Business

India's real gross domestic product (GDP) growth is set to fall to a five-quarter low of 6.7 per cent in April-June 2024-25 due to slow growth in agriculture, government spending and services, according to data released by the National Statistical Office (NSO).The quarterly GDP growth rate for Q1, which fell below the 7 percent mark for the first time in a year, came in at 7.8 percent, much lower than the 7.1 percent estimate given by the Reserve Bank of India (RBI). The previous quarter saw an increase of 8.2 percent and the year-ago quarter saw an increase of 8.2 percent.However, the manufacturing and construction sectors showed strong signs of growth with growth rates of 7.0 percent and 10.5 percent respectively in April-June as against growth of 5 percent and 8.6 percent in the year-a...

Moody's Ratings raised India's growth forecast for 2024 to 7.2 percent from an earlier estimate of 6.8 percent, projecting a pick-up in private consumption.The global rating agency said on August 29 that the Indian economy is also expected to grow at a faster rate of 6.6 percent in 2025, compared to the earlier estimate of 6.4 percent.“Global growth is stabilizing and inflation is close to the central bank's target in most markets. We expect global growth to slow in 2024 and 2025 from 3.0% in 2023 to 2.7% and 2.5%, respectively. Although growth trends vary across countries, Moody's expects no change in the global outlook. Said while predicting.The Indian economy grew by 7.8 percent in the first quarter of 2024. Data for the April-June quarter will be available on August 30.Growth is likel...

Shares of Bajaj Finserv and Bajaj Finance rose on Monday ahead of the announcement of mortgage lender Bajaj Housing Finance's Rs 7,000 crore initial public offering (IPO).The IPO is expected to Effectual the market during the first half of September.The IPO will have a special quota for shareholders of Bajaj Finserv and Bajaj Finance, both of which are classified as 'promoters'.Shares of Bajaj Finserv rose 2.84 percent, while Bajaj Finance gained 0.6 percent. Bajaj Finance holds 100 percent stake in Bajaj Housing, while Bajaj Finserv holds 51.34 percent stake in Bajaj Finance. Bajaj Housing's IPO will involve a share sale of Rs 3,000 crore by Bajaj Finance and a fresh fund raising of Rs 4,000 crore.The fresh funds will be raised to boost its capital base for future borrowing requirements....

"Vietnam electricity exports boost, India's imports increased by 17%".India has seen a significant increase in imports of electrical machinery and parts from Vietnam in the first seven months of 2024. Imports from Vietnam rose 17% to $5.8 billion between January and July, according to analyzed commerce ministry data. Same period last year.A closer look at trade numbers shows that electrical machinery and parts, which make up a large share of imports from Vietnam, grew by a substantial 43% in the first 5 months of 2024 compared to a year earlier. This strong double-digit growth highlights Vietnam's growing prominence as a leading supplier of electrical goods and components to the Indian market.Experts attribute Vietnam's export success to Chinese companies shifting their operating bases to...

The rupee traded in a tight range and rose 5 paise to 83.88 against the US dollar in morning trade on Friday, supported by softening crude oil prices and fresh foreign fund inflows.Forex traders said the significant improvement in oil prices, which are around US$77 per barrel, is a big positive sign for the rupee, given India's substantial oil imports.At the interbank forex market, the local unit opened at 83.93 and then gained ground to touch 83.88, registering a rise of 5 paise from its previous close.Amit Pabari, MD, CR Forex Advisors said that “Despite the dollar index hitting recent lows, the Indian rupee remains stable, showing little signs of strengthening. This resilience can be attributed to the central bank's deliberate interventions aimed at stabilizing the USDINR around the 83...

According to a latest report released by Bank of Baroda (BoB), the employment scenario in the Indian corporate sector looks bleak.The public sector bank, based on an analysis of balance sheets of 1,196 companies, pegged the employment growth rate at 1.5% in FY24, down from 5.7% in FY23.In absolute terms, companies added less than 100,000 employees in FY2024, compared to 333,000 in FY23.The reason for the decline in employment growth rate is the increase in hiring after the pandemic in FY 2023. According to the report, the same financial year also saw significant attrition including voluntary and involuntary resignations. However, the need to increase employment was not as evident in FY2014, especially as some sectors rationalized staff based on business requirements.The IT sector, with ab...