The Reserve Bank of India on Friday revised upwards the GDP growth projection for the current fiscal to 7.2 per cent from 7 per cent on rising private consumption and revival of demand in rural areas. Unveiling the bi-monthly monetary policy, RBI Governor Shaktikanta Das said estimates released by the National Statistical Office (NSO) placed India’s real gross domestic product (GDP) growth at 8.2 per cent in 2023-24. “During 2024-25 so far, domestic economic activity has maintained resilience,” he said, adding that manufacturing activity continues to gain ground on the back of strengthening domestic demand.
Posts tagged Rediff
RBI retains inflation projection for FY25 at 4.5% (07-06-2024)
The Reserve Bank of India on Friday retained its projection for retail inflation at 4.5 per cent for the current fiscal assuming a normal monsoon, while emphasising that uncertainties related to food price outlook warrant a close monitoring. Consumer Price Index (CPI)-based retail inflation has been projected at 4.5 per cent with quarter-wise projections at 4.9 per cent in Q1 (April-June), 3.8 per cent in Q2, 4.6 per cent in Q3, and 4.5 per cent in Q4.
What India Inc Expects From Modi 3.0 (07-06-2024)
‘In the new coalition government, India’s reform agenda may prioritise job creation and factor market reforms.’
MF Platforms Faulted for Selloff Delay (07-06-2024)
Several investors wanting to invest in mutual fund schemes, amid the selloff in the market on Tuesday, were left in the lurch as online MF investment platforms failed to execute the transactions on time.
Vedanta demerger gets nod from majority of creditors (06-06-2024)
Mining conglomerate Vedanta Limited has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company’s plan to split into six independent listed companies. “I am happy to let all of you know that we have received the 52 per cent plus the additional percentage, which is required for us to reach 75 per cent. “We have crossed that threshold as well. Most of the lenders have approved it,” a senior Vedanta executive said in a recent bondholder conference call.
ITC Hotels demerger gets shareholders nod (06-06-2024)
Diversified entity ITC on Thursday said it has received shareholders’ approval to demerge ITC Hotels into a separate entity. Shareholders of ITC, in a virtual meeting held on Thursday through video conferencing/other audio-visual means, approved the resolution for the scheme of arrangement between ITC Ltd and ITC Hotels Ltd, the Kolkata-headquartered firm said in a regulatory filing. The proposal “has been approved and passed by the requisite majority of the Members, pursuant to Section 230(6) of the Companies Act, 2013”, it added.
‘Second-gen promoters more open to selling out’ (06-06-2024)
‘There is not any negative connotation associated with it.’
Sensex regains 75K-mark; Nifty gains 201 points (06-06-2024)
Among the 30 Sensex companies, Tech Mahindra, HCL Technologies, State Bank of India, NTPC, Infosys, Larsen and Toubro, Tata Consultancy Services and Wipro emerged as the biggest gainers. Hindustan Unilever, Asian Paints, Mahindra and Mahindra, Nestle, IndusInd Bank and Sun Pharma were among the laggards.
India’s air passenger traffic grows 5.1% in May: Icra (06-06-2024)
Domestic air passenger traffic grew 5.1 per cent year-on-year to an estimated 138.9 million in May and was significantly higher by around 14 per cent than pre-Covid levels, credit ratings agency Icra said on Thursday. Icra also said the outlook on the Indian aviation industry is stable amid the continued recovery in domestic and international air passenger traffic with a relatively stable cost environment and expectations of the trend continuing in FY2025.
Govt borrowing cut expectations fade post election (06-06-2024)
The expectations of a borrowing cut by the government faded among bond-market participants after the general election results because they feel the compulsions of running a coalition may put pressure on the exchequer, according to dealers. The recent trend of moderate depreciation in the rupee’s nominal effective exchange rate (NEER) might not persist if there are significant changes to the structural reform agenda.