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The Economic Times
The Economic Times 'Billionaire tax' may drive away capital, warns CEA
India's Chief Economic Adviser, V Anantha Nageswaran, cautioned against a "billionaire tax," arguing it could deter investment. He emphasized equality of access and opportunity over outcome equality, citing India's poverty reduction success. Nageswaran questioned economist Thomas Piketty's findings on wealth concentration, highlighting increased share ownership in smaller towns and a narrowing gap between top companies and others.
The Economic Times 'Global wealth tax must pay for climate reparation'
French economist Thomas Piketty advocated for a global wealth tax to fund climate reparations, especially for countries like India significantly impacted by climate change. He urged India to lead this effort and address inequality through progressive taxation and policy changes, rather than relying solely on economic growth. He also cautioned against the risks of privatizing AI knowledge.
The Economic Times Substantial rise in GST collection between April-November 2024
The Goods and Services Tax (GST) collections have gone up by 9.3 per cent so far in the current fiscal 2024-25 to Rs 14.56 lakh crore. In the April-November period of last year, the tax mop-up was Rs 13.32 lakh crore.
The Economic Times Need to blend commercial considerations with economic priorities, strategic needs: Sitharaman
Outlining the priorities of the economy for the next decade, Sitharaman said the industry should work with small and medium enterprises to explore how they can support large units, while equally contributing to job creation.
The Economic Times FMCGs, beware! The coming year could be another hurdle for India’s consumer market
India's urban middle class is curbing spending due to job scarcity and inflation, impacting the consumer goods sector. While rural demand holds strong, it's unlikely to fully offset the urban decline without policy intervention. FMCG companies face margin pressures, and overall economic growth has slowed, posing challenges for the sector's future.
The Economic Times Time for India Inc to join the capex party, invest more: Kumar Mangalam Birla
Kumar Mangalam Birla encouraged Indian businesses to boost investment. The government has significantly increased its capital expenditure. Birla's group and other companies have started large capacity expansions. He emphasized the role of businesses in driving economic growth. Birla suggested India could become a global manufacturing and service hub. He also highlighted the importance of innovation and talent for India's development.
The Economic Times Mumbai: CFO, staff of solicitor firm arrested for fraud
Four employees of a prominent solicitor firm, including the CFO and Head Accountant, were arrested in Mumbai for allegedly embezzling ₹49.7 lakh, potentially exceeding ₹3-4 crore, through bogus invoices and fraudulent bills since 2020. Police are investigating the use of fake satellite offices and third-party accounts to siphon funds, with the CFO's wife identified as a key beneficiary.
The Economic Times Commbitz launches eSIM services in India, promising seamless global connectivity
Commbitz has launched in India, bringing its innovative e- SIM technology to empower travellers and businesses with seamless, affordable connectivity. Co-Founder Harsh Jayesh Ruparel stated, “This expansion reflects our commitment to enabling borderless communication.” The company aims to address the growing demand for digital services in India through sustainable solutions.
The Economic Times Outlook FY25: Pharma, Data Centres thrive; Cement, Auto to face headwinds, says Report
India's economy is projected to grow at 6.5 per cent and 6.7 per cent in FY25 and FY26 respectively, as per CareEdge Rating’s report with the numbers and trends for sectoral outlooks varying. The pharmaceutical sector is expected to grow by 9-10 per cent, cement faces moderation at 4-5 per cent in FY25, and automobile growth slows in FY25. Hospitality, steel, chemicals, and infrastructure see varied growth, with data centres and airports showing strong performance.
The Economic Times Fitch slashes India's GDP forecast to 6.4% for FY25. But it has few good things to say
Fitch Ratings lowered India's GDP growth forecast for 2024-25 to 6.4% from 7%, echoing the Reserve Bank of India's reduced projection. Despite recent mixed indicators, Fitch maintains a positive outlook, citing strong domestic demand and continued policy support in infrastructure and digitalization as key growth drivers.
The Economic Times Market is not linear; stay invested and reap the benefit of India’s growth prospects: Navneet Munot
India's stock market has seen tremendous growth. An SIP of Rs 10,000 per month over 30 years in HDFC Flexi Cap Fund could be worth Rs 20 crore today. India's nominal GDP growth and corporate profits have driven market returns. The next 30 years are expected to be exciting for the market.
The Economic Times Oyo's valuation at $ 4.6 billion after Nuvama Wealth acquires Rs 100 crore stake
Oyo's valuation reached $4.6 billion after Nuvama Wealth's recent share acquisition. Founder Ritesh Agarwal also bought back shares. The company's profitability continues to improve, projecting a threefold increase in net profit for FY2025 after acquiring G6 Hospitality. Oyo reported its first-ever profit in FY2024 and saw increased revenue in Q2 FY2025.
The Economic Times Wipro Founder Azim Premji And Manipal Group’s Ranjan Pai To Invest In Akasa Air
Azim Premji's family office, Premji Invest, and Ranjan Pai’s Claypond Capital have secured a minority stake in Akasa Air as part of a $130-140 million fundraising initiative. This investment marks a significant step for the airline, which is aiming to expand its operations. The deal values Akasa Air at just under $350 million, a considerable increase from its 2021 valuation of $86 million. The funding is expected to fuel the airline’s growth, including fleet expansion and aircraft pre-delivery payments.
The Economic Times 2024 was a roller-coaster ride: How will India’s economy fare in 2025?
India is facing challenges like high inflation, falling wages, and weak corporate earnings. However, the RBI’s neutral stand on the repo rate and a 50 bps CRR cut may boost liquidity and consumer spending. Tension between the US and China can provide India with a strategic advantage. India’s largest exporting destination is the US, with a trade surplus in FY24.
The Economic Times Carlyle eyeing $1 billion Indian IPO for Quest Global: Report
Carlyle Group is exploring a potential $1 billion IPO for Quest Global Services in India, targeting a valuation exceeding $5 billion. The engineering services firm may redomicile to India before the listing, possibly in 2024. India's booming IPO market and strong economic growth are attracting significant investor interest.
