corks popped as Mumbai’s bankers, investors and industrialists feted the re-election of Narendra Modi as India’s prime minister. His Hindu nationalist Bharatiya Janata Party’s defeats in regional elections last autumn raised the possibility of a return to power of the left-leaning Congress party, which most of India Inc views as anti-business, corrupt and fiscally feckless. Mr Modi’s landslide victory therefore set corporate pulses racing. The Mumbai stockmarket soared to a record high.
At an international bank, analysts’ feigned interest turned to mild bewilderment, then despair, as Ms Sitharaman recited the budget’s 143 provisions. The top marginal tax rate for high-earners would increase from 35.9%, already above the level in most emerging economies, to 42.7%, roughly as much as the average in theclub of mostly rich countries. The corporate-tax rate for big companies stayed at 35% .
The budget—and the statist signal it sends—is unlikely to encourage new spending by either domestic firms or foreign ones. Business investment has been sluggish since 2015, a year after Mr Modi first took office, a state of affairs for which the government is, again, not solely to blame. Lots of firms borrowed heavily to invest earlier in the decade, when India’s economy appeared to be on a roll.
Asked on July 8th about the post-budget stockmarket rout, Ms Sitharaman replied that she did not let this sort of thing “affect my calms”. If so, warned one financier at the time, “then the markets will fall until her calms are affected”.
fabianlewis4 Not surprising.... Including the move to make cash transactions more difficult.
He needs to buy a new watch then
Lalika79 Modi is like his stooge Nawaz. Just like Nawaz ruined Pakistan, Modi will destroy India Karma...
It means that India lacks the services of intelligent, experienced and fearless economists, who are likely to help,in restoring the economy.First,PM Modi, should forget his ego and start listening to people who are respected in the field.
Modi has sub-zero knowledge of economy. The man used to sell tea on train stations. He is the worst PM for India’s economy, social justice, and governance. He is a very good racist, Hindu nationalist, and provocateur. Jai Hind 🇮🇳
All are loosing to cheap Chinese product
Really lost grandad
Wonder how Pakistan is doing in comparison. Trump isn’t helping either entity as it doesn’t profit his own bottom line.
The Economist should portray the correct picture. The Indian industry is doing well. Industrialists always look for free bees. Modi's policies are sound and good for the country.
🤣 give them some hugs 🤣🤣🤣
Indian economy suffer at larger scale with pace 1 - Jet Airways closed 2 - Air India in Rs 7600 crore loss 3 - BSNL 54,000 jobs in danger 4 - No money to pay salary for 30K HAL employees 5 - Postal departent loss of Rs 15000 crores 6 - 1 million to be laid off in Auto Industry.
freekashmirnow
😍
This is a constant with Indian politicians. The system overwhelms them.
PM Modi is well known for surprising his critics. He has done that to political and foreign policy critics. I hope he follows it with the economy.
Statism is epic
Sounds like a good time for him to provoke a crisis
gsurya Oh ! ..so now it's not the loose monetary policy of the Fed that created a bubble for 18 yrs.
gsurya India moving towards achieving goal of becoming 5 trillion $ economy. 🤣. Fekunomist working 24/7 - 365/366 days
Indian economy is rapidly changing (just like China of 1990-2012). Many large firms r unable to move fast with changing consumption patterns, technological changes & global competition. But new firms like Ola cabs, PayTM, Flipkart are showing the way. India Inc has to adapt.
They are over reliant on debt.
Inflation is so low that no consumer feels pinch. We never wanted fancy cars and glossy candies, just wanted to see our savings not shrinking year by year.
Look like fly sit down on the elephant
Biggest reason is fall in profits of banks due to requirements of more provisioning
Economist तुम रहन दो तुमसे ना हो पाएगा
The biggest reason modi divert indian attention toward kashmir is slow down of economy
I need to Skype a Doctor regularly to find out if it is true that they are Doctors or ground chuck trying harm by lack of communication to see if outrage death happens mechanically in the dead concept nation of torture and evasion. Is this a good Indian tech company product?
So has inflation. Lies, damned lies, and statistics.
airtelindia bycottAirtel AirtelisFraud
Shock therapy of enterprises must stop and if businesses really are creative enterprises who help generate wealth , they must be nurtured in a conducive environment for growth
And we Indians easily understand pro business as pro-businesshouses and pro-businessmen
More so if you're a Foreign mouth piece.
Kashmir? Is that just not news?
Modi: 21st Century Hitler
...and anti worker
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: AP - 🏆 728. / 51 Read more »
Source: AP - 🏆 728. / 51 Read more »
Source: AP - 🏆 728. / 51 Read more »
Source: WSJ - 🏆 98. / 63 Read more »
Source: TheEconomist - 🏆 6. / 92 Read more »
Source: trtworld - 🏆 101. / 63 Read more »