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July 23, 2024
- Economic Survey 2023-24: Here are the key highlights
- 1. Global Growth: 3.2% in 2023, impacted by domestic issues, geopolitical conflicts, and monetary tightening.
- 2. India's Performance: Real GDP grew by 8.2% in FY24, maintaining strong momentum despite global challenges.
- 3. Capital Formation: Rs 10.9 lakh crore raised in FY24, covering 29% of capital formation.
- 4. Sector Transformation: Financial sector evolving with potential vulnerabilities; need for agile policy interventions.
- 5. Inflation Trends: Core inflation fell in FY24, with retail inflation driven down. RBI projects 4.5% inflation in FY25.
- 6. Global Pressures: Inflation affected by pandemic, geopolitical tensions, and supply disruptions.
- 7. Trade Balance: Merchandise imports moderated; services exports rose by 4.9% to $ 341.1 billion.
- 8. Debt Sustainability: External debt at 18.7% of GDP, with improved logistics performance.
- 9. Growth Strategy: Focus on private investment, MSME growth, agriculture, green transition financing, education-employment gap, and state capacity.
- 10. Sustained Growth: Potential for 7%+ growth with continued structural reforms and collaboration between government and private sector.
- 11. Renewable Energy: Non-fossil sources constitute 45.4% of installed capacity.
- 12. Green Bonds: Rs 36,000 crore raised in 2023 for emission reduction projects.
- 13. Welfare Reforms: Ayushman Bharat scheme has generated 34.7 crore cards and covered 7.37 crore hospital admissions, saving over ₹1.25 lakh crore in out-of-pocket expenses.
- 14. Labor Market: Unemployment rate at 3.2%; EPFO net payroll additions doubled in five years.
- 15. Sector Growth: Livestock sector grew at 7.38% CAGR; fisheries sector at 8.9% CAGR.
- 16. Tech Adoption: Digital Agriculture Mission and e-NAM for smart agriculture technologies.
- 17. Industrial Growth: 9.5% growth in FY24; significant improvements in manufacturing, construction, and mining.
- 18. Coal Production: Record 997.2 million tonnes produced, reducing import dependence.
- News Headlines from Business News Agencies:
- Business Standard
- Zydus Lifesciences gets Mexican authority nod for cancer remedy biosimilar
- Indian Oil to triple gas sales, boost renewable energy to 31 GW by 2030
- Airport operators to conduct 3rd party audit of structural stability: Govt
- JSW Infrastructure eyes end-to-end logistics play: CEO Arun Maheshwari
- Renewable energy sector to get Rs 30.5 trn investments by 2030: Eco Survey
- Stallion India Fluorochemicals gets Sebi's nod to raise funds through IPO
- Shakti Pumps Q1 result: Net profit jumps to Rs 93 cr, revenue up four-fold
- Telecom technology needs capital, govt to allocate 5% of USOF for R&D
- India's foreign exchange reserves jump about $10 bn on JPMorgan bond move
- Private capex picked up in FY24, driving growth: Economic Survey FY24
- India has decoupled economic growth from greenhouse gas emissions: Survey
- India to apply for licences to scout Pacific Ocean for critical minerals
- Economic Times
- CRR cut to help banks facing low deposit growth: SBI MD
- NITI Aayog join hands with WIPO to develop programs for countries in the global south
- Capital expenditure on Railways increased by 77 pc over 5 years: Economic Survey
- NARCL lines up another Rs 1.25 lakh cr of NPAs from banks
- Households not in distress, investing more in financial assets: CEA Nageswaran
- UCO Bank Q1 Results: Net profit jumps 147% YoY to Rs 551 crore
- Sebi returns draft IPO documents of recruitment solution provider Crizac
- Aviation regulator DGCA sets up internal working groups to develop norms for eVTOLs
- Annual net SIP flows double in last 3 years to Rs 2 lakh crore in FY24: Economic Survey
- Nokia and Airtel successfully complete first 5G cloud RAN trial in India
- Jakson Green gets Rs 296 cr credit facility from First Abu Dhabi Bank
- Tourism, hospitality well positioned to benefit from infra spend in economy: Puneet Chhatwal, IHCL
- Mint
- Economic Survey 2024: Banks well-positioned to finance investment demand
- Economic Survey: India seeks China FDI to boost electronics exports globally
- Goldman Sachs recruits former Morgan Stanley banker for South Korea operations
- Reliance-Disney $8.5 billion merger faces scrutiny, CCI sends antitrust queries
- Sanofi temporarily recalls Allegra syrup, Combiflam
- Allow tax deduction for health insurance in the new regime, says ICAI chief
- Economic Survey: Expenditure on fertilizer subsidy falls 24.6% in FY24
- Amazon in talks with Swiggy for buying Instamart business
- AM Green plans $1 billion foray into biofuels
- Tata Comms gets first batch of Nvidia AI chips, begins internal deployment: MD
- VC firm Lightbox considers $100-mn continuation fund to back mature startups
- India Daybook – Stocks in News
- Pondy Oxides: Net profit at Rs 13.0 cr vs Rs 4.0 cr, Revenue at Rs 445 cr vs Rs 326 cr (YoY) (Positive)
- Jana SFB: Net profit at Rs 171 cr vs Rs 90 cr, NII at Rs 610 cr vs Rs 462 cr (YoY) (Positive)
- Cyient DLM: Net profit at Rs 10.5 cr vs Rs 5.3 cr, Revenue at Rs 257 cr vs Rs 217 cr (YoY) (Positive)
- Cochin Minerals: Net profit at Rs 5.9 cr vs Rs 2.2 cr, Revenue at Rs 88 cr vs Rs 66 cr (YoY) (Positive)
- Maharashtra Scooters: Net profit at Rs 8.3 cr vs Rs 0.5 cr, Revenue at Rs 7.7 cr vs Rs 5.3 cr (YoY) (Positive)
- Suzlon: Net profit at Rs 302 cr vs Rs 101 cr, Revenue at Rs 2022 cr vs Rs 1351 cr (YoY) (Positive)
- RailTel: Company bags order worth ₹186.81 crore from Ministry Of Railways (Positive)
- SRM Contractors: Company has signed the agreement for EPC Project of NHAI for aggregate quoted price of Rs 100.45 cr (Positive)
- Gensol Engineering: Company becomes preferred bidder for 116 MW solar projects with EPC revenue of Rs 600 crore in Gujarat (Positive)
- Can Fin homes: SBI Life buys 10 lakh shares of company at Rs. 827.94/share. (Positive)
- Power Stocks: Renewable energy industry officials calls for rationalization of GST for solar equipment. (Positive)
- Fineotex Chemical: Company raises Rs 342.55 crore through issue of equity shares and warrants on preferential basis. (Positive)
- PowerMech: Uttarakhand Government revises tender offer for hospital construction to Rs 594 crore from Rs 362 crore (Positive)
- Oil India: Company in pact with Norway's Dolphin Drilling for hiring Dolphin's drilling unit called Blackford. (Positive)
- Wardwizard: Company strengthens global footprint with focused Export strategy. (Positive)
- Crompton Greaves: Company says net debt positive after paring down acquisition related debt (Positive)
- Federal Bank: RBI approves appointment of KVS Manian as MD and CEO of Bank. (Positive)
- GE Power: Company’s JV with NTPC receives Rs 348 cr for renovation and modernisation of steam turbines. (Positive)
- Mahindra Logistics: Company approves re-appointment of Rampraveen Swaminathan as MD & CEO for 5 years. (Positive)
- Lemon Tree Hotels: Company signs licensing pacts for 57-room hotel in Goa and 44-room hotel in Punjab. (Positive)
- KPI Green Energy: Company receives letter of award from MAHAGENCO for development of a 100-megawatt solar power project. (Positive)
- Greenlam Industries: Net profit at Rs 19.9 cr vs Rs 33.0 cr, Revenue at Rs 604.7 cr vs Rs 515.2 cr (YoY) (Neutral)
- Kiran Vyapar: Net profit at Rs 34.7 cr vs Rs 24.7 cr, Revenue at Rs 28.6 cr vs Rs 27.3 cr (YoY) (Neutral)
- Allied Blenders: Net Loss at Rs 2.4 cr vs Rs 1.28 cr, Revenue at Rs 767.6 cr vs Rs 770.9 cr (YoY) (Neutral)
- Cigniti Technologies: Net Profit at Rs 10.5 cr vs Rs 27.1 cr, Revenue at Rs 470 cr vs Rs 456 cr (QoQ) (Neutral)
- Zensar Tech: Net profit at Rs 160 cr vs Rs 173 cr, Revenue at Rs 1290 cr vs Rs 1230 cr (YoY) (Neutral)
- Pfizer: Board Meeting on July 29 to Consider Q1 Results (Neutral)
- SBIN: Board Meeting on August 3 to Consider Q1 Results (Neutral)
- Tata Power: Board Meeting on August 6 to Consider Q1 Results (Neutral)
- Vedanta: Company regains Control of Konkola Copper Mines in Zambia (Neutral)
- TRENT: Westside launches its 230th Store in Lucknow (Neutral)
- Jet Airways: NCLT Likely To Next Hear Jet Airways Case Today (Neutral)
- Tata Consumer: Board Meet to consider Rights Issue Today (Neutral)
- Spice Jet: Board Meet to consider Raising Fresh Capital via QIP Today (Neutral)
- Apollo Micro: Board Meet to consider fund raising via Equity Shares or Convertible Securities including warrants on preferential basis Today (Neutral)
- Reliance Ind: Reliance New Energy acquires balance 12.7% stake in Reliance Lithium for €3.7 million. (Neutral)
- SAIL: Board Meeting to be held on 25-Jul-2024 to consider Fund raising. (Neutral)
- MRPL: Net profit at Rs 73.2 cr vs Rs 1014.8 cr, Revenue at Rs 27,289.4 cr vs Rs 24,825.1 cr (YoY) (Negative)
