Manufacturing sector — which carries a weight of 77.63 per cent in the Index of Industrial Production (IIP) — grew 2.7 per cent in November 2019 as against 2.3 per cent contraction in the preceding month and 0.7 per cent contraction in the corresponding period in 2018, the data showed.
Discussions were held to understand how to implement the remaining recommendations of an expert committee led by Bharat Forge chairman Baba Kalyani that was formed in 2018 to review the policy.
Index of industrial production (IIP) expanded by 1.8 per cent on-year to 128.4 during the month of November, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed.
The PM said at the NITI Aayog meeting that the idea of $5 trillion economy is not a sudden development and it is based on a deep understanding of the strengths of the country, as per a statement issued by the Prime Minister’s Office.
FM Nirmala Sitharaman held four rounds of meetings with BJP leaders here, taking feedback for the Budget.
Given the growth slowdown, this looks unlikely in the near term, but is not an insurmountable task, according to Ind-Ra.
Over 60 per cent of respondents expected retail inflation, due for release on Jan. 13, to breach the upper band of the RBI's buffer range of 2 per cent to 6 per cent, with the highest forecast for 7.01 per cent.
The World Bank said India's growth rate was likely to recover to 5.8 per cent in the following financial year.
Manufacturing growth is seen slowing to 2.0 per cent in 2019-20 from 6.9 per cent last year, while construction is expected to post a growth of 3.2 per cent in 2019-20 from 8.7 per cent last year.
The government said that it was decided to constitute a committee of central and state officers to examine and implement quick measures in a given time frame to curb fraudulent refund claims, including the inverted tax structure refund claims and evasion in GST.
GDP will grow at 5 per cent in the current fiscal year (April 2019-March 2020) as compared to 6.8 per cent in 2018-19.
Downbeat sentiments saw USD-INR exchange rate test past 72 to a two-month high, while the benchmark equity indices witnessed mayhem on Monday, said a report by Singapore's banking group DBS.
Speaking at the centenary celebrations of Kirloskar Brothers, Modi asked industry to shun pessimism and said his government’s target to achieve a $5-trillion economy was just a phase and the targets are bigger and higher.
Stating that India can’t be immune as an economy and as a market, he said the only hope is that other countries and the UN would weigh in and won’t let a knee-jerk response take place.
The IHS Markit India Services Business Activity Index improved from 52.7 in November to 53.3 in December, highlighting the second-strongest rate of increase in output in over a year, after July.
Given the ongoing shortfall in GST collection and uncertainty associated with revenue on account of SGST collection, many states have approached the 15th Finance Commission for possible extension of the GST compensation period by another three years, i.e. up to 2024-25.
According to the weekly data released by the Reserve Bank of India, the forex reserves rose by $2.56 billion in the week ended December 27, 2019.
A person can avail of this health insurance policy till death, a provision that will benefit old and ailing persons.
The nobel laureate was of the view that corporates are already sitting on cash, not investing because of lack of demand and that’s why the government needs to resolve the demand-side issues first.
Rice exporters alone are said to be stuck with receivables of Rs 800-900 crore against shipments made till June 2019.