Thursday, July 18, 2024 ਪੰਜਾਬੀ हिंदी

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Indian economy shows signs of speeding up as rural demand surges: RBI

The second quarter (July-September) of 2024-25 has begun with signs of quickening momentum in the Indian economy as an improvement in the outlook for agriculture and the revival of rural spending have turned out to be the bright spots in the evolution of demand conditions, according to the RBI's monthly bulletin released on Thursday.

With rural spending outpacing urban segments, the rural-urban divide is narrowing, as the recent monthly per capita consumption expenditure (MPCE) survey of the NSSO highlights.

This is on the back of rising fiscal transfers, an increase in the wage rate as typified by the MGNREGS and the rising volumes of remittances to rural households due to urban migration. These are some of the proximate factors that are boosting the effective spending power of rural households, the RBI bulletin states.

Indian realty sector saw 22 deals worth $1.8 billion in April-June: Report

The Indian realty sector saw 22 deals at $1.8 billion in the April-June quarter (Q2) in FY25, an uptick in both volume and value signalling a substantial inflow of investment into the sector, a report showed on Thursday.

The quarter was characterised by the dominance of commercial development, residential development activity, private equity influence and technological integration.

Commercial development dominated the overall deal activity, accounting for 37 per cent of the volumes and an impressive 75 per cent of the values, according to the report by Grant Thornton Bharat.

“The first half of 2024 has already reached close to the total deal value of 2023 and has seen a marked increase in private equity investments and high-value transactions, reflecting renewed investor confidence and robust economic recovery,” said Shabala Shinde, Partner and Real Estate Leader.

VIPER moon rover cancelled over budget concerns: NASA

After spending $450 million on the Volatiles Investigating Polar Exploration Rover (VIPER) moon rover programme, NASA on Thursday announced cancelling the mission over budget concerns.

The robotic mission, slated to launch in 2025, aboard an Astrobotic Griffin lander as part of NASA's Commercial Lunar Payload Services initiative (CLPS). The mission had planned to land near the Moon's coveted south pole and to spend 100 days in search of ice deposits on the lunar surface.

"We were very confident in the VIPER team. This really gets down to cost and a very constrained budget environment in the US," said Joel Kearns, Deputy Associate Administrator for exploration at NASA headquarters in Washington, at a teleconference.

Sensex trades lower amid profit booking in smallcap and midcap stocks

Indian equity indices opened in the red on Thursday following profit-booking midcap and smallcap stocks.

At 9:46 a.m., Sensex was down 102 points or 0.13 per cent, at 80,608 and Nifty was at 24,588, down 17 points or 0.07 per cent.

Selling is being seen in the midcap and smallcap. Nifty midcap 100 index is down 482 points or 0.77 per cent, at 57,181.20 and Nifty smallcap 100 index is 168 points or 0.89 per cent, at 18,893.

Among the sectoral indices, Auto, metal, realty, media, and PSE are the major losers. FMCG and pvt bank are the major gainers.

Monsoon to be active in peninsular & central India for next 5 days: IMD

India Meteorological Department (IMD) on Wednesday said the monsoon is likely to be active in peninsular, and central India during the next 4 to 5 days bringing heavy rainfall in these regions.

“Isolated extremely heavy rainfall very likely over South Interior Karnataka, Saurashtra and Kutch on 17th and 18th; Konkan and Goa, Coastal Karnataka on 18th July and isolated heavy to very heavy rainfall during subsequent 3 days,” the IMD said.

NITI Aayog vice chairman expects boost for agriculture in India's growth strategy

Agriculture is expected to get more importance in India's growth strategy, and this is likely to be reflected in the upcoming budget, according to Suman Beri, the vice chairman of India's NITI Aayog which crafts policies.

President Droupadi Murmu "has indicated that this will be a landmark budget" in her address to Parliament last month, he said.

"I think just assessing in a sense, what is being talked about broadly, I wouldn't be surprised if the agriculture sector gets a lot of attention," he said.

ADB forecasts robust growth in India’s industrial sector, rebound in agriculture

The Asian Development Bank (ADB) has kept India’s growth forecast unchanged at 7 per cent in 2024-25 as it sees the country as the fastest growing economy with robust growth in the industrial sector and a rebound in agriculture due to a better monsoon.

The ADB projected India’s economy to grow faster at 7.2 per cent in 2025-26, in its report released on Wednesday.

“The outlook for India, the region’s fastest-growing economy, is unchanged at 7.0 per cent for fiscal year 2024-25. India’s industrial sector is projected to grow robustly, driven by manufacturing and strong demand in construction. Agriculture is expected to rebound amid forecasts for an above-normal monsoon, while investment demand remains strong, led by public investment,” the ADB report states.

Indian exports remain resilient in Q1 FY25, core goods show positive growth

Indian exports remained resilient in the first quarter of current fiscal (FY25), as core export goods such as drugs and pharmaceuticals, engineering goods, organic and inorganic chemicals and readymade garments exhibited positive growth, a report showed on Wednesday.

In the labour-intensive exports category, growth in carpets, handloom products, man-made products, plastic and linoleum and readymade garments was positive, but slower than the previous month, according to a report.

Other categories such as handmade carpets, and jute manufacturing, including floor covering, leather and leather products recorded contraction.

India's domestic air traffic clocks 6 pc growth in June

India’s domestic air passenger traffic rose by 5.8 per cent to 1.32 crore in June this year from 1.24 crore in the same month last year, according to the latest data released by the Directorate General of Civil Aviation (DGCA).

Low-cost airline IndiGo flew 80.86 lakh passengers during the month to register a market share of 60.5 per cent, followed by Tata Group’s Air India with 17.47 lakh flyers accounting for 13.1 per cent share of the market pie.

Vistara, a 51:49 per cent joint venture between Tata Sons and Singapore Airlines, was ranked third with 12.84 lakh passengers and a market share of 9.6 per cent during the month. The third Tata Group airline IX Connect (erstwhile AirAsia India) carried 7.70 lakh passengers in June to clock a market share of 5.8 per cent.

India-Indonesia-Australia trilateral dialogue held

India, Indonesia and Australia on Tuesday reaffirmed their commitment to advancing their shared values and working together towards a free, open, inclusive, peaceful, prosperous and rules-based Indo-Pacific region.

Holding discussions during the India-Indonesia-Australia Trilateral Focal Points Meeting, the three sides explored opportunities for collaboration including under the framework of Indo-Pacific Oceans Initiative (IPOI) and the Indian Ocean Rim Association (IORA) mechanisms, maritime domain awareness, marine pollution and blue economy cooperation.

The Ministry of External Affairs (MEA) stated that the three sides also noted convergence between India's Indo-Pacific Oceans Initiative (IPOI) and ASEAN Outlook on the Indo-Pacific (AOIP).

IMF raises India’s GDP growth forecast to 7 pc for 2024-25

The International Monetary Fund (IMF) on Tuesday raised India's GDP growth forecast for 2024-25 to 7 per cent from 6.8 per cent projected earlier on the back of “improving private consumption, particularly in rural India".

"The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas," the IMF said in its World Economic Outlook report.

The IMF has left unchanged its estimate for India’s economic growth for 2025-26 at 6.5 per cent.

Stock markets open on a high, Adani Enterprises among top gainers

The Indian benchmark indices once again opened on a positive note on Tuesday in the run-up to a blockbuster budget next week.

Adani Enterprises, Coal India, M&M, Bharti Airtel and Tata Steel were among major gainers on the Nifty in the opening trade.

While Sensex opened more than 160 points up to reach the 80,839 level while Nifty reached 24,643, over 50 points up.

Market watchers said that in the next few days, the market is likely to anticipate the Budget proposals and respond.

WPI inflation edges up to 3.36 pc in June

The annual rate of inflation based on the all-India Wholesale Price Index (WPI) number edged up to 3.36 per cent in June this year compared to the same month of the previous year, figures released by the Commerce Ministry on Monday showed.

The month-over-month change in WPI for June stood at 0.39 per cent as compared to May.

The increase is primarily due to the prices of food articles going up by as much as 10.87 per cent during the month. Within the food basket, the prices of vegetables shot up by 38.76 per cent as the scorching heat wave hit crops while pulses turned costlier by 21.64 per cent. The Food segment has a weight of 24.4 per cent in the overall index.

SBI hikes lending rates

 The country’s largest lender State Bank of India (SBI) has raised its benchmark marginal cost of lending rate (MCLR) by 5-10 basis points with effect from Monday (July 15).

Interest rates on loans linked to MCLR are also likely to go up following the hike. The rate on loans of one-month tenure has been hiked by 5 basis points to 8.35 per cent while the MCLR on loans of three-month tenure has been hiked by 10 basis points to 8.40 per cent. One basis point is 0.01 percentage point.

MCLR rates for the six-month, one-year and two-year tenures have been hiked by 10 basis points each to 8.75 per cent, 8.85 per cent and 8.95 per cent respectively.

Stock markets open on positive note, HCLTech gains

The Indian benchmark indices opened on a positive note on Monday amid IT quarterly results and foreign institutional investors’ (FII) buying.

The Sensex opened around 160 point up at the 80,674 level while the Nifty opened nearly 40 points up at the 24,540 level.

HCLTech shares went up nearly 5 per cent after the company's robust quarter earnings.

Zomato’s shares also opened up after the food delivery platform raised the platform fee.

Indian realty sector saw over Rs 5,327 cr investment from domestic investors in April-June

Keeping up with the growth momentum in the Indian real estate industry, the domestic investors pumped in around $638 million (more than Rs 5,327 crore) in the real estate sector in the second quarter this year, from $127 million in the same period last year.

According to data from leading real estate consultant Vestian, institutional investments in the real estate sector surged 96 per cent in the April-June period to $3.1 billion, from $1.6 billion in the same period last year.

“The Indian real estate sector garnered significant investments in the second quarter of 2024, dominated by foreign investors as the looming uncertainty over the major economies of the world has faded away,” said Shrinivas Rao, CEO, Vestian.

'FPI community to play key role in positioning India as 3rd largest economy'

The net foreign portfolio investor (FPI) inflows turned green this month, both in the equity and debt segment, and as India enters 'Amritkaal', the FPI community will play a major role in positioning it as the third largest economy in the world, market experts said on Saturday.

There was a total net inflow of Rs 2,82,338 crore for both equity and debt in FY24.

According to market watchers, the reason for a quick rebound in the capital markets can be attributed to the positive sentiments, a stable government’s assurance on continuity of reforms, tepid US Fed rates, and strong domestic demand.

Ramesh Sippy shares how the Emergency impacted the shows of ‘Sholay’, its collections

Director Ramesh Sippy has shared an interesting anecdote about the legendary Bollywood film ‘Sholay’.

The director spoke about the film’s runtime and how it was caught between the quagmire of its box office collections and audience demand.

‘Sholay’ was released during the politically turbulent times of the Emergency in India imposed by former Prime Minister Indira Gandhi.

Speaking on the chat show ‘The Invincibles’, Ramesh said that during the Emergency, night shows of films had to conclude by 12 a.m. If a film had to play four shows, then the first show had to start as early as 9 a.m.

Direct tax collections surge 19.5 pc to Rs 5.74 lakh crore in 2024-25 so far

The country’s nets direct tax collection posted a robust 19.5 per cent growth to Rs 5.74 lakh as on till July 11 of the current financial year (2024-25) compared to the same period of the previous year, according to the latest figures compiled by the Income Tax Department

Net corporate tax collections from April 1 to July 11 increased 12.5 per cent over the same period last year to Rs 2.1 lakh crore, while personal income tax including securities transaction tax rose 24 per cent to Rs 3.64 lakh crore.

Gross direct tax collections, before refunds, surged 23.2 per cent compared to the same period last to Rs 6.45 lakh, the figures showed.

India shows remarkable resilience amid global challenges: Industry

India has shown remarkable resilience amid global challenges by continuously moving on a high growth trajectory on the back of prudent policy measures and vigilant monetary policy stance, industry experts said on Saturday.

The foreign exchange reserves surged by $5.16 billion to reach a lifetime high of $657.16 billion during the week ended July 5, according to the latest RBI data.

“This would accelerate India's economic growth to new highs, bolstering its global stature. This increase in Forex reserves will boost India's worldwide attractiveness, supporting domestic trade and industry,” said Shri Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry (PHDCCI).

Food prices set to cool off in coming months as monsoon progresses: Experts

The food prices are projected to cool off in the coming months and the inflation trajectory to soften and stabilise between 4 and 4.5 per cent, industry experts have said.

India’s consumer price inflation (CPI) edged up to 5.08 per cent in June this year compared to the same period last year.

According to industry experts, although June rains were deficient, it is not a major concern because July and August rains are what matter for Kharif.

Lacuna in Punjab Swimming Association: Lack of District Championships Hinders Sports Development

Swimmers in Punjab have been denied the opportunity to participate in district swimming championships for several years, despite the Punjab government's claims of promoting sports. This significant lacuna in the Punjab Swimming Association's functioning has left dedicated athletes and their families uncertain about their future in the sport.

In Mohali, it has been four years since the last district swimming championship. In other districts, the number of years varies from three to six. This inconsistency in organizing championships severely impacts the progress of local athletes. The absence of championships not only hinders swimmers' grading and ranking but also prevents them from taking advantage of sports quotas and other career opportunities.

The district is well-equipped with the necessary infrastructure for swimming championships, including an Olympic-size 50-meter pool and all-weather swimming pools. Additionally, the sports complexes managed by GMADA boast excellent facilities. Despite these resources, no championships have been held, raising concerns among parents and athletes alike.

Sensex closes at all-time high, tech stocks lead rally

Indian equity benchmarks closed in the green following a rally in IT stocks on Friday.

At closing, the Sensex was 622 points or 0.78 per cent, at 80,519 and Nifty was 186 points or 0.77 per cent, at 24,502.

During the day, the Sensex and Nifty both made new all-time highs of 80,893 and 24,592 respectively.

The market was mainly driven by tech stocks.

India equity capital markets raise $29.5 bn in 2024 1st half, M&A activity hits $37.3 bn

The India equity capital markets (ECM) hit a record high and raised $29.5 billion in the first half this year, up 144.9 per cent compared to a year ago, a report has said, as follow-on public offers (FPOs) saw stupendous growth.

Initial public offerings (IPO) from Indian companies raised $4.4 billion, up 97.8 per cent compared to the same period last year, and the number of IPOs jumped 70.6 per cent year-on-year, according to data shared by LSEG Deals Intelligence.

"Follow-on offerings, which accounted for 85 per cent of India’s overall ECM proceeds, raised $25.1 billion, up 155.7 per cent from a year ago, while the number of follow-on offerings grew 56.4 per cent year-on-year," the report mentioned.

Markets at new all-time high, Nifty trades above 24,500 for first time

India equity benchmarks are trading at record highs on Friday following buying in the IT stocks.

Sensex and Nifty both made new all-time highs of 80,893 and 24,592 respectively.

At 12.50 a.m., Sensex was at 80,482, up 585 points or 0.73 per cent, and Nifty was up 172 points or 0.71 per cent, at 24,488.

Midcap stocks are underperforming compared to large caps. Nifty midcap 100 index is down 70 points or 0.12 per cent, at 57,077. While Nifty smallcap 100 index is up 54 points or 0.29 per cent, at 18,974.

Budget to strengthen ‘Viksit Bharat’ narrative, focus on more job creation: Report

The Union Budget 2024-2025 will strengthen the narrative of ‘Viksit Bharat’ by 2047 along with more job creation, following a transformation witnessed in the last 10 years across economic parameters, a report showed on Friday.

The broad focus of the government will be job creation. This could mean more impetus on infrastructure and other public welfare schemes, as well as fiscal expansion using off-balance-sheet structures, according to the report by Axis Securities.

On Thursday, Union Minister for Petroleum and Gas, Hardeep Singh Puri, hailed an SBI study, which said as many as 12.5 crore jobs were created during the fiscal years of 2014-24, marking a four-fold jump from the 2004-2014 period, which saw the creation of about 2.9 crore jobs.

Sensex trades higher on positive global cues

Indian equity benchmarks opened in the green on Friday following positive global cues.

At 9:50 a.m., Sensex was up 282 points or 0.35 per cent at 80,180 and Nifty 50 was up 104 points or 0.43 per cent at 24,420.

Buying is also seen in smallcap and midcap stocks. The Nifty Midcap 100 index is at 57,321, up 173 points or 0.30 per cent, and the Nifty Smallcap 100 index is at 19,028, up 108 points or 0.58 per cent.

Overall broader market trend is positive. On NSE 1,589 shares are in the green and 497 in the red.

According to the market experts, "The market which has been moving in a narrow range this week might react favourably to positive global and domestic cues. The positive global cue is the decline in inflation in the US by 0.1 per cent in June triggering hopes of a rate cut by the Fed in September for which the market indicates a 90 per cent probability."

Sensex closes flat amid volatile session

Indian equity benchmarks closed flat on Thursday following a volatile session.

At closing, Sensex was at 79,897, down 27 points and Nifty was down 8 points, at 24,315.

During the day, the buying trend was seen in midcap and smallcap stocks rather than largecap stocks.

The Nifty Midcap 100 index closed at 57,148, up 227 points or 0.40 per cent, and the Nifty Smallcap 100 index closed at 18,919, up 129 points or 0.69 per cent.

India's gold processing industry to create 25,000 new jobs: Report

The gold processing industry in India is projected to create 25,000 new jobs and witness about Rs 15,000 crore investments by 2030, a new report showed on Thursday.

Domestic gold production of incumbents and new players will expand to 100 tonnes by 2030, adding significantly to the foreign exchange reserves, improving trade balance and contributing to the GDP, said the industry body PHDCCI (PHD Chamber of Commerce and Industry).

“Indian gold processing and manufacturing industry is poised for substantial growth and transformation, promising extensive economic benefits, supporting the Indian economy on a higher growth path to Viksit Bharat’ by 2047,” said Sanjeev Agrawal, President, PHDCCI.

Banking sector witnessing a decade-high performance: RBI

As India aims to become the world's third largest economy soon, the banking sector is undergoing a decade-high performance in financial metrics, according to Swaminathan J, Deputy Governor of the Reserve Bank of India (RBI).

According to him, the central bank is busy improving the auditing process to safeguard the integrity and stability of financial institutions.

"Auditors and chief financial officers are key pillars of financial integrity and governance in our banking system. Auditors must apply due rigor in their audit processes to mitigate any potential for divergence, under-provisioning, or non-compliance with statutory and regulatory requirements, said Swaminathan at a conference in Mumbai.

Retail inflation for industrial workers declines to 4-month low

Retail inflation for industrial workers eased to a 4-month low of 3.86 per cent in May compared to 4.42 per cent in the same month a year ago, according to the latest data released by the Labour Ministry.

The Consumer Price Index-Industrial Workers (CPI-IW) has been steadily declining since February this year and was 3.87 per cent in April 2024, figures compiled by the Labour ministry show.

The All-India CPI-IW for May 2024 increased by 0.5 points and stood at 139.9 points. It was 139.4 points in April 2024.

The fuel & light segment declined to 149.5 points in May from 152.8 points in April 2024.

India to see rise in private consumption in FY25 driven by rural demand

Driven by rural demand recovery owing to normal monsoon and moderating inflation, India is projected to see a surge in private consumption in the current fiscal, a report has said.

According to India Ratings and Research, the rise in private consumption would lead to more balanced growth, reducing the disparity between premium and value segments.

According to the report, urban demand will also continue to grow but at a slower pace.

The growth disparity would moderate in FY25, exhibiting slightly more broad-based growth contours, said India Ratings.

India's Family Planning Journey: Mapping our defining Moments and Challenges ahead

On this World Population Day (July 11), we reflect on India’s incredible journey in family planning. We celebrate our successes, look forward to a future filled with promise, and reaffirm our commitment to address the challenges that lie ahead.

India’s leadership and progress

As endorsed in the United Nations International Conference on Population Development (ICPD) at 30th conference in May 2024, India has not only firmly provided leadership to the ICPD agenda but also has demonstrated tremendous progress on the ground through improved family planning services and dramatically improving health outcomes, especially maternal health and child health.

Sensex trades flat after opening in green

 Indian equity indices were trading flat on Thursday after opening in the green.

At 9:40 a.m., Sensex was down 10 points at 79,914 and Nifty was up 8 points at 24,332. It is the second consecutive day when the Sensex is trading below 80,000.

Buying is seen in the smallcap and midcap stocks. Nifty midcap 100 index is up 281 points or 0.49 per cent, at 57,200 and Nifty smallcap 100 index is up 93 points or 0.50 per cent, at 18,887.

Among the sectoral indices, Auto, IT, PSU Bank, Metal, PSE and Media are the major gainers. Fin service, Pharma, FMCG and Realty are the major laggards.

India to be 3rd largest economy in next 3 to 4 years: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said India will be the 3rd largest economy in the next 3-4 years while the country’s exports would scale the $ 2 trillion export target by 2030.

Addressing the FICCI national executive committee meeting here, Goyal said: “With the rapidly growing start-up India initiative, growing infrastructure, investments in manufacturing which are creating a lot of opportunities for trade, business, jobs and exports. We will be the 3rd largest economy in the next 3-4 years.”

He also observed that the direction in which India was moving forward deeply resonates with what the industry wanted. India has a lot of untapped potential as the country heads towards becoming a global manufacturing hub.

Sarmang Chandigarh Half Marathon Draws 500 Runners, Showcasing Talent Across All Ages

Sensex closes below 80,000 amid profit-booking

The Indian equity indices closed in the red on Wednesday amid profit booking in the broader market.

At closing, Sensex was at 79,924, down 426 points or 0.53 per cent, and Nifty was at 24,324, down 108 points or 0.45 per cent.

The Nifty smallcap 100 index fell 167 points or 0.88 per cent, at 18,789 while the Nifty midcap 100 index closed at 56,921, down 156 points or 0.27 per cent.

According to experts, "the Indian market experienced profit booking ahead of the upcoming earnings season. The expectations are muted given moderation in sales growth due to slowdown in the world economy and consolidation in margins driven by high inflation".

Sensex trades lower amid selling in banking stocks

Indian equity indices opened in red on Wednesday following pressure in banking stocks.

At 9:55 a.m., Sensex was down 228 points or 0.28 per cent, at 80,123 and Nifty was down 58 points or 0.24 per cent, at 24,378.

Banking stocks are leading the fall. Nifty Bank is down 261 points or 0.50 per cent, at 52,307.

In the Sensex pack, M&M, SBI, Kotak Mahindra Bank, HCL Tech, TCS, JSW Steel, Axis Bank, and Reliance are the top losers. Maruti Suzuki, NTPC, Titan, Bharti Airtel, Bajaj Finance, and Tata Steel are top gainers.

Number of new jobs more than doubles to 46.6 million in 2023-24: RBI data

As many as 46.6 million new jobs were created in the Indian economy during 2023-24, according to the latest data released by the Reserve Bank of India.

The total number of people employed in the country rose from 596.7 million in 2022-23 to 643.3 million in the financial year ended on March 31, 2024.

While an average of 20 million jobs was created between 2017-18 and 2021-22, the number more than doubled during 2023-24, the data shows.

The RBI’s KLEMS database covers five key inputs of production -- Capital (K), Labour (L), Energy (E), Materials (M), and Services (S). The database is created for 27 industries aggregated to form six sectors that cover the entire economy.

Stock markets open on a high, auto & pharma shares lead

The benchmark indices opened on a high on Tuesday, with Sensex crossing the 80,000 mark again led by auto and pharma stocks, gaining over 200 points in morning trade.

The NSE Nifty rose by 47 points and was trading at 24,368.

According to analysts, the market attention is now turning towards the Q1 FY25 results.

The auto index was the best performer, rising over one per cent, while IT stocks slipped ahead of earnings this week.

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