The brain-storming session, called 'Chintan Shivir', was chaired by cabinet secretary Rajiv Gauba. It saw deliberations on the capital expenditure from the Budget and such spending by various central public sector enterprises (CPSEs), with focus on their internal and extra-budgetary resources. Several large schemes, announced in the Budget for FY24, were also discussed.
The real GDP growth for the first quarter of FY24 will come at 8.1% with an upward bias and the Reserve Bank of India's 6.5% estimate can also be exceeded, economists at the country's largest lender SBI said. "We expect Q1 FY24 GDP growth at 8.1% with an upward bias due to the impact of ₹2,000 note withdrawal event...this reinforces our projection that FY24 GDP could be higher than 6.5%, basis the RBI estimate," a note said.
Analysts expect prices of kitchen staples to increase further. Paddy and pulses like tur, moong, urad, oilseeds like soyabean and groundnut are some of the key staple foods grown in kharif season.
Technical discussions were held across 10 policy areas in over 50 separate sessions and detailed draft treaty text discussions took place in these areas.
As per the provisional payroll data of ESIC, released by the ministry of labour and employment on Monday, around 30,249 new establishments have been registered and brought under the social security umbrella of Employees’ State Insurance Corporation in the month of April, 2023, thus ensuring more coverage.
The Indian ministry of corporate affairs (MCA) will increase its crackdown on non-functional or non-compliant "shell" companies, having already struck off almost 128,000 nuisance firms that transfer black money. The Registrar of Companies will carry out greater physical verification of firms, while the MCA is thought to be using the latest version of its MCA21 portal to build a database for use in future crackdowns.
Indian goods worth $960 million will lose their concessional duty access due to the UK’s new Developing Countries Trading Scheme (DCTS) that will supersede the previous preferential regime from Monday. That said, this exclusion may turn out to be temporary as both countries are in the process of finalising a Free Trade Agreement.
SBI Research in a report analysed and argued how the withdrawal of Rs 2000 banknotes could boost bank deposits, repayment of loans, consumption, RBI's retail digital currency usage, and overall economic growth. Adding to the Rs 2000 banknote deposits, some of the sectors -- Refinery, Oil and Gas, Power, and Chemicals -- which reported improved cash and bank balance, according to the report, are believed to be more active in parking funds with banks.
