BUSINESS
Realty sector seeks boost to affordable housing, tax and policy relief
Realtors said that with interest rates rising, a lot depends on the upcoming budget to support and sustain the housing demand. Manoj Gaur, President, CREDAI NCR and CMD Gaurs Group, said that real estate contributes 6-8 per cent to the GDP and employs more than 5 crore people. "It (real estate sector) has high hopes from the forthcoming budget. To begin with, there should be a separate deduction for principal repayment as currently clubbed under Section 80(C). It should be raised from the existing Rs 1,50,000 limit.
Union budget likely to continue capex hike to boost investment
With the Centre bullish on economic growth and buoyed by favourable comments by several global agencies like the World Bank and the International Monetary Fund, calling it a resilient economy, it is betting big on public capital expenditure to push the investment cycle and spur India's economic recovery in the post-pandemic period.
With govt set to keep driving growth of highways, ministry eyes more funds
Sources said that gross budgetary support in the range of Rs 2.20 lakh crore or more in the upcoming budget for capital and revenue expenditure in the Financial Year 2023-24 is quite likely. In the last budget (FY 2022-23) the Centre had earmarked nearly Rs 1.99 lakh crore as the Gross Budgetary Support (GBS) for the roads and highways ministry.
Only twice in 30 yrs, the market's been up both pre and post Budget
Volatility has risen since 2019 and hit an 11-year high in 2022. Expectations as measured by pre-budget equity market performance are important in determining what the market does immediately after the budget. The market falls on two of three occasions in the 30 days post the budget. The probability of such a fall rises to 80 per cent if the market has risen in the 30 days preceding the budget.
Time to press the accelerator with higher infra spend, inviting global capital
In comparison, Dow Jones and Nasdaq lost quite a bit of ground. This also led to outflows from Indian markets to other markets. It's a different equation that markets where the money went to, did not perform and one saw FII money flowing into India once again in the fourth quarter of 2022.
People's Wishlist: Dividend linked to share price, IT exemption hike on top
"There is no wish list. Just one wish. Zero tax," quipped a Tamil Nadu government employee. While that may be possible in utopia another interesting wish expressed by a chartered accountant is the linking of dividends declared by companies to the market value of the shares.
Despite slew of polls ahead, prospects of populist budget appear bleak
On the revenue side, lower tax buoyancy could be partly countered by higher RBI dividend and still-healthy assumption of divestment proceeds. "We watch for possible changes to capital gains tax structure and new personal tax regime, extension of concessional 15% tax rate for new manufacturing units, and higher import tariffs on PLI-related products," the report said.
Diamond production down by 21%; 10K workers lose jobs, salary cuts for others
His younger brother Paresh told the media that for the last few months his older brother was facing a financial crunch, as along with the rising inflation, salaries were shrinking and it had become difficult for his brother to make the two ends meet and this might have led to his suicide. Vipul is not the only one, thousands of workers are struggling to meet their family needs, finding it difficult to regularly pay EMIs of housing or vehicle loans, children's school fees and meeting the daily household expenses, said Ramesh Jilariya, president of the Surat Diamond Workers Union.
RIL's recent underperformance versus Nifty is more macro driven: JP Morgan
RIL is trading at the lower end of its recent trading range. "Overall, we still see a healthy earnings environment for RIL, with the O2C and E&P businesses benefitting from China reopening and higher volumes, and this supports our OW thesis," JP Morgan said.
G20's ECSWG to focus on promotion of Blue Economy alongwith Coastal Sustainability
The discussions at ECSWG will focus on the agenda 'Promotion of Blue Economy along with Coastal Sustainability', 'Restoration of Degraded Lands and Ecosystems' and 'Enhancement of Biodiversity' and 'Strengthening of Circular Economy'. India will be holding the Presidency of G20 for one year till November 30, 2023.
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