Business News Highlights: GST Collections Jump 11% YoY To Rs 1.59 Lakh Crore In August
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The Ministry of Statistics and Programme Implementation announced on August 31 that India's Gross Domestic Product (GDP) growth rate reached a four-quarter peak in April-June quarter, at 7.8 per cent. Although this quarterly growth figure is slightly below the expectations of the RBI's 8 per cent estimate. In the preceding quarter of January-March, the Indian economy had grown by 6.1 per cent, and in the same period of April-June 2022, it had expanded by 13.1 per cent.
However, India still remains the fastest-growing major economy as China's GDP growth in the April-June quarter was 6.3 per cent.
Chief Economic Adviser V Anantha Nageswaran said that the April-June GDP growth rate of 7.8 per cent is a good number and that the Finance Ministry and the RBI are comfortable in holding on to their full-year growth forecast of 6.5 per cent. He said, "At the moment, the central bank and the Ministry of Finance are quite comfortable with the 6.5 percent real GDP growth outlook for 2023-24."
Meanwhile, India's eight core sectors clocked growth of 8 per cent in July, according to data released by the Ministry of Commerce and Industry on Thursday. At 8 per cent, the growth in eight key infrastructure industries, coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas, in July is slightly lower than the 8.2 per cent logged in June.
On the other hand, the fiscal deficit of the Union government widened to Rs 6.06 lakh crore during April-July from Rs 4.51 lakh crore in April-June, according to data from the Controller General of Accounts (CGA) on Thursday. This represents 33.9 per cent of the full-year target of Rs 17.87 lakh crore set for the current financial year 2022-23. In comparison, the fiscal deficit for April-July 2022 stood at 20.5 per cent of the target for 2022-23.
On Thursday, the Stocks Market gained in early hours driven by the information technology sector due to reduced concerns about interest rates in the United States. However, the increase was limited due to cautiousness before the release of the gross domestic product (GDP) data for the June quarter. The benchmark indices, Sensex and Nifty, closed Thursday's trading session with losses. The selling pressure was largely influenced by financial and FMCG (Fast-Moving Consumer Goods) stocks. The S&P BSE Sensex finished at 64,831, marking a decline of 256 points. Meanwhile, the NSE Nifty closed at 19,254, down by 94 points.
As the month drew to a close, there was profit booking in the market, likely in anticipation of the forthcoming GDP data and the monthly expiry of futures and options (FNO) contracts.
CCI Approves Merger Of Tata SIA Airlines Into Air India
The Competition Commission of India (CCI) has approved merger of Tata SIA Airlines into Air India, and acquisition of certain shareholding by Singapore Airlines in Air India subject to compliance of voluntary commitments offered by the parties.
GST Collections Jump 11% YoY To Rs 1.59 Lakh Crore In August
The Goods and Services Tax (GST) collections jumped 10.8 per cent year-on-year (YoY) in August to Rs 1.59 lakh crore, the Ministry of Finance said on Friday. At Rs 1.59 lakh crore, the August GST collections is 3.7 per cent lower than the Rs 1.65 lakh crore collected in July and is the sixth month in a row that the monthly mop-up has come in above the Rs 1.5-lakh-crore mark.
Security In Place To Ensure No Terror Act Or Sabotage Takes Place: Delhi Police On G20 Preparations
"Comprehensive security arrangements have been made in Delhi in view of G20 Summit 2023 along with making sure that it does not cause any inconvenience to the people," said Special CP Madhup Kumar Tiwari on G20 Summit preparations, PTI reported.
Security in place to ensure no terror act or sabotage takes place during G20 Summit; CAPF, NSG to assist in arrangements: Delhi Police
— Press Trust of India (@PTI_News) September 1, 2023
Stock Market Closes With Gains; Sensex Up 556 Points, Nifty At 19,435 Mark
The two benchmark indices, Sensex and Nifty, closed higher driven by buying across the sectors barring a few.
At the closing bell, the Sensex gained 555.75 points or 0.86 per cent, reaching 65,387.16, while the Nifty rose by 181.50 points or 0.94 per cent, closing at 19,435.30.
The top gainers on the Nifty included NTPC, ONGC, JSW Steel, Tata Steel, and Maruti Suzuki. On the other hand, the losers were Cipla, HDFC Life, Dr. Reddy's Laboratories, UltraTech Cement, and Nestle India.
Maruti Suzuki Logs Highest Ever Monthly Sales In August
Maruti Suzuki India saw its highest-ever monthly wholesales in August, reaching 189,082 units, the company said in an exchange filing. The automaker reported a 14 per cent increase in dispatches to dealers compared to the 165,173 units delivered in August 2022. The company reported a 16 per cent growth in total domestic passenger vehicle sales.
However, sales in the mini segment, including Alto and S-Presso, declined to 12,209 units last month from 22,162 units in August 2022, the company said. Meanwhile, dispatches of compact cars, such as Baleno, Celerio, Dzire, Ignis, and Swift, increased to 72,451 units from 71,557 units in the same period last year. The utility vehicle category, encompassing Brezza, Grand Vitara, Jimny, Ertiga, and XL6, recorded sales of 58,746 units, a jump from 26,932 units in August last year.
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