In the full Budget presented today by Finance Minister Nirmala Sitharaman, the government has set its fiscal deficit target at 4.9% of GDP for the financial year 2024-25. This target is lower than the 5.1% projected in the interim budget in February and is closer to the 4.5% target set for 2025-26.
In a significant move, resident Indians can now open foreign currency accounts at GIFT City under the Liberalized Remittance Scheme (LRS). This update, announced recently, allows for a broader range of transactions and has substantial implications for individual residents.
Kotak Mahindra Bank, once known for its innovative approach and aggressive growth trajectory, has faced a series of setbacks in recent months. Previously lauded for its customer-centric services and strong financial performance, the bank now finds itself grappling with leadership exits and regulatory action from the Reserve Bank of India (RBI). This article will delve into these recent challenges, analyze their potential impact, and explore the road ahead for Kotak Mahindra Bank.
India Inc.’s profit growth during the September quarter earnings season remained robust driven mostly by reduction in input costs & by cost cutting measures. Notably, domestic cyclical companies in the automobile, BFSI, and cement sectors led the positive trend, while FMCG and IT sectors failed to make a significant impact on the markets due to subdued growth in both top and bottom-line figures.
JPMorgan Chase & Co. will add Indian government bonds to its benchmark emerging-market index (GBI-EM) starting June 28, 2024. This move carries substantial implications for India’s debt market and global investors, with India’s weight in the index limited to a maximum of 10% and eligible Government bonds valued at $330 billion, analysts said. Analysts estimates potential flows of up to $30 billion as a result of this.