Connect with us

BUSINESS

India’s GDP projected to grow at 6.7% in FY26, says ADB – The Times of India

Published

on

India’s GDP projected to grow at 6.7% in FY26, says ADB – The Times of India


India’s economy is set to grow at 6.7% in the current fiscal year, driven by robust domestic demand, rising rural incomes, and moderating inflation, according to the Asian Development Bank’s (ADB) Asian Development Outlook (ADO) report for April 2025.
ADB forecasts the GDP to continue growing at a pace of 6.8% in FY26 (2026-27), supported by favourable fiscal and monetary policies, news agency PTI reported.
The Reserve Bank of India (RBI) also revised its growth forecast for the current fiscal year, lowering it to 6.5% from the earlier estimate of 6.7%, citing the impact of global trade and policy uncertainties.
Mio Oka, ADB’s Country Director for India, emphasized that the country’s growth remains resilient despite global challenges, driven by infrastructure development and job creation initiatives by the Government of India. “The strengthening of the manufacturing sector, regulatory reforms, a solid services sector, and agriculture, along with the newly announced tax incentives for the middle class, will support India’s economic growth trajectory,” she said.
Consumption is expected to be a significant growth driver, spurred by rising rural incomes and increased demand from the urban middle class and affluent households, aided by reductions in personal income tax rates. Additionally, moderating inflation is anticipated to further bolster consumer confidence, with inflation projected at 4.3% in FY26, before easing slightly to 4% in FY27.
The RBI has already lowered the policy rate twice this year, with a 25 basis point reduction on Wednesday, bringing the repo rate to 6%. The report also suggested that this falling inflation would provide room for further rate cuts despite global uncertainties.
The services sector is expected to remain a key contributor to growth, buoyed by the expansion of business services exports and demand for education and healthcare services. The agriculture sector is anticipated to maintain strong growth, particularly with robust winter crop sowing, including wheat and pulses. The manufacturing sector, which had a slower growth rate in FY25, is expected to pick up momentum.
Investment in urban infrastructure is set to rise, supported by a new government fund with an initial allocation of Rs 100 billion (USD 1.17 billion). While global economic uncertainties may temporarily hinder private investment, the ADB report suggests that lower borrowing costs and planned regulatory reforms could spur investment over time.
However, the report also pointed to near-term growth risks, including the impact of the recent increase in US tariffs on Indian exports and global economic developments that could lead to higher commodity prices. These risks are expected to be mitigated by India’s relatively stable macroeconomic environment.
The ADB noted that the growth projections were finalized before the April 2 announcement of new US tariffs. While the baseline projections do not reflect the latest tariffs, the report includes an analysis of how higher tariffs may affect growth in Asia and the Pacific.





Source link

BUSINESS

Are NSE, BSE, and MCX closed on Good Friday? – Check official holiday calendar – Times of India

Published

on

Are NSE, BSE, and MCX closed on Good Friday? – Check official holiday calendar – Times of India


Indian stock markets will remain closed on Friday, April 18, 2025, on account of Good Friday, a national holiday observed in several parts of the country. Both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will suspend all trading activity for the day.
The closure will apply across all segments including equities, equity derivatives, currency derivatives, and the Securities Lending and Borrowing (SLB) platform. In addition to the equity markets, the Multi Commodity Exchange (MCX) will also remain shut for the entire day. This includes both the morning session from 9:00 am to 5:00 pm and the evening session from 5:00 pm to 11:30 pm, according to MCX website.
As a result, there will be no trading in commodities such as gold, silver, crude oil, or agricultural futures on April 18. Trading across all exchanges will resume on Monday, April 21, following the weekend.
Good Friday marks the crucifixion of Jesus Christ and is observed as a solemn day by Christians around the world. It is one of the 14 scheduled trading holidays in the Indian stock market calendar for 2025.
According to the NSE’s holiday calendar, the remaining stock market holidays for the year include May 1 (Maharashtra Day), August 15 (Independence Day), August 27 (Ganesh Chaturthi), October 2 (Gandhi Jayanti), October 21 (Diwali Laxmi Pujan), October 22 (Diwali Balipratipada), November 5 (Prakash Gurpurab), and December 25 (Christmas).





Source link

Continue Reading

BUSINESS

ITC to acquire 24 Mantra Organic brand for Rs 472.5 crore – Times of India

Published

on

ITC to acquire 24 Mantra Organic brand for Rs 472.5 crore – Times of India


Diversified conglomerate ITC Ltd on Thursday announced that it will acquire Sresta Natural Bioproducts Pvt Ltd (SNBPL), the company behind the 24 Mantra Organic brand, for Rs 472.50 crore, in a move to strengthen its presence in the high-growth organic packaged foods space.
According to a regulatory filing, ITC has signed a share purchase agreement to acquire a 100% stake in SNBPL, which is engaged in manufacturing and selling a wide portfolio of organic food products under the 24 Mantra Organic brand.
“The acquisition is in line with the strategy to augment the company’s future-ready portfolio. The transaction will fortify ITC’s presence and market standing in the high-growth organic products segment in both Indian and overseas markets,” it said, as reported by PTI.
SNBPL offers over 100 organic products, including grocery staples, spices, condiments, edible oils, and beverages. It also enjoys a significant international presence, especially among the Indian diaspora, due to its established organic sourcing and distribution network.
“The share acquisition is expected to be completed in Q1 of FY 2025-26 or such later date as may be mutually agreed upon by the Parties,” ITC noted in its filing.
The deal, valued at up to Rs 472.50 crore on a cash-free, debt-free basis, includes an upfront payment of Rs 400 crore at closing and a potential earn-out of up to Rs 72.50 crore over the subsequent 24 months.
ITC stated that the acquisition aligns with its ‘ITC Next’ strategy, spearheaded by Chairman Sanjiv Puri, which emphasizes building a future-ready portfolio catering to evolving consumer preferences for health and wellness.
“We are excited to have 24 Mantra Organic as part of ITC’s Foods Business’s portfolio of nutrition-led healthy foods products. 24 Mantra Organic has built a robust backend and sourcing network which is core to its trusted organic products portfolio,” said ITC Wholetime Director Hemant Malik.
Rajashekar Reddy Seelam, founder and Managing Director of SNBPL, welcomed the deal, saying, “ITC shares a common vision to promote sustainable livelihoods for farmers and ensure healthy lifestyles for consumers. We are confident that ITC’s strengths in product development expertise and distribution strength across channels will help in taking 24 Mantra Organic to millions of homes.”
SNBPL, which was incorporated in March 2004, recorded a revenue of Rs 306.1 crore in FY 2023-24.





Source link

Continue Reading

BUSINESS

Tata Elxsi wins €50mn deal from European automotive OEM

Published

on

Technical bids called for Integrated State Secretariat, HoD offices


Tata Elxsi, a design and technology services firm belonging to the Tata Group, has entered a strategic multi-year deal valued at €50 million with a leading European headquartered automotive OEM, the company said on Thursday.

This strategic deal would position Tata Elxsi as a key engineering partner for platform and application development across SDV (software defined vehicle), electrification, body, and chassis domains, it said in a statement.

As part of this collaboration, Tata Elxsi would establish a dedicated Global Engineering Centre to support the customer’s software platform roadmap and brand aligned software engineering programmes. This centre would serve as a hub for developing a unified technology stack encompassing a proprietary operating system, electronic architecture and automotive cloud, it further said.

Manoj Raghavan, CEO & Managing Director, Tata Elxsi, commented: “This engagement marks a significant step in our strategy to enable next-generation mobility through platform-centric, software-led engineering.’‘

ends



Source link

Continue Reading

Trending

Copyright © 2025 Republic Diary. All rights reserved.