Economy Financial News

Narendra Modi would likely focus on undertaking reforms to take care of unfinished agenda from his previous term. «The Union Budget 2024-25 is significant being the first from new regime. The focus will be on taking the unfinished agenda and fast tracking some of the pending reforms,» Jiten Doshi, Co-founder & CIO, Enam AMC told ETNow. «One can expect special focus to boost the income opportunities at the bottom of the pyramid, rationalization of taxes, driving capex cycle (public and private) while maintaining the balance on twin deficits,» he added.

earnings growth of small-cap companies will improve, Kotak Mutual Fund has resumed subscription in its small cap fund from today. The fund will accept fresh subscriptions through lumpsum investment, systematic investment plan (SIP), systematic transfer plan (STP), frequency or such other special products in the units of Kotak Small Cap Fund. The fund house informed about this to its unitholders through a notice cum addendum.

Last checked, US-based Tesla had not taken the bait of India’s policy package unveiled in March to attract global makers of electric vehicles (EVs), though Vietnam’s VinFast may qualify for its benefits—which include low-tariff imports of EVs worth under $35,000 apiece for five years—and Germany’s famous Mercedes-Benz has it under consideration. As reported, Mercedes India’s CEO Santosh Iyer has said the car-maker is ready to invest $500 million, the qualifying minimum, if it could be certain that today’s 5% GST rate for EVs stays in place for at least a decade. In itself, this is not an unreasonable ask.

agriculture and FMCG sectors have requested the government to use the budget to address the challenges they face due to drought, climate change and inflationary pressures. The requests were made during pre-budget consultations with Finance Minister Nirmala Sitharaman. The minister is scheduled to present the Union Budget on July 23, after presenting an interim budget in February due to Lok Sabha elections. Ashok Kumar, Associate Director, Farm Prosperity, Transform Rural India (TRI), tells ET Digital that a robust crop insurance mechanism is of paramount importance for farmers as weather risks have emerged as a major threat due to climate change. The budget should also focus on safe food production practices and support the production of chemical-free products that are safe for consumption. “Value addition and procurement have to be facilitated near farms. That will lead to higher income. Investment should be announced in quality energy access in farms and processing of primary agriculture produce. Photovoltaic systems could be a potential solution to meet the energy requirement of the agri sector,” says Kumar.

₹12,290 crore, against ₹12,210 crore by Tamil Nadu. This needs to be read in context. Since the financial year closes in March, April tends to report higher collection than all other months, and is a one-off.

₹27,000 crore for the health sector and ₹15,000 crore to provide tap water to 25 lakh rural houses in the state Budget for FY25.Presenting the full budget for the fiscal, she said four lakh vacancies will be filled in the next five years and a policy for youths will be framed.Moreover, the budget proposed electricity connection to 2 lakh households, ₹100 crore for corridor at Khatu Shyam temple, and formation of Rajasthan Tourism Development Board.She said that for the first time, nine greenfield expressways will be built in the state and free tablets with internet will be provided to meritorious school students.Amid uproar created by the Opposition, Diya Kumari, who is also the Deputy Chief Minister in the BJP-led state, said the government has decided to work on 10 resolutions.She said the state government is committed to making the state a USD 350 billion economy, developing water, electricity and road facilities, planning urban development, and empowering farmers.The minister also highlighted that the state has taken steps to curb paper leak incidents that happened in the previous government, adding that action has been taken against the mafia and more than 100 arrests have been made.Milestone Alert! Livemint tops charts as the fastest growing news website in the world

Federal Reserve officials at their most recent meeting welcomed recent signs that inflation is slowing and highlighted data suggesting that the job market and the broader economy could be cooling

MUMBAI : Clouds of a disappointing monsoon season are hovering over the Indian economy. The pace of rainfall was a letdown in June, which typically marks the beginning of the monsoon season. But as the chart shows, the cumulative rainfall was in the deficit zone last month.

Reserve Bank deputy governor Michael D Patra. India, however, will have to overcome various challenges with regard to labour productivity, infrastructure, contribution of manufacturing sector in GDP, and greening of the economy for sustainable development, he said in his address to the officials of the Indian Administrative Service at the Lal Bahadur Shastri National Academy of Administration, Mussoorie. «Given the innate strengths, I described and the resolve to achieve its aspirational goals, it is possible to imagine India striking out into the next decade to become the second largest economy in the world not by 2048, but by 2031 and the largest economy of the world by 2060,» he said. The senior RBI official further said it has been estimated that if India can grow at the rate of 9.6 per cent per annum over the next ten years, it will break free of the shackles of the lower middle income trap and become a developed economy.

The bond trade that some of Wall Street’s biggest banks say will dominate the rest of 2024 is gaining steam before a crucial inflation reading that will help seal the wager’s fate.

Germany's top security official says the country will bar the use of critical components made by Chinese companies Huawei and ZTE in core parts of its 5G networks in two steps starting in 2026

Nasdaq rose on Wednesday to post record high closes, as data pointing to a softening economy raised hopes the Federal Reserve could cut interest rates in September. The Dow Jones Industrial Average closed slightly lower, pressured by selling in healthcare and consumer stocks during a shortened trading session ahead of the Fourth of July. The market will stay closed on Thursday for U.S. Independence Day, keeping trading volumes thin throughout the week.

Japan's Nikkei 225 stock index has ended at a record high close

Investors looking to make a broad-based thematic bet in a market that is trading at all-time highs can consider a banking fund to benefit from attractive valuations while diversifying their portfolio. Recent underperformance of the Nifty Financial Services Index, bank non-performing assets at decadal lows, lower valuations and strong growth prospects for the Indian economy, provide a good entry point, believe fund managers. Investors can make a lump sum investment and allocate 5-10% of their portfolio to such funds, fund managers say. Fund managers point out that the Nifty Financial Services Index has lagged the broader Nifty 50 index over the last three years. The Nifty Financial Services Index gained 17.19% and 43.24% in the last one and three years, respectively, underperforming the Nifty 50's gain of 25.26% and 54.19%.

With national home prices treading water,real estate inventory growing and housing affordability still atrocious, last month’s quarter-point rate cut from the Bank of Canada, while helpful, was the economic equivalent of bringing a butter knife to a gunfight.

Economists and some Federal Reserve officials are increasingly on alert that pain could be on the horizon for American workers amid signs the labor market is losing steam.

India will struggle to create enough jobs for its growing workforce over the next decade even if the economy grows at a rapid pace of 7%, Citigroup Inc. said, suggesting the world’s most-populous nation will need more concerted steps to boost employment and skills. Citi estimates India will need to create about 12 million jobs a year over the next decade to absorb the number of new entrants to the labor market. Based on a growth rate of 7%, India can only generate 8-9 million jobs a year, the bank’s economists Samiran Chakraborty and Baqar Zaidi wrote in a report this week.

President Vladimir Putin and include some who’ve been sanctioned over the war that’s now in its third year.Vagit Alekperov, key shareholder and former president of oil giant Lukoil PJSC, topped the list with about 186 billion rubles in dividends. He is sanctioned by the UK and Australia, but has so far avoided US and European Union penalties.Billionaires Alexey Mordashov, of Severstal PJSC, and Vladimir Lisin, of Novolipetsk Steel PJSC, were next with 148 billion and 121 billion rubles respectively of dividend income.

LONDON—By Friday, British Prime Minister Rishi Sunak will almost certainly be drummed out of Downing Street and his ruling Conservative Party facing its deepest hole in more than a century. Polls ahead of Thursday’s U.K.

Surveys of Chinese factory managers show a mixed outlook for the world's No. 2 economy, with growth steady but not picking up much steam

Delta Air Lines has struck a deal with a start-up airline to operate flights between the United States and Saudi Arabia