INDIAN ECONOMY
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Mukesh Aghi, president and chief executive officer of the US-India Strategic Partnership Forum (USISPF), in an interview with Aditi Phadnis in New Delhi, talks about the recent Lok Sabha elections, expectations from the coming Budget, changes in India’s regulatory environment. Edited excerpts.
After the ge...
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India's inflation landscape exhibited spatial variability in June 2024, with 12 out of 22 states reporting inflation rates exceeding the national average of 5.1 per cent, according to SBI research.
Odisha recorded the highest inflation at 7.22 per cent, followed closely by Bihar at 6.37 per cent and Karnat...
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Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), said that a credit rating upgrade for India was long overdue, given the country’s robust economic health. In an interview with CNBC-TV18 on Thursday evening, Das emphasised India’s strong macroeconomic fundamentals, substantial growth momentum,...
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Uttarakhand and Kerala have claimed the top spots among Indian states in NITI Aayog’s SDG India Index for 2023-24, which evaluates sustainable development progress based on the United Nations’ Sustainable Development Goals. India’s overall SDG score has improved to 71 points in 2023-24 from 66 points in 2020-...
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Amitabh Kant, G20 Sherpa and former CEO of Niti Aayog, has said that inappropriate sovereign credit ratings were a big hurdle in India’s growth plans.
It is a critical issue that impacted India and the entire global South, he added. S&P and Fitch continue to rate India at BBB, while Mody’s Ratings maintain...
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India’s exports have recorded healthy growth in May and remained in the positive zone in June and the first quarter of the current fiscal despite global challenges, Commerce and Industry Minister Piyush Goyal has said. He also said that growth in the services sector is helping the country’s outbound shipments...
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While India’s retail inflation rose to a four-month high of 5.08 per cent in June on higher food costs, economists expect it to ease in the coming months as rainfall has regained momentum. Shreya Sodhani, Regional Economist, Barclays, said, “Taking the data and early price indicators for June into account, we...
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MARKET & FINANCE
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Foreign investors poured Rs 15,352 crore ($2.05 billion) into Indian equities in the first half of July, driven by the government’s ongoing reforms, low US Federal Reserve rates, and robust domestic demand.
Himanshu Srivastava, Associate Director – Manager Research at Morningstar Investment Research India,...
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GLOBAL CORPORATE
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Property investment in China fell 10.1% in the first half of 2024 from a year earlier, matching a figure in January-May, suggesting the sector is still not out of the woods despite mounting policy support.
Property sales by floor area in January-June fell 19.0% from a year earlier, shallower than a 20.3% s...
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Banking
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The asset reconstruction sector’s growth moderated to 15% in the previous financial year, down from nearly 32% in 2022-23, impacted by the continuous decline in gross non-performing assets (NPAs) in the banking system and the absence of major bad loan sale deals. The value of NPAs acquired by Asset Reconstruc...
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With digital adoption fast gaining currency, India is likely to see retail digital payments double to $ 7 trillion by 2030 from current levels, a study by Kearney and Amazon Pay said.
In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in online purchases has pot...
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PRE-BUDGET
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The government may introduce an employment-linked incentive scheme (ELIS) for companies in the Budget 2024-25 in a bid to promote job creation. The provisions of the ELIS would be similar to that of the production-linked incentive (PLI) scheme and it would be applicable to a few labour-intensive sectors, sour...
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The government is likely to introduce a bill seeking amendments to the Insurance Act, 1938, during the upcoming Budget session to achieve 'Insurance for All by 2047'. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency norms...
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GLOBAL ECONOMY
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July 2019 |
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When Chinese electric vehicle maker BYD opened its first Southeast Asian factory in Thailand earlier this month, the nation of 66 million people basked in the limelight and won praise for its industrial vision.
What, however, r...
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China's economy slowed in the second quarter, data showed on Monday, as a protracted property downturn and job insecurity weighed on domestic demand, keeping alive expectations Beijing will need to unleash more stimulus.
The wo...
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Bank Indonesia (BI) will keep its key interest rate at 6.25% on Wednesday but will cut it by 25 basis points next quarter, earlier than previously expected following the likely start of policy easing by the U.S. Federal Reserve in...
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China's economy grew much slower than expected in the second quarter, as a protracted property downturn and job insecurity squeezed domestic demand, keeping alive expectations Beijing will need to unleash even more stimulus.
T...
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Underlying US inflation cooled in June to the slowest pace since 2021 on the back of a long-awaited slowdown in housing costs, sending the strongest signal yet that the Federal Reserve can soon cut interest rates.
After the con...
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Financial institutions snapping up Chinese government bonds are basically shorting the Chinese economy, China's central bank-backed Financial News reported on Saturday, citing what it said were the views of industry sources and ex...
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Argentina's central bank will start selling U.S. dollars in the country's parallel foreign exchange markets in an effort to combat inflation and freeze the country's money supply, the government said on Saturday.
Economy Minist...
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China's ruling Communist Party headed by President Xi Jinping will begin its four-day key economic review meeting on Monday to finalise a new set of economic reforms to revitalise the country's economy hamstrung by the persistent ...
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INDIAN CORPORATE
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Indian firms, including non-banking financial companies, have filed an intent in May 2024 with the Reserve Bank of India (RBI) to raise $4.28 billion through External Commercial Borrowings (ECBs). Out of this, the intent for fund...
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FMCG maker Dabur India is optimistic of a gradual uptick in consumption this fiscal and expects its power brands to drive growth as it expands deeper into the hinterland, its chairman Mohit Burman has said.
Dabur expects an impro...
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Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported its fiscal first quarter earnings with profit at Rs 773.82 crore, up 17.5 per cent in comparison to Rs 658.71 crore during the same period la...
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India Inc generated strong cash flows in FY24, with cash and bank balances shooting up 18% to nearly Rs 10 trillion, the fastest pace in four years. A universe of 1,350 large companies for which comparative data is available, gene...
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GST
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1. GST Council has approved that application of refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports may also be processed by Tax Administration. Accordingly, Notification No. 12/2024-Central Tax dt. 10th July, 2024 has also been issued. GSTN is in the process ...
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App-based mobility providers such as Uber have approached the finance ministry, Goods and Services Tax Council and the Authority for Advance Rulings (AAR) seeking clarity on whether their business was liable to tax or not.
The move follows a decision from the Karnataka AAR that held that Bengaluru-based di...
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