India Economy

Scheme reset may not shake Centre's FY25 fiscal maths, say experts

Allocations may be via supplementary demands for grants

Ganesh Chaturthi expected to bring Rs 25,000 crore business: Industry body

Ganesh Chaturthi is projected to generate Rs 25,000 crore this year, with businesses favouring domestic goods, and a push for eco-friendly clay idols

Demand for work under MGNREGS drops for 10th consecutive month in August

Nearly 19 million individuals requested work under MGNREGS, showing a 17 per cent decrease compared to the same period last year

India's net GST mopup growth slows to 6.5% in August, shows govt data

Experts say increased refunds key factor but see robust growth ahead with start of festival season

Confident RBI's growth projection will materialise in coming quarters: Das

The slowing of India's economic growth to a 15-month low of 6.7 per cent in the April-June quarter was due to "lower" government spending in the wake of the enforcement of the model code of conduct for the recent Lok Sabha polls, RBI Governor Shaktikanta Das said here on Saturday. The RBI had projected a growth rate of 7.1 per cent for the April-June quarter of this fiscal. "The Reserve Bank projected a growth rate of 7.1 per cent for the first quarter. However, the first advance estimation data released by the National Statistical Office showed the growth rate at 6.7 per cent," Das told reporters here. The components and main drivers responsible for the GDP growth like consumption, investment, manufacturing, services and construction have registered a growth of more than 7 per cent, he said. Only two aspects have pulled the growth rate slightly down. Those aregovernment (both central and state) expenditure and agriculture, the RBI governor pointed out. He said the government ...

India's agriculture growth dips in Q1 as heatwave stings crop output

Low post-monsoon rains, which dried most of the reservoirs in several states across the country, also impacted the production of many crops

Public sector industries must prioritise MSMEs in buying raw materials: MoS

Union Minister of State for MSMEs Shobha Karandlaje on Friday emphasised that public sector industries must prioritise MSMEs when purchasing spare parts and raw materials. A memorandum to that effect will be submitted to Prime Minister Narendra Modi, said Karandlaje. The minister inaugurated a two-day conclave on MSME, organised by the Federation of Karnataka Chambers of Commerce & Industry (FKCCI) at Palace Grounds in Bengaluru. Karandlaje said small, micro, and medium sector industries play a vital role in the industrial development of the country. These MSMEs create jobs for our youth. The Centre has evolved many schemes to encourage MSMEs, she added. She also highlighted that there has been an increased allocation for MSMEs in the Union budget, emphasising that MSMEs are playing a vital role in realizing Prime Minister Narendra Modi's vision of a "Vikasit Bharat." According to Karandlaje, there is a need to improve the skill development of youth in MSMEs to better align with .

India spends more than 3% of GDP on govt pensions, states' burden growing

Centre last week proposed new policy for its staff to manage costs

India likely to plan raising vegetable oils import taxes, govt sources say

A proposal has been made by the farm ministry and a final decision will be made by the Department of Revenue, which falls under the finance ministry, said another government official

Economic momentum intact, set to achieve 6.5-7% growth: FinMin report

India's economic momentum remains intact despite a somewhat erratic monsoon, and real GDP growth of 6.5-7 per cent projected in the Economic Survey seems appropriate, a finance ministry report said on Thursday. According to the Monthly Economic Review for July, the Indian economy has sustained its momentum in the first four months of FY25. Goods and Services Tax collections in the first four months of FY25 underwent a level shift pushed up by the widening of the tax base and heightened economic activity, the report released by the finance ministry said. "The resilience of domestic activity is also reflected in the strong performance of the manufacturing and services sector purchasing managers' indices. The manufacturing growth has been driven by expansion in demand conditions, a rise in new export orders and growth in output prices," it said. On the fiscal front, it said, the Union Budget FY25 has laid out a glide path of fiscal consolidation. Supported by strong revenue collection

India presents an unprecedented chance for investments: Ankur Capital MD

Ankur Capital secures key commitments for Rs 1,200 crore fund

India can become a $55 tn economy by 2047 with 8% growth: IMF exec director

IMF Executive Director Krishnamurthy V Subramanian noted the remarkable progress being made in financial inclusion through initiatives like the 'Pradhan Mantri Jan-Dhan Yojana'

RBI MPC proposes process to speed up clearance of cheques in a few hours

Cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours, says RBI Governor Shaktikanta Das

Govt committed to fairness, simplicity, equity in tax system: Revenue secy

Revenue Secretary Sanjay Malhotra on Saturday said the government remains committed to fairness, simplicity and equity in the tax system. He said the government's ongoing efforts are to simplify tax laws, improve tax compliance, and support economic growth through prudent fiscal policies and the Union budget was in that direction. Union Finance Minister Nirmala Sitharaman had said a comprehensive review would be done on direct taxes over the next six months aiming at making direct taxes simpler to reduce disputes. "Tax growth had reached 14 per cent, outpacing GDP growth due to better compliance and collection efficiency," Malhotra said in a post-budget interactive session with stakeholders. He commended both tax administrators and taxpayers for their efforts and asked for continued cooperation to further enhance tax compliance and administration. Malhotra assured taxpayers that the government aims to simplify and make it easier to understand and make the process as hassle-free as

Financial bids for IDBI Bank by FY25-end: DIPAM Secy Tuhin Kanta Pandey

He said that the government is more for a calibrated strategy rather than setting a big-bang target

GST amnesty scheme: A step forward or a missed opportunity?

While the GST amnesty scheme is a positive step towards improving taxpayer relations, its current form falls short of its potential

Amid geopolitical tensions, growing exports to be stiffer challenge: Survey

Cites risks of geopolitical tensions, rise in protectionism, higher trade cost because of the Red Sea crisis, and commodity price volatility as reasons

Economic Survey primer: Here are short notes on key economic policy issues

The Survey says the idea of economic globalisation has run its course and it may not be reversed fully

Digitisation, diversification reshaping India's services sector: Eco Survey

The Survey also talked about positive transformations in the regulatory landscape of the service sector which have helped in creating a conducive business environment

Govts should renounce some powers to help improve governance: Eco Survey

The finance ministry's Economic Survey on Monday suggested that governments renounce some of their powers as it would be good for 'both the governed and the governing'. Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 a day before the Union Budget in the Lok Sabha. While contemplating the challenges that lie ahead, one should not be daunted because the social and economic transformation of democratic India is a remarkable success story, the document, authored by a team lead by Chief Economic Advisor V Anantha Nageswaran, stated. "We have come a long way. The economy has grown from around USD 288 billion in FY93 (1992-93) to USD 3.6 trillion in FY23," it said. India has generated more growth per dollar of debt than other comparable nations and abject poverty has all but been eliminated. Human development indicators have improved, and more Indians, especially women, are getting educated, the 476-page document said. "However, it would be a missed opportunity --