ECONOMY-2
MC Exclusive: Govt may present concise Eco Survey before FY25 Interim Budget, says source
Typically, before a general election, the Centre presents the Economic Survey only when the full annual financial statement is tabled around June-July. But this time around, the ministry is considering a short document similar to the survey detailing the state of the economy.
BUSINESS
Small miss in FY24 nominal GDP growth won't upset Budget targets, says source
Recently, questions have emerged on the Centre's ability to meet its Budget targets for 2023-24 with nominal GDP growth slowing down
BUSINESS
MC Interview: Not just tax incentives, India needs to clinch FTAs to lure investments, says NITI Aayog member Virmani
Weighing in on the debate over 'freebies', the NITI Aayog member said that the overall focus should be on capital expenditure that benefits everybody rather than a non-merit subsidy, which benefits only a few.
BUSINESS
Indians’ love for gold amid festivities, weddings to prevail over price concerns
Though apprehensions remain over a further increase in prices denting affordability, experts are banking on Indians’ love for gold to outweigh price concerns especially since demand for this precious metal typically increases towards the end of the year due to festivities and weddings
BUSINESS
Govt to spend more on food, fertiliser subsidies, MGNREGA in run up to elections: Source
Despite the additional spending on account of subsidies, the Centre is confident of meeting the fiscal deficit target of 5.9 percent of GDP.
ASSEMBLY-ELECTIONS
Chhattisgarh, Mizoram polls: Two key parties and the narrative of freebies
In both these states, the two key parties, Congress and the BJP have declared a slew of steps in their manifestos to lure major demographics to vote in their favour. These promises include reservations for women, income guarantee schemes and free education.
BUSINESS
Bogus demands under MNREGA received from some states: FinMin source
"The issue under MNREGA is not a shortage of funds. The issue is different which is not being highlighted. There are irregularities under MNREGA for which complaints have been received. Some states are sending bogus demands," a senior finance ministry source said.
BUSINESS
No major fiscal impact on free food grain plan extension: Govt official
Another government source said that the centre is committed to meet the fiscal deficit target of 5.9% of GDP in the current financial year. The source further said that volatile global oil prices remains a key challenge for the economy
BUSINESS
India’s GDP may grow at 5.5% to almost 6% in FY24: JP Morgan’s Aziz
Aziz says India will have an outstanding year if it clocks growth of 5.5 percent in FY24, given that “the headwinds to global conditions are terrible and would be relentless in 2024”
BUSINESS
You can’t just call giving bicycles to school-going girls a freebie: JP Morgan’s Aziz
Several experts and institutions including the Reserve Bank of India have consistently highlighted the need to distinguish freebies from public or merit goods, which bring larger economic benefits.
BUSINESS
Won’t be surprised if more global indices include Indian bonds: JP Morgan’s Aziz
JPMorgan Chase & Co on September 22 said it would include Indian government bonds in its GBI-EM global index suite from June 2024. India's weight in the index will progressively increase to 10 percent by March 2025.
BUSINESS
Global uncertainties prompting shift to bilateral agreements: FM Nirmala Sitharaman
Sitharaman emphasised the importance of bilateral agreements between countries and that India and Sri Lanka should also look at such an economic arrangement. She was speaking at the India-Sri Lanka Business Summit in Colombo.
BUSINESS
MC Interview: Would be disappointed if Congress gets less than 2/3rd majority, says Chhattisgarh Deputy CM Deo
Deo says that Chhattisgarh has done better than most other states in economic management and the Congress is focussing on measures that could empower the people economically.
BUSINESS
Assembly Elections 2023: Can higher inflation rates in Rajasthan, Telangana impact the poll outcome?
A common thread between Rajasthan and Telangana is high taxes on fuel, with the latter imposing the highest VAT across all states on petrol and diesel of 35.20 percent and 27 percent respectively.
BUSINESS
Polls, festivals may boost rural demand but premium segment to keep leading
The outlook is bullish for overall festive demand and a significant recovery in rural consumption, encouraged by easing inflation and hopes of doles ahead of the elections
BUSINESS
Centre will ‘comfortably’ meet FY24 fiscal deficit aim even if there is unanticipated spending: Source
While the Ministry of Rural Development has sought more funds for the Mahatma Gandhi National Rural Employment Guarantee Scheme, the finance ministry is yet to take a call on the request.
BUSINESS
India only keeping close watch, monitoring source of laptop imports
The central government will put in place an import management system before October 30, which will be an end-to-end online system to ensure that the process of issuing licences for the import of laptops and related items is streamlined.
BUSINESS
India eyes Brazil's ethanol technology to lower crude oil imports, says commerce secy
India has been accelerating efforts to achieve 20 percent ethanol blending with petrol by 2025 in a bid to reduce reliance on crude oil imports. India is looking to benefit by taking a leaf out of the techniques used by the Latin American nation for ethanol blending
BUSINESS
Trade may take a hit if Israel-Hamas war widens, says commerce secretary
Trade between India and Israel was estimated at $12 billion in FY23. While India's exports stood at $8.4 billion, imports from Israel amounted to $2.3 billion
BUSINESS
Gaming firms may use grey area in GST law to challenge 'retrospective' taxation: Sources
Officials say the centre will leave it to the courts to decide whether the notices sent for the period prior to October 1 for 28 percent GST are valid or not.
BUSINESS
Inflation may stay elevated on global uncertainties, domestic disruptions: Finance minister
Sitharaman's comments on inflation staying firm comes at a time when the ongoing war between Israel and Hamas have sparked worries over its impact on the global economy.
BUSINESS
Cabinet approves royalty rates for mining of Lithium, 2 other minerals
The royalty rates were brought in since unless specifically provided these minerals would have been subject to a higher 12 percent rate of the average sale price
BUSINESS
India-Middle East-Europe Economic Corridor may get delayed over Gaza war
The success of the proposed economic corridor depends on the relationship between Israel and Saudi Arabia improving, but with the conflict escalating between Tel Aviv and Gaza, the future of this flagship project is looking grim.
BUSINESS
Expect oil at $100 if Israel-Hamas war spreads beyond Gaza
Being the world’s third-largest consumer of crude oil, India is particularly vulnerable to any price fluctuations in global oil prices. Experts tell Moneycontrol that India faces the risk of a further surge in oil prices if the ongoing conflict spreads beyond Gaza.
