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The Department of Empowerment of Persons with Disabilities has been allocated a total of Rs 1,225.27 crore in the <keyword id="20093202" type="General" weightage="20" keywordseo="fiscal-year" source="keywords">fiscal year</keyword> 2024-2025, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore. The <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> emphasises the continuation and expansion of key programmes aimed at improving the lives of persons with disabilities through various schemes and projects. A significant portion of the budget is dedicated to the National Program for the Welfare of Persons with Disabilities, with Rs 615.33 crore allocated for this fiscal year, up from Rs 502 crore in the revised budget for 2023-24. The Department of Empowerment of Persons with Disabilities (DEPwD) has been allocated a total of Rs 1,225.27 crore in the fiscal year 2024-25, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore. This programme includes Rs 315 crore for <keyword id="22518195" type="General" weightage="20" keywordseo="Assistance-to-Disabled-Persons" source="keywords">Assistance to Disabled Persons</keyword> for Purchase/Fitting of Aids and Appliances, an increase from Rs 305 crore. The <keyword id="22518194" type="General" weightage="20" keywordseo="Deendayal-Disabled-Rehabilitation-Scheme" source="keywords">Deendayal Disabled Rehabilitation Scheme</keyword> has seen a notable increase from Rs 130 crore to Rs 165.00 crore. Additionally, the Scheme for Implementation of the <keyword id="22345050" type="General" weightage="20" keywordseo="Persons-with-Disabilities-Act" source="keywords">Persons with Disabilities Act</keyword> is allocated Rs 135 crore, more than doubling the previous year's revised estimate of Rs 67 crore. <keyword id="21579628" type="General" weightage="20" keywordseo="Educational-support" source="keywords">Educational support</keyword> remains a priority, with Rs 142.68 crore earmarked for Scholarships for Students with Disabilities. This is slightly down from the previous year's Rs 155 crore but continues to reflect a commitment to empowering students with disabilities through higher education opportunities. The department's support for autonomous bodies includes significant funding, although there are some reductions compared to the previous year. The National University of Rehabilitation Science and Disability Studies and the Rehabilitation Council of India maintain steady allocations. However, funding for the Centre for Disability Sports has been reduced from Rs 76 crores to Rs 25 crores. Support to national institutes is set at Rs 370 crore, a decrease from the revised estimate of Rs 408.75 crore. The budgetary support to the national trust is reduced from Rs 35 crore to Rs 25 crore. Public sector undertakings, such as the <keyword id="22518196" type="General" weightage="20" keywordseo="national-handicapped-finance" source="keywords">National Handicapped Finance</keyword> and Development Corporation and the Artificial Limbs Manufacturing Corporation of India, have been allocated a combined total of Rs 194 crore, maintaining consistent support for these critical organisations. The establishment expenditure for the central administration, including the Secretariat and the Chief Commissioner of Persons with Disabilities (CCPD), is set at Rs 42.75 crore. This includes Rs 41.55 crores for the Secretariat and Rs 20 lakh for the CCPD. The department also focuses on regional development, with Rs 75.8 crore allocated for the North Eastern Areas, up from Rs 65.7 crores.

Disability affairs department receives hike of 0.02%, allocated Rs 1,225 crore in budget

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

The Reserve Bank of India (RBI) may begin lowering <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword> around October, provided that external factors like weather conditions and international commodity prices do not cause any disruptions, the credit rating agency, Crisil said in its report. The credit rating agency further anticipated that it expects "two rate cuts this fiscal." It said that the decision of the <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC) decision to hold rates in its recent announcement was due to the elevated <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">food inflation</keyword>. The climate conditions such as weather events are frequently changing and they need to be monitored. Going ahead, it anticipated that the macroeconomic environment would be better, creating a background for a rate cut. "The food challenge to a rate cut is expected to ease as agriculture prospects look better than last year. The monsoon has been above normal (7 per cent above the long period average as of August 7), and sowing has picked up across major foodgrains. As agriculture prospects become clearer by September, we expect it to pave the way for a rate cut," the S&amp;P's arm added in its report. In a move reflecting its cautious approach amid ongoing economic uncertainties, the RBI has decided to keep the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5 per cent. The decision to keep the repo rate steady comes amidst persistent concerns about <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword>, which remains above the RBI's target range. The central bank's commitment to bringing inflation down to its 4 per cent target continues to face challenges due to ongoing food inflation and other economic factors. Noting a likely uptick in core inflation, the report added that factors such as international freight costs, geopolitical risks to crude oil prices, and hikes in domestic telecom tariffs could affect this indicator. Anticipating the growth, it added, "The pace of growth of the economy is expected to ease this year, with lower fiscal support as the government pursues <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword>." Announcing the MPC's decision on August 8, RBI Governor Shaktikanta Das expected the real Gross Domestic Product (GDP) growth of 7.2 per cent for the fiscal year 2024-25. Governor Das emphasized that the RBI remains vigilant regarding inflationary pressures and will take necessary actions to maintain price stability while supporting the country's economic recovery. The MPC's decision reflects a balanced approach, aiming to control inflation without stifling growth. The adjustments in repo rate have a direct effect on <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and job creation. The lower interest rates tend to stimulate economic growth by making borrowing cheaper for businesses.

RBI expected to begin rate cuts in October, with two reductions this fiscal: Crisil

<keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">Investment</keyword> in <keyword id="20300870" type="General" weightage="100" keywordseo="equity-mutual-funds" source="keywords">equity mutual funds</keyword> surged over five-fold to Rs 94,151 crore in the June 2024 quarter against Rs 18,358 crore a year ago, driven by a strong <keyword id="21477327" type="General" weightage="20" keywordseo="economic-environment" source="keywords">economic environment</keyword>, supportive <keyword id="22575274" type="General" weightage="20" keywordseo="government-fiscal-policies" source="keywords">government fiscal policies</keyword>, <keyword id="19900618" type="General" weightage="20" keywordseo="investors" source="keywords">investors</keyword> confidence and robust <keyword id="21990858" type="General" weightage="20" keywordseo="stock-return" source="keywords">stock return</keyword>. This has also pushed the industry's assets under management (<keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword>) by 59 per cent to Rs 27.68 lakh crore in June from Rs 17.43 lakh crore a year ago, data from the Association of Mutual Funds in India (<keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords">AMFI</keyword>) showed. The robust gain in the asset base was also replicated in the growth of investors in equity mutual funds, with the number of folios closing at 13.3 crore, adding an investor base of over 3 crore. The significant gain in equity folios indicates broader participation across investor segments, driven by improved <keyword id="19929245" type="General" weightage="20" keywordseo="financial-literacy" source="keywords">financial literacy</keyword> and accessible investment platforms, Trivesh D, COO of stock trading platform Tradejini, told PTI. According to the AMFI data, equity-oriented mutual fund schemes invested Rs 94,151 crore in the quarter ended June 2024. This comprises Rs 18,917 crore in April, Rs 34,697 crore in May and Rs 40,537 crore in June. The investment in equity-oriented mutual funds jumped five-fold to Rs 94,151 crore in the June quarter from Rs 18,358 crore in the quarter ended June 2023 and increased 32 per cent Rs 71,280 crore witnessed in the preceding March 2024 quarter. "The confluence of political stability, supportive government policies, and a favourable economic environment has significantly contributed to the impressive inflows into equity mutual funds, signalling a positive outlook for the sector," Trivesh said. Strong macroeconomic fundamentals, bolstered by supportive government fiscal policies like higher-than-budgeted tax collection growth, reduced revenue expenditures, and increased capital spending have helped in increasing the allocation to equity mutual funds, Feroze Azeez, Deputy CEO, Anand Rathi Wealth, told PTI. He further said that investors' confidence in the markets and historically strong returns given by Indian equities with relatively low risk also helped investors to move towards equity mutual funds. Additionally, the shift was further fuelled by a transition from traditional investments like deposits to mutual funds in pursuit of higher returns. "The long-term outlook remains positive, with expectations of 11-13 per cent annual returns for Indian equities, and equity mutual funds potentially delivering even higher returns," Azeez said. Within the equity segment, sectoral or thematic category attracted Rs 46,731 crore during the quarter under review, followed by Multi-cap (Rs 10,077 crore), Flexicap (Rs 8,387 crore), Large &amp; Midcaps (Rs 7,948 crore), Smallcap (Rs 7,197 crore) and Midcap (Rs 6,927 crore). Large-cap funds witnessed an infusion of Rs 1,991 crore during the April-June quarter of the current financial year (FY25). Moreover, inflows into the systematic investment plan (<keyword id="19956399" type="General" weightage="20" keywordseo="SIP" source="keywords">SIP</keyword>) have been rising continuously for the past several months. The monthly SIP contributions crossed the Rs 21,000 crore mark in June, with the total inflow reaching an all-time high of Rs 21,262 crore. This shows investors' commitment to disciplined and long-term investing. The fund infusion through the SIP route was Rs 62,537 crore in the April-June quarter of FY25, a remarkable surge from Rs 43,211 crore in the same quarter preceding the fiscal.

Investment in equity mutual funds surge 5-fold to Rs 94,151 cr in June qtr amid robust eco environment

New Delhi [India], June 5 (ANI): The Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>)-led National Democratic Alliance (<keyword id="19938590" type="General" weightage="20" keywordseo="NDA" source="keywords">NDA</keyword>) secured a majority in the general elections, securing a third term for Prime Minister Narendra Modi. This victory indicates continuity in policy, particularly in <keyword id="21785272" type="General" weightage="20" keywordseo="infrastructure-spending" source="keywords">infrastructure spending</keyword> and boosting domestic manufacturing, which are expected to support robust <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. However, the NDA's slim margin of victory and the BJP's loss of an outright majority in parliament may slow down more extensive economic and fiscal reforms, potentially impeding <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword> efforts. In fiscal 2023-24, India's real GDP accelerated to 8.2 per cent from 7.0 per cent the previous year, driven by significant gains in gross fixed capital formation as the government's infrastructure programs gained momentum, even as private consumption remained subdued. <keyword id="20227907" type="General" weightage="20" keywordseo="Moodys" source="keywords" meta.keywordsubtype="org" meta.entityname="Moody's" meta.hostid="261" meta.entityid="Moody's">Moody's</keyword> projects India's economic strength to continue, with an anticipated real <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> of around 7 per cent over the three-year period from fiscal 2023-24 to 2025-26. This growth is expected to benefit from ongoing infrastructure development and digitalization efforts. Despite this outlook, structural weaknesses pose risks to long-term growth potential. High youth unemployment and low productivity growth in the agriculture sector constrain economic expansion. The agricultural sector's modernization has been stalled by political challenges, as evidenced by the repeal of key reforms in 2021 following widespread farmer protests. Additionally, gains in manufacturing have been uneven, limiting labour force diversification away from agriculture, which still accounts for 40 per cent of total employment. Foreign direct investment (FDI) inflows have declined over the past three years, despite a favourable geopolitical climate amid US-China tensions. This trend suggests persistent constraints within India's investment climate. To address these challenges, further structural reforms and enhanced implementation of existing initiatives, such as the production-linked incentive schemes to promote manufacturing, calibrated liberalisation of cross-border trade, and reconsideration of labour reforms, are necessary. The government's focus on fiscal consolidation is expected to continue, but significant improvements in debt ratios and interest servicing have yet to be realised. Since the trough in fiscal 2020-21, the central government's deficit has likely narrowed for three consecutive years. The interim budget for fiscal 2024-25 projects a deficit of around 5 per cent of GDP, aiming for a 4.5 per cent deficit by fiscal 2025-26. However, India's fiscal consolidation post-pandemic has not outpaced other emerging markets in Asia-Pacific, and its fiscal and debt metrics remain weaker than those of Indonesia, the Philippines, Thailand, and other Baa-rated peers globally. India's general government debt is projected to stabilise above 80 per cent of GDP over the next three years, compared to 70.5 per cent in fiscal 2018-19. General government interest payments are forecast to fall to around 24 per cent of general government revenue over the next two years, down from over 28 per cent in fiscal 2020-21, but still higher than the pre-pandemic ratio of less than 23 per cent. While increased budgetary allocations for infrastructure indicate an improvement in spending quality, debt servicing remains a significant portion of expenditure, reflecting ongoing constraints on fiscal flexibility. This situation underscores the need for the incoming government to balance fiscal consolidation with growth-supportive measures. The upcoming final budget for the fiscal year ending March 2025 will provide further insights into India's fiscal policy direction through 2029. As the Modi administration embarks on its third term, the focus will likely remain on sustaining economic growth while addressing the persistent <keyword id="21500054" type="General" weightage="20" keywordseo="fiscal-challenges" source="keywords">fiscal challenges</keyword> that hinder India's long-term economic potential.

Modi 3.0 will offer policy continuity, but BJP's loss of outright majority may slow down fiscal reforms: Moody's

Global brokerage firm <keyword id="19977638" type="General" weightage="20" keywordseo="Morgan-Stanley" source="keywords" meta.keywordsubtype="org" meta.entityname="Morgan Stanley" meta.hostid="261" meta.entityid="Morgan Stanley">Morgan Stanley</keyword> expects <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>'s upcoming <keyword id="19936553" type="General" weightage="100" keywordseo="Budget" source="keywords">Budget</keyword> to focus on the government's <keyword id="20634687" type="General" weightage="20" keywordseo="road-map" source="keywords">road map</keyword> for '<keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords">Viksit Bharat</keyword>' by 2047 and spell out the <keyword id="22362494" type="General" weightage="20" keywordseo="medium-term-plan" source="keywords">medium-term plan</keyword> for <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword>. "With fiscal prudence guiding the overall fiscal policy stance, we expect the focus to remain on <keyword id="22362493" type="General" weightage="20" keywordseo="capex-expenditure" source="keywords">capex expenditure</keyword> over revenue expenditure and targeted social sector spending with a focus on improving access to physical, social and digital infrastructure," said Morgan Stanley's research report on Wednesday. Sitharaman is scheduled to present the full Budget for fiscal 2024-25 on July 23, which will be the first major policy document of the new government. The brokerage firm expects the central government's fiscal deficit target to be retained at 5.1 per cent of GDP in 2024-25 in line with the interim budget (against 5.6 per cent of GDP in 2023-24) and to be on track to attain the target of 4.5 per cent of GDP by the next financial year. "The fiscal headroom has improved with a larger-than-expected transfer of surplus from the RBI, which, in our view, will help to maintain the momentum on capex expenditure and increase targeted welfare spending. In this context, we see the possibility of a slightly lower fiscal deficit target (tad below 5.1 per cent of GDP), given the support from tax and non-tax revenues," it said. It also expects the Budget to provide focus on the government's road map for 'Viksit Bharat' (developed nation) by 2047. In addition, the budget could also give a road map for a medium-term plan for fiscal consolidation beyond 2025-26, it added. The report said the impact of the Budget on the stock market has been on a secular decline, albeit actual performance is a function of pre-budget expectations (as measured by market performance ahead of the budget). As of now, the market seems to be approaching the Budget with exuberance and could be dealing with both volatility and a correction post-budget, if history is a guide, it said.

Morgan Stanley expects Budget to focus on road map for 'Viksit Bharat'

<div type="image" title="SBI report says inflation will remain around 5 per cent this fiscal" agency="ANI" msid="112275933" hostid="261" caption="&amp;lt;p&amp;gt;SBI report says inflation will remain around 5 per cent this fiscal &amp;lt;/p&amp;gt;"></div>The Consumer Price <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> in India is expected to remain around 5 per cent in the financial year 2024-25 except for September and October month, according to a research report by <keyword id="13222" type="General" weightage="20" keywordseo="sbi" source="Orion">SBI</keyword>. The report also noted that the inflation outlook in India remains a critical focus for the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI). Recent data indicates that the <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) inflation rose to 5.08 per cent in June 2024, driven primarily by higher food and beverage prices. "CPI inflation is expected to remain below or close to 5.0 per cent in the remaining months, except for Sep'24 and Oct'24" said the report. The report also added that the monsoon season plays an important role in shaping food prices, and while the current monsoon has shown a satisfactory surplus, excess rainfall could lead to crop losses, adversely affecting food inflation. The RBI's ability to manage inflation expectations is crucial, especially as it navigates the delicate balance between supporting <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and maintaining <keyword id="19960158" type="General" weightage="20" keywordseo="price-stability" source="keywords">price stability</keyword>. "With monsoon progressing satisfactorily with 2 per cent surplus till date and progress of area coverage under Kharif crops showing 2.9 per cent yoy, we expect inflation to remain within RBI target in FY25. However, with La Nina getting precedence, excess rainfalls could result in crop loss and thus a negative impact on food prices" the report added. In response to the evolving economic landscape, the report mentioned that the RBI is likely to continue its stance of withdrawing accommodation. This approach aims to address inflationary pressures while ensuring that the economy remains on a growth trajectory. However, the central bank faces challenges in policy transmission, as deposit rates have shown downward rigidity despite a declining weighted average lending rate (WALR). This situation complicates the RBI's efforts to implement effective monetary policy. "Even though the Banks are chasing deposits to fund the incremental credit growth, RBI recent report suggests, the weighted average lending rate (WALR) on fresh rupee loan decreased by 11 bps from the beginning of the year (i.e. from 9.43 in January'24 to 9.32 in June'24)" the report noted. Looking ahead, the RBI's decisions will be influenced by both domestic and global economic conditions. The potential for a recession in the US and geopolitical tensions could impact inflation dynamics in India. As such, the RBI's monetary policy will need to remain flexible and responsive to these external factors while striving to achieve its inflation targets and support sustainable economic growth. (ANI)

SBI report says inflation will remain around 5 per cent this fiscal

<ul class="summary-list"><li>China's stock markets slumped after a 10-day rally that was driven by Beijing's stimulus announcement in September.</li><li>Investors were disappointed when a hyped-up Chinese government press briefing failed to deliver more stimulus.</li></ul>China's top leadership has a problem with its economic stimulus: its own investors at home saw right through the hype this week.China's domestic stock markets slumped on Wednesday after a 10-day blitz culminated in a two-year high.The mainland's benchmark CSI 300 Index closed 7.1% lower, while leading indices in Shanghai and Shenzhen ended the day 6.6% and 8.7% lower.China's domestic stock markets are dominated by over 200 million mom-and-pop retail investors, who account for about <a target="_blank" href="https://www.troweprice.com/financial-intermediary/sg/en/thinking/articles/2024/q2/chinas-economy-enters-a-new-cycle-unveiling-fresh-opportunities-apac.html">70% of the trading volume.</a> so market movements reflect ground sentiment.The markets were boosted in late September after a stimulus announcement by the People's Bank of China. The CSI 300 index closed nearly 20% higher year-to-date before weeklong National Day public holidays. The markets reopened on Tuesday and ended higher, though that morning's immediate bump cooled off during the trading day.The rally fizzled because China's National Development and Reform Commission, the country's top economic planner, lined up a highly anticipated press conference on the first working day after weeklong public holidays. But the commission did not introduce more stimulus measures, which dragged market sentiment.<h2 id="24dd9538-5d55-451b-902a-d6d1deb152fc">China watchers are more optimistic</h2>It looks like China's investors are less optimistic than market watchers elsewhere. Those abroad are expressing more confidence in the world's second-largest economy and seeing the bright side in this week's losses.Since the commission is actually responsible for implementation rather than funding initiatives, most analysts weren't expecting much stimulus in the first place.Some professionals even view this week's stock losses positively. Hong Kong's Hang Seng Index — dominated by institutional investors — ended the day down 1.4%, extending Tuesday's 9.5% slump. The index is 9.3% lower so far this week."We believe a pullback following a 36% rally in less than a month may be healthy in allowing market participants to reassess recent policy developments, while providing entry points for new investors and creating more balanced market participation," wrote Yeap Jun Rong, a market strategist at trading platform IG, in a Wednesday note about the Hong Kong market.Instead of harping on market jitters, economists are now pointing to Beijing's political commitment to improving the economy."To be sure, there may still be an expectations gap as announcements fall short of loftier expectations. But that's not as damaging as market misgivings about Beijing getting stimulus cold feet," Vishnu Varathan, Mizuho's macro research head for Asia excluding Japan, wrote in a note on Wednesday.After the initial stimulus announcement on September 24, China's top leaders swiftly pledged support for the economy, including in the beleaguered property market.According to Xinhua state news agency, <a target="_blank" href="https://www.chinadaily.com.cn/a/202410/08/WS6705253aa310f1265a1c6860.html">Chinese Premier Li Qiang</a> called on the country to implement economic stabilization measures on Tuesday."There is a case to be made that Beijing's initial pronouncements of boosting the equity market, supporting housing unequivocally are sound commitments," wrote Varathan. He said that China is already in the midst of a hard landing — and Beijing knows it."And so, Beijing is now fully invested in efforts to extricate the economy holistically," he wrote.Economists are waiting for more meaningful support measures."We expect a fiscal package to be announced in coming weeks, including demand-boosting stimulus on consumption and investment, as well as further enhancement of social security, healthcare, and birth encouragement," wrote Hele Qiao, the Greater China chief economist and head of Asia economics research at BofA Global Research, on Tuesday.Qiao expects an announcement after the next meeting of China's top legislature, which typically takes place any time from mid-October to early November. The exact date will only be announced a week or two before the meeting.

The markets saw right through China's latest economic support hype

<ul class="summary-list"><li>Harvard donations are down following a year of campus turmoil.</li><li>The university released its FY 2024 financial report this week.</li></ul>Harvard saw a dip in donations in the most recent fiscal year amid a wave of big-name backers <a target="_blank" class="" href="https://www.businessinsider.com/1600-harvard-alumni-may-pause-donations-anti-semitism-row-2023-11">pulling their financial support</a> after fallout from the <a target="_blank" class="" href="https://www.businessinsider.com/harvard-university-israel-hamas-what-happened-students-palestine-2023-10">university's response to the Israel-Hamas war.</a>In fiscal year 2024, which ended June 30, the Ivy League institution brought in just under $1.2 billion in cash gifts, according to a Harvard financial <a target="_blank" class="" href="https://finance.harvard.edu/files/fad/files/fy24_harvard_financial_report.pdf">report</a> released Thursday. That figure represents a nearly 15% drop since fiscal year 2023, which saw the school reap just under $1.4 billion, according to the report.The decrease in year-over-year donations at the university follows a <a target="_blank" class="" href="https://www.businessinsider.com/harvard-bill-ackman-wall-street-law-firms-growing-rift-2023-10">tumultuous year</a> of tense campus protests and high-level administrative turnover in the aftermath of the crisis in the Middle East.Some wealthy alumni publicly vowed to suspend donations to Harvard following the university's bungled response to the campus unrest that <a target="_blank" class="" href="https://www.businessinsider.com/tensions-escalate-colleges-harvard-penn-yale-over-war-israel-hamas-2023-10">spread across higher education institutions</a> nationwide last year."As the University addressed long-standing challenges that were highlighted by the events of the past year, alumni and others demonstrated both their concern and their care for the future of the institution through growing levels of support over the course of the year," Harvard President Alan Garber said in a statement shared with Business Insider on Thursday.Garber celebrated other aspects of the financial report, including a 9.6% investment return for the school's endowment which is valued at $53.2 billion — <a target="_blank" class="" href="https://www.businessinsider.com/what-is-harvard-endowment-legacy-admissions-alumni-funding-2023-7">the largest in the country.</a>Earlier this month, Garber hinted at the coming downturn in donations, telling the university's student newspaper, <a target="_blank" class="" href="https://www.thecrimson.com/article/2024/10/11/garber-disappointed-2023-fundraising-numbers/">The Harvard Crimson</a>, that the year's commitments were "disappointing" compared to prior years. He had privately warned about a decline in philanthropic gifts as far back as March, the student outlet reported.The drop in donations since FY 2023 represents the biggest dip in the last nine years, Bloomberg <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-17/harvard-warns-of-rising-costs-as-donations-slide-after-backlash?srnd=homepage-americas&amp;sref=yaJhKSOh">reported</a>.Chief Financial Officer Ritu Kalra lauded the university's endowment return in a conversation with Harvard's online public relations arm but cautioned that the fund is not a checking account; it's 14,600 different endowments, many of which are delegated to a specific school or program, Kalru said."That requires us to spend responsibly from the endowment, as we have to be able to support future generations of students and scholars even if we face periods of lower growth," she said.The university aims for an 8% endowment return, Kalru said, a figure that is essential in helping to make up the <a target="_blank" class="" href="https://www.businessinsider.com/harvard-elite-colleges-legacy-admissions-financial-endowments-alumni-donations-2023-10#:~:text=Harvard%20has%20the%20biggest%20college,a%20majority%20of%20its%20revenue.">gap left over after tuition revenues</a> and funding research. Tuition for an undergraduate degree at the Ivy League institution these days clocks in at $56,550, according to the university website. That number jumps to more than $80,000 when housing, food, and student services are added.For the second year in a row, Harvard's operating expenses grew faster than its operating revenues, Karlu said, adding that some of the discrepancy between the two can be explained by long-term, strategic investments, such as improved technology infrastructure and AI capabilities."Of course, the pace of our recent spending underscores the need for prudence going forward," she said. "While it has been purposeful in the short term, it won't be sustainable without a commensurate growth in revenue over the long term."Harvard remains under scrutiny more than a year after Hamas attacked Israel, setting off a flurry of campus protests and turmoil over antisemitism at several Ivy League institutions. Then-Harvard <a target="_blank" class="" href="https://www.businessinsider.com/harvard-president-claudine-gay-to-resign-reports-2024-1">President Claudine Gay resigned</a> in January following a plagiarism scandal sparked by the conflict.

Harvard donations dropped nearly 15% amid wealthy alums' vows to cut off support 

The Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) is likely to transfer approximately Rs 1000 billion to the <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> IN <keyword id="19965933" type="General" weightage="20" keywordseo="FY25" source="keywords">FY25</keyword> according to a report by Union Bank of India. The report highlights that RBI is anticipated to maintain a robust <keyword id="20047030" type="General" weightage="20" keywordseo="dividend" source="keywords">dividend</keyword> payout for the <keyword id="20093202" type="General" weightage="20" keywordseo="fiscal-year" source="keywords">fiscal year</keyword> 2025 (FY25). This projection represents a slight increase from Rs 874 billion transferred in the previous fiscal year. "The government has budgeted the FY25 dividend for RBI and PSU banks &amp; financial institutions at INR 1020bn, vis-a-vis INR 1044bn in FY24. In our view, a positive surprise is likely, similar to last year when initial budget estimate for overall dividend was only INR 480bn" said the report. Analysts in the report predict a potential positive surprise, akin to the previous fiscal year, when the initial budget estimate for dividends was significantly lower at INR 480 billion. Despite several factors influencing RBI's dividend calculation, such as <keyword id="21195402" type="General" weightage="20" keywordseo="interest-earnings" source="keywords">interest earnings</keyword> and foreign exchange (FX) gains, analysts predict a continuation of strong dividend figures. The majority of RBI's balance sheet, approximately 70 percent, consists of foreign currency assets, with another 20 per cent in domestic government bonds. Interest earnings from these securities are expected to range from Rs 1.5-1.7 trillion. Additionally, interest from liquidity operations has increased RBI's earnings, particularly as the banking system returned to a deficit mode from September 2023. While income gains of RBI from FX (Forex) sales decreased slightly due to lower sales volumes, they are expected to remain substantial despite a rise in the weighted average cost of <keyword id="20102143" type="General" weightage="20" keywordseo="reserves" source="keywords">reserves</keyword>. Moreover, a decline in provisions likely contributed to boosting RBI's dividend. Provisions for reserves, as per the Economic Capital Framework outlined by the Jalan committee, saw a rise in the contingency fund provision due to increased balance sheet growth. The impact of the RBI dividend announcement on markets may be limited in the near term, especially with ongoing elections potentially delaying government spending. However, if the surplus balance is utilized for activities like G-Sec buybacks, it could support the shorter end of the G-Sec curve. Overall, analysts maintain a positive outlook on longer-duration G-Secs due to favorable demand-supply dynamics. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a><a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms" target="_blank">IPL Decoded: Highest individual scores in IPL 2024 so far, from Stoinis to Kohli</a><a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank">Apple and Samsung dominate the top-selling smartphones in Q1 2024</a>

RBI likely to transfer ₹1 trillion to government in FY25

This article is part of "<a target="_blank" rel="" href="https://www.businessinsider.com/category/workforce-innovation">Workforce Innovation</a>," a series exploring the trends and leaders shaping enterprise transformation.<a target="_blank" href="https://www.businessinsider.com/how-millennial-bosses-manage-gen-z-workers">With a new generation of workers</a> bringing fresh sensibilities and an increasing <a target="_blank" href="https://www.businessinsider.com/american-millennials-would-take-pay-cut-better-work-life-balance-2024-2">desire for work-life balance </a>and <a target="_blank" href="https://www.businessinsider.com/gen-z-advocate-mental-health-flexibility-workplace-management-2023-7">mental-health support</a>, organizations across the US are scaling up <a target="_blank" href="https://www.businessinsider.com/how-companies-boost-employee-wellbeing-build-healthy-culture-2021-11">employee well-being</a> programs to meet the demands of the post-pandemic era.Companies spent $51 billion on employee wellness in 2020, a figure that's projected to rise to $100 billion a decade from now, according to a <a target="_blank" href="https://www.wellable.co/resources/employee-wellness-industry-trends-reports/2023/dashboard#investment-trends">report last year</a> by Wellable, a corporate healthcare platform. <a target="_blank" href="https://www.businessinsider.com/how-to-build-company-wellness-program-employees-healthy-motivated-2020-8">Initiatives</a> range from health plans and perks to <a target="_blank" href="https://www.businessinsider.com/employee-resource-groups-small-business-community-company-culture-2022-10">employee-resource programs</a> and digital tools. All share <a target="_blank" href="https://www.businessinsider.com/gallup-research-employee-engagement-happiness-productivity-2020-10">a common goal</a>: fostering a healthier, happier, and more productive workforce."When employees feel they're being invested in and supported, they're more likely to experience greater job satisfaction and an improved sense of well-being," Charlie Tharpe, a professor at Boston University's Questrom School of Business, said.Tharpe added that employees who feel supported are likely to put more effort into their work, so "companies with a healthy and engaged workforce can reap substantial benefits."Companies need to achieve a balanced mix of well-being offerings to address the shifting needs of their workers, Tharpe said. This means tailoring programs and plans that resonate with employees and align with company values and mission, all while maximizing return on investment and yielding measurable benefits such as reduced healthcare costs. Studies suggest that <a target="_blank" href="https://journals.sagepub.com/doi/full/10.1177/0033354919878434">employee well-being</a> is linked to improved <a target="_blank" href="https://www.gallup.com/workplace/215924/well-being.aspx">engagement and commitment</a> and can also play a key role in attracting and retaining talent and increasing productivity.<h2>A retention tool that reinforces company values</h2>Tharpe said many companies view well-being benefit programs as a strategic tool to reinforce the organization's values and make it more attractive as an employer."There's a baseline of benefits that most try to adhere to, if not exceed," he said. "When it comes to additional ones, companies need to ask: What's the composition of our workforce? What would appeal most to our employees? And what's most consistent with our brand?"Answering these questions requires pragmatism, empathy, and creativity.Take, for instance, Outdoor Experience Days, an initiative that L.L.Bean, the Maine-based outdoor retailer, first introduced in the 1990s. Back then, the benefit offered salaried, full-time employees three paid days on top of their vacation time to spend outdoors. In 2021, amid the pandemic, when social distancing meant people spent more time socializing outside, the company expanded the program. Part-time and hourly year-round employees — a total of about 5,000 people — were included, making the benefit more inclusive to a wider range of workers.Stephanie Harvie, L.L.Bean's manager of wellness operations, said outdoor days are loosely defined. "It doesn't have to be hiking a big peak," she said. "It could be a day at the beach with your kids or going to a park."<a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8125471/">Study</a> after <a target="_blank" href="https://www.apa.org/monitor/2020/04/nurtured-nature">study</a> suggests that being in nature <a target="_blank" href="https://www.businessinsider.com/why-spending-more-time-outside-is-healthy-2017-7">improves mental and physical health</a>. Harvie said that the Outdoor Experience Days initiative aligns with this research and the company's heritage. "We believe in the restorative power of spending time outside, and supporting and encouraging time spent outside is one of the most unique and authentic ways we show our employees we care about them," she said.Last year, 5,000 employees used 78,000 hours, translating to about 10,000 days. The company does not use a specific metric to measure the initiative's effectiveness, but Harvie said L.L.Bean is committed to the program and confident in its positive impact."ROI is difficult to track," she said. "For us, it's about making choices about things we believe are meaningful."<h2>Combating healthcare costs, boosting mental health</h2>Some companies are adopting well-being initiatives to confront <a target="_blank" href="https://www.businessinsider.com/former-surgeon-general-medical-bill-shows-broken-healthcare-system-2024-2">mounting healthcare costs</a>, with the added benefit of <a target="_blank" href="https://www.businessinsider.com/coronavirus-has-encouraged-companies-to-add-mental-health-benefits-2020-3">improving mental-health support</a> for their employees.World Wide Technology, a St. Louis-based technology-services provider, set up two health clinics for employees in 2015 to address increasing insurance costs from urgent and emergency-care visits. After surveying its US workforce, one-third of which is made up of hourly employees, the company found that workers did not visit primary-care doctors because of time constraints and the need to use paid time off. In response, WWT launched free on-site clinics staffed by a doctor, nurse practitioners, and medical assistants. The clinics were available to all employees, regardless of their insurance plan, and the employees' insured dependents.In 2021, as <a target="_blank" href="https://www.businessinsider.com/psychiatrist-constant-change-covid-pandemic-hurts-mental-health-2021-8">demand for mental-health services</a> grew during the pandemic, WWT expanded its clinical offerings to include counseling and behavioral-health services. "Even before COVID, our leadership focused on destigmatizing talking about mental health," John Rocco, the vice president of total rewards at WWT, said. "We want to make sure our employees have access to the support they need."WWT estimates it's seeing a return on investment of about two-to-one: For every dollar invested in these clinics, the company said it saves about $1.50 in insurance costs and gains additional productivity savings."The way we see it is that if our employees are using the services, they're getting value out of them," Rocco said.Children's Mercy Kansas City, a pediatric-health facility in Missouri, also made mental health and well-being initiatives a priority for its staff following the pandemic. This focus was crucial in <a target="_blank" href="https://www.businessinsider.com/new-york-nurses-strike-labor-union-staffing-shortage-covid-2023-1#:~:text='The%20beginning%20of%20another%20kind%20of%20pandemic',-Three%20nurses%20told&amp;text=The%20staffing%20issue%20forces%20nurses,other%20basic%20needs%20is%20secondary.">addressing burnout</a> and retaining talent, particularly <a target="_blank" href="https://www.businessinsider.com/hospitals-staff-shortages-pandemic-burnout-2021-8">amid staffing shortages</a> that caused operational challenges, Dr. Stephanie Burrus, the organization's chief well-being officer, said."Working in healthcare is hard," she said. "Our staff face heart-wrenching realities every day: life-and-death situations and cases of abuse and neglect. Those experiences are hard to step away from."Earlier this year, the hospital started a peer-to-peer counseling support system to augment its in-house one-to-one and group counseling services. It also partnered with Pause with Paws, a program where staff members can interact with therapy dogs for stress relief during their workdays."Our goal is to provide consistent, standardized support for our staff during distressing events," Burrus said. "This helps them feel seen and it normalizes the idea that it's OK to not be OK."<h2>'Employees must be well to do well'</h2>Many companies, including Salesforce, the San Francisco-based software group, recognize the benefits of volunteering and offer volunteer programs as wellness benefits.Research suggests that volunteering boosts <a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5504679/">mental health and happiness</a>, as it gives people a sense of belonging and purpose. Meanwhile, other studies have found that corporate volunteer programs contribute to <a target="_blank" href="https://www.terry.uga.edu/wp-content/uploads/Rodell2013.pdf">increased productivity</a> and <a target="_blank" href="https://www.researchgate.net/publication/230058845_Does_Serving_the_Community_Also_Serve_the_Company_Using_Organizational_Identification_and_Social_Exchange_Theories_to_Understand_Employee_Responses_to_a_Volunteerism_Programme">improved hiring and retention</a>.Salesforce's Volunteer Time Off program grants employees seven business days a year to volunteer for a charity of their choice. Since the pandemic, the company has adopted a hybrid approach, ensuring that both in-office and remote employees can participate in Salesforce volunteer events.Recent employee data found that 75% of Salesforce's 72,000 global employees have participated in the VTO program. The company also reported that workers who recorded VTO within the last fiscal year were significantly less likely to leave the company. Among employees who did leave, those who took VTO stayed 20% longer than those who didn't.Molly Q. Ford, the company's vice president of talent connection and engagement, said in an email that the program helps employees connect with causes they care about and fosters a sense of purpose that benefits the company and its communities."Salesforce operates under the belief that employees must be well to do well," she said.Evaluating the financial impact of wellness initiatives — especially newer offerings, such as coaching apps, relaxation classes, and stress-management workshops — can sometimes be challenging. Research on these programs has yielded mixed results, with at least <a target="_blank" href="https://onlinelibrary.wiley.com/doi/10.1111/irj.12418">one study published this year</a> indicating employer well-being initiatives have few positive benefits and, in some cases, even negative effects.Still, most companies recognize that having a healthy, productive workforce that feels connected to the organization is worth the investment. Tharpe said implementing a variety of programs and initiatives to help employees navigate challenges and improve their health and well-being often pays off and signals to employees that the organization cares about them.After all, he said: "The value of a company lies largely in its intangibles, with the workforce being the most important asset."

Companies are adopting creative and inclusive ideas to support employees' well-being.       

<ul class="summary-list"><li>There isn't a fiscal bazooka that can be aimed at all of China's economic issues, a Citi strategist says.</li><li>The idea that China's government will be able to steer the economy towards prosperity is an assumption that needs to be revised.</li></ul>China's economic situation is far too anemic for a big fiscal spending package to save the day."We haven't had any bazooka reaction by the government," Luis Costa said in a CNBC interview. "This is the crux of the issue here. Over the past 10 years we developed the sense that the Chinese government can steer the economy to prosperity."He added: "We have to revise that assumption now."To be sure, China has passed <a href="https://markets.businessinsider.com/news/commodities/china-economy-commodities-industry-retail-stimulus-recovery-growth-property-market-2023-9?_gl=1*12pj4e3*_ga*MzE5NjcxNzA3LjE2OTU3NDM1ODY.*_ga_E21CV80ZCZ*MTcwOTU3ODkwMS42MDEuMS4xNzA5NTc5MjQzLjU5LjAuMA..">stimulus measures</a> to prop up its sputtering economy, but historically, the policy is not popular among the top brass in Beijing, and President Xi Jinping has <a href="https://www.businessinsider.com/china-economy-shrinking-xi-jinping-debt-real-estate-american-world-2024-1">not been a big believer</a> of doling out direct cash payments to people.Either way, the government hasn't been able to fix the economic spiral so far. China is the <a href="https://www.businessinsider.com/china-economy-markets-deflation-chart-investors-consumer-prices-outlook-beijing-2024-3">only major world economy battling deflation,</a> its property sector is <a href="https://www.businessinsider.com/china-economy-crash-real-estate-collapse-property-market-rebound-evergrande-2024-2">still in the doldrums,</a> and the country is <a href="https://markets.businessinsider.com/news/stocks/china-economy-chinese-stock-market-foreign-investor-cash-flow-money-2023-12">hemorrhaging foreign capital.</a> The <a href="https://finance.yahoo.com/quote/000300.SS/history">CSI 300</a>, a benchmark index for the Chinese stock market, has tanked 16% in the past year.This week, China will hold its annual "Two Sessions" parliamentary meeting where they will release the country's 2024 growth target and outline plans to revive the economy. For investors, the key agenda will be the fiscal policy outlook. "[Tuesday's] statements will be a lot more important than today's — a lot of scrutiny in terms of the fiscal targets," Citi's Costa said. "We know that fiscal is the number one lever, but it's still very troubled waters for the Chinese economy."Last month, Vice Finance Minister Wang Dongwei <a href="https://www.reuters.com/world/china/chinas-fiscal-revenue-growth-picks-up-2023-2024-02-01/" target="_blank" rel="noopener">said</a> public spending remains the main tool through which the government hopes to support its economy.China's stock market capitalization hit a peak in 2021, Costa noted. It's down 35% since, shedding about $7 trillion in value. In the same timeframe, India's stock market capitalization has risen 60%, and the US stock market value has climbed as much as 22%."Something structural happened there, and it's very difficult to fix," Costa said.Some experts have warned that a massive stimulus package could <a href="https://www.businessinsider.com/china-economy-outlook-beijing-real-estate-markets-ehman-2024-2023-12">pave the way for China's "Lehman moment"</a> by worsening some of the underlying issues causing problems for the economy.

There's no fiscal 'bazooka' that China can aim at all of its economic troubles, Citi strategist says

The Indian pharmaceuticals industry is expected to log in a revenue growth of 8-10 per cent in current fiscal aided by a steady domestic growth and increased exports to regulated markets, even as semi-regulated markets face headwinds, according to a report. A study of 186 drug makers, which accounted for about half of the Rs 3.7 lakh crore annual revenue of the sector last fiscal, indicates as much, <keyword id="6359483" type="General" weightage="100" keywordseo="crisil" source="Orion">Crisil</keyword> said on Monday. "Similar to last fiscal, domestic growth in fiscal 2024, will be led by 5-6 per cent increase in realisations, supported partly by high price hikes allowed by the <keyword id="390804" type="General" weightage="50" keywordseo="national-pharmaceutical-pricing-authority" source="Orion">National Pharmaceutical Pricing Authority</keyword> (NPPA) for drugs under price regulation," Crisil Research Director <keyword id="13891160" type="General" weightage="50" keywordseo="aniket-dani" source="Orion">Aniket Dani</keyword> said. In addition, sale of existing drugs and new launches will drive 3-4 per cent volume growth, he added. Operating profitability is also seen improving 50-100 basis points (bps) to 21 per cent this fiscal, supported by moderation in input and logistics costs, and abating pricing pressure in the US generics market, it said. This follows two consecutive years of margin contraction due to high pricing pressure in the US and a sharp rise in input costs caused by supply chain disruption during the Covid pandemic, and thereafter, Crisil noted. Credit profiles will remain stable owing to low-leverage balance sheets and moderate capex plans, it stated. In the ongoing fiscal, domestic sales are expected to witness 8-10 per cent growth with the chronic segment expected to be the key contributor to revenues, because of the steady increase in lifestyle-related diseases and continued emphasis on health awareness, post the pandemic, Crisil said. Formulation exports are seen up 7-9 per cent in rupee terms this fiscal, more driven by volumes, from new product launches, and abating price pressure in the US generics markets, it said. On the other hand, increase in claw-back taxes in select <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>an markets could lead to lower growth in exports to Europe this fiscal, it added. "Growth in exports to Asia will improve this fiscal, after clocking a modest growth last fiscal, while exports to Africa will continue to remain sluggish on account of low forex reserves (impacting the purchasing power) and high currency volatility," Crisil said. Lower input prices and normalisation of supply chains should cull inventories to pre-pandemic levels, resulting in smaller incremental working capital debt this fiscal, it added. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/pixel-watch-2-gets-set-to-take-on-galaxy-watch-6-and-apple-watch-series-9-in-india/articleshow/103567404.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/pixel-watch-2-gets-set-to-take-on-galaxy-watch-6-and-apple-watch-series-9-in-india/articleshow/103567404.cms" target="_blank">Pixel Watch 2 gets set to take on Galaxy Watch 6 and Apple Watch Series 9 in India</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-the-iphone-15-and-iphone-15-pro-models-will-differ/articleshow/103513314.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/how-the-iphone-15-and-iphone-15-pro-models-will-differ/articleshow/103513314.cms" target="_blank">Here’s how the iPhone 15 and iPhone 15 Pro models will differ</a> <a href="https://www.businessinsider.in/business/auto/news/volvo-c40-recharge-with-530-km-range-launched-in-india-for-61-25-lakh/articleshow/103382328.cms">Volvo C40 Recharge with 530 km range launched in India for ₹61.25 lakh</a>

You Searched For "fiscal support" and got 13 results

Disability affairs department receives hike of 0.02%, allocated Rs 1,225 crore in budget

PTI

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

PTI

RBI expected to begin rate cuts in October, with two reductions this fiscal: Crisil

ANI

Investment in equity mutual funds surge 5-fold to Rs 94,151 cr in June qtr amid robust eco environment

PTI

Modi 3.0 will offer policy continuity, but BJP's loss of outright majority may slow down fiscal reforms: Moody's

ANI

Morgan Stanley expects Budget to focus on road map for 'Viksit Bharat'

PTI

SBI report says inflation will remain around 5 per cent this fiscal

ANI

The markets saw right through China's latest economic support hype

Huileng Tan

Harvard donations dropped nearly 15% amid wealthy alums' vows to cut off support

Erin Snodgrass

RBI likely to transfer ₹1 trillion to government in FY25

ANI

Companies are adopting creative and inclusive ideas to support employees' well-being.

Rebecca Knight

There's no fiscal 'bazooka' that China can aim at all of its economic troubles, Citi strategist says

Aruni Soni

Indian pharma industry to log in 8-10% revenue growth this fiscal: Crisil

PTI

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