BUSINESS
Talks with Tesla to slow down until general elections 2024: Government official
Officials say that although Tesla is keen on its India foray, it does not see India as a huge market just yet. Its charging infrastructure will take a few years to develop and only then can it think of a presence here, they say.
TRENDS
Explained | Modi Vs Pinarayi: The battle over borrowings
The Pinarayi Vijayan-led Kerala government has approached the Supreme Court against the borrowing limits imposed on the state by the Narendra Modi-led regime at the Centre.
INDIA
Of subsidies and debt: A look at Punjab’s key economic issues
Punjab’s debt level and fiscal deficit is projected to remain higher than the national average, at 46.8 percent and 5.0 percent of the GSDP, respectively, in FY24.
BUSINESS
India to ensure commercial gains while safeguarding domestic interests in FTA with UK
Responding to a question on the expected timeline to conclude talks for the trade pact with UK, India's Commerce Secretary said "whatever time it is taking, it is because we want to safeguard India's interest. We have to see that the deal is a fair deal."
BUSINESS
Red Sea crisis may have limited India's goods export growth in January: Official
The drop in exports in January 2024 compared to December 2023 is primarily on account of seasonality, Commerce Secretary Sunil Barthwal separately said during a briefing on February 15. Goods exports fell nearly 4 percent in the first month of 2024 compared to the previous month.
BUSINESS
Red Sea crisis: Indian exporters save on higher shipping costs as importers start sharing burden
Contracts have been renegotiated so that exporters and importers share the increase in freight costs and pass them on to customers
BUSINESS
Red Sea crisis: India’s Russian oil buys get more expensive on detour due to Houthi attacks
Shipments from Moscow are taking a longer route via the Cape of Good Hope to avoid attacks on commercial vessels on the Red Sea route
BUSINESS
Red Sea crisis: Indian buffalo meat, basmati rice exports to some African nations hit, but loss not too large
When it comes to agricultural items like Basmati rice, coir, cereals that have high cargo volume but lower value, the impact is very high since their container costs could be as much as 30-40 percent of the whole consignment, said Israr Ahmed, FIEO President (officiate).
BUSINESS
FM is honest and correct, the figures speak for themselves, says NK Singh on Centre versus South
The Chairman of the 15th Finance Commission spoke to Moneycontrol on a range of issues from India’s fiscal commitments to the one nation, one election proposal
BUSINESS
India's fiscally conservative budget should lead to rating upgrade, says NK Singh
The former bureaucrat flagged concerns about the methodologies used by credit rating companies since they don’t apply common standards for all countries.
BUSINESS
Centre "fully honoured" 41% tax share formula, says 15th Fin Comm head NK Singh
On claims by certain states that their share in the tax pie is reducing due to Centre's increasing reliance on cess and surcharges, Singh said that one must be cognizant of the enhanced spending obligations of the central government given new and emerging geopolitical and security challenges.
BUSINESS
Would go with the best judgment of regulator, says NK Singh; skips commenting on Paytm specifically
The comment from the Chairman of the erstwhile 15th Finance Commission comes on a day when RBI Governor Shaktikanta Das on February 8 noted that the supervisory action against Paytm was taken due to repeated instances of non-compliance despite providing ample time for corrective measures.
BUSINESS
Devolution discrimination debate: Siddaramaiah's claims vs Sitharaman’s rebuttal
"There are factual errors, false monetary claims, misleading statements, and selective mention of certain losses allegedly suffered without mentioning the gains that have accrued to the state in the 15th Finance Commission period," Sitharaman said in a note on February 7 rejecting Karnataka's claims.
BUSINESS
India to refuse discussions on non-trade issues, including carbon tax at WTO meet: Sources
One of the official cited above said this is a reiteration of India's stance that since areas such as environment, MSMEs and gender are non-trade issues, WTO should refrain from negotiating on them, adding that there are other multilateral forums, including the United Nations, that are better platforms to discuss these issues.
BUSINESS
Population, GST lie in the heart of India’s North, South money wars over central funds
The lower share of devolution in the kitty of the less populous and fiscally stronger southern states is one of the key reasons behind the north, south dispute over central funds.
INTERVIEW
Won't do disinvestments just to fill gap in Budget, says Finance Secretary TV Somanathan
We are looking at a more integrated strategy where decisions are not taken based on short-term fiscal priorities, or to fill some gap in the budget by having to dispose of certain shares at certain points in time, Somanathan explained.
BUSINESS
Budget FY25: Nominal GDP assumption has multiple scenarios, including growth as low as 6%
By assuming that real GDP growth for FY25 could also be as low as 6 percent, the interim Budget has seemingly opted for a more conservative approach given that the rate is widely expected to be close to 7 percent for the next fiscal.
BUSINESS
India's trade body CAIT asks brick-and-mortar businesses to drop Paytm
The RBI, on January 31, imposed major business restrictions on Paytm Payments Bank, including on accepting fresh deposits and doing credit transactions after February 29
BUSINESS
India can sustain current levels of growth with or without private capex: Finance Secretary
Somanathan said that the 11-percent increase in capital spending for FY25 is infact significant given that it comes on the back of a lower nominal GDP growth of 8.9 percent in the current financial year.
BUSINESS
Need a fiscally fit India to become a developed nation by 2047, says Finance Secretary
Finance Minister Nirmala Sitharaman on February 1 in her interim Budget speech said, "we are working to make India a ‘Viksit Bharat’ by 2047. For achieving that goal, we need to improve people’s capability and empower them."
BUSINESS
Fiscal stimulus withdrawal a counter-cyclical necessity: Finance Secretary Somanathan
Somanathan said it is a matter of basic economic prudence to withdraw a stimulus
BUSINESS
Disinvestment decisions will not be driven by short-term fiscal priorities: Finance Secretary
However, the central government's overall policy on privatisation remains important and should continue, Somanathan added.
BUDGET
White Paper on economy's performance before, after 2014 may come next week
According to a government source, the White Paper will also be tabled in Parliament.
BUSINESS
MGNREGA allocation remains unchanged at Rs 86,000 crore in FY25 Budget
The allocation for the rural job plan under MGNREGA had seen a steep cut of 33% to Rs 60,000 crore in the FY24 Budget compared to the revised estimate of Rs 89,400 crore in FY23
