When Finance Ministry officials begin their pre-budget meetings with various departments and central ministries from today, their biggest challenge will be to identify and reduce non-priority spending to meet the budget deficit target. by 6.4% of GDP in FY23. Meanwhile, the July-September quarter (Q2 or Q2) of 2022-23 (FY23) could mark the end of the period of unprecedented upswing in corporate earnings. ‘India Inc in the aftermath of the pandemic. Read more about it in our main titles.

Precipitation of the 2023-24 budget: the Center seeks to reduce non-priority spending

When Finance Ministry officials begin their pre-budget meetings with various departments and central ministries from today, their biggest challenge will be to identify and reduce non-priority spending to meet the budget deficit target. 6.4% of gross domestic product in FY23. Sources have told Business Standard that while direct and indirect tax revenues have been healthy this year, they may not be enough to offset the massive expansion of government subsidies. food and fertilizers. Read more


India Inc Earnings to Decline in Q2FY23; net sales growth slows

The July-September quarter (Q2 or Q2) of 2022-23 (FY23) may mark the end of India Inc’s unprecedented earnings boom in the aftermath of the pandemic. Most brokerages expect corporate earnings to contract and revenue growth to moderate in Q2FY23 due to a combined effect of slowing demand, lower commodity prices and shrinking margins in sectors such as computer services, fast moving consumer goods and cement. Read more


Telecom’s Share of Overall Capital Expenditure May Grow in Next 5 Years Thanks to 5G Push

The telecommunications and digital sector has seen the largest increase in its share of overall capital spending across all sectors over the past five years, rising from 9% in FY13-17 to 17% in FY18-22. Its share of the capex pie is expected to grow further over the next five years as the rollout of 5G services accelerates. According to a Centrum Broking report that looked at data from more than 150 companies across all industries, capital expenditures by telecom companies in fiscal year 2018-22 grew nearly two and a half times to reach 3.45 trillion rupees, compared to 1.44 trillion rupees in the previous five years. Read more


Direct tax catch-up rises 24% year-on-year to Rs 8.98 trillion in FY23 so far

So far (up to Oct 8), the Centre’s FY23 gross direct tax collection stands at Rs 8.98 trillion, 23.8% higher than catch-up during FY23. the same period last year, the finance ministry said in a statement on Sunday. Net tax collection (after refunds) amounts to Rs 7.45 trillion or 52% of the FY23 budget estimate. direct taxes at 14.2 trillion rupees, compared to 14.1 trillion rupees in FY22. Read more


Maiden Pharma may lose import-export code following cough syrup deaths in The Gambia

As the controversy surrounding the deaths of 66 children in The Gambia was linked to cough syrups made in India by Delhi-based Maiden Pharmaceuticals, the Pharmaceutical Export Promotion Council (Pharmexcil) suspended the company’s membership. In the future, the company’s import-export (IEC) code may also be withdrawn by the General Directorate of Foreign Trade (DGFT), sources said. Read more