FICCI and IBA in association with BCG released a report titled Banking for a Viksit Bharat at FIBAC 2024. As per the report, India’s ambition to achieve a $30 trillion GDP by 2047 will require a 20 times growth in the financial services sector, with banks playing a pivotal role. India, being a predominantly bank-led economy, will require the banking sector to play an anchor role while the other financial asset classes continue to grow much faster. This will require $4 Tn of capital base in banks, 1/3rd of which will have to be fresh capital deployment. India’s banking system is in a strong position today characterized by high profitability, robust capital adequacy, and low levels of non-performing assets (NPAs). This provides an ideal launchpad for the Viksit Bharat mission.
Posts in category Business Standard
India will require 20X growth in financial services sector with banking playing critical role to achieve an ambitious $30 trillion GDP by 2047 (09-09-2024)
FICCI and IBA in association with BCG released a report titled Banking for a Viksit Bharat at FIBAC 2024. As per the report, India’s ambition to achieve a $30 trillion GDP by 2047 will require a 20 times growth in the financial services sector, with banks playing a pivotal role. India, being a predominantly bank-led economy, will require the banking sector to play an anchor role while the other financial asset classes continue to grow much faster. This will require $4 Tn of capital base in banks, 1/3rd of which will have to be fresh capital deployment. India’s banking system is in a strong position today characterized by high profitability, robust capital adequacy, and low levels of non-performing assets (NPAs). This provides an ideal launchpad for the Viksit Bharat mission.
USFDA issues six observations for Granules’ Gagillapur unit; stock falls 5% (09-09-2024)
The fall in Granules India share price came after the company announced that United States Food and Drug Administration (USFDA) has issued six observations for the company’s Gagillapur facility.
Rupee flat as markets expect RBI support; other Asian currencies slip (09-09-2024)
While there is a small possibility that the RBI may let the currency weaken slightly below the 84 mark, runaway moves remain quite unlikely
Gala Precision Engineering spurts on debut (09-09-2024)
Shares of Gala Precision Engineering were currently trading at Rs 768 at 10:59 IST on the BSE, representing a premium of 45.18% as compared with the issue price of Rs 529.
Volumes soar at Anupam Rasayan India Ltd counter (09-09-2024)
Anupam Rasayan India Ltd clocked volume of 5926 shares by 10:46 IST on BSE, a 2.82 times surge over two-week average daily volume of 2099 shares
Suzlon wins 1166 MW wind energy order from NTPC Green Energy (09-09-2024)
As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning, in Gujarat as well as undertake operations and
maintenance services post]commissioning.
India’s forex reserves hit new record high (09-09-2024)
India’s forex reserves jumped by USD 2.299 billion to a new high of USD 683.987 billion for the week ended on August 30, according to the RBI data release on Friday. In the previous reporting week, the forex reserves had jumped by USD 7.023 billion to a high of USD 681.688 billion. For the week ended August 30, foreign currency assets, a major component of the reserves, increased by USD 1.485 billion to USD 599.037 billion, the data showed.
Senco Gold jumps 5%, hits new high on healthy outlook; zooms 212% in 1 year (09-09-2024)
The industry tailwinds are expected to benefit the organised jewellery retailers like Senco over the medium term, supported by its expanding retail presence.
NIBE hits the roof post signing pact with multiple entities for building Earth Observation Constellation (09-09-2024)
NIBE was locked in 5% upper circuit at Rs 1942.30 after the company announced the signing of an MoU with various entities for building and operating a private Earth Observation Constellation.