BUSINESS
Economic Survey prescribes slew of further reforms to accelerate growth
The deregulation and simplification of compliances should continue to dismantle the licensing, inspection, and compliance regime entirely, the Survey said. State governments have to address power sector issues, and the financial viability concerns of the discoms have to be addressed. Impetus must be given to education and skilling to match the requirements of modern industry and technologies
Economic Survey expects private sector to take the lead in job creation
India's economic growth in FY23 has been principally led by private consumption and capital formation. It has helped generate employment as seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund, it said. Recovery of MSMEs is proceeding apace, as is evident in the amounts of Goods and Services Tax (GST) they pay, while the Emergency Credit Linked Guarantee Scheme (ECGLS) is easing their debt servicing concerns
Eurozone posts 0.1% GDP growth in Q4 2022: Eurostat
Compared with the same quarter of the previous year, the eurozone's GDP is expected to have grown by 1.9 per cent in the fourth quarter of 2022, and it was up 1.8 per cent in the EU. in 2022 the eurozone's GDP increased by 3.5 per cent and that of the EU by 3.6 per cent
Pfizer sees big reversal after reporting record high revenues, earnings in 2022
Pfizer on Tuesday reported $100.3 billion of revenues and $6.58 of adjusted diluted earnings per share (EPS) in 2022, both of which hit record highs. Pfizer's annual revenues and adjusted diluted EPS jumped 23 per cent and 62 per cent year-on-year, respectively. Much of the growth was driven by sales from oral antiviral treatment Paxlovid and Covid-19 vaccine Comirnaty, Xinhua news agency reported.
Finance Minister to present Union Budget for 2023-24 today
She will lay a statement of the estimated receipts and expenditure of the government for 2023-24. The Finance Minister will also lay statements of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, on medium-term fiscal policy cum fiscal policy strategy and on macro-economic framework. Sitharaman will further introduce the Finance Bill 2023 in the Lower House.
GST collections touch Rs 1.55 lakh crore in January 2023
January's collections are second only to Rs 1.68 lakh crore gross GST collections recorded in April 2022. GST collections have crossed the Rs 1.50 lakh crore mark for the third time in 2022-23, official sources said. Out of the Rs 1,55,922 crore GST collections for January 2023, CGST was Rs 28,963 crore, SGST was Rs 36,730 crore and IGST stood at Rs 79,599 crore.
JSW Steel, Ambuja Cement, Vedanta, Jindal Power among bidders for commercial coal blocks
The Coal Ministry had, on January 30, received a total of 96 bids for the 36 mines for the sixth round and second attempt of fifth round of commercial coal block auctions, which it had launched on November 3, 2022. Monday (January 30) was the last date for submission of technical bids for these rounds. The bids were opened on Tuesday in the presence of the bidders.
Combined index of eight core industries rose 7.4% in Dec 2022
In April-December 2022, the core industries' growth was 8 per cent, compared to 12.6 per cent in the year-ago period. The growth was mainly due to rise in seven out of the eight core sectors, except for crude oil production. The eight core sectors are coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity.
Adani Group acquires Israel's strategic Haifa Port for $1.2 billion
Adani Group Chairman Gautam Adani appeared with Israeli Prime Minister Benjamin Netanyahu during the signing of the deal and spoke of investment opportunities. Prime Minister Netanyahu called the Haifa Port takeover a "significant milestone" that will improve connectivity between India and Israel in various ways, including transportation, air routes, and sea routes.
Economic Survey gives prescription for attaining more equitable economic growth
Going forward with the vision of 'Minimum Government; Maximum Governance', further developments will hold the key to attaining more equitable economic growth. Evident ones include stepping up learning outcomes through digital and teaching interventions in schools, enhancing the role of community workers in healthcare, pushing SHGs through better product design and upscaling enterprises, Eco Survey said.
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