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It flagged weak global growth and trade as risks which weighed down the growth estimates, besides volatile geopolitical situation.
Indian aviation updates: Although there are currently no regulatory restrictions on domestic banks lending to other group entities of bankrupt companies, such transactions are difficult to execute given the enhanced credit risks at the group level, according to industry experts.
This year's Monsoon onset is two days earlier as the usual date of the onset is on June 1
Government expects a good monsoon to spur farm sector activity and help sustain the growth momentum, projecting a GDP expansion of around 7% during the current financial year. The estimate is based on resilient domestic economic activity, strong investment demand, and positive business and consumer sentiments.
While higher tax and non-tax revenue collections are expected to more than offset any shortfall in disinvestment revenue in FY23-24 for India, higher-than-budgeted revenue expenditure triggered through the first and likely second supplementary demand for grants in combination with lower-than-budgeted nominal gross domestic product (GDP) will push the fiscal deficit to 6.0% of GDP, 10bp (basis points) higher than the budgeted 5.9%, says a research note.