Page 9 - Indian Economy

Before the pause

Overall conditions call for another rate hike

Unemployment rate falls, but still too high

India, incidentally, was the fastest country to report the unemployment rate for the month of January 2023

India's retail vehicle sales up 14% to 1.8 million units in January: FADA

This improvement would fuel growth in an already healthy passenger vehicle category, the automobile dealers' body said

Reserve Bank widely seen delivering final 25 bps hike, say economists

Annual retail inflation edged down in December from the previous month and remained within the central bank's comfort zone 2%-6% range for a second consecutive month

Govt to meet fiscal target in coming year, capex a longer shot, shows poll

A key government objective is to bring the deficit down to 4.5% of GDP by 2025/26. Respondents were evenly split on whether it would succeed

India's economy already 10% more energy efficient than G20 average: IEA

LiFE measures can also help lower inequalities in energy consumption and emissions between countries

Growth-oriented Budget can worsen trade deficit

The Indian economy is a 'bright star' growing at about 7 per cent, the fastest rate among major economies

India's macro fundamentals unaffected by Adani FPO withdrawal: Sitharaman

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Saturday said India's macro fundamentals and economic image are not affected by the Adani Group's withdrawal of its Rs 20,000 crore FPO. In the last two days alone, USD 8 billion in forex came in, the finance minister said during a post-Budget press conference. "...our macro economic fundamentals or our economy's image, none of which has been affected. Yes, FPOs (follow-on public offers) come in, and FIIs get out," Sitharaman told reporters here. She said the regulators will do their job on the Adani issue. The Securities and Exchange Board of India (Sebi) has the wherewithal to ensure the stability of markets.

Budget's focus is growth; Mumbai should be liking proposals: FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said growth is the main focus of the budget for FY24 presented by her recently. The budget proposals establish both fiscal consolidation and growth, especially inclusive growth, Sitharaman said during her maiden interaction with stakeholders outside the national capital since presenting the budget on February 1. "Growth is the main focus. We want to sustain that recovery, sustain that growth," Sitharaman, accompanied by the top ministry officials at the outreach event, said. She gave credit for ensuring growth to the people of the country, who absorbed the relief and policy measures introduced by the government since the onset of the pandemic to make India the second-fastest growing economy. The finance minister said it was the "express desire" of Prime Minister Narendra Modi to continue with the elevated public capital expenditure, due to which she has proposed a higher outlay of Rs 10 lakh crore under the head. She also thank

Zydus Lifesciences net profit rises 24.48% to Rs 622.9 cr in Dec quarter

Zydus Lifesciences Ltd on Friday reported a 24.48 per cent rise in consolidated net profit at Rs 622.9 crore for the third quarter ended December 31, 2022. The company had posted a consolidated net profit of Rs 500.4 crore in the same period last fiscal, Zydus Lifesciences Ltd said in a regulatory filing. Consolidated total revenue from operations during the quarter under review stood at Rs 4,362.3 crore, as against Rs 3,639.8 crore in the year-ago period, it added. Total expenses in the third quarter were higher at Rs 3,620.7 crore, as compared to Rs 3,096.3 crore in the corresponding period last fiscal. In the third quarter, its business in India comprising formulations as well as consumer wellness registered revenues of Rs 1,643.6 crore, up 13 per cent, while the US formulations business registered revenues of Rs 1,925 crore, up 29 per cent from the year-ago period, the company said. Emerging markets formulations business registered revenues of Rs 307.8 crore, up 15 per cent an

New IT regime can adversely impact taxpayers' savings: RSS affiliate SJM

RSS affiliate Swadeshi Jagran Manch (SJM) impressed upon the Centre to tweak the tax regime to promote saving by the middle class

Maintaining growth momentum the main idea behind Budget preparation: FM

Sitharaman said she was clear that the Budget had to keep the growth momentum intact, and even Prime Minister Narendra Modi was on board with it

Union Budget 2023-24 on expected lines, good for investment push

Investors in the automobiles sector are clearly betting on big ticket consumption improving, including commercial vehicles

Budget 2023: Many hits, few misses as Centre sticks to fiscal consolidation

The target of 5.9% is also likely to be met next year, finally bringing it down to below 4.5% of GDP in the financial year 2025-26

New tax regime to benefit maximum number of taxpayers: CBDT Chairman

The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT Chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class. "This new regime for individuals was laid down two years ago (Budget of 2020-21) but probably the benefits were not percolating and now the government has re-tweaked th

India on cusp of returning to high-growth trajectory: Arvind Panagariya

Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy so it's another five years. We are already in (the year) 2023. So 2027-28, India should be the third-largest economy, Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview here. A day before Finance Minister Nirmala Sitharaman presented the Union Budget on Wednesday, the Economic Survey tabled in Parliament pegged India's GDP growth at 6.5 per cent in 2023-24. The International Monetary Fund's World Economic Outlook update Tuesday said growth in India is set to "decline from 6.8 per cent in 2022 to 6.1 per cent in 2023 before picking up to 6.8 per cent in 2024, with resilient domestic demand despite external headwinds. Last week, the UN said in its flagship World Economic Situation an

Blueprint for New India: Here are 15 takeaways from the Budget 2023-24

The Budget is a blueprint and strong foundation for a New India; takes a long-term view of the economy

Banking sector should cheer Budget

The Budget estimated the nominal GDP growth at 10.5 per cent in FY23, lower than what the Economic Survey, tabled a day ahead, projected

Union Budget 2023-24: Firm on prudence, high on feel-good factor

Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for 2023-24, which is expected to serve as the last full Budget of Prime Minister Narendra Modi's second term in office

Full circle: Union Budget 2023-24 focuses on circular economy

The Ministry of Environment, Forest and Climate Change (MoEFCC) got no substantial increase in its budgetary grant, even as India aims for lofty goals in climate action