Power shortages, inadequate transport, and poor connectivity affect overall growth performance. Since the provision of adequate infrastructure is essential for inclusive growth, India recently launched the National Infrastructure Pipeline (NIP) for the period FY 2020-2025.
Finance Minister Nirmala Sitharaman tabled the Economic Survey for financial year 2019-20 in Parliament on Friday, January 31.
The Economic Survey is a detailed report card on the economic performance in the year.
Efforts for the disinvestment of PSUs has not yielded much success as less than a fifth of the target have been achieved so far.
From slowing demand, low industrial output and the overall GDP growth pegged at an 11-year low of 5%, Sitharaman has quite a few things on her table.
The timing of this bank strike is strikingly similar to that of Budget Day. The Economic Survey will be presented on January 31 while on February 1 Finance Minister Nirmala Sitharaman will present her second Budget.
JM Financials in a report said that it expects a governmental intervention soon to ensure that Vodafone Idea Limited (VIL) would not have to approach the NCLT next week due to the payment deadline.
These include tax revenue shortfalls from corporate income tax reductions and delays in structural reforms, the IMF said.
Apart from that, India’s neighbors and their ranking are as follows- China at 106th, Bangladesh at 50th, Brazil at 92nd, Nepal at 101st, Indonesia at 85th and Sri Lanka at 102nd.
The turnaround is likely to show up beginning in the October-December quarter, though largely because of a low base in the year-earlier period. A genuine recovery should start in 2020, the report noted.
Crisil’s sharp downward revision of growth outlook comes just ahead of the RBI’s three day long monetary policy committee (MPC) meeting, set to start from Tuesday. It is widely expected to deliver a rate cut in order to support growth.
Swamy has been positioning himself for the FM’s post and had earlier been critical of Arun Jaitley also, but has been overlooked for the job.
This is the fifth successive quarter of decline and the slowest GDP growth rate over six years. The growth on a year-on-year basis during Q2 2018-19 had stood at 7 per cent.
RBI has asked banks not to charge savings bank account customers for online transactions in the NEFT or National Electronic Funds Transfer system with effect from January
On Sunday, the Chief Minister’s office said that in less than one year, the government has succeeded in reducing unemployment by 40% in Madhya Pradesh
The RBI in its Monetary Policy Report, October 2019, has also said that a combination of domestic and global headwinds has depressed economic activity in the country.
Outstanding loans rose Rs 596.53 trillion ($8.40 billion) from a fortnight earlier to Rs 97.71 trillion as on September 27.
Moody’s said rising unemployment, especially among the young, are likely to continue to weigh on household consumption and GDP growth.
The governor’s assertion comes after some reports suggested that the government may seek an interim dividend of Rs 30,000 crore from the apex bank.
The Reserve Bank of India on Friday announced to cut the repo rate by 25 bps to 5.15 per cent.
Purchasing Managers’ Index (PMI) for services had come down to 52.4 in August from 53.8 in July.
Goods and Services Tax (GST) collections dropped sharply to a 19-month low of Rs 91,916 crore in September, mirroring a widening slowdown in economy triggered by shrinking consumer demand.
State-owned Punjab & Sind Bank on Tuesday said the board has approved capital infusion of up to Rs 800 crore by the government.
The PMC Bank has been barred from granting, renewing and loans and advances, make any investments, accept fresh deposits, etc, without the prior written approval from RBI.
Among other rate changes, the Council has reduced rates for cups and plates made from leaves and hides to nil. The GST on caffeinated beverages has, however, been increased from 18 per cent to 28 per cent plus additional 12 per cent cess.