cent and power generation increased by 10.4 per cent during the month under review

India's march to $40 trn economy can be seized by smuggling: Report

The magnitude of smuggling and the consequent loss to the country's economy might become a roadblock in India's march towards a USD 40 trillion economy under the government's vision of Amrit Kaal, a report said. There is a need to launch a robust international campaign against the menace of smuggling so that major impediment in the growth path is removed, FICCI Committee Against Smuggling and Counterfeiting Destroying the Economy (CASCADE) said in a report. While last year FICCI CASCADE took the initiative to mark February 11 as Anti-Smuggling Day, it has appealed to the government to highlight the issue of smuggling on the world stage and work with the United Nations to declare the day as 'International Anti-Smuggling Day'. The significance of the need for a high-impact international campaign against smuggling can be understood in the context of the massive loss that smuggling inflicts on the Indian economy, it said. The tax loss to Government of India because of the illicit trade

Four economic trends that will impact India

The Budget reflects the shift globally in government capital expenditure, inflation, fiscal deficit and globalisation

RBI to hike rates again on sticky inflation, Fed pressure, say analysts

The central bank surprised markets by leaving the door open to more tightening, saying the stickiness of core inflation was concerning

Union Budget 2023: Growth-oriented with tax stability and rationalisation

Budget 2023 has maintained the status quo on tax policies with more thrust on certainty, which is a step in the right direction

World still needs hydrocarbons: COP28 president designate Sultan al Jaber

In first international trip since controversial appointment, Jaber assures support for India's energy plan

Budget to help in reducing capital cost for Indian companies: Niti member

Appreciating Finance Minister Nirmala Sitharaman for continuing fiscal consolidation in the Budget for 2023-24, Niti Aayog member Arvind Virmani on Tuesday said it would help in reducing the cost of capital for Indian companies. Virmani further said the large increase in capital expenditures by 33 per cent to Rs 10 lakh crore for infrastructure development will accelerate India's economic growth. "On fiscal consolidation, the Finance Minister has reiterated that she will stay on it (the path of fiscal consolidation). "... So, in a situation where there is a lot of global uncertainty, it is very very important because it will have an effect on interest rates available to Indian companies," he told PTI. Sitharaman in her fifth straight budget has raised the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development in 2023-24. She announced a lower fiscal deficit target of 5.9 per cent for FY24 while retaining it at 6.4 per cent for the current financial .

What explains Indian public sector enterprises' anaemic capex record?

Instead of public sector enterprises making capex decisions, they have declared dividends in the last few years. The capex decisions have therefore been abrogated to itself by the Centre