‘World’s 3rd largest eco by 2027’

New Delhi: Telecom operator Bharti Airtel said its African arm Airtel Africa on Thursday posted a 7.5% growth in profit after tax at $193 million, about `1,586 crore, in the third quarter ended December 2022. The revenue of Airtel Africa during the reported quarter increased by 10.7% to $1,350 million from $1,219 million in December 2021 quarter. In constant currency term, revenue of Airtel Africa grew 18%. Total customer base of company increased by 10.1% to 138.5 mn. —PTI

DABUR THIRD QTR PROFIT FALLS 5.5% TO `476.55 CRORE

New Delhi (PTI): Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world’s third-largest economy by 2027-28.

Currently, India is the fifth largest economy “so it’s another five years. We are already in (the year) 2023. So 2027-28, India should be the third-largest economy,” Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, said.

A day before Finance Minister Nirmala Sitharaman presented the Union Budget on Wednesday, the Economic Survey tabled in Parliament pegged India’s

GDP growth at 6.5% in 2023-24. The International Monetary Fund’s World Economic Outlook update Tuesday said growth in India is set to “decline from 6.8% in 2022 to 6.1% in 2023 before picking up to 6.8% in 2024, with resilient do- mestic demand despite external headwinds.”

Last week, the UN said in its flagship World Economic Situation and Prospects 2023 report that India is projected to grow at 6.7% in 2024, the fastest-growing major economy in the

Budget 2023 to firmly backstop

India’s start-up ecosystem: Goyal

New Delhi: Homegrown FMCG major Dabur India Ltd on Thursday reported a decline of 5.51% in its consolidated net profit to `476.55 crore for the third quarter ended December 2022. The company had posted a net profit of `504.35 crore in the October-December quarter a year ago, Dabur India said in a regulatory filing. However, its revenue from operations rose 3.44% to `3,043.17 crore during the quarter under review against `2,941.75 crore a year ago. —PTI

RENAULT UPGRADES

CARS TO MEET EMISSION NORMS

New Delhi (PTI): Measures announced in the Budget such as extending the period of incorporation of eligible budding entrepreneurs for providing tax incentives, would provide a lot of support to further strengthen the country’s startup ecosystem, Commerce and Industry Minister Piyush Goyal has said.

The government on Wednesday proposed to extend the period of incorporation of eligible startups by one more year till March 31, 2024, for providing tax incentives to encourage budding entrepreneurs.

Goyal said that the government has consistently been supporting the start- up ecosystem and since the launch of the startup India initiative, the country has had significant growth in the startup arena.

“So my sense is that this (Budget) will certainly give a lot of support and help to the startup ecosystem so that it flourishes in world. Panagariya said his reading of the Economic Survey is that the “narrative that comes across tells the story of a much stronger economy” than the one that is growing at 6.5%.

“My sense is that given where India stands cur-

‘Monthly GST revenue at `1.50 lakh cr to be new normal next fiscal’

the years to come,” the minister said.

He said that the Budget also focused on promoting startups in the agriculture sector and making ‘agripreneurs’ and giving them a boost to come up with better ideas for cold storages, food processing.

Budget’s demand-creating provisions to boost passenger vehicle sales: MSI

New Delhi: Automaker Renault on Thursday said it has upgraded its entire product range conforming to the upcoming stricter emission norms in the country. The company’s entire range, including Kiger, Triber and Kwid, will meet the second phase of BS VI emission norms which will kick-in from April 1 this year. With the implementation of the second phase of BS VI norms, all company cars will be equipped with a self-diagnostic device, the automaker said. The device will constantly monitor the vehicle’s emission levels while driving. —PTI

SUGAR PRODUCTION UP 3.42% AT 193.5 LAKH TONNES

New Delhi (PTI): The auto industry’s estimation of clocking passenger vehicle sales of around 40.5 lakh to 41.5 lakh in the next fiscal will be aided by Union Budget 2023-24, which has provided many demandcreating provisions, Maruti Suzuki India Senior Executive Officer said.

With the auto industry’s growth “very highly correlated” with the overall economy, he said the “growth oriented” Budget has ticked “most of the boxes” as far as the auto industry is concerned.

“We have been predicting somewhere between 4.5% to 7.5% growth (in PV sales), that’s about 4.05 million to 4.15 million, for next year (2023-34). This year the industry should end at around 3.85 mn (units).”

Windfall Tax To Continue For Now

New Delhi (PTI): The seven-month-old windfall profit tax on domestically produced crude oil and export of fuel is likely to give about `25,000 crore in the current fiscal ending March 31 and the levy will continue for now as international oil prices are up again, top government officials said. “As of now, crude prices are again on the rise. So, for time being windfall tax will continue,” CBIC chairman Vivek Johri said. Separately, Revenue Secretary said the budget has estimated collection from windfall tax at `25,000 crore in the current fiscal.

Samsung To Make

New Delhi: The country’s sugar production rose 3.42% to 193.5 lakh tonnes in the first four months of the ongoing marketing year ending September, on rise in output in key producing states, ISMA said on Thursday. Sugar production stood at 187.1 lakh tonnes during Oct-Jan period of the previous marketing year. Sugar marketing year runs from October to September. India is a major sugar producing country in world. —PTI

According To Panagariya

z Currently, India is the fifth largest economy so it’s another five years. We are already in (the year) 2023. So by the year 2027-28, India should be the thirdlargest economy z India is currently in a spot that it was in 2003 when the growth rate picked up to close to about 8% rently, it should get back to 7% plus kind of growth rate,” he said. He added India is currently in a spot that it was in 2003 when the growth rate picked up to close to about 8% and the country sustained that kind of rate for a few years.

Sensex climbs more than 224 pts, Nifty dips 6 pts

Mumbai (PTI): Equity markets witnessed mixed trends on Thursday, with the Sensex climbing over 224 points, while the NSE Nifty dipped almost 6 points in highly volatile trade.

The 30-share BSE benchmark Sensex advanced 224.16 points or 0.38% to settle at 59,932.24. However, the broader NSE Nifty dipped 5.90 points or 0.03% to end at 17,610.40, weighed down by continuous selling in Adani group stocks. From the Sensex pack, ITC jumped 4.74%. Other major gainers were IndusInd Bank, Hindustan Unilever, Infosys, Wipro, HCL Technologies, TCS & ICICI Bank.

Schemes for MSMEs to help boost exports

New Delhi (PTI): Various schemes, including a revamped credit guarantee scheme, announced in the Budget to support MSMEs and exporters will help promote the country’s exports, AEPC said on Thursday. Apparel Export Promotion Council (AEPC) Chairman Naren Goenka said that the focus on infrastructure, investment, green growth, youth power and inclusive development will boost India’s journey to be the fastest-growing robust economy.

Premium Galaxy S23 smartphones in India

New Delhi (PTI): Samsung on Thursday said it will manufacture its premium Galaxy S23 smartphones in India to cater to local market requirements.

The launch price of Galaxy S23 series in India is in the range of `75,000 to `1.55 lakh per piece.

At present, Galaxy S Series smartphones are being manufactured at Samsung’s Vietnam factory and the company imports them for sale in India.

“All Galaxy S23 smartphones sold in India will be manufactured at the company’s Noida factory.

Samsung already fulfils a majority of the domestic demand in India through local manufacturing at the Noida factory. Samsung’s decision to sell ‘Made in India’ Galaxy S23 smartphones shows the company’s commit- facturing and growth story,” Samsung said in a statement.

The development comes a day after Finance Minister Nirmala Sitharaman announced removal of duty on import of camera lens, which is one of the key unique

` FALLS 40 PAISE TO CLOSE AT 82.20 AGAINST US DOLLAR

New Delhi (PTI): The rupee fell 40 paise to close below the 82 per US dollar mark on Thursday, weighed down by foreign fund outflows and corporate dollar demand. At the interbank foreign exchange market, the rupee opened at 81.81 against the greenback, and touched an intraday high of 81.71 and a low of 82.20. It finally settled at 82.20 (provisional), down 40 paise over its previous close.

Other Stories

Govt Extends Pmkusum Scheme Till March 2026

New Delhi: The government has extended PM-KUSUM scheme till March 2026 as its implementation was significantly affected due to the pandemic.

Launched in 2019, Pradhan

Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) aimed at adding solar capacity of 30,800 MW by 2022 with total central financial support of `34,422 crore. —PTI

New Delhi (PTI): Monthly GST collection is expected to average around ` 1.50 lakh crore and it will be the ‘new normal’ in FY24 in view of concerted efforts to check evasion and bring new businesses within the GST net, Central Board of Indirect Taxes and Customs (CBIC) chief Vivek

Johri said on Thursday.

Johri said the GST and Customs revenue collection numbers as given in Budget 2023-24 are realistic based on nominal GDP growth and import trends, respectively and the indirect tax collection target set for next fiscal will be achieved.

Johri said CBIC has drawn up a strategy to augment GST mop-up by way of stricter audit and scrutiny of tax returns, enforcement action against fake billing and input tax credit claims.

GST collection in current fiscal year is likely to average around ` 1.45 lakh crore. The mop-up in January came in as the second highest ever at around ` 1.56 lakh crore, the highest being `1.68 lakh crore in April 2022.

Asked if in next fiscal year, `1.50 lakh crore could be the new normal for monthly GST collection, Johri said “Yes, that I’m confident of”. “There is further scope for growth in GST revenues.”

Government To Sell Some

STAKE IN HZL THIS FISCAL

New Delhi: The government is likely to sell a part of its residual stake in Hindustan Zinc Ltd by next month to help it achieve the revised selloff target of `50,000 crore for the current fiscal. For the coming fiscal, the government has lined up strategic stake sales in companies like HLL Lifecare, PDIL, Shipping Corporation and BEML to meet the similar disinvestment target. —PTI

FCI SELLS 8.88 LAKH TONNE WHEAT TO BULK

CONSUMERS ON FIRST DAY OF E-AUCTION

Major Highlights

z At present, Galaxy S Series smartphones are being manufactured at Samsung’s Vietnam factory and the company imports them for sale in India z The launch price of Galaxy S23 series in India is in the range of `75,000 to `1.55 lakh per piece selling propositions of Galaxy S series smartphones. The company on Wednesday unveiled three models of Galaxy S23.

New Delhi: State-owned Food Corporation of India (FCI) has sold 8.88 lakh tonne of wheat to bulk consumers like flour millers on the first day of e-auction conducted in 22 states, the food ministry said on Thursday. FCI commenced e-auction of wheat on February 1 under Open Market Sale Scheme (OMSS) for bulk users in order to improve domestic availability and check wheat prices. —PTI

Air India Resumes

DIRECT FLIGHT B/W

MILAN & NEW DELHI

New Delhi: Tata groupoperated carrier Air India on Thursday said it has resumed its non-stop flight services to Milan from New Delhi from February 1 onwards. These services were discontinued in March 2020. The commencement of Milan flight along with Air India’s already announced flights to Vienna and Copenhagen from New Delhi will strengthen the airline’s footprint significantly in Europe. —PTI

FMCG CONSUMPTION CONTINUES TO DECLINE: REPORT

New Delhi: The country’s Fast-moving consumer goods (FMCG) industry witnessed a consumption slowdown in the December quarter, with an overall “negative” volume growth, as consumers continue to reel under inflationary pressure, says a report. According to the report released by NielsenIQ on Thursday, in Oct-Dec, the FMCG industry grew 7.6% in terms of value but its volume growth was (-) 0.3%.

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