Reuters India Business

By Chris Thomas and Aditi Shah BENGALURU (Reuters) -Indian tycoon Gautam Adani lost his title of Asia’s richest person on Wednesday as a rout in his conglomerate’s biggest companies deepened to $84 billion in the wake of a short-seller report. A report by Hindenburg Research last week alleged improper use by the group of offshore …

Gautam Adani loses Asia’s richest crown as stock rout deepens to $84 billion Read More »

(Reuters) – India’s government will raise its capital expenditure by 33% to 10 trillion rupees ($122.29 billion) in the next fiscal year, the finance minister said on Wednesday, as Prime Minister Narendra Modi tries to create jobs ahead of a general election. Since taking office in 2014, Modi has ramped up capital spending including on …

India Budget 2023: Here’s what the experts say Read More »

NEW DELHI (Reuters) – The Indian government expects to raise 510 billion rupees ($6.23 billion) from stake sales in various state-run companies, budget documents released on Wednesday showed. Divestments in state-owned firms is a key revenue raising measure that has helped Prime Minister Narendra Modi’s government spend record amounts on infrastructure-building. The target for 2023/24 …

India 2023/24 budget pegs divestment target at 510 billion rupees Read More »

(Reuters) – Mutual funds have low exposure to listed Adani Group companies, whose shares have dropped since publication of a report into the group by Hindenburg Research on Jan. 24. On Wednesday, Adani Group stocks extended their losses since the appearance of the report to $72 billion. Hindenburg criticised the conglomerate for improper use of …

Mutual funds have low exposure to Adani companies Read More »

(Reuters) – The Indian government cut back the spending on the rural jobs guarantee scheme for the next fiscal year to 600 billion rupees ($7.34 billion), the budget document showed on Wednesday. The allocation is lower than the revised 894 billion rupees spending outlay for 2022/23, and the smallest since 2017/18. Under the Mahatma Gandhi …

India cuts funding on rural jobs scheme to 600 billion rupees in 2023/24 Read More »

MUMBAI (Reuters) – India raised total taxes on silver imports 15% and on silver dore to 14.35%, the government said in a statement on Wednesday, in an effort to align the duty structure of the metal with gold. The south Asian country is the world’s biggest importer of silver. “I also propose to increase the …

India raises silver import duty to align with gold Read More »

MUMBAI (Reuters) – India’s federal government will target a budget deficit of 5.9% of GDP for 2023/24, Finance Minister Nirmala Sitharaman said in her budget speech on Wednesday, while pegging gross market borrowing at an estimated 15.43 trillion rupees. The fiscal deficit for the fiscal year ending March 31, 2023 was at 6.4%, according to …

India pegs fiscal deficit at 5.9% of GDP, gross borrowing at 15.43 trillion rupees Read More »

NEW DELHI (Reuters) – India will raise the personal income tax rebate limit to 700,000 rupees ($8,565) under the new tax regime from the previous 500,000 rupees, Finance Minister Nirmala Sitharaman said in her budget speech on Wednesday. The tax slabs will be cut to five from seven earlier, Sitharaman said. “This will provide major …

India proposes cuts in personal income tax rates under new taxation regime Read More »