Combined fiscal deficit to cross 13%; govt debt to jump over 80% this year: Report
The pandemic-induced growth contraction and additional spending to support the needy amounting to a little over 2% of the economy are likely to push the combined fiscal deficit to 13 per cent of GDP this fiscal - nearly double of the past year, according to a report.
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India's pharmaceutical market posts 10% growth in October
The revival was on the back of therapies, including cardiac and anti-diabetic, whic...
Recovery continues: Contraction in core sector shrinks in September
Infrastructure output, which comprises eight sectors including coal, crude oil and electricity and accounts for nearly 40% of industrial output, contracted 14.9% in the six months through September from a year earlier, the data showed.
Karnataka GST collections on upswing, points to revival in buying sentiment
The state’s commercial taxes department has collected Rs 3,680 crore in state GST (SGST) this month against Rs 3,056 crore in October 2019. The figures do not, however, include collections from sales tax on petrol and diesel, as well as professional taxes.
Defending Modi’s reforms record: Chidambaram shifted goalpost from growth delivered by a PM to growth in his tenure
In view of the fact that the question “who delivered most reforms” is different from “who delivered most growth,” nothing Chidambaram has said changes my mind. He will need to offer a lot more evidence of reforms by Singh to change my mind.
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Indian economy accelerated in September as animal spirits soared, new data shows
Activity in India’s dominant services sector continued to recover, with the main index rising to 49.8 in September from 41.8 in August. While that’s a marked improvement from April’s record low of 5.4, a number below 50 suggests it’s still in contraction territory and will probably be a drag on overall growth in the July-September quarter.
COVID-19 to erode 3 yrs of fiscal consolidation gains of states: RBI
Before the pandemic broke out, states have budgeted their consolidated gross fiscal deficit at 2.8% of GDP in 2020-21 with about half of the states having budgeted the ratio at or above the 3% threshold.
Organisations need to focus on agile demand sensing, decentralisation for growth: PwC report
The report, based on interviews with business, public sector and citizen leaders, sectoral analysis, and a country-wide survey, laid down a ten-point value proposition that organisations could adopt, with some sector-specific modifications to ensure growth during the pandemic.
Consumer goods makers get festive booster shot
Companies such as Maruti, Hyundai, Samsung, LG, Sony and even luxury retailers like Mercedes-Benz and Dyson hold out hope that the positive start to “one of the most critical sales periods” would strengthen further as the country now moves towards Diwali.
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Manappuram Finance forecasts loan growth at 20%
Nandakumar said that non-gold loan disbursements, which were almost non-existent in the first three-four months of the lockdown, have now started picking up.
Recovery momentum continues in October but at a slower pace: Nomura
The weekly tracker of indicators of resumption in activity saw a gain over the 81.9% recorded a week earlier, which was downgraded from 82.2%, Nomura said in a note on Monday. The latest figures brought the average NIBRI reading to 82% for October, carrying forward the momentum of the sharp rise to 80.3% seen the previous month, albeit at a slower pace, it said.
Covid-19 pandemic will curtail India’s GDP growth in FY21, first in four decades: Kumar Mangalam Birla
Given the fog of uncertainty all around, it is hard to be prescient in these times, Birla said. A stringent national lockdown to slow the spread of the pandemic started in the last week of FY2020 and remained active to varying degrees in different geographies through most of the first quarter of 2020-21.