BUSINESS
Burgeoning fiscal deficit will be a challenge for govt in FY 2023-24
India's fiscal deficit widened to Rs 9.78 lakh crore for the April-November period of 2022-23, which is 58.9 per cent of the Budget target of Rs 16.61 lakh crore for the current fiscal, according to data released by the Controller General of Accounts (CGA) on Friday. During the corresponding period of last year, fiscal deficit was at 46. 2 per cent of the Budget target. Fiscal deficit till October in the current financial year had touched Rs 7.58 lakh crore, or 45.6 per cent of annual estimates, as per the official data. During the corresponding period of last year,
Positive outlook for banks: All-time low NPAs, higher profits, resilient credit offtake
The banks enjoyed arbitrage between the lending and deposit rates, higher credit demand, lower loan provisions (government-owned banks posted handsome profits) and others. The year also saw mergers and acquisitions (M&A) in the sector with housing finance major HDFC Ltd deciding to merge with HDFC Bank Ltd.
Despite global recessionary headwinds, Indian economy is comfortably placed
However, as 2022 comes to a close, tackling inflation is going to be one of the most significant challenges of the Indian economy.
Though as can be seen from the central bank's observation, inflation seems to have tapered off to an extent in October 2022, but will continue to fox RBI in the new year too.
Robust collections to enable government roll out tax reforms, raise exemption limit
With such a surge in tax collections, government would look to unleash reforms in the coming 2023-24 fiscal, especially as far as tax administration is concerned. Already there are indications that the government may enhance tax exemption limit to Rs 5 lakh per annum from the current Rs 2.5 lakh per annum.
Forex reserves fall to $562 billion during period ending Dec 23: RBI data
Prior to this week, the forex reserves had slipped by $571 million to $563.499 billion. Forex reserves have been falling, as they are being used to bolster the declining rupee. The country's reserve position with the International Monetary Fund (IMF) was up by $45 million to $5.159 billion in the reporting week, the data showed.
AMG Media Networks raises its stake in NDTV to 64.71%
The Roys continue to hold a 5 per cent stake in NDTV, a welcome presence in NDTV's new chapter, it said. Gautam Adani, Founder and Chairman of the Adani Group said: "The Adani Group is privileged to further bolster NDTV with world-class infrastructure and talent and transform NDTV into a thriving multi-platform global news organisation."
Indians' overseas financial assets fell $43.9 bn in July-Sep: RBI report
At the same time, an increase was seen in trade credit, currency and deposits as well as overseas direct investment, the report said. According to the report, net claims of non-residents on India rose by $34.3 billion during the second quarter of 2022-23 and stood at $389.6 billion in September 2022.
India mulls prohibiting unbacked crypto assets in G20 presidency
In its latest Financial Stability Report (FSB), the central bank said that crypto assets are highly volatile. "The collapse and bankruptcy of the crypto exchange FTX and subsequent sell-off in the crypto assets market have highlighted the inherent vulnerabilities in the crypto ecosystem," according to the report.
Output of 8 core industries rises 5.4% in November
In November 2022, coal production with a weightage of 10.33 per cent, grew by 12.3 per cent over corresponding period. From April to November 2022, compared to the same period the year before, its cumulative index rose by 17.2 per cent. However crude oil output, which has a weightage of 8.98 per cent in the index, fell by 1.1 per cent in November 2022 as compared to corresponding period of last year.
Government hikes interest rates of post office savings schemes, PPF and Sukanya Samriddhi rates unchanged
Rates for deposits up to 5 per cent as well as NSC, senior citizen savings scheme and KVP have been hiked by up to 1.1 percentage points, according to a Finance Ministry notification. The changed interest rates would be applicable between January 1, 2023 and March 31, 2023.
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