Reuters India's nominal GDP growth is likely to fall in FY 2023-24, hurting tax collections and putting pressure on the federal government to reduce the budget gap by cutting expenses ahead of national elections in 2024. Nominal GDP growth, which includes inflation, is the benchmark used to estimate tax collections in the upcoming budget to be presented on Feb. 1. It is estimated to be around 15.4% for the current financial year....

-TheConversation.com/TheWire.in With the cost-of-living crisis now at the top of the public’s agenda in many developed countries, the setting of interest rates has ceased to be just a technical matter and has instead become highly political. Where is the global economy heading in 2023? After all the challenges of last year, it’s a question we ask with trepidation. Just as the economy was dealing with the ongoing effects of the COVID-19 pandemic,...

-PTI/ Business Standard Production of eight infrastructure sectors like coal, fertiliser, steel, cement and electricity increased by 5.4% in Nov against a 3.2% growth in the same month last year, according to official data Production of eight infrastructure sectors increased by 5.4 per cent in November against a 3.2 per cent growth in the same month last year on a better show by coal, fertiliser, steel, cement and electricity segments, according to...

-The Hindu ‘Commercial banks may have to raise deposit rates more to meet a surge in credit demand; while banks have swiftly transmitted increases to lending rates, deposit rates have been laggards for most’ Under the backdrop of a highly uncertain global environment caused by globalisation of inflation, energy and food shortages, and synchronised tightening of monetary policy worldwide, the Indian economy was exhibiting signs of a gradual strengthening of the growth...

- Deccan Herald Covid-19 reverse migration of labour added to joblessness A rise in self-employment and unpaid family labour three years into the Covid-19 pandemic even as wage rates fell is an indication that rural distress has risen, the economist Santosh Mehrotra writes. Economic distress was on an upward trajectory even before the Pandemic and the sudden arrival of millions of reverse migrants in 2020 added to the stock of unemployed people...