Business Standard - July 23, 2024

In this issue

July 23, 2024

'Not pessimistic but mindful of challenges'

Chief Economic Advisor (CEA) V ANANTHA NAGESWARAN on Monday said that he was upbeat but cautious about the growth prospects of India while projecting a 6.5-7 per cent gross domestic product (GDP) growth rate for 2024-25. The CEA, while addressing a press conference, called for policy interventions in the agriculture sector, bridging the job and skill gap, among other things. RUCHIKA CHITRAVANSHI and SHIKHA CHATURVEDI report

1 min

Need to create 8 mn jobs a yr until 2036: Eco Survey

NUDGES PVT SECTOR ON JOBS, CAUTIONS ON AI | SEES GDP GROWING BY 6.5-7% IN FY25 | MAKES A CASE FOR FDI FROM CHINA

3 mins

CCI sends 100 queries on RIL, Disney merger

Antitrust body Competition Commission of India (CCI) has asked Reliance Industries and Walt Disney around 100 questions linked to their $8.5 billion India media assets merger, including details on sports rights as it heightens its scrutiny of the deal, two sources told Reuters.

1 min

Hiremaths seek mediation in dispute with Baba Kalyani

The dispute between Hiremath siblings and their uncle Baba Kalyani, chairman of Pune-based Kalyani Group, took an interesting turn on Monday as Sameer Hiremath and his sister Pallavi Swadi submitted a proposal to the Pune civil court seeking mediation with their uncle to end the family dispute.

1 min

JSW Infrastructure eyes end-to-end logistics play

With a healthy ports business and neardouble-digit growth in cargo, JSW Infrastructure, the ports arm of the JSW Group, is looking to become a key player in inland logistics with an aggressive foray into port connectivity projects.

2 mins

Consumer durables inflation eased in FY24

In FY22 and FY23, clothing was a major driver of inflation

1 min

'US will be bigger growth engine than Europe for us'

The US, which has continued to grow at a consistent rate for the midcap information technology (IT) services and product engineering firm Persistent Systems, will be a higher growth engine than Europe and other regions, said the company's chief executive officer Sandeep Kalra.

1 min

Going to be a milestone Budget of Amrit Kaal: PM

Modi hits out at Opposition over protests during the special session

2 mins

Home consumption's bill of entry can be substituted with one for warehousing

We have filed a bill of entry for home consumption but due to some financial difficulties, we are unable to pay the duty immediately.

2 mins

Navigating energy transition with energy security

Energy, with its strong positive E correlation to every conceivable aspect of development, such as economic growth, access to education, improved health, availability of water, nutrition, infrastructure, and even life expectancy, can, as the phrase goes, 'move mountains'.

3 mins

'Exclude food from inflation-targeting

India's inflation-targeting food, as higher food prices are supply-induced and not a result of higher demand, the Economic Survey said while suggesting ways as to how markets can function in the interest of farmers.

2 mins

Reforms can induce over 7% growth

The Indian economy can grow at more than 7 per cent on a sustained basis in the medium term if the country can build on the structural reforms undertaken over the last decade and carry out next-generation reforms that are bottom-up in nature, the Economic Survey 2023-24, tabled in Parliament on Monday, said.

2 mins

Multiple policies hurting farmer income

India may have to abandon the agriculture to industry and services as the economy matures for its food, physical, and economic security, the Economic Survey, tabled in Parliament on Monday, said.

1 min

Growing exports to be stiffer challenge

The Economic Survey on Monday cautioned that growing exports will be a \"stiffer challenge than before\" due to the risks of geopolitical tensions, rise in protectionism, higher trade cost because of the Red Sea crisis, and commodity price volatility.

1 min

Developed world's climate plans in a fog, India's a clear blue sky

Calling it a tragedy, the Economic Csurvey has pointed to the gaping hole in the delayed climate action plans of developed nations and their pressure on poor developing nations to step up their carbon mitigation efforts.

1 min

China puzzle: Great Wall to gateway

Survey bats for more FDI from China to tap export market

2 mins

A curtain raiser for policies to come

The Economic Survey released on Monday projects growth for this financial year (FY25) at 6.5-7 per cent, which appears to be too conservative given the RBI projection of 7.2 per cent.

3 mins

Al poses both risks, opportunities for youth

The Economic Survey published on Monday cautioned on the advent of artificial intelligence (AI) and its impact on India's economy.

2 mins

Employment generation is real bottom line for India Inc

Private sector Indian companies should pick up the job creation baton from the government and invest in new manufacturing capacities so that the country can 'complete its journey to Viksit Bharat by 2047', the Economic Survey said.

2 mins

Boost to PLI, MITRA schemes to unlock non-farm job growth

The Indian economy has to generate an average of 7.8 million jobs annually until 2030 in the non-farm sector to cater to the rising workforce, female participation in labour force, and labour shifting out of agriculture, the Economic Survey 2023-24 released on Monday said.

1 min

POST-PANDEMIC TREND Digitisation, diversification power services sector

The rapid technology-driven transformaThe rapid technology-ice delivery and the diversification of India's services exports are two significant transformations that are reshaping India's services landscape, the Economic Survey 2023-24 said.

2 mins

Chorus around rising retail interest in riskier derivatives gets louder

Survey says mkt claim on real economy 'excessively high', may lead to instability

2 mins

Policies to play critical role in tackling 'inequality'

India's policies on taxing capital and labour income are likely to play a crucial role in tackling inequality, according to the Economic Survey, presented on Monday.

2 mins

CEA for more gap between NPA cycles

Chief Economic Advisor (CEA) Anantha Nageswaran has urged the banking sector to take lessons from the previous financial downturn and focus on extending the duration between two non-performing asset (NPA) cycles.

2 mins

Threshold-based relief for MSMEs must have sunset clauses

The threshold-based concessions and exemptions for the micro, small, and medium enterprises (MSME) sector create the unintended effect of incentivising enterprises to cap their sizes below the thresholds and therefore, must have sunset clauses, the Economic Survey 2023-24 said.

2 mins

China cuts key interest rates to buoy economy

Fiscal revenue shrinks 2.8% in first half

1 min

Democrats donate over $50 mn after Biden's exit

Democrats greeted US President Biden's departure from the presidential race with an avalanche of cash, donating more than $50 million online on Sunday and making it the single biggest day for online Democratic contributions since the 2020 election - with hours to go.

1 min

Trump risks getting tables turned

Donald Trump, fresh off a convention where the Republican Party's confidence in him was palpable, must now deal with a harsh reality: The 2024 race has gotten dramatically trickier to navigate with President Joe Biden's decision to drop out.

1 min

Backed by Biden, Harris awaits Obama's support

Harris calls US President's achievements unmatchable in her first appearance after endorsement

2 mins

Israel orders evacuation in South Gaza as Netanyahu visits US

Death toll in Gaza surpasses 39,000: Health Ministry

1 min

B'desh quota protests slow down but students await official order

Bangladesh appeared calm on Monday amid a curfew, but widespread disruption of telecoms persisted a day after the Supreme Court scrapped some controversial job quotas, as protesters set the government a 48-hour deadline to meet new demands.

1 min

The Pareto principle in wealth creation

My investment journey began around 2005-06.

3 mins

Can Kamala bloom?

Mr Biden may have stepped aside too late

2 mins

Building blocks

Survey shows the way for sustained growth

2 mins

Survey links growth to ongoing reforms

While services exports may continue to have a competitive advantage, future growth will hinge on domestic consumption and investment demand

4 mins

A new PSU isn't the answer

A lot has been written about India's burgeoning freight costs and what must be done about them.

4 mins

Greenium issue is not peculiar to India: CEA

Agriculture is a growth driver With the way global growth and trade are evolving and the kind of protectionism that is becoming rife, agriculture still carries a huge potential for driving growth.

2 mins

RBI dy guv flags risks in digital outsourcing for financial firms

Financial companies using digital outsourcing and their \"third-party dependencies\" have benefits but involve risks, said Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao on Monday.

1 min

Rural India drives drop in poverty count over 6 years

Survey says nearly 135 mn have emerged from multidimensional poverty

2 mins

CIL forays into critical mineral mining

The state-owned firm said it had secured a graphite block in Madhya Pradesh

2 mins

Heavy rainfall, IT outage aftermath delay 1,129 flights

At least 1,129 flights were delayed at the country's three major airports - Delhi, Mumbai, and Bengaluru on Monday as airlines grappled with heavy rain and the aftereffect of global IT outage to bring order back on the runways.

1 min

Rest assured, sleep economy is taking off

HITTING SNOOZE BUTTON

3 mins

Lowering LDR to boost HDFC Bank

HDFC Bank's June quarter results (Q1FY25), which were in line with the Street estimates, have prompted analysts to say that the ease in the top private lender's loan-to-deposit ratio (LDR) will decide the stock's trajectory in the future.

2 mins

Indian Hotels lacks valuation comfort despite strong outlook

Tata Group-backed Indian Hotels Company Limited (IHCL), one of the country's largest hotel brands, reported a flat June quarter (Q1FY25) performance, weighed down by multiple headwinds on the revenue front.

2 mins

Red-hot markets face Budget test

Adverse tweaks to capital market-related taxes could trigger knee-jerk reaction from investors

2 mins

How to decipher Budget's impact on your finances

Understanding the Union Budget may not be an easy task.

2 mins

Opposition slams govt move; Sangh, BJP hail decision

The Congress on Monday accused the Centre of trying to politicise government employees on ideological basis by removing the ban on their participation in the activities of the Rashtriya Swayamsevak Sangh (RSS).

1 min

Kanwar yatra: SC stays order asking eateries to display owner name

The Supreme Monday ordered an interim stay on the directives issued by BJP-ruled Uttar Pradesh and Uttarakhand asking eatery owners along the Kanwar Yatra routes to display the names of their owners, the staff and other details, a move the Opposition has claimed is intended to promote religious discrimination.

1 min

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