Business News, Finance Updates, and Share Market News as of 10:00 am on May 9, 2024

India’s Economy Expected to Grow by 8% in 2023-24, Chief Economic Adviser Says

In the latest business news transcript at 10:00 AM on 9 May 2024, Chief Economic Adviser V Anantha Nageswaran revealed that India’s economy is likely to have grown by 8% in the fiscal year 2023-24. He also projected a growth rate of over 7% for the current financial year, with no major surprises expected in terms of inflation.

Nageswaran addressed the decline in households’ net financial savings in FY23, attributing it to a shift towards accumulating real assets. He expressed confidence in the GDP growth touching 8% in FY24, citing robust growth in the three quarters leading up to March 2024. The official GDP data for FY24 is set to be released by the end of May.

Meanwhile, Finance Minister Nirmala Sitharaman highlighted the impressive growth of 81 listed Public Sector Undertakings (PSUs) over the past three years. She credited this growth to the government’s increased capital expenditure, improved capital management, and enhanced professionalism within the sector. Sitharaman refuted claims of PSUs being dismantled under the Modi government, pointing to the resurgence of entities like Hindustan Aeronautics Limited.

In a separate development, Reserve Bank of India Governor Shaktikanta Das convened a meeting with key stakeholders in the unified payments interface ecosystem to discuss strategies for expanding its reach. The discussions focused on scaling up UPI infrastructure, addressing challenges, and integrating more users into the digital payments ecosystem.

Additionally, Piramal Enterprises reported a consolidated net profit of Rs 137 crore in the January-March quarter, driven by asset sales and income tax gains. The company’s performance marked a significant turnaround from the previous year’s net loss of Rs 196 crore.

Furthermore, Mumbai and Delhi were listed among the world’s top 50 wealthiest cities in 2024, with Asia Pacific emerging as a prominent region for wealth accumulation. The report by Henley & Partners and New World Health highlighted the growing influence of Asian cities in the global wealth landscape.

Lastly, the Reserve Bank of India lifted restrictions on Bank of Baroda’s mobile app Bob World, allowing the lender to onboard customers digitally. The move is expected to streamline customer acquisition for the public sector bank.

Overall, the business landscape in India is witnessing positive growth trajectories and strategic developments across various sectors, signaling a promising outlook for the economy.