BUSINESS
Centre hopes to lower annual borrowing to Rs 12-13 lakh cr in next few years: Sources
The central government’s borrowing has hit new record highs over the last two years, rising to Rs 14.21 lakh crore in 2022-23. In fact, the budget presented on February 1 pegged it at Rs 15.43 lakh crore for 2023-24 and the government is keen on keeping a lid on it
BUSINESS
From Ukraine consensus to a mega rail-port corridor, India ended G20 Summit on a high note
India appears to have played the balancing act well, forging consensus on the contentious Russia-Ukraine war, managing China’s obstructionist approach and bringing the African Union into the fold.
BUSINESS
From G20 menus, Shree Anna makes its way into the New Delhi Declaration
Millets need less water and are more resistant to pests and tolerant of heat, making them the ideal grain in a world threatened by climate change and water scarcity
WORLD
G20 Summit: Aiming for UNSC reforms, India and Brazil agree to conduct regular bilateral meetings
Modi and Lula also agreed to work together for the expansion of India-MERCOSUR Preferential Trade Agreement during Brazil’s MERCOSUR Presidency, to leverage the full potential of their economic partnership.
BUSINESS
India proposed investment options for Russia's rupee pile-up problem: Sergei Lavrov
While India and Russia did settle their trade in rupees following the setting up of the framework, the system did not take off as hoped as Moscow soon accumulated a surplus to the tune of billions of rupees on account of New Delhi’s oil purchases
WORLD
G20 Summit: A New Delhi Declaration without condemning Russia a fragile win for all
While the New Delhi Declaration said members reiterated their national positions on the war in Ukraine, explicit condemnation of Russia was conspicuous by its absence, making the joint statement a seemingly watered-down version of its predecessor
BUSINESS
India's G20 presidency: Of war, sanctions, and a naysayer in China
India's stated position since February has been that it has derived the statement from the Bali Leaders' Summit and does not have the mandate to change that. So it was left to the leaders during the Summit in September to take a call on that.
BUSINESS
Countries will be more willing to hold Indian bonds once rupee use increases globally: Sanjeev Sanyal
India’s efforts to internationalise the rupee has nothing to do with de-dollarization. The effort is to make the rupee a hard currency like the euro, the yen and the British pound, he said
BUSINESS
MC Interview: India aims to make rupee a hard currency over next 10 years, says Sanjeev Sanyal
Much of India’s global image is dictated by indices and standards devised by the West and one way to tackle that may be for India to develop its own indices and benchmarks.
BUSINESS
G20: PM Modi’s Adviser Sanyal says India not looking to balance or side with different blocs
G20 Summit 2023: We (India) are trying to pursue our own interests. Our agenda is to serve the interests of 1.45 billion Indians, Sanyal said.
BUSINESS
G20: China opposed key suggestions from India on women-led development, says source
One of the suggestions that China opposed pertains to the setting of a certain minimum quota for public procurement from enterprises led by or having a higher representation of women.
BUSINESS
Citing Apple and Samsung, DGFT head Sarangi says states should take steps to woo more investors in electronics sector
Citing the potential for exponential growth in exports of electronic products, Sarangi said that India is a huge market for laptops and mobile phones
BUSINESS
Exclusive: Finmin not in favour of govt panel suggestion to revamp, hike spending on MGNREGA job plan
To be sure, the finance ministry will assess around October-December if there is a need for additional funds for MNREGA in the current fiscal based on the demand scenario going ahead.
BUSINESS
MC Exclusive: With elections in mind, most states may use up 3% borrowing cap as freebies gain traction
Andhra Pradesh, Telangana, Kerala, and Punjab are likely to lead the ranks in borrowing heavily from state development loans, in a bid to fund fiscally profligate schemes announced by them, a senior finance ministry official said.
BUSINESS
MC Policy Next: Amitabh Kant defends import curb, says technology needs trustworthy partners
Kant pointed out that historically after every phase like that of the pandemic there is a period of around 5-6 years of protectionism in the world.
BUSINESS
Food inflation may ease in next 2-3 months, says Fin Min official
"Inflation may plateau going further, especially the food part," the official said, adding that the steps that have been taken by both the central government and the RBI will likely keep a lid on inflation.
BUSINESS
Bonanza small savings inflows may give India room to lower FY24 market borrowing: FinMin source
Net collections under the small savings fund has seen a growth of around 48% on-year for the current financial year and has reached 34 percent of the Budget target for 2023-24 as of now.
BUSINESS
India to sustain world-beating growth in foreseeable future: Finance Secretary
India's young population and policies will be key to ensure that the country is able to harness the opportunity to grow much faster than the world, and the Indian diaspora could play a catalyst role in these achievements, Somanathan said
BUSINESS
Consumers or farmers? Inflation fight tests Modi government in an election year
The unprecedented levels of inflation in food prices have brought the focus back on the government’s intent to raise farmers income, especially when the country is bracing for national elections in less than a year
BUSINESS
NITI Aayog member Chand expects India’s agriculture sector growth at over 3% in FY24
Despite weather worries, Chand said that so far there are no “serious shocks” that could crater growth, and that the pricing environment is encouraging for farmers apart from a few pockets in Punjab and Haryana.
BUSINESS
Exclusive: Apple plans to scale up domestic component manufacturing in India
In a meeting with finance ministry officials in July, Apple shared plans to indigenise faster and increase their domestic component manufacturing base in India.
BUSINESS
India's nominal GDP growth could be 50 bps higher than Budget assumption: Fin Min source
A higher nominal GDP figure versus the budgeted figure could mean that the Centre’s tax mop-up for 2023-24 may be better than the projections, giving the govt more leeway in meeting its fiscal deficit target.
BUSINESS
Exclusive: India hopes to get discounted Russian oil as long as global price below $90/barrel, says govt source
With few takers for Moscow's oil, India is confident that Russia will not push New Delhi to breach the $60 per barrel ceiling for Russian crude even as prices go up, the official told Moneycontrol
BUSINESS
Must be on guard till June next year as global food prices soar, says NITI Aayog's Ramesh Chand
Chand admitted that India cannot insulate itself from rising global food prices and can only take steps to moderate its effect locally.
