S&P cuts outlook on Adani Ports and Adani Electricity
“There is a risk that investor concerns about the group’s governance and disclosures are larger than we have currently factored into our ratings, or that new investigations and negative market sentiment may lead to increased cost of capital and reduce funding access for rated entities,” S&P said in a statement.
Budget 2023-24: Balanced, realistic and achievable: Ashok Wadhwa
Capital investment is always a key area of the budget. For the third straight year, the government has significantly increased the outlay, which is slated at ₹13.7 lakh crore for FY24 equating to 4.5% of India’s GDP. A record ₹2.4 lakh crore is earmarked for Railways, 9x the figure from a decade ago.
Forex kitty jumps over $3 billion to $576.7 billion
It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
Driving capex and growth with fiscal prudence riding pillion: Nirmal Jain
A recent study by IIFL Securities analysed expenditure trends in the last four pre-election-year (PEY) budgets. They concluded that governments do not always step-up revenue expenditure relative to capital expenditure. In 3 out of 4 PEY budgets, growth expenditure was accelerated much more than populist schemes. This point has been again reiterated in the budget.