The Indian Express has learnt that around six weeks ago, individual Indian account holders received communications from the FTA that the Indian request for banking details meets the requirements specified in the DTA (double taxation agreement) signed by the two countries as well as of the 2012 Federal Act on International Administrative Assistance.
Demographics and macro stability were pointed out as key strengths for the country by brokerage. Its estimates show India will be $ 7 trillion economy in 2028, compared to less than USD 6 trillion and USD 5 trillion for Germany and Japan, respectively.
"This increase in subsidy payout could depress NIT, only to sharply reverse over the next few quarters. All else being equal, it could also lead to the GDP growth print coming in lower than the GVA growth print for the April-June quarter," it said.
Pretax profit reached $10.2 billion in the six months through June, from $9.7 billion in the same period a year earlier, HSBC said in a statement. The result compared with the $9.5 billion average estimate of analysts polled by the bank.