Exports from STPI units seen at over Rs 5 lakh crore in FY22 despite Omicron wave

The surge in COVID cases driven by the fast-spreading Omicron variant is not expected to disrupt the performance of units registered under the STPI scheme with proven remote working protocols already in place, according to a top official. The value of software exports from the Software Technology Parks of India units is expected to be … Read more

Assam: NABARD projects Rs 36,292 crore credit potential for FY22

National Bank for Agriculture and Rural Development (NABARD) has projected a credit potential of Rs 36,292 crore for the state of Assam for the financial year 2022-23. NABARD launched the State Focus Paper today for the financial year 2022-23 which is the consolidation of exploitable district wise realistic potential, both in physical and financial terms … Read more

Centre releases balance Rs 44,000 crore to states to meet GST compensation shortfall

The Centre Thursday released the balance Rs 44,000 crore to states under the back-to-back loan facility in-lieu of GST compensation, taking the total to Rs 1.59 lakh crore, the full amount that the government had planned to pay to states for FY 22 for compensation shortfall. The government had released Rs 75,000 crore in July … Read more

Fitch cuts India’s FY22 GDP growth forecast to 8.7%

Fitch Ratings has cut India’s economic growth forecast to 8.7 per cent for the current fiscal but raised GDP growth projection for FY23 to 10 per cent, saying the second COVID-19 wave delayed rather than derail the economic recovery. In its APAC Sovereign Credit Overview, Fitch Ratings said India’s ‘BBB-/Negative’ sovereign rating “balances a still-strong … Read more

S&P retains India’s 9.5% growth forecast for FY22; consumption, domestic macro indicators weak

S&P Global Ratings on Tuesday said there were indications of a strong rebound in economic activity in India after the second wave of the Covid-19 pandemic waned even as it maintained its FY22 growth forecast for India at 9.5%. It also said that inflation remains relatively high, and public debt worries persist. “In India, domestic … Read more

Record exports in July, 33 per cent of $400 billion FY22 aim met

Led by petroleum products, gems and jewellery, and engineering goods, India’s exports rose 47.9% on-year to a record $35.17 billion in July. Preliminary data released by the government showed that India’s merchandise exports in July were an increase of 34% over July 2019. Imports were at the second highest at $46.4 billion, leaving a wider … Read more

Tata Motor’s cost focus means little when chips are scarce

In the last three months, Tata Motors has underperformed the BSE Auto index with headwinds emerging from the supply side. Synopsis The focus on cost control can be gauged from the fact it saved 150 million at JLR, by curbing variable marketing expenses and implementing a 10% reduction per car in vehicle cost. In the … Read more

Govt set to overshoot FY22 tax collection target as Q1 mop-up reaches Rs 5.6 lakh cr: Icra

With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh … Read more

Most family-owned cos remain bullish on FY22

(This story originally appeared in on May 31, 2021) Mumbai: The worry about economic uncertainty notwithstanding, Indian family-owned businesses are upbeat about their prospects in 2021-22. In a study of over 100 family-owned businesses by Executive Access India, conducted exclusively for TOI, 64% companies said they are optimistic in their outlook for the current financial … Read more