Top headlines: India,China to drive 2023 growth, PLI scheme to be extended

India, China likely to drive half of 2023 global growth, says IMF

The International Monetary Fund (IMF) has said India and China will account for half of the global economic growth in 2023, as the multilateral agency retained its growth forecast for Asia’s third-largest economy for 2023-24 (FY24). Read more

Economic survey likely to peg 2023-24 growth at slowest in 3-yrs: Report

India’s annual pre-budget economic survey is likely to peg GDP growth at 6-6.8 per cent for 2023-24, according to a source.

The government survey is likely to say that growth is seen at 6.5 per cent for 2023-24 under the baseline scenario, the person said, declining to be named as the matter was confidential. This would be the slowest in three years. Nominal growth is likely to be forecast at 11 per cent for 2023-24, the source added. Read more

Construction & infra firms among biggest wealth destroyers in past 20 years

Companies in the construction and infrastructure sector have been among the biggest underperformers and wealth destroyers in the stock market in the past 20 years. The sector has also seen a wave of corporate failures and bankruptcies, making it tough for retail or non-promoter shareholders to make money on their investments. Read more

Budget expectation: PLI scheme might be extended to other industries

As part of the government’s showcase scheme to make India atmanirbhar or self-reliant, in manufacturing, it has allocated $23.5 billion for Production Linked Incentives (PLIs) to be disbursed over the next 3-5 years. Read more

SC refuses to entertain JKC plea on Jet Airways employees’ dues

The Supreme Court on Monday refused to interfere in the National Company Law Appellate Tribunal’s (NCLAT’s) order directing the Jalan-Kalrock consortium, the successful bidder for Jet Airways, to pay provident fund and gratuity dues to the former employees of the debt-laden airline. Read more