OTAKUBAY

Chief Economic Advisor V Anantha Nageswaran on Tuesday said high frequency data indicate buoyant economic growth momentum and the 7 per cent GDP growth estimate for the current fiscal is very realistic. He also said that there are enough signs that manufacturing is in good health. "Inflation is softening and the pass through from wholesale prices has run its course… we do have some uncertainty related to monsoon because of El Nino activity… we need to be ready with both supply side and monetary policy measures in the course of the next financial year," Mr Nageswaran told reporters. According to him, the GDP growth forecast of 6.5 per cent for the next fiscal is well within the range of forecast by other agencies like OECD and ADB but there are downside risks. "We need to be prepared for tighter financial conditions globally, weather-related uncertainties and geopolitical factors. 2023-24 may not see a big ticker shock as we saw in early months of 2022-23 as the war b

Chief Economic Advisor V Anantha Nageswaran on Tuesday said high frequency data indicate buoyant economic growth momentum and the 7 per cent GDP growth estimate for the current fiscal is very realistic. He also said that there are enough signs that manufacturing is in good health. "Inflation is softening and the pass through from wholesale prices has run its course… we do have some uncertainty related to monsoon because of El Nino activity… we need to be ready with both supply side and monetary policy measures in the course of the next financial year," Mr Nageswaran told reporters. According to him, the GDP growth forecast of 6.5 per cent for the next fiscal is well within the range of forecast by other agencies like OECD and ADB but there are downside risks. "We need to be prepared for tighter financial conditions globally, weather-related uncertainties and geopolitical factors. 2023-24 may not see a big ticker shock as we saw in early months of 2022-23 as the war b

India's economic growth appears to be 'very fragile' and it may fall short of what the country needs to meet the aspirations of its growing workforce, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Sunday. In India, Varma said he expects inflation to remain high in 2022-23 but come down significantly in 2023-24. "However, growth appears to be very fragile, and monetary tightening is compressing demand," he told PTI. Explaining further, he said rising EMI payments increases the pressure on household budgets and dampens spending, and exports are struggling in the face of global factors. While noting that high interest rates make private capital investment more difficult, Varma said the government is in fiscal consolidation mode, thus reducing the support to the economy from this source. "Because of all these factors, I fear that growth may fall short of what we need to meet the aspirations of our growing workforce given our demographic

India's economic growth appears to be 'very fragile' and it may fall short of what the country needs to meet the aspirations of its growing workforce, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Sunday. In India, Varma said he expects inflation to remain high in 2022-23 but come down significantly in 2023-24. "However, growth appears to be very fragile, and monetary tightening is compressing demand," he told PTI. Explaining further, he said rising EMI payments increases the pressure on household budgets and dampens spending, and exports are struggling in the face of global factors. While noting that high interest rates make private capital investment more difficult, Varma said the government is in fiscal consolidation mode, thus reducing the support to the economy from this source. "Because of all these factors, I fear that growth may fall short of what we need to meet the aspirations of our growing workforce given our demographic

Indian-American executive Ajay Banga has been nominated by US President Joe Biden to become the new President of the World Bank. His election to the position will be a mere formality since the presidency has traditionally been held by the United States.  All 13 Presidents of the World Bank so far have been US citizens; the only exception being Bulgarian national Kristalina Georgieva, who served as the acting president in 2019.  This connection between the United States and the World Bank presidency is no co-incidence.  The US is the single-largest shareholder in the Bank, with 16.35 per cent of total capital subscription and over 15 per cent of the votes. The United States is also the only country with veto power over certain changes in the Bank's structure.    "The US has picked its president, using the appointment as a vehicle to advance American economic interests, power and development priorities around the globe," a report in The Wall Street Journal encapsulate

Indian-American executive Ajay Banga has been nominated by US President Joe Biden to become the new President of the World Bank. His election to the position will be a mere formality since the presidency has traditionally been held by the United States.  All 13 Presidents of the World Bank so far have been US citizens; the only exception being Bulgarian national Kristalina Georgieva, who served as the acting president in 2019.  This connection between the United States and the World Bank presidency is no co-incidence.  The US is the single-largest shareholder in the Bank, with 16.35 per cent of total capital subscription and over 15 per cent of the votes. The United States is also the only country with veto power over certain changes in the Bank's structure.    "The US has picked its president, using the appointment as a vehicle to advance American economic interests, power and development priorities around the globe," a report in The Wall Street Journal encapsulate

India and the UK have agreed to make further progress on the ongoing negotiations for a free trade agreement (FTA) and also to swiftly organise the next bilateral Economic and Financial Dialogue soon, the British government said on Saturday. At the conclusion of UK Chancellor Jeremy Hunt's India visit for the G20 Finance Ministers and Central Bank Governors meeting, held under India's 2023 Presidency, the UK's Treasury department said the finance minister held talks with Indian counterpart Nirmala Sitharaman with a focus on deepening bilateral economic and financial ties. "At a meeting with Indian Finance Minister Nirmala Sitharaman, both sides agreed to make further progress on the UK-India Free Trade Agreement and deepen bilateral economic and financial ties," the Treasury department said in a statement. "They agreed to make swift progress on setting up the next UK-India Economic and Financial Dialogue," it said. Hunt, on his first international vi

India and the UK have agreed to make further progress on the ongoing negotiations for a free trade agreement (FTA) and also to swiftly organise the next bilateral Economic and Financial Dialogue soon, the British government said on Saturday. At the conclusion of UK Chancellor Jeremy Hunt's India visit for the G20 Finance Ministers and Central Bank Governors meeting, held under India's 2023 Presidency, the UK's Treasury department said the finance minister held talks with Indian counterpart Nirmala Sitharaman with a focus on deepening bilateral economic and financial ties. "At a meeting with Indian Finance Minister Nirmala Sitharaman, both sides agreed to make further progress on the UK-India Free Trade Agreement and deepen bilateral economic and financial ties," the Treasury department said in a statement. "They agreed to make swift progress on setting up the next UK-India Economic and Financial Dialogue," it said. Hunt, on his first international vi

Pakistan has to do more to ensure that the foundation for strong growth is in place, taxes are collected and are fairly distributed, and those who have more, pay more, IMF Managing Director Kristalina Georgieva has said, as the cash-starved country is engaged in "tough" talks for a bailout with the global lender to tide over the worsening economic crisis. Pakistan, which is in dire need of funds as it battles a wrenching economic crisis, has received financial assistance from the International Monetary Fund (IMF) in the past and is presently in discussions with the organisation to resume its loan programme. An agreement on the ninth review of the programme would release over USD 1.1 billion. A resumption of the IMF programme would also unlock other avenues of funding for Pakistan. Ms Georgieva emphasised that the IMF has made "good progress" in its talks with Pakistan. "Pakistan has gone through a number of years striving to stabilise the economy and put in

Pakistan has to do more to ensure that the foundation for strong growth is in place, taxes are collected and are fairly distributed, and those who have more, pay more, IMF Managing Director Kristalina Georgieva has said, as the cash-starved country is engaged in "tough" talks for a bailout with the global lender to tide over the worsening economic crisis. Pakistan, which is in dire need of funds as it battles a wrenching economic crisis, has received financial assistance from the International Monetary Fund (IMF) in the past and is presently in discussions with the organisation to resume its loan programme. An agreement on the ninth review of the programme would release over USD 1.1 billion. A resumption of the IMF programme would also unlock other avenues of funding for Pakistan. Ms Georgieva emphasised that the IMF has made "good progress" in its talks with Pakistan. "Pakistan has gone through a number of years striving to stabilise the economy and put in

The National Stock Exchange has extended the market trading hours for interest rate derivatives to 5 pm IST (1100 GMT), effective Feb. 23, the Indian stock exchange said in a notice on Tuesday. (This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.) source https://www.ndtv.com/business/indias-nse-extends-market-trading-hours-for-interest-rate-derivatives-3802665

Business tycoon and chairman of JSW Group Sajjan Jindal on Tuesday said that it is be the private sector, not the public sector, that will take India ahead because "ultimately what matters is accountability and profitability". While pointing out that India is on the path of becoming a USD 10-trillion economy in the next ten years, the country needs to adopt a "modern thought process" which is not driven by socialism or a notion that only the public sector can deliver, he said. He made the remarks at the Indian Institute of Management Ahmedabad (IIM-A) after inaugurating the JSW School of Public Policy's new building, a state-of-the-art multi-facility centre at IIMA's new campus. "...we used to talk about a country becoming a USD 5-trillion economy. But today we are talking about USD 10-trillion, visible in the next seven to ten years. The country is growing at neck-break speed. So we need a real modern thought process, which is not driven by socialis

Business tycoon and chairman of JSW Group Sajjan Jindal on Tuesday said that it is be the private sector, not the public sector, that will take India ahead because "ultimately what matters is accountability and profitability". While pointing out that India is on the path of becoming a USD 10-trillion economy in the next ten years, the country needs to adopt a "modern thought process" which is not driven by socialism or a notion that only the public sector can deliver, he said. He made the remarks at the Indian Institute of Management Ahmedabad (IIM-A) after inaugurating the JSW School of Public Policy's new building, a state-of-the-art multi-facility centre at IIMA's new campus. "...we used to talk about a country becoming a USD 5-trillion economy. But today we are talking about USD 10-trillion, visible in the next seven to ten years. The country is growing at neck-break speed. So we need a real modern thought process, which is not driven by socialis

It's a company that represented the aspirations of the rising middle class of India for decades. Bajaj Auto provides mobility to families, and also represents the 'can do' spirit of consumers. And with the economy slowly reemerging from the twin shocks of Covid and rising fuel prices related to the Russia-Ukraine war, investors have been bullish on this auto stock. No surprise, that Bajaj Auto ended last week Friday's trade at Rs 3,894, not too far from its 52-week high of Rs 4,130 touched on 1 September 2022. This bullish sentiment comes at a time when the key operational performance of Bajaj Auto is sluggish. For instance, total vehicle sales (two-wheelers and commercial vehicles) of Bajaj Auto declined 21% year-on-year (YoY) to 285,995 units in January 2023, and that was largely due to a 46% fall in two-wheeler exports to 100,679 units in the month under review. Also, during April - January of FY23, total vehicle sales of the Pune-based company declined 9% YoY

India's Ola Electric Mobility Pvt. plans to build what it says will be the world's largest electric vehicle hub with an investment of 76.1 billion rupees ($920 million) to localize the supply chain for cleaner transport. The hub, spanning 2,000 acres (809 hectares) in Tamil Nadu, will be used for manufacturing electric two-wheelers, cars and battery cells, in addition to housing vendor and supplier parks, Ola said in a statement Friday. The Indian startup will begin mass production of cells from the hub later this year, it said.  While localizing critical elements of the EV supply chain, such as batteries, will make EVs more affordable, India has only a fraction of the raw materials needed to satisfy domestic demand for lithium-ion batteries - forecast by Crisil to grow 100- fold by 2030. Besides Ola, billionaire Mukesh Ambani's Reliance Industries Ltd. and bullion refiner Rajesh Exports Ltd. will receive incentives under a $2.3 billion government program to support advan

The Reserve Bank of India will take necessary steps to manage inflation within "expected limits,' Finance Minister Nirmala Sitharaman said on Monday. "In emerging markets, the situation is unique to each of the countries. In that I think, RBI is watching the Indian economy and taking a call as and when it is required," Ms Sitharaman said. Ms Sitharaman was speaking in a post budget industry event in Jaipur. (This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.) source https://www.ndtv.com/business/rbi-will-take-action-as-required-to-control-inflation-nirmala-sitharaman-3797597

Vedanta Resources' efforts to manage its debt load were dealt a blow after the government opposed the mining conglomerate's proposed $2.98 billion deal to move certain zinc assets from its flagship company to another in which it is a majority shareholder. The government opposed Hindustan Zinc Ltd, in which it holds a near 30% stake, buying the Africa-based assets from Vedanta Ltd, its top shareholder with a near-65% stake, as it was a "related party transaction". "We always believe in and operate in perfect manners of corporate governance, so (there is) no deviation on that count," Hindustan Zinc Chief Executive Arun Misra told CNBC-TV18. The company and Vedanta Ltd did not respond to Reuters' request for comment. The development comes a week after Vedanta Resources said it had slashed net debt by $2 billion in the last 11 months, to $7.7 billion, seeking to allay concerns days S&P Global Ratings raised doubts about the billionaire Anil Agarwal-ow

Vedanta Resources' efforts to manage its debt load were dealt a blow after the government opposed the mining conglomerate's proposed $2.98 billion deal to move certain zinc assets from its flagship company to another in which it is a majority shareholder. The government opposed Hindustan Zinc Ltd, in which it holds a near 30% stake, buying the Africa-based assets from Vedanta Ltd, its top shareholder with a near-65% stake, as it was a "related party transaction". "We always believe in and operate in perfect manners of corporate governance, so (there is) no deviation on that count," Hindustan Zinc Chief Executive Arun Misra told CNBC-TV18. The company and Vedanta Ltd did not respond to Reuters' request for comment. The development comes a week after Vedanta Resources said it had slashed net debt by $2 billion in the last 11 months, to $7.7 billion, seeking to allay concerns days S&P Global Ratings raised doubts about the billionaire Anil Agarwal-ow

Equity benchmark indices climbed in initial trade on Monday amid a positive trend in Asian markets. The BSE Sensex climbed 165.9 points to 61,168.47. The NSE Nifty advanced 35.25 points to 17,979.45. From the Sensex pack, Power Grid, HCL Technologies, ITC, Bharti Airtel, Hindustan Unilever, ICICI Bank, IndusInd Bank, Infosys, Tech Mahindra, NTPC and HDFC Bank were the major winners. Tata Steel, Wipro, Nestle, Bajaj Finserv, Titan and Bajaj Finance were among the major laggards. In Asian markets, Japan, South Korea, Hong Kong and China were trading in the positive territory. The US markets had ended on a mixed note on Friday. "Markets may log steady gains in early trade on Monday as investors are likely to take cues from the optimism in SGX Nifty and other select Asian peers even as the key US indices closed mixed on Friday," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd. However, going by the tumultuous ride of the last few weeks, mar

Equity benchmark indices climbed in initial trade on Monday amid a positive trend in Asian markets. The BSE Sensex climbed 165.9 points to 61,168.47. The NSE Nifty advanced 35.25 points to 17,979.45. From the Sensex pack, Power Grid, HCL Technologies, ITC, Bharti Airtel, Hindustan Unilever, ICICI Bank, IndusInd Bank, Infosys, Tech Mahindra, NTPC and HDFC Bank were the major winners. Tata Steel, Wipro, Nestle, Bajaj Finserv, Titan and Bajaj Finance were among the major laggards. In Asian markets, Japan, South Korea, Hong Kong and China were trading in the positive territory. The US markets had ended on a mixed note on Friday. "Markets may log steady gains in early trade on Monday as investors are likely to take cues from the optimism in SGX Nifty and other select Asian peers even as the key US indices closed mixed on Friday," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd. However, going by the tumultuous ride of the last few weeks, mar

India is likely to clock 6 per cent growth rate next fiscal and the country can persevere with a high growth rate because of several reforms undertaken during the last eight years by the Narendra Modi government, former Niti Aayog Vice Chairman Rajiv Kumar said on Sunday. Rajiv Kumar further said major risks going forward will emerge from a synchronized downturn in the North American and European economies. "India has a good opportunity to persevere with a high growth rate because of the reforms undertaken during the last eight years. We will manage to grow at 6 per cent in 2023-24," he told PTI in an interview. According to Rajiv Kumar, there are several downside risks, especially in the context of an uncertain global situation. "These will have to be tackled through careful policy measures designed to support our export efforts and at the same time improve the flow of private investment both from domestic sources as well as from foreign sources," he said. The

India is likely to clock 6 per cent growth rate next fiscal and the country can persevere with a high growth rate because of several reforms undertaken during the last eight years by the Narendra Modi government, former Niti Aayog Vice Chairman Rajiv Kumar said on Sunday. Rajiv Kumar further said major risks going forward will emerge from a synchronized downturn in the North American and European economies. "India has a good opportunity to persevere with a high growth rate because of the reforms undertaken during the last eight years. We will manage to grow at 6 per cent in 2023-24," he told PTI in an interview. According to Rajiv Kumar, there are several downside risks, especially in the context of an uncertain global situation. "These will have to be tackled through careful policy measures designed to support our export efforts and at the same time improve the flow of private investment both from domestic sources as well as from foreign sources," he said. The

Union Finance Minister Nirmala Sitharaman today chaired the 49th meeting of the Goods and Services Tax (GST) Council, in Vigyan Bhawan, New Delhi. The Union Finance Minister, Union Minister of State for Finance Pankaj Chaudhary, besides the finance ministers of states and Union Territories (with legislature) and senior officers from the Union government and states, attended the meeting, according to the finance ministry's official handle - @FinMinIndia. With the meeting being attended by various officials from the Centre and state governments, it is anticipated the council is likely to discuss setting up appellate tribunals and mechanisms to curb tax evasion in pan masala and gutkha business. The much-awaited report by the Group of Ministers on online gaming and GST appellate tribunal is unlikely to be submitted in the meeting, Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri had earlier said. The 48th Meeting of the GST Council was held on December 17, 2

Union Finance Minister Nirmala Sitharaman today chaired the 49th meeting of the Goods and Services Tax (GST) Council, in Vigyan Bhawan, New Delhi. The Union Finance Minister, Union Minister of State for Finance Pankaj Chaudhary, besides the finance ministers of states and Union Territories (with legislature) and senior officers from the Union government and states, attended the meeting, according to the finance ministry's official handle - @FinMinIndia. With the meeting being attended by various officials from the Centre and state governments, it is anticipated the council is likely to discuss setting up appellate tribunals and mechanisms to curb tax evasion in pan masala and gutkha business. The much-awaited report by the Group of Ministers on online gaming and GST appellate tribunal is unlikely to be submitted in the meeting, Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri had earlier said. The 48th Meeting of the GST Council was held on December 17, 2

India's Russian oil imports climbed to a record 1.4 million barrels per day (bpd) in January, up 9.2% from December, with Moscow still the top monthly oil seller to New Delhi, followed by Iraq and Saudi Arabia, data from trade sources showed. Last month Russian oil accounted for about 27% of the 5 million bpd of crude imported by India, the world's third-biggest oil importer and consumer, the data showed. India's oil imports typically rise in December and January as state-run refiners avoid maintenance shutdowns in the first quarter to meet their annual production targets fixed by the government. Refiners in India, which rarely used to buy Russian oil because of costly logistics, have emerged as Russia's key oil client, snapping up discounted crude shunned by Western nations since the invasion of Ukraine last February. Last month India's imports of Russian Sokol crude oil were the highest so far at 100,900 bpd, as output from the Sakhalin 1 field resumed under a

Air India will require more than 6,500 pilots to operate 470 aircraft that are to be supplied by Airbus and Boeing in the coming years, according to industry sources. Seeking to expand fleet as well as operations, the airline has placed orders for acquiring a total of 840 aircraft that includes an option to buy 370 planes. This is one of the largest aircraft order by any airline. Currently, Air India has around 1,600 pilots to operate its 113 aircraft fleet and in recent times, there have been instances of ultra-long haul flights getting cancelled or delayed due to shortage of crew. The airline's two subsidiaries -- Air India Express and AirAsia India -- together have around 850 pilots for flying their 54 planes while the joint venture Vistara has more than 600 pilots. The latter has a fleet of 53 aircraft, one of the sources told PTI. Air India, Air India Express, Vistara and AirAsia India together have little over 3,000 pilots to operate the combined fleet of 220 aircraft. T

Air India will require more than 6,500 pilots to operate 470 aircraft that are to be supplied by Airbus and Boeing in the coming years, according to industry sources. Seeking to expand fleet as well as operations, the airline has placed orders for acquiring a total of 840 aircraft that includes an option to buy 370 planes. This is one of the largest aircraft order by any airline. Currently, Air India has around 1,600 pilots to operate its 113 aircraft fleet and in recent times, there have been instances of ultra-long haul flights getting cancelled or delayed due to shortage of crew. The airline's two subsidiaries -- Air India Express and AirAsia India -- together have around 850 pilots for flying their 54 planes while the joint venture Vistara has more than 600 pilots. The latter has a fleet of 53 aircraft, one of the sources told PTI. Air India, Air India Express, Vistara and AirAsia India together have little over 3,000 pilots to operate the combined fleet of 220 aircraft. T

The country's largest airline IndiGo, which is "back with a bang", is looking to start flights to Nairobi, Jakarta and some central Asian destinations as the carrier focuses on internationalisation, according to its chief Pieter Elbers. Amid intensifying competition and Air India set for expansion with massive plane orders, the IndiGo chief asserted that there is a lot of growth ahead in the Indian market that "justifies multiple airlines". "There is a lot going on in the Indian aviation landscape... The fact that Indian aviation is getting into the next stage, including the consolidation being done under the Air India group, is a natural evolution of the market. "I look to the competition. It is good to have competition but it will be a competition that is going hand-in-hand with the growth of the market," Elbers told PTI in an interview here. IndiGo, which has more than 300 planes in its fleet, currently operates to 76 domestic and 26 intern

The country's largest airline IndiGo, which is "back with a bang", is looking to start flights to Nairobi, Jakarta and some central Asian destinations as the carrier focuses on internationalisation, according to its chief Pieter Elbers. Amid intensifying competition and Air India set for expansion with massive plane orders, the IndiGo chief asserted that there is a lot of growth ahead in the Indian market that "justifies multiple airlines". "There is a lot going on in the Indian aviation landscape... The fact that Indian aviation is getting into the next stage, including the consolidation being done under the Air India group, is a natural evolution of the market. "I look to the competition. It is good to have competition but it will be a competition that is going hand-in-hand with the growth of the market," Elbers told PTI in an interview here. IndiGo, which has more than 300 planes in its fleet, currently operates to 76 domestic and 26 intern

The merger of 7 subsidiary companies with Tata Steel is expected to be completed in 2023-24 fiscal year, its CEO and managing director T V Narendran said. In September 2022, Tata Steel board had approved a proposal to merge six of its subsidiaries into itself for greater synergies, higher efficiency and reduce costs. "We had already announced (merger of) 6 companies earlier. (Merger of) one more Angul Energy we announced recently," he told PTI in reply to a question on the timeline for the merger. However, the completion of the merger depends on the regulatory processes including NCLT clearances, post which the process is expected to be completed in the next financial year, the CEO said. "We are dependent on the speed at which we can go through our regulatory requirements," he added. Besides Angul Energy, the six subsidiaries to be merged with Tata Steel are Tata Steel Long Products (TSPL), The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & W

The merger of 7 subsidiary companies with Tata Steel is expected to be completed in 2023-24 fiscal year, its CEO and managing director T V Narendran said. In September 2022, Tata Steel board had approved a proposal to merge six of its subsidiaries into itself for greater synergies, higher efficiency and reduce costs. "We had already announced (merger of) 6 companies earlier. (Merger of) one more Angul Energy we announced recently," he told PTI in reply to a question on the timeline for the merger. However, the completion of the merger depends on the regulatory processes including NCLT clearances, post which the process is expected to be completed in the next financial year, the CEO said. "We are dependent on the speed at which we can go through our regulatory requirements," he added. Besides Angul Energy, the six subsidiaries to be merged with Tata Steel are Tata Steel Long Products (TSPL), The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & W