BUSINESS
India may have to cut capex in FY24 as revenue assumptions may be inflated: Fitch Ratings
In her budget speech, Finance minister Nirmala Sitharaman had announced a 33 percent increase in capital expenditure for FY24, with a record Rs 10 trillion for infrastructure development.
BUSINESS
Indian exports likely to show recovery trends from second half of FY24: Fitch Ratings
“We are expecting modest recessions in Europe, US, but by the second half of the year, the worst of it will start to fade and we should be on a path of recovery when it comes to exports. But there will be a very gradual recovery in exports."
BUSINESS
India’s disinvestment of two PSBs challenging in FY24: Fitch Ratings
“In the coming fiscal, we expect disinvestment to remain quite, quite modest. Whether the government can sort of move forward on the privatisation of two public sector banks, will be a challenge, especially in an election year,”
BUSINESS
Jammu & Kashmir GDP growth to moderate to 10% in FY24: UT budget
The budget focuses on promoting sustainable agriculture, facilitating investment and industrial growth, generating employment, and doubling GDP in the next five years.
BUSINESS
El Niño disruption to food prices may affect inflation control: Fitch Ratings
"Certainly, if we see disruptions and upward pressure from food prices, that could add to some challenges on the inflation front. Rural economy is quite a volatile part of the economic story and quite dependent on the monsoons."
BUSINESS
Easing wholesale prices to soon bring down retail inflation, finance ministry says
The National Oceanic and Atmospheric Administration (NOAA) forecasts a 60 percent probability of El-Niño conditions in the current year. The analyses of India-specific episodes of El Niño years since 1956 reveal that food grain production declined in 57 percent of those episodes
BUSINESS
Govt's Rs 10 trillion capex to crowd in private investment in steel, cement in FY24: CRISIL
The total outlay, including capex of public sector units, is budgeted at 6.2 percent of GDP for FY24 which will cushion the economy through its relatively large multiplier effect, and at the same time is expected to crowd in private investment.
BUSINESS
Japan, India sign fourth tranche of loan for Mumbai-Ahmedabad bullet train: Foreign secretary
"Fourth tranche of the total of Rs 18,000 crore loan by Japan International Cooperation Agency (JICA) for the high speed train was signed. Both the prime ministers assessed the progress of the bullet train which has been progressing well."
BUSINESS
PM Modi- Kishida hold talks; security, critical equipment supply chains discussed
Prime Minister Modi also thanked his Japanese counterpart Fumio Kishida for inviting him to the G7 leadership summit in Hiroshima in May. India is Japan’s special strategic global partner, Kishida said
BUSINESS
RBI may go for another rate hike in April MPC meet: PM-EAC members
Inflation in India is uncomfortably sticky. As of now it will be a closed call for RBI in its next MPC meet. It will be prudent to do one more rate hike for RBI. India should not prematurely stop rate hike and be surprised later.
BUSINESS
India’s external account is a no-worry in FY24 despite global headwinds: CEA Anantha Nageswaran
"Even if the global economy slows much more, India's external balances in FY24 will improve because of crude oil prices and is not expected to be a source of concern as the accretion to forex reserves has been to the tune of $50 bn in the last 3 months."
BUSINESS
Fall in merchandise exports likely to continue in March, though recoveries expected in FY24
Despite the decline, officials and industry bodies see silver linings across the board, projecting a recovery in engineering goods and pharma exports from the second quarter of 2023-24 as inventory gets exhausted.
BUSINESS
India aims at deep integration in global supply chains on back of holistic infra, technology: Sumita Dawra
The Special Secretary in the Commerce Ministry said manufacturing and logistics are not enough to build resilient supply chains; it needs R&D, and technology too.
BUSINESS
Bill to tweak bankruptcy code to be tabled in Monsoon session, may cover group insolvency
"The opinion forming is that group insolvency needs to be given priority over cross border insolvency."
ECONOMY
Chhattisgarh roles out doles with eye on elections
TS SINGH DEO, CHHATTISGARH HEALTH MINISTER, PLACES RURAL ECONOMY AT THE HEART OF THE BUDGET. SAYS THE NEXT ELECTION WILL BE FOUGHT UNDER BHAGEL
BUSINESS
Govt plans pre-pack resolution for 'slightly bigger' companies under IBC
The pre-pack resolution is designed to speed up the resolution process with a deadline for submission of the plan set at 90 days and the next 30 days are fixed for the NCLT to approve it
BUSINESS
Why are Indian women dropping out of workforce at an alarming rate?
Women's participation in the workforce has almost halved to 19 percent in the last three decades. Experts say work-life balance issues, gender role expectations and socio-economic imbalances in India are leading to the exodus.
BUSINESS
India, Australia to finalise trade pact this year, says Anthony Albanese
"CECA will open new employment opportunities for both countries. We will finalise and hope for an early conclusion of CECA this year."
BUSINESS
Eye on cargo demand: Boeing, GMR to set up country's first conversion facility for planes
Globally, 1,720 freighter conversion is likely to happen annually, of which many will now be done in India, says Salil Gupte, President, Boeing India
BUSINESS
Australia's Deakin University ties up with TCS, Infosys for GIFT City campus: Vice-Chancellor
Deakin University has tied with five companies – TCS, Infosys, HSFC, HCL, Zebia – for guest lectures and internships. It will not be a pure academic course but will have integration with industry work, Vice-Chancellor Iain Martin told Moneycontrol.
TECHNOLOGY
Women's Day 2023: I don’t think I could balance my family and work very well: ICMR-NARI Director Sheela Godbole
'I expect perfection. I also lead by example. Carry the tribe of women upward with you,' says Dr Sheela Godbole, who counts physicist Marie Curie as her inspiration and has led India’s fight against HIV for more than two decades
BUSINESS
Will ramp up quality standards for imported goods to give local manufacturing better footing: Piyush Goyal
The country has witnessed indiscriminate imports of low quality in the past, which has increased the trade deficit and has broken the back of our manufacturing, the Union minister said.
BUSINESS
Effective state capital expenditure in FY24 will be double than budgeted: Kerala FM
“The capital expenditure portion has not been reduced in the 2023 budget. For the centrally aided projects, the Centre is now directly transferring via direct benefit transfer. So, it is not reflected in our capital expenditure," said KN Balagopal.
INDIA
Trade unions do not repel investors, Kerala is investor-friendly, says KN Balagopal
The Kerala Finance Minister said the state is expecting around Rs 60,000 crore worth of development work in and around the Vizhinjam port area.
