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July is abuzz with news of the upcoming union budget, which Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> will present on July 23, 2024. But you couldn't care less, because you’ve already decided that you’ll tune it all out, as soon as our beloved Nirmala Tai starts her budget presentations in the parliament. We get it, having spent less than three decades on this planet, we GenZers have already had a tough time understanding the complexities of the modern world affecting our daily life. When it comes to our national finances, we just can’t seem to make any sense of the words spoken, and the general vibe of complicated terms like <keyword id="19942084" type="General" weightage="20" keywordseo="Fiscal-Deficit" source="keywords">fiscal deficit</keyword> and <keyword id="20018917" type="General" weightage="20" keywordseo="Capital-Expenditure" source="keywords">capital expenditure</keyword> is extremely off-putting! So, why bother? Don’t worry, we have got you covered. As we step into an unforgiving adult world, it's time to tune in, as the Union Budget often has direct implications on your personal finances. To help you start, here’s your very own budget glossary, which will let you decode all budget-related mumbo-jumbo, the <keyword id="20246469" type="General" weightage="20" keywordseo="GenZ" source="keywords">GenZ</keyword> way. A: Annual Financial Statement Think of this as a simple breakdown of how much money the government has received and spent over three time periods — the current year, the previous year, and the budget (upcoming) year. This is required under Article 112 of the Indian Constitution. It has three parts: <ul><li>The consolidated fund of India, consisting of revenue received by the government as direct and indirect taxes, and loans</li><li>Contingency fund of India for emergencies, or disaster management</li><li>Public Account of India — our money that the government receives under various schemes like PPF, small savings and more </li></ul>B: <keyword id="20313429" type="General" weightage="20" keywordseo="Budget-Estimates" source="keywords">Budget Estimates</keyword> Say you set aside Rs 25,000 this month from your salary, to buy an uber-cool smartwatch. But you find a sweet steal deal on Amazon and manage to grab it for just Rs 20,000. The Rs 25,000 you set aside from your monthly budget was an estimate. In the same way, the government sets aside a specific sum for every project or scheme based on its estimates, but in the end, the actual expenses may vary. C: Capital Expenditure See the government allocating funds left, right and centre for building highways, improving rail connectivity, or developing other infrastructures? That's capital expenditure, or capex. The idea of undertaking capex is to build something for the long term, something which keeps contributing to the economy’s growth, long after its creation. D: Divestments Divesting means to sell off and let go of one’s stakeholding or ownership in a company or enterprise. The government generally divests its shares in various public undertakings to raise funds. Remember the much-touted IPO of Life Insurance Corporation of India (LIC) LIC’s IPO in May 2022? That was the government divesting 3.5% of its share in the insurance behemoth. E: Economic Survey This is a snapshot (and a pretty long one) of all the major economic developments that have taken place in the country during a particular financial year. It is usually released a day before the full budget, highlighting the performance of various government schemes, trends seen in various sectors of the economy, the policy initiatives taken by the government, and where the economy is going in the near future. F: Fiscal Deficit As daunting as it sounds, what if I tell you that most of us are perennially in a state of fiscal deficit? Surprised? It's simply when your spending exceeds your earnings. So, it gives you an estimate of how much you need to borrow, to tide over. Turns out, the government isn't faring great either, given that its fiscal deficit, or the difference between its revenue and expenditure currently stands at a staggering Rs 16,85,494 crores, or about 5.1% of India’s <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword>. G: GDP Gross Domestic Product is the collective monetary value of all the goods produced and services rendered in the country, during a particular period. In other words, it is the combined total of the economic output that is generated by 141.72 crore Indians like us, expressed monetarily. As of 2024, India’s GDP stood at $3.9 trillion. GDP is a measure of how healthy and strong an economy is. Some of the world’s biggest economies, like China and the US, have a GDP of $18.5 trillion and $28.7 trillion, respectively. G: <keyword id="20411624" type="General" weightage="20" keywordseo="Gender-Budgeting" source="keywords">Gender budgeting</keyword> When achieving gender equality, and addressing challenges women face by way of allocating resources and formulating policies accordingly becomes key to preparing a budget, it's known as gender-based budgeting. Such a budget ensures that distribution of public resources between men and women is not heavily skewed towards the former. In 2023-24, India’s gender budget swelled 4.3% to Rs 2.23 trillion, which is about 4.9% of the overall budget. H: <keyword id="21458145" type="General" weightage="20" keywordseo="Household-Income" source="keywords">Household Income</keyword> The total money earned by everyone in your home makes for your household income. So, if you are a family of 4, where your younger sister is studying, and you, along with your parents earn a total of say Rs 25,00,000 per annum, that is your household income. As of 2022-23, India’s average household income stood at Rs 3.6 lakh/annum. O: Outcome of Budget This is a statement of the outcomes achieved by various government departments with the budget allocated to them last year. It answers questions like was the money spent on purposes it was sanctioned for? What was the output achieved? Think of this as a report card, detailing your progress, or money spent during the year, and is indicative of what more needs to be done to achieve the desired results. R: Revised estimates Say are saving up Rs 70,000 for your buying the latest iPhone. But a few months down, you realize that the price point has changed as the release date approaches, and it is likely to cost about Rs 85,000 now. You see, your initial estimate was Rs 70,000, but then, you revised your estimated requirement to Rs 85,000. The government works no differently. 6-months after the budget presentation, the government assesses if the money granted to scheme A is sufficient, or does it need more funds. Are there any other schemes that need more fund allocation? The new, revised estimates then become the benchmark of functioning, against which actual expenditures are compared. S: Subsidy This is a sum that the government gives to an industry or business, with the objective to keep its prices for the general public low. The government pitches in to pay a part of production costs, so that the public does not end up bearing the entire burden of the cost. Remember the recently discontinued FAME (Faster Adoption and Manufacturing of Electric Vehicles) subsidy on electric vehicles (EV) schemes, which boosted EV adoption amongst Indians. Imagine your elder brother or sister funds 40% of your much awaited Goa trip, without wanting anything in return, for the simple purpose of you having fun! That's them subsidizing your travel! V: Vote on Account Remember Nirmala Tai presented an interim budget this year in February, given that elections were due in May? In an election year, the incumbent government does not present a full fledged budget, because who knows if they’ll be voted back to power or not? So, to tide over the next few months before a new government is brought back to power, the government seeks vote on account, which is basically permission or grant needed to fund expenditures for the next few months. Z: Zero-based budgeting The term refers to a budgeting method in which all expenses must be justified for each new period, starting from a "zero base." Think of it like starting with a blank piece of paper every time you make a plan for how to spend your money. Instead of just changing what you spent last year, you think carefully about every rupee you need and why you need it. In 1986, the Indian government implemented ZBB as a system for determining the Expenditure Budget, making it compulsory for all ministries. However, implementation and application of this approach have remained inconsistent in the later years. So, it's time to listen to Tai with rapt attention, and flaunt your newfound budget dictionary to those still afraid of endless budget jargons!

Budget A-Z, for the GenZ: A fun and handy guide for major terms around upcoming Union Budget

<ul class="summary-list"><li>The US economy added 818,000 fewer jobs than initially reported from April 2023 to March 2024.</li><li>The revision may figure into the Fed's thinking on rate cuts. </li></ul>The US economy <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/job-market-revisions-shake-up-fed-stock-market-this-week-2024-8">added 818,000 fewer jobs to the economy</a> than initially reported from April 2023 through March 2024.That's according to a data revision from the Bureau of Labor Statistics, which periodically revises job growth data based on its Quarterly Census of Employment and Wages (QCEW) report.The jobs revision is in the middle range of <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/job-market-revisions-shake-up-fed-stock-market-this-week-2024-8">Goldman Sach's 600,000 to 1 million estimate,</a> and it represents the biggest downward revision since 2009, when the BLS revised employment growth lower by 824,000 jobs.That means the US economy added 2.1 million new jobs from March 2023 through 2024, below the initially reported 2.9 million jobs, and that the average monthly payroll gain during this time period was closer to 178,000 instead of the reported 246,000, according to ING Economics."This means labour market momentum is being lost from a weaker position than originally thought," economist James Knightley as ING said.US stocks initially moved higher following the data release just after 10:30 am, perhaps on the prospect that fewer jobs being added to the economy will push the Federal Reserve to be more dovish and cut interest rates faster, but the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> has since given up some of its gains and is trading up just 0.20% at the time of writing.While the downward employment revision is a big one, Wall Street isn't necessarily freaking out about it."Even though this number is shocking, job growth is still positive. If you are in the rate cut in September camp, these data all but seal the deal on what Fed needed to cut rates," Harris Financial Group managing partner Jamie Cox said in an email.Yardeni Research said the downward jobs revision is yet another sign that the labor market is simply normalizing towards its pre-pandemic trends when an average of about 175,000 jobs were added to the economy each month.In a recent note, Yardeni Research highlighted that immigrants are excluded from the QCEW report on which the data revisions are based. This is significant given that <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-prediction-immigration-population-growth-housing-market-gdp-cbo-2024-2">immigration trends have helped grow the jobs market over the past few years.</a>"We've noted that immigrants and new labor market entrants rarely file (or qualify) for this insurance," Yardeni Research said of unemployment insurance, which the QCEW report is based on."That means payrolls are likely stronger than the QCEW will suggest," Yardeni Research said.The data is also "old news," according to Yardeni Research, and employment data since March 2024 has been constructive despite a hiccup in July."We have several months of data since then, and we expect the August payrolls report will rebound after Beryl depressed the July data," Yardeni Research said, referencing Hurrican Beryl, which impacted Texas <a target="_blank" class="" href="https://www.businessinsider.com/texas-houston-whataburger-app-hurricane-beryl-power-outages-supply-electricity-2024-7">with flooding and power outages.</a>Finally, the downward revision to job growth could translate into worker productivity being revised higher, which would further support the Fed's decision to cut interest rates."It may mean that productivity is revised higher instead. Either way, softer activity or stronger productivity growth would both suggest that the Fed has more reason to begin loosening policy in September," economist Olivia Cross at Capital Economics said.And higher worker productivity <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-economy-decade-outlook-roaring-20s-investors-crash-chances-2023-12">could ultimately be a boon for stocks through 2030, </a>according to Yardeni Research."Considering the strength of the economy over the past two years, fewer payrolls would also support our Roaring 2020s thesis by raising the measure of worker productivity," Yardeni Research said.

The US economy just saw a big downward revision in jobs added over the last year. Why investors shouldn't sweat it.

<ul class="summary-list"><li>The US unemployment rate was 3.9% in February, according to the Bureau of Labor Statistics.</li><li>The release out Friday also showed there were 275,000 jobs added, larger than the forecast.</li></ul>February's job growth was strong and similar to January's revised job gain.According to Friday's news release from the Bureau of Labor Statistics, the US experienced job growth of 275,000 in February. That was above the <a target="_blank" href="https://www.investing.com/economic-calendar/nonfarm-payrolls-227">forecast</a> of 198,000. That also was larger than January's revised growth of 229,000. <a target="_blank" href="https://www.businessinsider.com/jobs-labor-market-unemployment-rate-wage-growth-january-economy-2024-2">January's prior estimate</a> was 353,000, as noted in the news release published in February."This is exactly the progress that we want to see," Acting Secretary of Labor Julie Su told Business Insider. "And exactly the definition of stable, strong economic growth."Additionally, December's job growth of 333,000 stated in the February release was updated to 290,000 in the new report.Leisure and hospitality saw large job growth in February, with an increase of 58,000."Employment in food services and drinking places increased by 42,000 in February, after changing little over the prior 3 months," the latest news release from BLS stated.Government employment also increased by 52,000. Manufacturing and wholesale trade experienced a decline in their employment levels."I think that the labor market is still quite resilient, but it is cooling and slackening," Julia Pollak, the chief economist at ZipRecruiter, said. "I think that these figures may even overstate the strength of the labor market and definitely overstate the breadth of job gains because of changing seasonal patterns in employment in America since the pandemic."Pollak also pointed out the large job gains seen in December and January were revised downward and an increase in the unemployment rate in February.The unemployment rate ticked up from 3.7% in January to 3.9% in February, per Friday's news release. This rate was <a target="_blank" href="https://www.investing.com/economic-calendar/unemployment-rate-300">expected</a> to come in at 3.7%."We know that increases in the unemployment rate can snowball quite quickly and turn into bigger increases," Pollak said, adding "that when people lose their jobs, they pull back on spending, businesses see their revenue decline and cut jobs more.""So I think that's definitely something to keep watching — both business perceptions of consumer spending and actual hard data on consumer spending as well as this unemployment rate," Pollak added.The labor force participation rate remained at 62.5% in February, which was also the rate a year prior. The employment-to-population ratio also fell from 60.2% to 60.1%.Additionally, the new data release noted average hourly earnings increased 4.3% from February 2023 to this past February. Year-over-year wage growth has been pretty similar in recent months, with most of the recent year-over-year increases in average hourly earnings being around 4.3%. Additionally, average hourly earnings increased from $34.52 in January to $34.57 in February."I think this is a labor market that's sort of returned to some familiar trends," Nick Bunker, Indeed Hiring Lab economic research director for North America, told BI. "One where job gains are strong but not as robust as a couple years ago, but strong enough to keep the labor market pretty strong."Bunker added that despite the increase in the unemployment rate in February, it could end up being what was seen last year "where it rose but then came back down."The Bureau of Labor Statistics also reported on <a target="_blank" href="https://www.bls.gov/news.release/jolts.nr0.htm">job openings and other data</a> for January earlier this week. Job openings fell by 26,000 from December's level to 8.9 million in January. The number of hires also ended up falling, dropping from around 5.8 million to 5.7 million. The number of quits declined as well, and the quits rate ticked down from 2.2% in December to 2.1% this past January. That's also way below the most recent high of 3.0% in April 2022."The once high-flying quits rate continues to fall and is now below its pre-pandemic level, which could signal both that workers that found good opportunities over the past few years and are happy to stay in their new role, and that workers are feeling less confident about their prospects for finding a new job," Bunker said in written commentary earlier this week.Amid the data seen this week, job seekers and workers "should still feel generally positive," Bunker told BI."If you have a job right now, you're in a good position when it comes to job security," Bunker said. "That layoff rates are very low, moves from having a job to unemployment were still quite low in this report as well. Now, if you are someone who has a job, is looking to switch jobs or <a target="_blank" href="https://www.businessinsider.com/how-get-job-this-year-network-resume-skills-certificates-unemployment-2024-1">wants to switch jobs right now</a>, it's going to be tougher than the past."

Job growth beats estimates, unemployment rate hits 2-year high

<ul><li>India’s <keyword id="44910" type="General" weightage="20" keywordseo="gdp-growth" source="Orion">GDP growth</keyword> for the April-June quarter came below estimates at 13.5% percent.</li><li>Rating agencies have trimmed their annual growth rate projections after the quarterly data was released by the government.</li><li>"We strongly believe that the estimation of manufacturing sector growth needs serious introspection in the sense that IIP is still indexed at 2012 base,” said SBI Ecowrap.</li><li>Analysts are worried that organizations may not go through with all the capex plans that they have announced.</li></ul>The GDP growth rate for the April-June quarter which came in at 13.5%, fell short of expectations. As a result, rating agencies already lowered their annual estimates, yet again. Most of the forecasts now believe that Indian GDP will grow at 7% or below. The Reserve Bank of India however believes that it will grow at 7.2%. SBI Ecowrap trimmed its estimates as it had expected April-June GDP to grow at 15.7%. "We strongly believe that the estimation of manufacturing sector growth needs serious introspection in the sense that IIP is still indexed at 2012 base," the report said. In addition to SBI Ecowrap, Citibank and Goldman Sachs too trimmed their projections. “Rising interest rates, uneven distribution of monsoons and slowing global growth will dampen economic momentum,” said Moody’s yesterday. It cut calendar year 2023 growth rate projections to 5.2%. This is the second round of trimming by agencies after seven of them slashed their growth rate projections after the Jan-Mar quarter data was released by the government. New set of downgrades <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Institution </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GDP forecast cut FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Earlier projection </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Citibank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.2% </td></tr></tbody></table> A lot has changed since the beginning of the year as many agencies hoped that <keyword id="113229" type="General" weightage="20" keywordseo="india-gdp" source="Orion">India GDP</keyword> growth would be above 7%. A big jolt to this belief came this May itself when the following projections have been trimmed. Downgrades after Jan-Mar quarter GDP data release <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Institution </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GDP forecast cut FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Earlier projection </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moody’s </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.2% (Calendar year 2023) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YES Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">International Monetary Fund (IMF) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FICCI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Development Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CRISIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.8% </td></tr></tbody></table> High inflation rate is worrying most analysts. “Growth challenges are likely to remain in FY23 and the K-shaped recovery is expected to continue. While many remain hopeful of a recovery in private sector capex, we remain skeptical as recent RBI data indicates that even as the number of projects announced for FY23 are higher than the previous year, the expected cumulative spend remains lower than the pre-pandemic levels,” said a report by YES Bank on August 31. Most analysts are worried that organizations may not go through with all the high capex plans that they have announced. They maintain a bias towards more downward revisions unless domestic inflation moderates or global commodity prices cool meaningfully. “Overall, it confirms that growth recovery is not so strong in India. It ideally implies that monetary tightening should not be very aggressive. However, it appears that the terminal repo rate will be 5.75-6% in this cycle with one or two more rate hikes, ending the cycle in December 2022,” said Nikhil Gupta, chief economist at Motilal Oswal Financial Services group. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/laxman-narasimhan-named-as-the-ceo-of-coffee-chain-starbucks/articleshow/93939910.cms">Laxman Narasimhan named as the CEO of coffee chain Starbucks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/recession-in-the-us-may-cool-off-attrition-in-it-sector-along-with-revenues/articleshow/93942471.cms">Recession in the US may cool off attrition in IT sector along with revenues</a>

Rating agencies revise GDP growth estimates yet again, most now peg it below 7%

<ul class="summary-list"><li>US stocks fell on Wednesday as traders took in the revised GDP print for last quarter. </li><li>GDP growth was revised lower for the quarter to 3.2%.</li></ul>US stocks dropped on Wednesday as traders took in the revised economic-growth data and looked ahead to a fresh inflation reading. Major indexes were lower, while the US 10-year Treasury yield was little changed at 4.297%. GDP growth for the fourth quarter of 2023 was revised slightly lower, with the economy estimated to have grown by 3.2%, according to the Bureau of Economic Analysis. That's lower than the 3.3% growth originally reported for the quarter and much lower than the pace of growth that was recorded over the third quarter, when GDP grew 4.9%.Meanwhile, investors are waiting for Thursday's personal-consumption-expenditures reading, the Fed's preferred inflation measure. Economists are expecting PCE inflation to have accelerated, with it rising 0.3% over the month of January.The reading will be an important data point when central bankers decide when and how far to lower interest rates this year."In a market environment where people are worried about a Fed keeping rates higher for longer, any drop in economic activity (or inflation) can be seen as another reason why the Fed can cut rates sooner," Chris Zaccarelli, the chief investment officer for Independent Advisor Alliance, said in a note on Wednesday.Investors have been pushing back their expectations for a coming Fed rate cut, as central bankers risk keeping rates higher for longer as they keep an eye on inflation. Markets are pricing in a nearly 100% chance the Fed will keep rates level at its March policy meeting, up from just a 52% chance priced in a month ago, according to the CME FedWatch tool. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,060.89, down 0.32%.</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 38,762.68, down 0.54% (-210.04 points).</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 15,951.01, down 0.53%.</li></ul>Here's what else happened today: <ul><li><a href="https://markets.businessinsider.com/news/stocks/warren-buffett-record-cash-berkshire-hathaway-hanke-stock-market-recession-2024-2?_gl=1*1egube6*_ga*MjMxMzA1Mzg2LjE2NTY0NDQxNTU.*_ga_E21CV80ZCZ*MTcwOTEyOTkyNS44NjEuMC4xNzA5MTI5OTI1LjYwLjAuMA..">Warren Buffett's $168 billion cash pile</a> signals he expects stocks to slide and a recession to strike, Steve Hanke, a top economist, said.</li><li><a href="https://markets.businessinsider.com/news/stocks/siegel-wharton-stock-market-outlook-tech-ai-bubble-nvidia-crash-2024-2?_gl=1*1egube6*_ga*MjMxMzA1Mzg2LjE2NTY0NDQxNTU.*_ga_E21CV80ZCZ*MTcwOTEyOTkyNS44NjEuMC4xNzA5MTI5OTI1LjYwLjAuMA..">A tech bubble could be forming — and AI stocks like Nvidia could end up crashing</a>, Jeremy Siegel, a Wharton professor, said.</li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil inched higher 0.6% to $79.33 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, ticked higher 0.44% to $82.81 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.21% to $2,034.85 an ounce.</li><li>The 10-year Treasury yield was nearly flat 4.301%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> jumped 6.51% to $60,515.</li></ul>

US stocks drop as investors take in revised GDP and await fresh inflation data

<ul class="summary-list"><li>Investors are staying on the sidelines ahead of key data this week.</li><li>That includes Wednesday's revised fourth-quarter GDP data and Thursday's Personal Consumption Expenditures report.</li></ul>US stocks ended the session mixed on Tuesday, with the Dow Jones Industrial Average shedding almost 100 points. An upcoming slate of economic data has kept market moves muted in the last two days. Revised fourth-quarter GDP is set to be released on Wednesday, followed by the Personal Consumption Expenditures report on Thursday. The inflation gauge is the Federal Reserve's preferred measure. Both data points will help inform the trajectory of future interest rates, as the central bank is looking for evidence of consistent disinflation before loosening monetary policy. Earlier market convictions that rate cuts were around the corner were hampered when January's consumer price index came in stronger than anticipated. Most investors now <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html" target="_blank" rel="noopener">expect the first reduction to occur in June</a>, and estimate no more than 75 basis points of cuts.This week, markets are also awaiting to hear a number of Fed speakers, offering further clues as to future policy. On Tuesday, Fed Governor Michelle Bowman <a href="https://www.bloomberg.com/news/articles/2024-02-27/fed-s-bowman-reiterates-that-it-s-too-soon-to-cut-interest-rates" target="_blank" rel="noopener">reiterated that it was too soon</a> to start cutting. She expects inflation to continue falling under current conditions.Although most earnings reports have been released, Tuesday saw <a href="https://markets.businessinsider.com/stocks/hims-stock">Hims &amp; Hers Health</a> jump 31.4%, on a better-than-expected performance. Similarly, <a href="https://markets.businessinsider.com/stocks/zm-stock">Zoom Video</a> rose nearly 8%.Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,078.21, up 0.17%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 38,972.41, down 0.25% (-96.56 points) </li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 16,035.30, up 0.37%</li></ul>Here's what else happened today: <ul><li>The stock rally's main driver is set to weaken - here are <a href="https://markets.businessinsider.com/news/stocks/stock-market-signal-corporate-profit-margins-weaken-inflation-recession-risk-2024-2?_gl=1*2khgfy*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0NDkxLjM3LjAuMA..">three reasons profit margins will likely fall</a>, JPMorgan said.</li><li>Western discussions about <a href="https://markets.businessinsider.com/news/currencies/russia-frozen-assets-dedollarization-greenback-euro-ukraine-war-funding-sanctions-2024-2?_gl=1*xt6200*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0NDA2LjYwLjAuMA..">using Russia's frozen assets helps undermine trust in the dollar and euro,</a> the country's finance minister said.</li><li>History says <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-bubble-crash-investors-financial-fed-tech-2024-2?_gl=1*itrgoo*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0NTUwLjU2LjAuMA..">the S&amp;P 500 is far from bubble territory</a>.</li><li>Elf Beauty returns have <a href="https://markets.businessinsider.com/news/stocks/elf-beauty-stock-price-outperformance-beats-nvidia-trailing-5-years-2024-2?_gl=1*lc446y*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0NjA2LjYwLjAuMA..">beaten Nvidia's on a five-year horizon</a>.</li><li>It's a <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-dot-com-bubble-crash-ai-overvalued-purgatory-2024-2?_gl=1*1be5vid*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0Njc4LjYwLjAuMA..">bad idea to put cash into mega-cap leaders</a>, Bill Smead warned.</li><li>Russia is <a href="https://markets.businessinsider.com/news/commodities/russia-gasoline-exports-ban-crude-oil-energy-commodities-putin-2024-2?_gl=1*zdq4a1*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0NzU3LjYwLjAuMA..">banning gasoline exports for six months</a>.</li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil climbed up 1.35% to $78.63 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, rose 1% to $82.39 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> was nearly flat at $2,039.50 per ounce. </li><li>The 10-year Treasury edged up to 4.307%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> jumped 4% to $56,792.</li></ul>

US stocks close mixed ahead of revised US growth data and big lineup of Fed speakers

<ul class="summary-list"><li>Israel's war with Hamas is costing the country the equivalent of 10% of GDP, the central bank's governor said.</li><li>The Bank of Israel has estimated that it will cost about $58 billion between 2023 and 2025.</li></ul>The Hamas war will cost Israel the equivalent of a 10th of the country's GDP, the central bank's chief said on Wednesday.Meanwhile, the economy will expand about 2% this year, similar to last year's pace, then accelerate closer to its growth potential of about 4%-5% in 2025, Bank of Israel Governor Amir Yaron <a href="https://twitter.com/bsurveillance/status/1747613268129075520" target="_blank" rel="noopener">told Bloomberg TV.</a>But the big challenge is on the fiscal side, he added."The war is costing us directly, and this is give or take, about 10% of GDP, and another 2% in lost revenue," Yaron said. "I call that the temporary hump of the war."That echoed <a href="https://boi.org.il/en/communication-and-publications/press-releases/remarks-by-the-governor-of-the-bank-of-israel-at-the-cabinet-meeting-to-approve-the-state-budget-for-2024/" target="_blank" rel="noopener">remarks he made Sunday</a> at a cabinet meeting to discuss Israel's 2024 budget, when he said revised estimates prepared by the Bank of Israel put the war's expenses from 2023 through 2025 at about NIS 220 billion ($58 billion).Yaron also told Bloomberg TV that in addition to the short-term spending spike, there is about 1% of GDP's worth of money that will go to long-term needs."The permanent component increase in spending on military, in the more expensive debt, and the revitalization of the south," he said.On Monday, the country approved its 2024 national budget, adding $15 billion to fund the war. The plan has "significant steps" to offset the 1% increase, Yaron said.The central bank has also stepped in to stop the shekel from sliding last year, providing $15 billion through swap lines, and pushing the <a href="https://markets.businessinsider.com/news/currencies/israel-shekel-world-best-performing-currency-us-dollar-hamas-war-2023-11">currency up 8.8% against the dollar</a> in November.

Israel's central bank estimates spending to fight Hamas will be about 10% of GDP

<ul><li>From tax collections to disinvestment to <keyword id="6365485" type="DEFINITION" weightage="20" keywordseo="Fiscal-Deficit">fiscal deficit</keyword>, the numbers are likely to be sharply lower than the projections in the last budget.</li><li>The coronavirus pandemic had led to two straight quarters of contraction in the economy and that is likely to hit the budget projections.</li><li>These are some of the estimates that you can use to pare your expectations based on ground realities.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/budget">Budget 2021 on Business Insider</a>. </li></ul>In an aspirational goal of becoming a $5-trillion economy by 2025, India’s Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> put forward some projections last February. However, the COVID-19 pandemic is likely to have thrown those estimates out of whack. In a year when the economy contracted for two straight quarters, the scary <keyword id="581165" type="PERSON" weightage="20" keywordseo="revised-estimates">revised estimates</keyword> should not come as a surprise. As Aditi Nayar, principal economist at ICRA put it, in a conversation with Business Insider, the numbers would be much lower than what was targeted last year given the ongoing pandemic. “We need to have very practical expectations,” she added. These are some of ICRA’s expectation from the revised estimates: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Components </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 Budget targets </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICRA estimate </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss estimate </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang estimate </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax revenue </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹24.23 lakh crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% shortfall </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.1% shortfall </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.3% shortfall </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fiscal deficit </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.5% of GDP </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.5% of GDP </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% of GDP </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% of GDP </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Disinvestment receipts </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.1 lakh crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1.5 lakh crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1.4 lakh crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1.7 lakh crore </td></tr></tbody></table> The lockdown imposed by the central government in an attempt to contain the coronavirus in the country contributed to the sluggish revenue collection by directly impacting businesses' functioning. As per <a href="https://www.businessinsider.in/budget/news/fiscal-deficit-touches-135-1-pc-of-fy21-target-at-november-end/articleshow/80046874.cms">latest data released </a>by the Controller General of Accounts (CGA) at the end of November, the government's gross <keyword id="6435854" type="DEFINITION" weightage="20" keywordseo="Tax-Revenue">tax revenue</keyword> was at ₹10.26 lakh crore, contracting 12.6% during this fiscal year. According to ICRA, the tax revenue is likely to be 20% short of the ₹24.23 lakh crore expected by the Finance Minister in the last budget. ALSO WATCH: <a href="https://www.businessinsider.in/stock-market/news/exclusive-nilesh-shah-of-kotak-mahindra-amc-says-foreign-inflows-profit-growth-are-helping-sensex/articleshow/80339362.cms" data-type="tilCustomLink">One of India’s biggest money managers explains the mother of all bull runs using a bollywood blockbuster Amar Akbar Anthony</a> <div type="Youtube" id="v02oeojB4Jk" title="One Of India's Money Managers Explained ‘The Mother Of All Bull Runs’ Using Amar, Akbar, Anthony" thumbUrl="https://i.ytimg.com/vi/v02oeojB4Jk/mqdefault.jpg"></div> <div type="image" title="GST Collections 2020." msid="80401133" hostid="261"></div> While tax collections fell, the market crash due to the pandemic also put the brakes on disinvestment⁠— the process of government selling its assets like shares like in the case of Life Insurance Corporation of India (LIC), or entire companies, like Air India. Therefore, the government did not make as much money as it wanted to whereas its expenses increased. From the management of the pandemic, creating health infrastructure in a hurry, to supporting the poor with free food, and helping the struggling industries with the stimulus package. When the government spends more than it earns, the difference is called fiscal deficit. It is likely that the deficit may be nearly twice as much as the Finance Minister promised during her last budget speech. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="8" retweetcount="3" status="Economist vs Investor-- two different POVs on #BudgetInsider, @iyer_sriram in conversation with @ICRALimited's Adit… https://t.co/Ij3Ju6LJBL" createdat="1611227111000" id="1352210630531452929"></div> This pain may spill into the next year as well. Therefore, Nayar said that as long as Sitharaman’s estimate for the budget deficit is less than 5% for the financial year ending March 2022, it is acceptable. <div type="image" title="Fiscal deficit" msid="80401149" hostid="261"></div> The budget estimates for the upcoming fiscal year may be soothing as the economy seems to be turning a corner. “For the third quarter as a whole, we've got most indicators having shown a year-on-year expansion, and that again is something that's really important as an import for economists like me who need to figure out whether we are already, out of the recession or we are going to get out of the recession in the current quarter,” said Nayar. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="5" retweetcount="1" status="#BudgetInsider | &quot;Economic metrics indicate that India will be out of the recession by March 2021.&quot;: @ICRALimited's… https://t.co/yutrKaxSt1" createdat="1611238345000" id="1352257747866189829"></div> However, the revised estimates are going to look bad. The only question will be if they are better or worse than the expectations. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/recession-in-india-will-end-latest-by-march-says-a-top-economist/articleshow/80399198.cms" data-type="tilCustomLink">Recession in India will end latest by March, says a top economist</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-to-soon-introduce-voice-and-video-calls-for-web-multi-device-support-jiomart-integration-and-more/articleshow/80398791.cms" data-type="tilCustomLink">WhatsApp to soon introduce voice and video calls for Web, multi-device support, JioMart integration and more</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-falls-10-after-report-suggests-a-critical-flaw-in-the-cryptocurrency-called-double-spend-may-have-occurred/articleshow/80390513.cms" data-type="tilCustomLink">Bitcoin falls 11% after report suggests a critical flaw in the cryptocurrency called 'double spend' may have occurred</a>

Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates

<ul><li>India's economy grew by 6.3% in Q2 of FY23 as compared to 8.4% growth it had seen in Q2 FY22. </li><li>Analysts predicted that the Indian economy would expand at half of the growth rate of 13.5% recorded in the April-June quarter this fiscal. </li><li>China registered an economic growth rate of 3.9% in July-September, 2022. </li></ul>India's economy grew by 6.3% in the second quarter of the current fiscal, official data released on Wednesday showed. The gross domestic product (GDP) had expanded by 8.4% in the July-September quarter of 2021-22, according to data released by the National Statistical Office (NSO). Analysts had projected the Indian economy would expand at half of the growth rate of 13.5% recorded in the April-June quarter this fiscal. According to rating agency ICRA, the GDP was likely to grow at 6.5% while State Bank of India projected the growth rate at 5.8% in the September 2022 quarter. Earlier this month, in an article published in the Reserve Bank of India (RBI) bulletin, the GDP growth was pegged at 6.1-6.3% in the second quarter of this fiscal year. China registered an economic growth rate of 3.9% in July-September, 2022. ‘Manufacturing disappointed with negative growth rate’ Bank of Baroda report said that the Q2 GDP numbers were slightly lower than their forecast of 6.5%. “While most numbers were on expected lines, manufacturing has been a disappointment with a negative growth rate. In case of manufacturing it has been clearly affected by low growth for the small and medium enterprises (SME) sector as per index of industrial production (IIP) numbers, and fall in profits that has affected value added for the organized sector,” said Madan Sabnavis, chief economist of Bank Of Baroda. He added that the agriculture growth of 4.6% should be viewed with caution as it is early days of Kharif harvest, and the allied sectors are more likely to have pushed up this growth rate. “We do expect GDP growth to be around 6.8% for the year, with a downward bias depending on the changing economic environment. But the downside will not be more than 0.2-0.3%,” said Sabavis. Mining and manufacturing sectors have both witnessed negative growth rates. While the mining sector growth might have been affected by a high base effect, combined with fall in output of oil and gas. FY23 GDP downgrades continue In the first quarter of FY23 as lockdowns ended, GDP expanded by 13.5%. However, this was also lower than most estimates – sending many agencies and the RBI itself to revise their growth projections of the year to 7% this September, from 7.2% earlier. On Monday, rating agency <a href="https://www.businessinsider.in/india/news/sp-cuts-indias-growth-forecast-to-7-for-fy23/articleshow/95821441.cms">Standard &amp; Poor’s said that it </a>now expects India’s GDP to grow at 7% for FY23 as compared to the 7.3% it had estimated earlier. CRISIL estimates mirror S&amp;P’s – as it lowered from 7.3% to 7% – but over a week ahead of S&amp;P. CRISIL also expects FY24 growth to slow down further to 6%. Goldman Sachs, like CRISIL, believes that India’s growth momentum will be affected by the fading effects of post-Covid reopening, coupled with higher borrowing costs. A couple of weeks back, it slashed GDP growth expectations to 5.9% next year, as compared to the 6.9% growth of 2022. All in all, most agencies believe that it has become tougher to predict the pace of growth since the pandemic. “We however believe there is somehow a large disconnect between leading indicators and GDP growth since the onset of the pandemic. Growth impulses continue to be strong and it may be better to look through the GDP headline numbers for a couple of quarters before arriving at a definitive conclusion about the growth trajectory,” said SBI Ecowrap in a report released on November 28. (With inputs from PTI) SEE ALSO <a href="https://www.businessinsider.in/finance/news/no-end-to-downgrades-in-gdp-estimates-as-economists-remain-divided-on-severity-of-slowdown/articleshow/95847763.cms">No end to downgrades in GDP estimates as economists remain divided on severity of slowdown</a> <a href="https://www.businessinsider.in/india/news/government-listed-private-companies-capex-to-touch-21-lakh-crore-in-fy23-icici-securities/articleshow/95858117.cms">Capex cycle to touch ₹21 lakh crore in FY23, but there's a catch</a>

India's GDP growth comes in at 6.3% in Q2: manufacturing, mining witness negative growth

<keyword id="125045" type="General" weightage="50" keywordseo="fitch-ratings" source="Orion">Fitch Ratings</keyword> on Wednesday said it has revised the outlook on <keyword id="2981241" type="General" weightage="50" keywordseo="oravel-stays" source="Orion">Oravel Stays</keyword> Ltd's (<keyword id="2808667" type="General" weightage="100" keywordseo="oyo" source="Orion">OYO</keyword>) long-term foreign- and local-currency issuer default ratings to 'positive' from 'stable', while affirming the ratings at 'B-'. The ratings agency also said it has affirmed the rating on the USD 660-million senior secured term loan facility due 2026, issued by OYO's fully owned subsidiary, Oravel Stays Singapore Pte Limited, at 'B-'. "The outlook revision reflects our view that OYO is on track to generate positive EBITDA and cash flow from operations (CFO) sustainably. This follows positive EBITDA in every quarter of the financial year ended March 2023 (FY23), which is the first year of profits since OYO's incorporation in 2012," <keyword id="82981" type="General" weightage="80" keywordseo="fitch" source="Orion">Fitch</keyword> Ratings said in a statement. It further said, "We expect significant growth in its EBITDA in FY24, led by an ongoing demand recovery in the travel and tourism industry, the company's stable gross margins, and reduction in operating costs." The rating reflects OYO's asset-light business model "that benefits from minimal capex needs, largely exclusive distribution rights, pricing control over storefront inventory, fixed revenue share and strong long-term growth potential", it added. "The business profile's strengths are mitigated by the sector's high competitive intensity and demand cyclicality. The rating also reflects OYO's adequate liquidity," Fitch said. The ongoing demand recovery in the industry is expected to drive revenue growth of over 20 per cent, it said, adding, "we also expect OYO's operating leverage to benefit from a sustained reduction in costs and drive high single-digit EBITDA margins in FY24." On improved cost structure, Fitch said, "We expect the cost-reduction measures OYO undertook in recent years to support its improving profitability in FY24. We believe such reductions will not affect growth, as it has increased its business development staff to prioritise storefront additions." The ratings agency also said it estimates that "OYO's unrestricted cash at FYE23 is sufficient to fund its Fitch-estimated free cash flow deficit of around USD 7 million and annual debt repayment of around USD 6 million in FY24". However, it said, "a greater cash burn than we expect could weaken OYO's liquidity. Any potential default of the debt outstanding at one of OYO's shareholding entities owned by the founder may be a reputational risk and affect OYO's operations, and we treat this as an event risk." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/suvs-car-with-the-longest-waiting-period-in-india/slidelist/100649287.cms">Mahindra Thar, Tata Nexon and more: SUVs with the longest waiting period</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/centres-fiscal-deficit-for-2022-23-at-6-4-of-gdp-cga-data/articleshow/100649200.cms">Centre's fiscal deficit for 2022-23 at 6.4% of GDP: CGA data</a>

Fitch Ratings revises outlook on OYO's long-term issuer ratings to 'positive' from 'stable'

<ul><li>India’s largest two-wheeler manufacturer <keyword id="6357252" type="General" weightage="20" keywordseo="hero-motocorp" source="Orion">Hero MotoCorp</keyword> beat analyst estimates to deliver a 37% YoY rise in standalone net profit to ₹859 crore.</li><li> The company posted a 17% growth in its FY23 net profit, which rose to ₹2,911 crore.</li><li> Hero MotoCorp’s revenue growth during Q4 came in at 11.9% YoY at ₹8,307 crore, while for the full FY23, it reported a growth of 17.7% to ₹33,806 crore.</li></ul>India’s largest two-wheeler manufacturer Hero MotoCorp beat analyst <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/hero-motocorp-q4-results-pat-beats-estimates-jumps-37-yoy-to-rs-859-cr-revenue-up-12/videoshow/99989882.cms">estimates</a> to deliver a 37% YoY rise in standalone net profit to ₹859 crore in Q4, aided by price hikes, cost cutting and improved product mix. The company posted a 17% growth in its FY23 net profit, which rose to ₹2,911 crore. Hero MotoCorp’s revenue growth during Q4 came in at 11.9% YoY at ₹8,307 crore, while for the full FY23, it reported a growth of 17.7% to ₹33,806 crore. The impact of the triple drivers of its net profit growth during Q4 – price hikes, cost cutting and improved product mix – also reflected in the company’s net margins, which rose by 190 basis points to 10.3% from 8.4% a year ago. However, for the full FY23, net margins improved only a tad to 8.6% from 8.5% in FY22. The company declared a final dividend of ₹35 per share, with the total dividend for FY23 touching ₹100. <table style="width:410.6pt;border-collapse:collapse;mso-yfti-tbllook:1184; mso-padding-alt:0cm 5.4pt 0cm 5.4pt" class="redcator-table-advance"> <tbody><tr> <td style="width:99.0pt;border:solid black 1.0pt; mso-border-alt:solid black .5pt;mso-border-bottom-alt:solid black 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:18.0pt"> Particulars </td> <td style="width:84.8pt;border:solid black 1.0pt; border-left:none;mso-border-left-alt:solid black .5pt;mso-border-alt:solid black .5pt; mso-border-bottom-alt:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> FY23 </td> <td style="width:57.0pt;border:solid black 1.0pt; border-left:none;mso-border-left-alt:solid black .5pt;mso-border-alt:solid black .5pt; mso-border-bottom-alt:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> Change </td> <td style="width:84.75pt;border:solid black 1.0pt; border-left:none;mso-border-left-alt:solid black .5pt;mso-border-alt:solid black .5pt; mso-border-bottom-alt:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> Q4 FY23 </td> <td style="width:3.0cm;border:solid black 1.0pt; border-left:none;mso-border-left-alt:solid black .5pt;mso-border-alt:solid black .5pt; mso-border-bottom-alt:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> Change (YoY) </td> </tr> <tr> <td style="width:99.0pt;border:solid black 1.0pt; border-top:none;mso-border-top-alt:solid black .5pt;mso-border-alt:solid black .5pt; background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:18.0pt"> Volume (units) </td> <td style="width:84.8pt;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> 53.29 lakh </td> <td style="width:57.0pt;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> 7.8% </td> <td style="width:84.75pt;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> 12.7 lakh </td> <td style="width:3.0cm;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> 6.8% </td> </tr> </tbody><tbody></tbody></table> Source: Company reports Hero MotoCorp’s Q4 and FY23 in numbers: <table style="width:446.3pt;border-collapse:collapse;mso-yfti-tbllook:1184; mso-padding-alt:0cm 5.4pt 0cm 5.4pt" class="redcator-table-advance"> <tbody><tr> <td style="width:77.75pt;border:solid black 1.0pt; mso-border-alt:solid black .5pt;mso-border-bottom-alt:solid black 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:18.0pt"> Particulars </td> <td style="width:99.2pt;border:solid black 1.0pt; border-left:none;mso-border-left-alt:solid black .5pt;mso-border-alt:solid black .5pt; mso-border-bottom-alt:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> FY23 </td> <td style="width:99.25pt;border:solid black 1.0pt; border-left:none;mso-border-left-alt:solid black .5pt;mso-border-alt:solid black .5pt; mso-border-bottom-alt:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> FY22 </td> <td style="width:3.0cm;border:solid black 1.0pt; border-left:none;mso-border-left-alt:solid black .5pt;mso-border-alt:solid black .5pt; mso-border-bottom-alt:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> Q4 FY23 </td> <td style="width:3.0cm;border:solid black 1.0pt; border-left:none;mso-border-left-alt:solid black .5pt;mso-border-alt:solid black .5pt; mso-border-bottom-alt:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> Q4 FY22 </td> </tr> <tr> <td style="width:77.75pt;border:solid black 1.0pt; border-top:none;mso-border-top-alt:solid black .5pt;mso-border-alt:solid black .5pt; background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:18.0pt"> Revenue </td> <td style="width:99.2pt;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> ₹33,806 crore </td> <td style="width:99.25pt;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> ₹29,245 crore </td> <td style="width:3.0cm;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> ₹8,307 crore </td> <td style="width:3.0cm;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> ₹7,422 crore </td> </tr> <tr> <td style="width:77.75pt;border:solid black 1.0pt; border-top:none;mso-border-top-alt:solid black .5pt;mso-border-alt:solid black .5pt; padding:0cm 5.4pt 0cm 5.4pt;height:18.0pt"> Net profit </td> <td style="width:99.2pt;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;padding:0cm 5.4pt 0cm 5.4pt;height:18.0pt"> ₹2,911 crore </td> <td style="width:99.25pt;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;padding:0cm 5.4pt 0cm 5.4pt;height:18.0pt"> ₹2,473 crore </td> <td style="width:3.0cm;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;padding:0cm 5.4pt 0cm 5.4pt;height:18.0pt"> ₹859 crore </td> <td style="width:3.0cm;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;padding:0cm 5.4pt 0cm 5.4pt;height:18.0pt"> ₹627 crore </td> </tr> <tr> <td style="width:77.75pt;border:solid black 1.0pt; border-top:none;mso-border-top-alt:solid black .5pt;mso-border-alt:solid black .5pt; background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:18.0pt"> Net margin </td> <td style="width:99.2pt;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> 8.6% </td> <td style="width:99.25pt;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> 8.5% </td> <td style="width:3.0cm;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> 10.3% </td> <td style="width:3.0cm;border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt; mso-border-alt:solid black .5pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt; height:18.0pt"> 8.4% </td> </tr> </tbody><tbody></tbody></table> Source: Company reports Commenting on the company's performance, Hero MotoCorp CEO Niranjan Gupta said the company has been able to drive margin expansion and profitable growth this quarter through a judicious combination of pricing, savings, and product mix. "In the coming fiscal year, we have lined up a slew of product launches in different segments with an aim to strengthen our premium portfolio as well as premiumisation of existing models, which will help us deliver improvement in market share," he added. The company is also accelerating its EV rollout, with a plan to be in 100 cities within this calendar year, Gupta said. "Apart from exclusive Vida outlets in certain cities, we will be using our existing distribution system across cities to ensure wider reach. The recent price revision now makes Vida accessible to more customers, and we expect this will increase the EV transition in scooter category," he added. Gupta noted that the economic activity in India continues to build momentum with key indicators moving in the positive direction. "We do expect two-wheeler industry revenue growth to be double-digit in the coming year," he stated. Shares of the company ended 0.43% up at ₹2,514.05 apiece on the BSE. (With inputs from PTI.) SEE ALSO: <a href="https://www.businessinsider.in/business/news/go-first-flight-cancellations-make-summer-travel-and-vacations-expensive/slidelist/99983101.cms">Go First flight cancellations make summer travel and vacations expensive</a> <a href="https://www.businessinsider.in/business/corporates/news/hiring-in-it-companies-like-tcs-wipro-infosys-hcl-tech-plunges-by-66-in-fy23/articleshow/99960690.cms">Hiring in the IT sector plunges by 66% in FY23</a> <a href="https://www.businessinsider.in/business/corporates/news/titan-q4-net-profit-rises-50-to-734-crore-as-wedding-segment-makes-a-comeback/articleshow/99964029.cms">Titan Q4 net profit rises 50% to ₹734 crore as wedding segment makes a comeback</a>

Hero MotoCorp Q4 net profit beats estimates, rises 37% YoY to ₹859 crore

<ul><li></li></ul><ul><li>US stocks were up on Wednesday as investors await a speech from Fed Chairman Jerome Powell.</li><li>He is expected to strike a hawkish tone as the Fed continues its fight against inflation.</li><li>Third-quarter GDP growth was revised upwards to 2.9% from 2.6%, while ADP payroll data missed estimates.</li></ul>US stocks were up in early Wednesday trades as investors await a speech from Federal Reserve Chairman Jerome Powell later this afternoon.He is expected to strike a hawkish tone as the Fed continues its fight against inflation, though the central bank is widely seen slowing down its rate-hike trajectory to 50 basis points from 75 basis points at its upcoming FOMC meeting in mid-December.Economic data was mixed on Wednesday, with third-quarter GDP growth revised upwards to 2.9% from 2.6%. Meanwhile, the November payroll report from ADP showed private companies adding 127,000 jobs, well below estimates for 190,000 jobs. The Labor Department's November jobs report will be released this Friday.Here's where US indexes stood shortly after the 9:30 a.m. ET open on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a>: 3,964.22, up 0.17%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Dow Jones Industrial Average</a>: 33,868.30, up 0.05% (15.77 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a>: 11,025.96, up 0.38%</li></ul>Here's what else is happening this morning:<ul><li>The US dollar is <a href="https://www.businessinsider.com/us-dollar-november-monthly-loss-fed-interest-rate-powell-2010-2022-11">on pace for its largest monthly loss since 2010</a>. In November, it has fallen 4.2% against a basket of currencies, according to the WSJ Dollar Index.</li><li>Elon Musk <a href="https://www.businessinsider.com/elon-musk-tesla-twitter-economy-federal-reserve-recession-interest-rates-2022-11">called on the Federal Reserve to slash interest rates</a> as soon as possible in a Tweet on Wednesday. Musk warned that the rapid rate hikes this year have dramatically increased the risk of a deep and painful economic downturn in the US.</li><li>Musk isn't the only person warning of a steep recession ahead. Both <a href="https://markets.businessinsider.com/news/stocks/big-short-danny-moses-recession-stocks-tesla-musk-crypto-ftx-2022-11">Michael Burry and Danny Moses</a> of "The Big Short" fame warned of an imminent downturn ahead.</li></ul>In commodities, bonds and crypto:<ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> oil jumped 3.48% to $80.92 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Brent crude</a>, oil's international benchmark, rose 4.67% to $86.91.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> rose 0.50% to $1,772.60 per ounce.</li><li>The yield on the 10-year Treasury rose three basis points to 3.78%.</li><li>Bitcoin fell 0.22% to $16,832, while ether dropped 0.37% to $1,264. </li></ul>

You Searched For "revised estimates" and got 12 results

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Rating agencies revise GDP growth estimates yet again, most now peg it below 7%

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US stocks drop as investors take in revised GDP and await fresh inflation data

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US stocks close mixed ahead of revised US growth data and big lineup of Fed speakers

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Israel's central bank estimates spending to fight Hamas will be about 10% of GDP

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Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates

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India's GDP growth comes in at 6.3% in Q2: manufacturing, mining witness negative growth

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PTI

Hero MotoCorp Q4 net profit beats estimates, rises 37% YoY to ₹859 crore

Rounak Jain

US stocks rise after positive GDP revision and ahead of speech from Fed Chairman Jerome Powell

Matthew Fox

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