Lower nominal GDP makes fiscal deficit target steeper
This could make it difficult for the government to meet its fiscal deficit target. Analysts, however, believe that though a lower nominal GDP growth may make the 5.9% fiscal target steeper, the government would most likely achieve it. DK Srivastava, chief policy advisor, EY India, also expects the Central government to meet its budgeted fiscal deficit target for FY24. Analysts, however, believe that though a lower nominal GDP growth may make the 5.9% fiscal target steeper, the government would most likely achieve it. We expect the GoI to meet its budgeted fiscal deficit target for FY24,” he added.
Source:Indian Express
January 06, 2024 04:22 UTC
SEBI tightens short-selling norms
The regulator said that it may review the list of stocks that are eligible for short selling transactions from time to time. Sebi dictated institutional investors to disclose upfront at the time of placement of order whether the transaction is a short sale. Sonam Srivastava, Founder and Fund Manager at Wright Research said the latest SEBI short selling regulations are undoubtedly a double-edged sword. The regulator said that it may review the list of stocks that are eligible for short selling transactions from time to time. Sonam Srivastava, Founder and Fund Manager at Wright Research said the latest SEBI short selling regulations are undoubtedly a double-edged sword.
Source:Indian Express
January 06, 2024 04:22 UTC
Letters to Editor
Create job providersThis refers to ‘Political economy of mass entrepreneurship’ (January 5). Promotion of entrepreneurship among the youth of the country is crucial to make them job providers rather than job seekers. Besides, it is necessary to ensure availability of adequate backward and forward linkages to ensure the feasibility of their economic activities. But as things stand, the INDIA coalition is a pot-pourri of political parties without any concrete roadmap for India’s future. There are over 10 crore demat accounts, but those who file returns is just above 8 crore.
Source:The Hindu
January 06, 2024 04:04 UTC
London calling
Vennapusala Ramya ByExpress News ServiceHYDERABAD: Hyderabad’s culinary landscape is in constant flux, and amid this dynamic scene, there’s a viral sensation causing quite a stir — the growing demand for London desserts. The fervour for London desserts has captured Hyderabad. Sharing thoughts on this trend, Chef Amit Chauhan, Executive Chef of Zythum, remarked, “London’s viral desserts showcase an ever-evolving array of creations that captivate today’s discerning foodies. Follow The New Indian Express channel on WhatsAppHYDERABAD: Hyderabad’s culinary landscape is in constant flux, and amid this dynamic scene, there’s a viral sensation causing quite a stir — the growing demand for London desserts. The fervour for London desserts has captured Hyderabad.
Source:Indian Express
January 06, 2024 03:23 UTC
Patriarch of Global Syrian Church to meet Pinarayi Vijayan- The New Indian Express
According to the Church spokesperson, the meeting with the CM will be happening towards fag-end of his visit. On that day, he will consecrate the newly built Jacobite Syrian church in Bengaluru. On the evening of February 1, the Patriarch will officiate the Holy Mass at Meenangadi Cathedral Church, Wayanad. According to the Church spokesperson, the meeting with the CM will be happening towards fag-end of his visit. On that day, he will consecrate the newly built Jacobite Syrian church in Bengaluru.
Source:Indian Express
January 06, 2024 02:15 UTC
German car sales surge in 2023, electric models decline with government ending EV subsidies
EV calculator How much will I save if I choose an electric vehicle? SELECT vehicle type CalculateSales of new cars in Germany increased in 2023, official data showed Thursday, but an end to government subsidy programmes saw electric vehicles lose ground on fossil-fuel models.A total of 2.8 million new cars hit the road in Europe's largest economy last year, an increase of 7.3 percent on 2022, according to the KBA federal transport authority.Among the different engine types, sales of petrol vehicles increased most, up 13.3 percent on 2022 to 979,000.The strong rise meant that altogether, petrol and diesel-powered cars saw their market share increase after years of relative decline.By comparison, battery-powered vehicle sales increased by a more modest 11.4 percent to 524,000, while sales of plug-in hybrids more than halved to 176,000.Customers raced to buy the latter at the end of 2022 to take advantage of government incentives for hybrids before they were phased out.Subsequently, the government allowed corporate subsidies for fully-electric vehicles to expire at the beginning of September 2023, and abruptly pulled the plug on a consumer support scheme in mid-December.The end to the subsidy programmes has further taken the wind out of the electric car market, with sales of battery models down in recent months.The lack of state support "will lead to a decline in new electric vehicle registrations this year", EY analyst Constantin Gall said. "The market for electric cars is not yet standing on its own two feet, but depends on government subsidies," Gall said.Germany's crucial auto industry has staged a modest recovery following the upheaval of pandemic-related shutdowns and supply chain woes in recent years, as companies worked through a backlog of orders.But sales remain below pre-pandemic levels and the outlook has darkened as high inflation pushes up manufacturing costs and erodes households' purchasing power, cooling demand.Expected weak economic growth meant that 2024 could be another "lost year" for the auto industry, Gall said.
Source:Economic Times
January 06, 2024 01:41 UTC
Amsterdam’s LENA Fashion Library: Rent Used and New Clothing to Reduce Waste and Pollution
- Advertisement -Amsterdam’s “LENA, the fashion library” is tackling clothes waste and fashion industry pollution by offering a unique rental service for both used and new clothing. This innovative concept aims to reduce clothes waste and pollution caused by the fashion industry, while also providing customers with a sustainable and environmentally friendly alternative to traditional shopping. The Shared Wardrobe ConceptAt LENA, customers have the opportunity to rent their entire outfit, from clothing to accessories, creating a more sustainable and eco-friendly approach to fashion. By offering a diverse range of clothing options, LENA is revolutionizing the way people consume fashion and encouraging a more conscious and responsible approach to clothing consumption. - Advertisement -Environmental ImpactBy providing a platform for renting used and new clothing, LENA is actively contributing to the reduction of clothes waste and pollution in the fashion industry.
Source:Mint
January 05, 2024 20:13 UTC
Paytm, Dabur India among BofA Securities’ top 10 stock picks in APAC basket
(What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Source:Economic Times
January 05, 2024 18:02 UTC
Digitising Justice : The Potential of Case Management Systems for State Governments
This predicament is attributable to both the union and the state governments, collectively comprising the most substantial contributors to the litigation burden. “Government litigation is responsible for introducing significant challenges to the already overburdened Indian judiciary, with governmental litigants accounting for almost 46% of the cases currently pending” (Anand 2023). The reasons for excessive government litigation include systemic flaws, bureaucratic delays, lack of accountability, and inadequate domain expertise. For instance, government officials handling litigation often lack specialised legal knowledge, resulting in weak case preparation and unnecessary appeals. The absence of centralised case databases leads to critical information slippages.
Source:The Hindu
January 05, 2024 16:36 UTC
I’m 37 and am investing Rs 17K monthly in LIC Jeevan Umang. I am thinking of starting an SIP in a small-cap fund. Is this the right time to invest in mutual funds?
Currently, my portfolio has Rs 3,000 in the UTI Nifty 50 Index fund and 2K in the Mirae Asset emerging blue chip fund. Other than this I have been investing Rs 17,000 per month into LIC Jeevan Umang. Some funds in this category that could be considered are Franklin India Smaller Companies Fund, Kotak Emerging Equity Fund and Invesco Mid Cap Fund. You could also complement your investment in the Mirae Asset Emerging Blue-Chip fund, which is a Large and Mid-Cap Fund with a Flexicap fund. Remember that a process focusing on investing discipline and decision-making based on informed risks remains key to investing success.
Source:India Today
January 05, 2024 15:56 UTC
Audit regulator NFRA slaps Rs 50 lakh penalty on chartered accountant for lapses
The National Financial Reporting Authority (NFRA) has slapped a penalty of Rs 50 lakh, one of the highest in recent years, on a chartered accountant for professional misconduct that enabled business services provider Quess Corp to claim undue income tax deduction of almost Rs 971 crore over three years. “Thus, the work of the CA has major implications for revenue (to the government),” the NFRA said. The deductions were claimed under section 80 JJAA of the Income Tax Act, 1961. This section allows eligible enterprises a deduction of 30% on increased employee expenses for three assessment years in a row. Subsequently, NFRA looked into the professional conduct of the chartered accountants and their firms involved in the certifications that formed the basis of the income tax deduction claims.
Source:Economic Times
January 05, 2024 15:41 UTC
India expected to report higher GDP growth estimates for 2023-24
India is likely to project higher economic growth estimates of around 7% for the 2023/24 fiscal year ending in March, compared with earlier government forecasts when the National Statistical Office releases its first advance GDP estimates on Friday. The advance estimates of GDP, which go under six revisions over time, will be released on Friday at 1200 GMT. The central bank’s revised growth forecast of 7% for 2023/24 was a “conservative estimate” considering robust growth reflected in high-frequency indicators data for October and November, Michael Patra, RBI’s deputy governor said last month. Among others, S&P Global Ratings expects India will remain the fastest-growing major economy for the next three years, setting to become the world’s third-largest economy by 2030. S&P expects India, currently the world’s fifth-largest economy, to grow at 6.4% this fiscal and estimates growth will pick up to 7% by fiscal 2027.
Source:The Hindu
January 05, 2024 15:34 UTC
COVID-19: India reports 761 new cases, 12 deaths; 619 JN.1 cases so far
India recorded 761 fresh COVID-19 cases and 12 deaths in last 24 hours, according to Union health ministry data. While a total of 619 cases of JN.1 variant have been reported from 12 States so far. The number of active COVID-19 cases in the country came down marginally to 4,334 from 4,423 on Thursday, the data updated at 8 am showed. Of the 12 fresh deaths, five were reported from Kerala, four from Karnataka, two from Maharashtra, and one from Uttar Pradesh, the data stated. According to the website, 220.67 crore doses of COVID-19 vaccines have been administered so far in the country.
Source:dna
January 05, 2024 14:42 UTC
COVID-19 JN.1 variant: These are two new symptoms to watch out for
This emergence of varied symptoms coincides with a global surge in Covid-19 infections, with the WHO reporting a 52% increase in new cases over the past month. A new Covid-19 sub-variant, JN.1, has been identified by health authorities in the UK, revealing additional symptoms beyond the typical upper respiratory tract signs. Interestingly, the previously common symptoms of loss of taste and smell are currently observed in only a small percentage of UK cases (2 to 3%). This emergence of varied symptoms coincides with a global surge in Covid-19 infections, with the WHO reporting a 52% increase in new cases over the past month. Fortunately, the majority of JN.1 cases display mild symptoms, with severity observed in less than 10% of cases, particularly among individuals with existing health conditions.
Source:dna
January 05, 2024 14:40 UTC
Wipro suit against former CFO goes to arbitration (The Indian Express)
Home »Editorial »Daily News »Wipro suit against former CFO goes to arbitration (The Indian Express)Daily News View All NewsWipro suit against former CFO goes to arbitration (The Indian Express)05 January 2024A lawsuit by India-based Wipro Ltd. (NYSE: WIT) against its former CFO, Jatin Dalal, following his move to rival IT services giant Cognizant Technology Solutions Corp (NASDAQ: CTSH) has been referred to arbitration by the court, The Indian Express reported yesterday. The suit alleged Dalal violated his noncompete clause when he moved, according to the report. Cognizant had announced in September 2023 that Dalal would join it as CFO. SIA has reached out to Wipro and Dalal for comment.
Source:Indian Express
January 05, 2024 14:20 UTC