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Sensex falls 162 pts as PSU banks rebound Markets dropped for the second day on Wednesday as inflation worry resurfaced following comment of the new US Federal Reserve chairman Jerome Powell. The 30-share Sensex tanked 162.35 points, or 0.47%, to close at 34184.04, while the broader Nifty fell 61.45 points, or 0.58% to close at 10492.85. Banking stocks led by private banks took a hit after the finance ministry set a 15-day deadline for banks to take pre-emptive action on operational and technical risks, However, after days of losing streak, PSU banks ended positive with the Nifty PSU Bank index closing 0.71% higher. The fraud-hi Punjab National Bank bounced back, gaining 3%. On the broader market, though the BSE Mid cap index dropped 0.23%, the smallcap index rose 0.21%. The Business Standard, New Delhi, 01st March 2018

India replaces China as world's fastest growing economy, GDP growth at 7.2% in Q3 Economy poised to move in a faster lane, recovering from the disorderly effects of demonetisation and GST. The Indian economy grew at 7.2 percent in October-December 2017, and will likely expand 6.6 percent in 2017-18, latest official estimates said on Wednesday, amid strong revival signs in consumption spending and investment activity. The economy is poised to move into a faster lane, swiftly recovering from the disorderly effects of demonetisation and the goods and services tax (GST). The rebound in India’s “real” inflation-adjusted gross domestic product (GDP) growth from 6.5 percent in the previous quarter (July-September) will likely help regain its lost status as the world’s fastest growing major economy outpacing China, which grew 6.8 percent in October-December 2017. Latest estimates broadly mirror the trends seen in high frequency indicators like corporate income and industrial outp...

 GDP expands 7.2% in Oct-Dec as dust settles over GST roll-out Economic growth recovered to a five-quarter high of 7.2 per cent during October-December, backed by strong manufacturing and investment activity as the disruption caused by the goods and services tax (GST) bottomed out. The robust third-quarter performance led to a marginal upward revision in the second advance estimate for 2017-18 to 6.6 per cent from 6.5 per cent in the first estimate, though it was still lower than the 6.75 per cent projected by the Economic Survey Gross domestic product (GDP) growth has been revised up to 6.5 per cent for the second quarter against 6.3 per cent estimated earlier. Growth stood at 6.8 per cent for the third quarter of 2016-17, which was the period of demonetisation. India overtook China’s 6.8 per cent growth in October-December after a three-quarter gap, regaining its status as the world’s fastest-growing major economy Bibek Debroy, chairman, Economic Advisory Council to the P...

15th Finance Commission will need to define populism: Chairman NK Singh The 15th Finance Commission, set up to recommend the devolution of central pool taxes to states as well as a fiscal consolidation roadmap for government finances, will require to define what constitutes a "populist" measure in order to fulfil its terms of reference, Commission Chairman NK Singh said on Wednesday.  At an interaction here with editors along with some members of the Commission, including former Economic Affairs Secretary Shaktikanta Das, the Chairman also pointed out some unique terms of reference of the current Finance Commission arising from the abolition of the Planning Commission and the roll out of the Goods and Services Tax (GST) last year.  "The 15th Finance Commission will recommend on creating measurable monitoring criteria on states' performance on parameters like ease of doing business, on government programmes like Make In India and populist policies," Singh s...