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New Delhi, India's <keyword id="6365485" type="DEFINITION" weightage="20" keywordseo="Fiscal-Deficit">fiscal deficit</keyword> in the current financial year is likely to reach 7.4% of the <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> on the back of enhanced government <keyword id="53105" type="PERSON" weightage="20" keywordseo="Expenditure">expenditure</keyword> amid the pandemic, said the <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword> Ecowrap report. The report noted that as per the first advanced estimate of the GDP, real GDP will contract by 7.7% in <keyword id="7822862" type="LOCATION" weightage="20" keywordseo="FY21">FY21</keyword>, and nominal GDP growth is expected at (-) 4.2%. Accordingly, the nominal GDP for <keyword id="5027223" type="COMPANY" weightage="20" keywordseo="FY22">FY22</keyword> would grow by 15% to ₹224.04 lakh crore. "Current trends in the GDP for FY21 will translate into ₹3.2 lakh crore net revenue shortfall for the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> this fiscal and at the same time, expenditure is higher by around ₹3.3 lakh crore, thus taking the fiscal deficit to ₹14.46 lakh crore and with new revised nominal GDP estimate for FY21, it will be around 7.4% of GDP," it said. For FY22, assuming the government keeps the expenditure growth at 6% over FY21 estimates and overall receipts, excluding borrowing and other liabilities, expected at 25%, it would result in fiscal deficit of around ₹11.67 lakh crore or 5.2% of GDP. The net market borrowing of the Centre will be around ₹8.8 lakh crore and with repayments of ₹2.7 lakh crore, gross borrowings are expected at ₹11.5 lakh crore, according to the report. "With states' gross borrowing around ₹9.4 lakh crore, total gross market borrowing would be around ₹20.9 lakh crore, but could have a clear downward bias," it said. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/how-to/how-to-backup-and-restore-messages-in-signal-app/articleshow/80226649.cms">How to backup and restore messages in Signal app</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-says-your-privacy-wont-be-affected-if-you-dont-use-these-features/articleshow/80225748.cms">WhatsApp says your privacy won't be affected if you don't use these two optional features</a> <a href="https://www.businessinsider.in/india/news/supreme-court-puts-indias-three-farm-laws-on-hold-forms-a-five-member-panel-to-resolve-the-deadlock/articleshow/80229881.cms">India's top court puts three new farm laws on hold — forms a five-member panel to resolve the deadlock</a>

SBI pegs India's fiscal deficit at 7.4% of GDP

Auto companies may soon be asked to manufacture passenger and commercial vehicles that run on multiple fuel configuration aimed at reducing the use of polluting fossil fuels and cutting down harmful emissions. New guidelines for use of flexible fuel vehicles (FFVs) using flex engines is expected to be issued by the third quarter of current year (<keyword id="5027223" type="COMPANY" weightage="20" keywordseo="FY22">FY22</keyword>) that would specify engine configuration and other changes required in vehicles to conform to stipulated changes in fuel mix. The government is also working on an incentive scheme to promote manufacture and use of flex engines in vehicles. The details would be specified when policy in this regard is unveiled. The use of flexible fuel vehicles (FFVs) is being actively looked at by the government to ensure increased use of bio-fuels for running vehicles, <keyword id="84980" type="COMPANY" weightage="20" keywordseo="petroleum">Petroleum</keyword> Secretary Tarun Kapoor had told <keyword id="105681" type="COMPANY" weightage="20" keywordseo="IANS">IANS</keyword> earlier. An FFV is a modified version of vehicles that could run both on gasoline and doped petrol with different levels of ethanol blends. These are currently being used successfully in Brazil, giving people the option to switch fuel (gasoline and ethanol) depending on price and convenience. In fact, a majority of vehicles sold in Brazil are FFVs. For <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, FFVs will present a different advantage as they will allow vehicles to use different blends of ethanol mixed petrol available in different parts of the country. The current regulations allow for mixing up to 10 per cent ethanol in petrol. However, due to short supplies and transportation challenges, 10 per cent blended petrol is available only in 15 states while bio-fuel in other states varies between 0 to 5 per cent. FFVs will allow vehicles to use all the blends and also run on unblended fuel. Introduction of FFVs will require adoption of vehicle standards, technologies and retrofitting configurations that will have to be looked at by the Ministry of Heavy Industries. The country is moving quickly in the direction of E-20 or 20 per cent ethanol blended petrol fuel that could be introduced as early as 2023 with a nationwide roll out by 2025. The urgency for policy of vehicle is keeping these goals in mind. For auto companies, introduction of FFVs will pose another challenge that they are already facing with the fast adoption of electric vehicles. If standards on FFVs are made mandatory, it would require additional investment in production lines and technology transfers to change the character of the vehicles. Already the use of 10 per cent ethanol blended petrol and introduction of BS VI fuel have added to the cost of making a vehicle. Taking blending to 20 per cent require few minor changes in vehicle configuration, but adoption of FFVs will future proof the design to adopt to any more changes in blending options and configuration. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-is-working-on-a-new-app-to-let-you-store-your-medical-records/articleshow/84059948.cms">Google is working on a new app to let you store your medical records</a> <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-official-download-link-how-to-update-bgmi-rewards/articleshow/84058116.cms">Battlegrounds Mobile India launched officially – here’s how to update, claim rewards and more</a> <a href="https://www.businessinsider.in/business/startups/news/failure-to-pivot-covid-19-blues-force-amazon-backed-shuttl-to-look-for-a-buyer/articleshow/84056797.cms">Failure to pivot, COVID-19 blues force Amazon-backed Shuttl to look for a buyer</a>

Government may issue guidelines for 'flexible fuel' vehicles by October

Online food delivery platform <keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword>'s losses doubled to ₹3,629 crore in FY22 compared to ₹1,617 crore in the last fiscal year. Total expenses went up 131% to ₹9,574.5 crore in FY22. According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco. Meanwhile, Swiggy's revenue grew 2.2 times to ₹5,705 crore during FY22 as opposed to ₹2,547 crore in FY21. According to Entrackr, outsourcing support costs accounted for 24.5% of the total expenses of the company. This particular cost increased 2.3 times to ₹2,350 crore in FY22 from ₹1,031 crore in FY21. Its advertising and promotional expenses surged 4 times to reach ₹1,848.7 crore during FY22, according to the report. Reports surfaced last month that Swiggy may lay off more than 250 employees or up to 5% of its workforce starting January. "There have been no layoffs at Swiggy. We concluded our performance cycle in October and have announced ratings and promotions at all levels. As with every cycle, we expect exits based on performance," a Swiggy spokesperson had said in a statement. The upcoming layoffs are likely to impact Swiggy's quick commerce delivery service <keyword id="9728281" type="General" weightage="50" keywordseo="instamart" source="Orion">Instamart</keyword> to reduce cash burn. In November, global brokerage firm <keyword id="151304" type="General" weightage="50" keywordseo="jefferies" source="Orion">Jefferies</keyword> said that Swiggy was fast losing market share to its rival <keyword id="11830133" type="DOMAIN" weightage="20" keywordseo="zomato" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="zomato" meta.entityname="Zomato Ltd." meta.entityid="57948" meta.seoname="zomato-ltd">Zomato</keyword> despite offering heavy discounts. Citing Swiggy investor Prosus' financial report, Jefferies said that the gross value of Swiggy's food delivery business was $1.3 billion in the January-June period this year. Zomato in the same period logged a gross order volume of $1.6 billion. In May last year, Swiggy acquired Dineout, a dining-out and restaurant tech platform, for an undisclosed sum. According to sources, the acquisition size was around $200 million. Earlier this year, the food delivery platform raised $700 million led by Invesco at a $10.7 billion valuation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-motor-sales-slip-3-58-to-242012-units-in-dec/articleshow/96681654.cms">TVS Motor sales slip 3.58% to 2,42,012 units in Dec</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-manufacturing-pmi-hits-13-month-high-in-dec-on-rise-in-new-orders-strong-demand/articleshow/96678340.cms">India's manufacturing PMI hits 13-month high in Dec on rise in new orders, strong demand</a>

Swiggy's losses jump 2X to ₹3,629 crore in FY22, layoffs coming

New Delhi, <keyword id="1498859" type="COMPANY" weightage="20" keywordseo="India-Ratings-and-Research">India Ratings and Research</keyword> on Thursday narrowed the contraction in India's <keyword id="10489048" type="UNKNOWN" weightage="20" keywordseo="fy21-gross-domestic-product">FY21 gross domestic product</keyword> (GDP) growth to negative 7.8% from a negative 11.8%. Accordingly, the <keyword id="387534" type="PERSON" weightage="20" keywordseo="ratings-agency">ratings agency</keyword> pointed out the easing of the Covid-19 headwinds and better-than-expected 2QFY21 GDP numbers as the reasons behind such a move. "However, the question remains, how sustainable is the recovery witnessed in 2QFY21, as a significant part of the impetus came from the festival and pent-up demand," the ratings agency said in a report. "Although the headwinds emanating from Covid-19 related challenges are unlikely to go away till mass vaccination becomes a reality, perhaps the <keyword id="10488607" type="UNKNOWN" weightage="20" keywordseo="economic-agents">economic agents</keyword> and economic activities not only have learnt to live with it but also are adjusting swiftly to the post Covid-19 world," the report further said. According to <keyword id="1704466" type="COMPANY" weightage="20" keywordseo="Ind-Ra">Ind-Ra</keyword>, GDP growth during 3QFY21 is expected to come in at negative 0.8% and 4QFY21 GDP growth to turn positive at 0.3% as against its earlier expectation it turning positive in 4QFY22. Besides, the agency expects <keyword id="5027223" type="COMPANY" weightage="20" keywordseo="FY22">FY22</keyword> growth to be 9.6%, mainly due to the favourable or weak base of FY21. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-mrs-bectors-ril-bharti-airtel-vodafone-idea-ilfs-interglobe-aviation-future-group-deepak-nitrite-jubilant-foodworks-and-others/articleshow/79933826.cms">Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&amp;FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others</a> <a href="https://www.businessinsider.in/business/corporates/news/india-will-have-to-pay-cairn-1-2-billion-ending-one-of-the-biggest-tax-disputes-of-the-decade/articleshow/79934284.cms">India will have to pay Cairn $1.2 billion ending one of the biggest tax disputes of the decade</a> <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">Mrs Bector’s Food IPO investors saw their money double on listing day</a>

India's FY21 GDP now expected to contract by 7.8%, says Indian Ratings and Research

A good number of <keyword id="8764262" type="UNKNOWN" weightage="20" keywordseo="covid">Covid</keyword> survivors will opt for life insurance in the country, said <keyword id="323997" type="PERSON" weightage="20" keywordseo="Vibha-Padalkar">Vibha Padalkar</keyword>, MD and <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword> of <keyword id="472962" type="DOMAIN" weightage="20" keywordseo="HDFC-Life">HDFC Life</keyword> Insurance Company Ltd, while announcing the company's Q4 results on Monday. Padalkar told the media that Covid-19 survivors are now coming for life insurance, more so post the raging second wave of the pandemic. The Covid situation has led to higher awareness around the need for protection and the inadequacy of the current insurance coverage, she said. Padalkar said the company has provided ₹165 crore as Covid reserve for <keyword id="5027223" type="COMPANY" weightage="20" keywordseo="FY22">FY22</keyword> based on the actual experience in FY21 after factoring in aspects such as latest mortality trends across businesses and customer segments and the geographic spread of Covid 2.0. HDFC Life closed the <keyword id="1553646" type="PERSON" weightage="20" keywordseo="last-fiscal">last fiscal</keyword> with an after tax profit of ₹1,360 crore, up from ₹1,295 crore logged in FY20. Last fiscal, the company earned a total premium of about ₹38,583 crore, up from about ₹32,707 crore earned in FY20. She said despite logistical challenges through the year, the company had insured close to 40 million lives in FY21. The company sold about 9.8 lakh new individual policies, registering a year-on-year growth of 10 per cent. On the claims front, Padalkar said over 2.9 lakh death claims were settled during last fiscal with a pay out of over ₹3,000 crore. According to her, given the resurgence of Covid and the looming uncertainty around economic and market momentum, the company will continue to maintain a cautiously optimistic stance for FY22 and evaluate its approach dynamically. The company board has recommended final dividend of ₹2.02 per equity share of face value of ₹10 each for the year 2020-21. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/sundar-pichai-and-satya-nadella-will-use-google-and-microsoft-resources-and-technology-to-support-india-during-the-covid19-crisis/articleshow/82253126.cms">From Sundar Pichai to Satya Nadella – Indian-Americans wake up to the COVID-19 crisis at home</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-what-is-proning-and-how-can-it-help-you-increase-oxygen-levels-at-home/articleshow/82251671.cms">COVID-19 – What is proning and how can it help you increase oxygen levels at home</a> <a href="https://www.businessinsider.in/business/startups/news/upgrad-gets-its-first-external-funding-from-singapore-based-temasek/articleshow/82253861.cms">Edtech startup upGrad gets its first external funding – a $120 million cheque from Temasek</a> <a href="https://www.businessinsider.in/science/health/news/maharashtra-kerala-and-chhattisgarh-states-are-on-top-covid-19-positivity-rate-in-india/articleshow/82254421.cms">COVID-19: These are the five states in India with the highest positivity rates</a>

More COVID-19 survivors to opt for life insurance in the country, says HDFC Life CEO

<keyword id="125045" type="COMPANY" weightage="20" keywordseo="Fitch-Ratings">Fitch Ratings</keyword> on Thursday revised India's <keyword id="23268" type="CITY" weightage="20" keywordseo="outlook">outlook</keyword> to 'negative' from 'stable', stating that the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> pandemic has significantly weakened the country's growth prospects for the year and exposed the challenges associated with a high public-debt burden. The move comes after another rating agency Moody's earlier this month downgraded India's sovereign rating by a notch to lowest investment grade of '<keyword id="2556110" type="PERSON" weightage="20" keywordseo="Baa2">Baa2</keyword>' for the first time in 22 years. "Fitch Ratings has revised the outlook on India's long-term foreign-currency issuer default rating (IDR) to negative from stable and affirmed the rating at 'BBB-'," the rating agency said in a statement. Fitch expected economic activity to contract by 5 per cent in the fiscal year ending March 2021 (FY21) due to the strict lockdown measures imposed since March 25, before rebounding by 9.5 per cent in <keyword id="5027223" type="COMPANY" weightage="20" keywordseo="FY22">FY22</keyword>. "The coronavirus pandemic has significantly weakened India's growth outlook for this year and exposed the challenges associated with a high public-debt burden. <keyword id="62175" type="PERSON" weightage="20" keywordseo="The-Rebound">The rebound</keyword> will mainly be driven by a low-base effect," it said. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/only-5-of-the-governments-msme-emergency-loan-package-is-disbursed-after-a-month/articleshow/76437386.cms" data-type="tilCustomLink">Only 5% of the government’s MSME emergency loan package is disbursed after a month ⁠— private banks are sitting tight</a> <a href="https://www.businessinsider.in/finance/news/tata-motors-finance-declares-pause-on-all-emis-for-both-retail-and-corporate-customers/articleshow/76437305.cms" data-type="tilCustomLink">Tata Motors Finance declares pause on all EMIs for both retail and corporate customers</a>

Fitch Ratings cuts India's outlook to negative from stable

<ul><li>With lockdowns in most states, ZEE's TV viewership jumped again during the quarter, though lower than Q1 of last year.</li><li><keyword id="353090" type="PERSON" weightage="20" keywordseo="Zeel">ZEEL</keyword>'s OTT platform ZEE5 closes the quarter with an average watch time of 109 minutes per viewer per month.</li></ul>ZEEL has released its quarterly earnings report. As per the report, second COVID wave reversed the strong recovery the group witnessed in H2FY21. Domestic ad revenues for both Q1FY22 and Q1FY21 were impacted by lockdowns. However, the impact this year was much lower, reflected in 127.9% YoY growth. Compared to Q1FY20, domestic ad revenues were lower by 22.7%. <div type="image" title="zeel revenue" msid="85101065" hostid="261"></div> This increase in marketing cost on a YoY basis is on account of the release of Radhe and continued investments in ZEE5. Marketing costs in Q1FY21 was lower on account of much lower original content production. ZEEL’s broadcast business network share dropped due to lockdown disruption and soft performance in some markets. On the other hand, its TV viewership again jumped during the quarter, though lower than Q1 of last year. ZEEL’s OTT platform, ZEE5 gains its momentum again on the back of an expansive content catalogue. It closed June with 80.2mn global MAUs, 7.1mn global DAUs and 190 minutes average watch time per viewer per month. ZEE5’s Q1 Revenue and EBITDA (loss excludes costs incurred by the business on ZEEL network) stood at Rs.1,117mn and Rs. (2,033mn). The platform released 11 original shows and movies released during the quarter. <keyword id="3186290" type="PERSON" weightage="20" keywordseo="Zee-Music-Company">ZEE Music Company</keyword> added ~3mn subscribers on YouTube. With 75mn+ subscribers, it is the second most subscribed Indian music channel on YouTube. To keep the ball rolling, ZMC is ramping up its content library by adding movies across Hindi, Tamil, Telugu, Marathi and Punjabi languages starting H2FY22.

COVID-19’s second wave impacts ZEEL’s margins for Q1’FY22; domestic ad growth stands at -22.7% than 2020

India's economy is likely to shrink by 5.3 per cent this fiscal, the <keyword id="8057424" type="UNKNOWN" weightage="20" keywordseo="Lowest-GDP-growth">lowest GDP growth</keyword> in the Indian history and the sixth instance of economic contraction, India Ratings and Research said on Wednesday. "The disorder caused by the COVID-19 pandemic unfolded with such a speed and scale that the disruption in production, breakdown of supply chains/trade channels and total wash out of activities in aviation (some activities have started now), tourism, hotels and hospitality sectors will not allow the economic activity to return to normalcy throughout FY21," the rating agency said in a report. As a result, besides contracting for the whole year, GDP will contract in each quarter in FY21 (April 2020 to March 2021). However, the agency believes the GDP growth would bounce back in the range of 5-6 per cent in <keyword id="5027223" type="COMPANY" weightage="20" keywordseo="FY22">FY22</keyword> (April 2021 to March 2022), aided by base effect and return of gradual normalcy in the domestic as well as global economy. India Ratings (Ind-Ra) said India's gross domestic product (GDP) will contract 5.3 per cent in FY21. "This will be the lowest GDP growth in the Indian history (Indian GDP data is available from FY51) and sixth instance of economic contraction, others being in FY58, FY66, FY67, FY73 and FY80; the previous low was negative 5.2 per cent in FY80," it said. The government had announced an economic package of Rs 20.97 lakh crore (10 per cent of GDP) on May 12, 2020 to mitigate the adverse impact of COVID-19 and related lockdown. However, Ind-Ra's calculations, excluding the <keyword id="35025" type="PERSON" weightage="20" keywordseo="monetary-measures">monetary measures</keyword> and existing proposals in the union budget, show that the direct fiscal impact is only Rs 2.145 lakh crore (1.1 per cent of GDP). "The credit and liquidity enhancing measures announced in the economic package in combination with some of the earlier steps announced by the Reserve Bank of India (RBI) will certainly address the supply-side issues of the economy," it said. The Indian economy even before the COVID-19 related lockdown was suffering on the demand side, as all the demand drivers, except government final consumption expenditure (GFCE), namely private final consumption expenditure (PFCE), <keyword id="756316" type="PERSON" weightage="20" keywordseo="gross-fixed-capital-formation">gross fixed capital formation</keyword> (GFCF) and net exports were <keyword id="2258914" type="PERSON" weightage="20" keywordseo="Floundering">floundering</keyword>. The lockdown and its impact on the economy and livelihoods only aggravated the sagging consumption demand. "Ind-Ra believes the government is aware of it; but, the near absence of demand-side measures in the economic package indicates the hard budget constraint facing the government," the report said. Ind-Ra saw PFCE contracting 5.1 per cent in FY21 (FY20: 5.3 per cent yoy) to reach a level lower than FY19's. Even GFCF will contract 17.6 per cent in FY21 and the investment revival will now be pushed beyond FY22 due to a combination of excess capacity, weak demand, stretched balance sheet of Indian corporates and budget constraints leading to reduced government capex. "The external environment continues to be challenging due to COVID-19 related restrictions coupled with trade friction and protectionist policy pursued by many developed economies," it said. Ind-Ra expected merchandise exports to decline 9.4 per cent in FY21 (FY20: negative 4.9 per cent), as all major export commodities would clock negative growth. Merchandise imports are expected to decline 17.4 per cent in FY21 (FY20: negative 8.9 per cent). As a result, the trade deficit is estimated to decline to a four-year low of USD 97.7 billion (3.9 per cent of GDP) and current account deficit to USD 3.3 billion (0.1 per cent of GDP) in FY21. However, 1QFY21 may see a current account surplus. "From the supply side, agriculture is the only bright spot. Agricultural gross value added (GVA) is expected to grow 3.5 per cent in FY21," the rating agency said adding the Indian Meteorological Department has predicted the monsoon rainfall to be 102 per cent of long period average (1961-2010) in 2020. Ind-Ra expects the retail and wholesale inflation to come in at 3.6 per cent and 1.2 per cent, respectively, in FY21. "Fiscal deficit of the central government in FY21 is expected to more than double (7.6 per cent of GDP) the budgeted amount (3.5 per cent of GDP). The majority of the fiscal slippage will be from the revenue side," it added. SEE ALSO: <a href="https://www.businessinsider.in/india/news/karnataka-health-minister-hints-at-lockdown-in-covid-hit-bengaluru-again/articleshow/76542217.cms" data-type="tilCustomLink">Karnataka Health Minister hints at lockdown in Covid-hit Bengaluru again </a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-radhakishan-damani-and-shiv-nadar-took-over-10-years-to-become-a-billionaire/slidelist/76547186.cms" data-type="tilCustomLink">Indians took 17 years on an average to make their first billion— and it has gotten a lot faster recently</a>

India's GDP to contract by 5.3% due to coronavirus 'disorder', says India Ratings

New Delhi, The <keyword id="3898005" type="PERSON" weightage="20" keywordseo="fiscal-support">fiscal support</keyword> to economic growth is likely to weaken substantially in the 2020s-decade vis-a-vis the 2010s', a study on Indian economy has noted . According to Ecoscope report by <keyword id="113829" type="DOMAIN" weightage="20" keywordseo="Motilal-Oswal-Financial-Services">Motilal Oswal Financial Services</keyword>, after declining 5.5 <keyword id="10497993" type="UNKNOWN" weightage="20" keywordseo="per-cent-yoy">per cent YoY</keyword> in FY21, transfer (devolution + grants) to states is budgeted to grow 15 per cent YoY next year, implying an average growth of 4.5 per cent in FY21-22 vis-a-vis an average growth of 14.4 per cent in the pre-COVID (FY16-19) period. Since these transfers account for almost 45 per cent of states' total receipts, an assumed fiscal deficit of 4.5%/4% of GDP suggests states' <keyword id="31669" type="PERSON" weightage="20" keywordseo="spending">spending</keyword> could grow by 5%/12-15% in FY21/FY22. This implies an average growth of 10 per cent in total spending by states as against 13 per cent in the pre-COVID years. According to brokerage, even after combining states with the central government and CPSEs, total spending of the public sector is estimated to grow 15 per cent YoY in FY21 and by 5.5-7.5 per cent YoY in <keyword id="5027223" type="UNKNOWN" weightage="20" keywordseo="FY22">FY22</keyword>. If this analysis is extended and assumption made that states pare down their deficit to 3 per cent of GDP by FY24, combined spending growth is likely to remain 7 per cent in FY23-24 vis-a-vis 11 per cent in the pre-COVID years. The report had earlier said that the budget proposal to put extend the glide path of fiscal deficit and reach 4.5 per cent deficit by FY26 is not actually expansionary. This level of deficit actually suggest average growth of 6 per cent in total spending between FY23 and FY26, lower than the 8.6 per cent in pre-COVID years. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/why-grofers-may-allow-an-american-blank-cheque-firm-to-buy-it-out-instead-of-fighting-ambani-and-bigbasket-for-ipo/articleshow/80874979.cms">Here’s why Grofers may allow an American “blank cheque” firm to buy it out instead of fighting Ambani and BigBasket for IPO</a> <a href="https://www.businessinsider.in/india/news/spicejet-and-indigo-stocks-take-off-as-a-2-hour-flight-could-now-cost-up-to-13000/articleshow/80873865.cms">SpiceJet and IndiGo stocks take off as a 2-hour flight could now cost up to ₹13,000</a> <a href="https://www.businessinsider.in/business/auto/news/centre-earned-100-crores-by-sharing-vehicle-registration-data-with-companies-such-as-bmw-axis-bank-bajaj-allianz-lt-and-others/articleshow/80879638.cms">Centre earned ₹100 crores by sharing vehicle registration data with companies such as BMW, Axis Bank, Bajaj Allianz, L&amp;T and others</a>

Fiscal support to economic growth to weaken in 2020s decade, says report

IPO-bound car search platform <keyword id="1945738" type="General" weightage="100" keywordseo="cardekho" source="Orion">CarDekho</keyword> Group on Monday said it registered 81% growth in consolidated revenue from operations, increasing to ₹1,598 crore in FY22 from Rs 884 crore in 2021. A $1.2 billion unicorn, the company said it narrowed its losses by 28%, to Rs 246 crore in FY22 from Rs 341 crore in FY21. The company informed that it has ₹1,000 crore in net cash and has a clear path to achieve profitability by FY24. "The stellar business growth is a testament to the trust reposed in CarDekho Group by over 50 million visitors, over 5,000 used car loan agent partners, more than 50,000 insurance partners in over 1,300 cities and more than 3,500 used car dealers as of March 2022," said Amit Jain, Co-founder and CEO, CarDekho Group. The group has multiple brands such as CarDekho, BikeDekho, InsuranceDekho, <keyword id="13718937" type="General" weightage="80" keywordseo="rupyy" source="Orion">Rupyy</keyword> and <keyword id="32880" type="General" weightage="50" keywordseo="zigwheels" source="Orion">Zigwheels</keyword>, etc. "We are confident that our homegrown insuretech and fintech solutions, InsuranceDekho and Rupyy, will remain strong growth engines contributing to a significant profit pool," Jain added. In November last year, CarDekho said it aims to infuse $100 million in its fintech entity called Rupyy in a mix of debt and equity. To date, the group has helped issue 16 lakh insurance policies and facilitated the disbursal of over 1 lakh auto loans in FY22. The company added that its current international operations, spread across Indonesia, Malaysia and the Philippines, are gaining significant traction "The group continues to focus on driving profitable growth coming from the benefits of operating leverage, continuous focus on improving unit economics across all our business lines, and implementing technology-led innovations across the platforms," said <keyword id="918804" type="General" weightage="50" keywordseo="mayank-gupta" source="Orion">Mayank Gupta</keyword>, Group Chief Financial Officer. On the IPO plans, <keyword id="6356160" type="General" weightage="80" keywordseo="gupta" source="Orion">Gupta</keyword> said that public listing will be one of the key milestones in the company's journey. "We are definitely evaluating it subject to requisite approvals and conducive market conditions," said Gupta. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jsw-group-mulls-foray-into-evs-to-manufacture-4-wheelers/articleshow/96673259.cms">JSW Group mulls foray into EVs, to manufacture 4-wheelers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/data-breach-reported-by-toyota-kirloskar-motor/articleshow/96674229.cms">Data breach reported by Toyota Kirloskar Motor</a>

You Searched For "FY22" and got 10 results

SBI pegs India's fiscal deficit at 7.4% of GDP

IANS

Government may issue guidelines for 'flexible fuel' vehicles by October

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Swiggy's losses jump 2X to ₹3,629 crore in FY22, layoffs coming

IANS

India's FY21 GDP now expected to contract by 7.8%, says Indian Ratings and Research

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More COVID-19 survivors to opt for life insurance in the country, says HDFC Life CEO

IANS

Fitch Ratings cuts India's outlook to negative from stable

PTI

COVID-19’s second wave impacts ZEEL’s margins for Q1’FY22; domestic ad growth stands at -22.7% than 2020

BI India Partner

India's GDP to contract by 5.3% due to coronavirus 'disorder', says India Ratings

PTI

Fiscal support to economic growth to weaken in 2020s decade, says report

IANS

CarDekho logs ₹1,600 cr in revenue in FY22, narrows losses by 28%

IANS

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