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India Business Briefs for April 1: India needs to become economically self-reliant, says PM

Indian prime minister Narendra Modi addresses the 90th anniversary celebrations of the Reserve Bank of India (RBI), in Mumbai on Monday, April 1, 2024. (ANI Photo)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Monday, April 1:

Prime minister Narendra Modi on Monday said India needs to become economically self-reliant in the next decade so that the nation is not impacted much by global factors. Speaking on the 90th anniversary of the Reserve Bank of India (RBI), he also said a lot of work will be generated for everyone once the National Democratic Alliance led by his Bharatiya Janata Party assumes office for the third term in June. “We have to increase India’s economic self-reliance,” he said. Modi said the banking sector has become profitable and credit growth has been increasing because of efforts taken by his government and the RBI in the last decade. He further said the gross NPAs of public sector banks, which was around 11.25 per cent in 2018, dropped to less than three per cent by September 2023.

Hyundai Motor India, the country’s third-largest carmaker, on Monday reported a seven per cent year-on-year increase in total sales at 65,601 units in the just concluded month of March The company sold a total of 61,500 units in March 2023, Hyundai Motor India said in a statement. Domestic dispatch of vehicles to dealers saw an increase of five per cent to 53,001 units last month, from 50,600 units in the year-ago period, according to the statement. Exports grew 16 per cent in March to 12,600, as compared to 10,900 units in the year-ago period. For 2023-24 fiscal, the company recorded its best-ever sales at 7,77,876 units, an increase of eight per cent, over 7,20,565 units in the 2022-23 financial year.

The Indian finance ministry on Monday said there is no change in the new income-tax regime for individuals for the current fiscal year and individual taxpayers can opt out of the regime at the time of filing their income tax returns. Clarifying on social media posts claiming certain changes in the new tax regime effective April 1, the ministry said, “There is no new change which is coming in from 01.04.2024.” A modified new income tax regime was rolled out from the financial year beginning April 1, 2023, for individuals under which the tax rates are “significantly lower”. However, the benefit of various exemptions and deductions (other than standard deduction of Rs 50,000 (£477) from salary and Rs 15,000 (£143) from family pension) is not available, as in the old regime.

Shaktikanta Das, governor of the Indian central bank, Reserve Bank of India (RBI), on Monday said its endeavour would be to provide a stable and strong financial system over the next decade, which will act as the bedrock for the country’s economic progress. Over the years, the central bank has emerged as a symbol of stability, resilience and commitment to the welfare of our citizens, he said at an event to mark the 90th anniversary of the RBI which was also attended by prime minister Narendra Modi. “As we move towards RBI at 100, the Reserve Bank remains focussed on a stable and strong financial system that would act as the bedrock for our country’s economic progress,” he said. The Reserve Bank is constantly evaluating the emerging trends and taking necessary policy measures to remain in sync with the changing times, Das added.

India’s gross domestic product (GDP) is on track to grow by eight per cent or more in the quarter ending March 31, the country’s finance Minister Nirmala Sitharaman said on Saturday (30). The economy is likely to show the same rate of year-on-year expansion for the 2023-24 financial year, she added, citing the impact of improved management of inflation and macroeconomic stability. “Hopefully the fourth quarter … will also have (growth) of 8% or above 8% resulting in 2023/24 having an average growth in GDP of 8% or over 8%,” Sitharaman said during an event in India’s financial capital of Mumbai. Asia’s third-largest economy grew 8.4% in the October-December quarter year-on-year, outpacing the 7.6% growth recorded for the previous quarter.

(With PTI inputs)

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