Startups can make India m-cap grow to $50 trillion in 20 years: NSE CEO
India's market capitalisation can grow from $4.8 trillion now to $50 trillion in the next 20 years, National Stock Exchange (NSE) CEO Ashish Chauhan has predicted. Key Points
Economic TimesIndia's April-December fiscal deficit at ₹9.82 lakh crore, 55% of FY24 target
Total expenditure during the period was 30.54 trillion rupees, or about 68% of the annual goal, compared with 28.18 trillion rupees in the same period last year Key Points
mintMicrosoft hits $3 trillion value, cementing strength of AI rally
The stock rose as much as 1.3% to $403.95, resulting in a market capitalization of $3 trillion. The threshold cements Microsofts status as one of the largest public stocks. It briefly surpassed Apple Inc. in value — which last year became the first company to hit $3 trillion — but subsequently dropped back below the iPhone maker, with the two trading places ever since. Key Points
Economic TimesVinod Karki’s 3 candidates for India’s first $1-trillion market cap company
Vinod Karki expects a peak in the profit to GDP cycle to drive the emergence of $1 trillion companies in India by 2032. He believes that companies like HDFC Bank, Reliance, and Bajaj Finance have the potential to reach this milestone based on their past growth rates and hurdle rates. However, TCS is not included in the list due to its lower earnings growth and higher hurdle rate. Valuations are currently at an all-time high, and Karki does not anticipate any further PE reratings to define these $1 trillion companies. Key Points
Economic TimesSitharaman says Indian economy will hit $5 trillion by 2027-28, 3 yrs after Modi’s 2025 target
Govt’s estimates peg economy at $3.57 trillion in 2023-24, which means achieving the $5 trillion mark by next year is nearly impossible. IMF estimates target will be hit by 2026-27. Key Points
ThePrint
Govt working to ensure export sector becomes self-sustaining: Piyush Goyal
Addressing Infinity Forum 2.0 virtually at Gujarat Finance Tec-City (GIFT City), Union minister Piyush Goyal said the International Financial Services Centre (IFSC) at GIFT City has become a lynchpin in propelling India's export-led growth. GIFT City will play a pivotal role in powering India's exports to $2 trillion by 2030, and then onwards to up to $10 trillion that it envisages to see by 2047, said the Union Commerce and Industry Minister. Key Points
Economic Times$4 trillion m-cap! NSE-listed companies' market cap increased 17.5% CAGR
While Nifty is up over 11% so far in the calendar year, India's m-cap has increased by about Rs 55 lakh crore in 2023, led by the outperformance of small and midcap stocks as well as a flood of IPOs on Dalal Street. India had joined the coveted $3 trillion club in May 2021. The journey of market capitalization of Indian listed companies from $2 trillion (July 2017) to $3 trillion (May 2021) took about 46 months. Key Points
Economic TimesIs India already a $4-trillion economy? No official word yet from Centre
Many political leaders, including Maharashtra Deputy CM Devendra Fadnavis, hailed the achievement. Although the finance ministry and the National Statistical Office did not immediately comment on the viral social media post on India's GDP crossing $4 trillion. Key Points
Business TodayIndia a USD 4 trillion economy? No official word yet
India has crossed the USD 4 trillion mark in its GDP, according to a viral social media post by billionaire Gautam Adani, two Union Ministers, and Maharashtra Deputy Chief Minister Devendra Fadnavis. The finance ministry and the National Statistical Office did not immediately comment on the post, but high-placed sources said the viral news was incorrect and India was still shy of the landmark. Key Points
Economic Timestrillion Game Manga Series: See complete list of volumes, release dates and more
The trillion Game manga series accompanies the Netflix U.S. debut, based on Riichiro Inagaki's work, featuring the ambitious journey of Haru Tennouji and Gaku in their quest for one trillion dollars. There are seven manga volumes as of October 22, 2023, adding depth to their journey. Key Points
Economic Times
Centre's fiscal deficit crosses a third of full year target in July
The central government collected ₹5.8 trillion in tax revenue up to July, accounting for a quarter of the ₹23.3 trillion full year target Key Points
mintIndia's goods and services tax receipts rise 12% y/y in June
By Shivangi Acharya NEW DELHI (Reuters) - India's goods and services tax (GST) collections rose nearly 12% year-on-year to 1.61 trillion rupees ($19.61 billion) in June, a government statement showed Key Points
ThePrintIndia's goods and services tax receipts rise 12% year over year in June
India's goods and services tax (GST) collections rose nearly 12% year-on-year to 1.61 trillion rupees ($19.61 billion) in June, a government statement showed on Saturday. Key Points
ReutersIndirect tax receipts rise 19% in April-May; Collections in line with Budget projections
The indirect tax revenue target for FY24 is set at Rs 15.37 trillion, against the actual receipts of Rs 13.91 trillion in FY23. Key Points
FinancialexpressGST collection rises 12% to Rs 1.57 lakh crore in May
The government collected 1.41 trillion rupees as GST in May 2022 and a record 1.87 trillion rupees in April. Key Points
ThePrint
Double-digit rise in top banks’ loans
While SBI’s advances rose 16% y-o-y to Rs 32.69 trillion as of March-end, HDFC Bank’s grew 17% to Rs 16 trillion. PNB’s total advances grew 13% y-o-y to Rs 8.84 trillion. Key Points
FinancialexpressFY23 direct tax collections marginally overshoot RE
The gross collections of direct taxes (before adjusting for refunds) for 2022-23 was Rs 19.68 trillion, registering a 20.33% growth over Rs 16.36 trillion in 2021-22. Key Points
FinancialexpressCore sector growth in February slows to 6%, fiscal deficit at 83%
This marks a deceleration from January’s 8.9% growth and a slight improvement from February 2022’s 5.9% expansion Key Points
mintIndirect tax dept on revenue drive, urges field offices to ensure maximisation of collections
The government has pegged the indirect tax target at Rs 13.85 trillion in the revised estimates for 2022-23. Key Points
FinancialexpressFY23 fiscal deficit target of 6.4% within reach: DEA secy
The revised capex target of Rs 7.3 trillion would, however, be met in FY23, he said. Key Points
Financialexpress
Indian stocks close to hitting $5 trillion peak, retail investors win jackpot
The Indian stock market is on the verge of hitting the coveted $5 trillion market capitalisation mark following an unprecedented amount of wealth creation. India joined the $4 trillion club on 29 November 2023 and is now the fourth largest stock market in the world. Going by the track record of last 3 months, India can join the exclusive $5 trillion club as soon as next month. Dalal Street is now at $4.8 trillion-level and fourth largest in world. Jefferies expects $10 trillion by 2030. Retail investors have made the most of this mega bull run. Key Points
Economic TimesIndia's fiscal deficit at 8.04 trln rupees in April-Oct - govt
India's fiscal deficit (INFISC=ECI) for the first seven months of the financial year that started April 1 was 8.04 trillion Indian rupees, or 45% of the estimate for the whole year, government data showed on Thursday. Key Points
ReutersFY23 deficit target met, capex marginally lower
According to the second advance estimate, nominal GDP in FY23 was estimated to be Rs 272.04 trillion, 0.38% lower than the first advance estimate of Rs 273.08 trillion. Key Points
FinancialexpressEight Indian states will cross the $1-trillion mark by FY47
The states are likely to miss their goals to become a $1 trillion economy. Maharashtra has set a goal to achieve $1 trillion economy by FY28, followed by Uttar Pradesh, Tamil Nadu in 2030 and Karnataka by 2032. Key Points
Economic TimesRobust tax mop-up limits fiscal deficit to 50% of FY24 goal
The government's fiscal deficit is expected to remain in line with the estimated ₹17.9 trillion for the full fiscal year, as tax revenue grew and spending and subsidy outgo were in line with estimates. Key Points
mint
BoB Q4 loans rise 19%, deposits grow 15%
The bank’s total deposits, grew 15% YoY to Rs 12.03 trillion as of March end. Of the total, current account and savings account (CASA) deposits were at Rs 4.42 trillion. Key Points
FinancialexpressA $4-trillion economy is a certainty this year: PM's Economic Advisory Council chairman Bibek Debroy
Notwithstanding whatever is happening around the globe, which affects net exports as a growth driver, there is sufficient endogenous momentum. Economic data are normally for fiscal year, not calendar year. Adjusted for calendar year 2024, it is certain India is headed for 7% real growth. Key Points
Economic TimesWorld Cup win & $4 tn economy? Australia dashed hopes of former, but simple math negates the latter
Govt estimates show jubilation among many, including Union ministers, over India becoming $4 trillion economy, is unfounded. Celebration was prompted by screenshot of livestream. Key Points
ThePrintShriram Finance slows down farm equipment loans, sees recovery from Q3
The non-banking financial company on Thursday reported a 19.7% year-on-year (yoy) increase in assets under management (AUM) to ₹2.03 trillion Key Points
mintState Bank of India bets on private capex to grow corporate credit -Chairman
State Bank of India (SBI) (SBI.NS) expects to give out 3.5 trillion rupees ($42.30 billion) in corporate loans over the rest of this financial year as private companies step up investments in key sectors, the chairman of the country's largest lender said. Key Points
Reuters
Govt taking steps to make India $5 trillion economy 'at an early date'
The IMF's World Economic Outlook earlier said the size of the Indian economy will increase from USD 3.2 trillion in 2021-22 to USD 3.5 trillion in 2022-23 and cross USD 5 trillion in 2026-27 Key Points
FirstpostUS budget gap soars to $1.7 trillion, largest outside COVID era
The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. It marks a major return to ballooning deficits after back-to-back declines during President Joe Biden's first two years in office Key Points
mintStanChart sees Indian government's net borrowing unchanged in FY25
India's net government borrowing in the next fiscal is likely to remain largely unchanged. The central government is expected to target a narrower fiscal deficit of 5.3%-5.6% of GDP in FY25, leading to a net borrowing of 11.80 trillion to 12.20 trillion rupees. Foreign investors are expected to invest $25 billion-$30 billion in government debt, with a significant portion being absorbed by foreign portfolio investment. This increase in foreign portfolio investment is driven by the inclusion of government bonds in the JPMorgan emerging market debt index starting June 2024. Key Points
Economic TimesSK Hynix reports Q2 loss as chip glut continues
South Korea's SK Hynix (000660.KS) posted a quarterly operating loss on Wednesday, as the company said the memory chip market is beginning to recover from a deep downturn. Key Points
ReutersIn a first, BSE-listed companies’ market cap hits $5 trillion mark
The combined market capitalisation of BSE-listed companies hit the $5-trillion milestone for the first time on Tuesday. At the close of trade, the total... Key Points
The Tribune India
India could be USD 5 trillion economy by 2025: Hardeep Puri
Union Petroleum Minister Hardeep Puri stated that the Indian economy is set to reach USD 5 trillion in the next financial year (2024-25) and aims to double to USD 10 trillion by the end of this decade. Puri expressed confidence in achieving the USD 5 trillion target by 2024-25 and projected India to become a 10 trillion dollar economy by 2030. Key Points
Economic TimesIndia’s GDP will reach USD 5 trillion in 2026: Panagariya
Mumbai, Dec 15 (PTI) India will become the world’s third largest economy by 2026 as its GDP in current dollar terms will reach USD 5 trillion in that year and further rise to USD 5.5 trillion in 2027, former Niti Aayog Vice Chairman Arvind Panagariya said on Friday. Delivering the 18th C D Deshmukh Memorial […] Key Points
ThePrintIndian equity market enters coveted USD 4-trillion m-cap club for first time ever
New Delhi, Nov 29 (PTI) The combined market valuation of all listed companies on the leading stock exchange BSE reached the USD 4-trillion milestone for the first time ever on Wednesday. The 30-share BSE Sensex climbed 305.44 points to 66,479.64 in early trade after beginning the day on a positive note. Thanks to the optimism […] Key Points
ThePrintIndia's fiscal deficit at 7.02 trln rupees in April-Sept
India's fiscal deficit (INFISC=ECI) for the first six months of the financial year that started April 1 was 7.02 trillion Indian rupees ($84.35 billion), 39.3% of the estimate for the whole year, government data showed on Tuesday. Key Points
ReutersSamsung says chips to recover in 2024 after best quarterly profit this year
Samsung Electronics (005930.KS) on Tuesday flagged a gradual recovery in demand in 2024 after reporting its highest quarterly profit so far this year, as the battered memory chip market began showing signs of a rebound from a severe downturn. Key Points
Reuters
China forex reserves fall to $3.115 trillion in September
China's foreign exchange reserves fell more than expected in September, official data showed on Saturday, as the U.S. dollar rose against other major Key Points
Times Of IndiaForeign money to help Modi govt push near-record India bond sales
India Business News: Foreign money is expected to help the Modi government push near-record India bond sales. Global funds are showing interest in India's sovereign bonds ahead of its addition to global debt indexes. The government is expected to announce a gross borrowing of 15.2 trillion rupees for the coming fiscal year. Foreign investors have already invested more than 500 billion rupees into index-eligible debt. The growing demand from foreigners is expected to have a positive impact on the government's borrowing plans. Key Points
Times Of IndiaGST upsurge: This tax needs to be tweaked
For 2023-24, India’s GST revenue crossed ₹20 trillion. If its weak mop-ups are firmly in the past, at long last, we must go for slab and rate reforms. Key Points
mintUS public debt tops $34 trln as Congress heads into funding fight
The Daily Treasury Statement for Friday showed that the total public debt outstanding rose to $34.001 trillion from $33.911 on Thursday. Key Points
Business TodayIndia's record high credit card spending indicates a potential risk
Credit card spending in India reached a historic high of 1.48 trillion rupees ($17.8 billion) in August, raising concerns about potential defaults. This surge in spending comes as indebted households are borrowing more in preparation for the festive season, highlighting a trend of increasing indebtedness and decreasing savings among Indians. Key Points
Economic Times
Key budget numbers for FY23 in line with revised estimates
In FY23RE, the net (post-devolution) tax revenue target was raised by 8% to Rs 20.87 trillion. Key Points
FinancialexpressAt Rs 1.61 trillion, March GST collections up 22% on year
Gross goods and services tax (GST) collections, including the proceeds of the compensation cess, came in at Rs 1.61 trillion in March (February transactions), the second-highest monthly mop-up ever, taking the government’s total receipts from the indirect tax to Rs 18.1 trillion for the fiscal year 2022-23. Key Points
FinancialexpressHas India really become a $4 trillion economy? Not quite
India's GDP is projected to reach $4.2 trillion in FY24, with a nominal growth of 10.5%. However, it still needs to achieve a 9.1% average growth to become the third largest economy by 2027, reaching the $5 trillion mark, and surpassing Japan as the fourth-largest economy and Germany as the third-largest. This growth is expected to take three years. Key Points
Economic TimesBanks dominate top 10 by value, RIL stays No. 1
Data show that the financial year saw erosion of Rs 5.86 trillion in investor wealth. Key Points
FinancialexpressIndia's GDP to surpass $4 trillion in 2024-25: PHDCCI report
The Indian economy is showing evidence of strong growth...It is imperative that there is a need to remain watchful and adaptable in the coming days to mitigate the dangers presented by the global economy through carefully calibrated policy actions, the report stated. Key Points
Economic Times
BSE capitalisation reaches $4 trillion as GDP is expected to catch up in the coming fiscal
The $4 trillion milestone has happened earlier for market cap than for GDP. The latter is expected to hit that number in the coming fiscal year. India is No. 5 in the global market cap rankings, the same position as GDP. Indian bourses are, in fact, within striking distance of the Hong Kong Stock Exchange, which is at $4.7 trillion. Key Points
The Economic TimesIndia’s exports to grow higher than world average: StanChart
The global growth in goods trade will be 5% on an average till 2030 to touch $32.6 trillion while India will be growing at 7.5% annually during that period, the report said. Key Points
FinancialexpressIndia's production incentive scheme draws $6.54 bn in investments- Statement
Investments under the production-linked incentive, or PLI scheme, are expected to rise further to 2.74 trillion rupees as the scheme runs its course, as per the statement. Prime Minister Narendra Modi's flagship program was first introduced in late 2020. Key Points
Economic TimesUnicorns to add $1 trn to economy by 2030, generate 50 mn jobs: CII study
A report anticipates new unicorns contributing USD 1 trillion to India's economy by 2030, generating 50 million jobs. The startup ecosystem, led by over 100 unicorns, is expected to drive significant growth across various sectors, impacting GDP and employment positively. Key Points
Economic TimesSamsung flags 78% drop in Q3 profit as chip losses extend
Samsung Electronics Co Ltd (005930.KS) reported a likely 78% drop in third-quarter operating profit on Wednesday, as the effects of an ongoing global chip glut drive losses in what is normally the South Korean tech giant's cash cow business. Key Points
Reuters/cloudfront-us-east-2.images.arcpublishing.com/reuters/APFXTPDY6RKZBKRQGRVIWO6C74.jpg)
Stocks, Treasuries lead US household wealth to 1-year high in early 2023
U.S. household wealth climbed to the highest in a year in the first three months of 2023, led by the stock market's recovery from last year's bear market and mushrooming appetite for high-yielding U.S. government bonds, data from the Federal Reserve on Thursday showed. Key Points
ReutersCentre’s liabilities up 2.6% to Rs 151 trillion in Q3FY23
During Q3FY23, the Centre raised Rs 3.51 trillion through dated securities, against the notified amount of Rs 3.18 trillion in the borrowing calendar. Key Points
FinancialexpressIndia Inc raises Rs 8.84 trillion via rupee bonds
This compares with Rs 9.90 trillion IND Inc had raised via bonds in FY21, which was also the highest in the last five years. Key Points
FinancialexpressIndia's entrepreneurial households set to drive economic surge with $8.8 trillion transaction value
A recent report by Praxis Global Alliance and Enmasse indicates that India is home to approximately 247 million entrepreneurial households, expected to drive the nation's economic surge with a transaction value of $8.8 trillion in FY23. The study introduces the concept of core transaction value (CTV), projecting a 12.7% YoY growth to $95.2 trillion by FY43. Key Points
Economic TimesAstronomers discover universe’s brightest object – a black hole devouring a sun every day
The black hole with a mass roughly 17 billion times that of the Sun has set a record that may not ever be beaten. It shines 500 trillion times brighter than our sun, a study published in the journal Nature Astronomy reveals. Key Points
mint
India's first $1 trillion stock is possible by 2032. Top 3 candidates
India's stock market is poised to become the fourth-largest hub of equities, surpassing Hong Kong. Investors are eagerly awaiting for Dalal Street to produce its first $1 trillion stock. According to calculations by ICICI Securities, this milestone could be achieved by 2032. HDFC Bank, Reliance Industries, and Bajaj Finance are among the top contenders. Achieving this feat will deepen Indian markets and provide more investment opportunities. Key Points
Economic TimesIndia’s state-run firms seen extending dream rally on Modi bets
Modis government is spending billions of dollars on everything from roads and railways to defense, renewing interest in a sector that has for long been a straggler of Indias $4 trillion stock market. The S&P BSE PSU Index, a gauge that includes some of the nations largest power utilities, miners, oil refiners and engineering firms, has surged 44% thus far in 2023. Key Points
Economic TimesUS credit card debt tops $1 trillion, overall consumer debt little changed
Credit card balances rose by $45 billion to $1.03 trillion in the second quarter, the regional Fed bank said in its latest quarterly household debt and credit report. Key Points
Business TodayIndia's capex cycle isn't on a durable mode yet: Report
The pace of new investment projects announced in India slowed in Q2 2023, with the Centre for Monitoring the Indian Economys data showing it decreased to around Rs 6 trillion from Rs 12.2 trillion in Q1. Nomura analysts Sonal Varma and Aurodeep Nandi noted that quarterly fluctuations aside, new investments remained low by historic standards. Key Points
Economic Times