Fiscal deficit until Dec at 55% of annual target

India's fiscal deficit for the first three quarters of the fiscal year reached 55% of the annual target, down from 58.9% the previous year. The fiscal gap until December 2023 stood at ₹9.82 lakh crore, compared to ₹9.92 lakh crore a year earlier. The government maintained control over revenue spending, which eased for the fourth consecutive month in December. Capital spending, however, increased by 37.5% to ₹6.74 lakh crore until December, representing 67.3% of the annual target. The fiscal gap in December alone widened to ₹75,694 crore, more than five times the November level.

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Fed holds rates steady, says more 'confidence' needed in inflation slowdown before cuts

The Federal Reserve left interest rates unchanged in its latest policy statement, signaling a shift away from a bias towards rate hikes. While not indicating an imminent rate cut, the Fed acknowledged concerns about both inflation and employment, suggesting a more balanced approach. The statement disappointed investors expecting rate cuts soon, emphasizing the need for greater confidence in achieving the 2% inflation target before considering reductions.

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NTPC to acquire Rs 5,000 crore KSK Mahanadi power project

NTPC is set to acquire the KSK Mahanadi power station in Chattisgarh, a large greenfield project with a proposed capacity of 3,600 MW, marking the state-run utility's second acquisition of a stressed asset. The project came under corporate insolvency resolution process in April 2022 after defaulting on loans. NTPC's investment in the project is valued at Rs 5,000 crore.

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One has to be a reliable supplier to get good customers, says US official

India's decision to restrict the exports of agricultural commodities, including wheat, rice, sugar, and onions, has caused a sharp increase in food prices worldwide. Seth Meyer, chief economist at the USDA, emphasized the importance of being a reliable supplier to maintain good customer relationships.

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IMF raises India's FY25 GDP growth forecast to 6.5%

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Gold imports surge 26.7% to $35.95 billion in Apr-Dec

Gold imports to India surged 26.7% to $35.95 billion from April to December, compared to the same period a year earlier, driven by robust demand. In December alone, imports of the precious metal soared by 156.5% to $3 billion. Switzerland remains the largest source of gold imports, accounting for about 41% share, followed by the UAE (about 13%) and South Africa (about 10%). Despite the rise in gold imports, India's trade deficit narrowed to $188.02 billion in the first three-quarters of this fiscal year.

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We're concerned, not worried, about Red Sea situation: Hardeep Singh Puri

The Red Sea shipping route is used for 30% of India's imports and 50% of exports. Oil imports from Russia usually take this route. The Red Sea situation affects the global trade including that of India but the effects haven't risen to a level that they become a cause of worry, Puri said.

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Gold firms on Middle East flare-up ahead of Fed meeting

Gold strengthened on Monday due to increased tensions in the Middle East, which bolstered demand for the safe-haven asset. Additionally, market participants awaited the Federal Reserve policy decision later in the week for further insight into the timing of the first US interest rate cut of the year. Spot gold rose by 0.4% to $2,027.00 an ounce by 12:02 pm ET (1702 GMT).

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Government likely to stick to fiscal discipline, may bolster NPS

If there is one word to describe the Budget team, it's stability. Not only has finance minister Nirmala Sitharaman stayed her full term and will present her sixth straight Budget, but there are at least two secretaries who would be there for their fifth Budget - a rarity in bureaucracy.Finance secretary T V Somanathan and department of investment and public asset management (Dipam) secretary Tuhin Kanta Pandey have been part of the Budget team since they took over top positions and could well have two full Budgets to deal with in July and Feb 2025.

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