NEW DELHI, Jan 29: India may cut tariffs on a few high-end goods - such as a special kind of steel, expensive motorcycles, and electronic items - imported from the United States, according to sources.

Such a move is not likely to have a major impact on the respective domestic industries and this could be confirmed Saturday, when Union Finance Minister Nirmala Sitharaman presents the budget. India imports 20 items from the US on which there are duties in excess of 100 per cent.

All of this comes a day after US President Donald Trump referred to India, China, and Brazil - founding members of the increasingly influential BRICS bloc - as "tremendous tariff makers".

Speaking to House Republicans, he said he would not allow this to continue, declaring, "... we're not going to let that happen any longer... we're going to put America first."

"We're going to put tariffs on outside countries and people that really mean harm to us. China is a tremendous tariff-maker, and India, Brazil, and so many other countries. (But) we're not going to let that happen any longer... because we're going to put America first," Trump declared to cheers.

Govt sees India's GDP growth hitting a 4-year low of 6.4% in FY25

NEW DELHI, Jan 7: India's Gross Domestic Product (GDP) is projected to grow at 6.4% in the fiscal year 2024-25, marking a four-year low and a sharp decline from the 8.2% growth recorded in FY24, according to first advance estimates released by the government on Tuesday.

The projection is lower than the recent Reserve Bank estimate of 6.6 per cent for the current fiscal year ending March 2025.

Releasing the first advance estimates of national income for 2024-25, the NSO said, "real GDP has been estimated to grow by 6.4 per cent in FY2024-25 as compared to the growth rate of 8.2 per cent in Provisional Estimate (PE) of GDP for FY2023-24".

The data also revealed that real Gross Value Added (GVA) is expected to expand by 6.4% in FY25, down from 7.2% in FY24. In contrast, nominal GVA is projected to grow at 9.3% in FY25, slightly higher than the 8.5% growth in the previous fiscal year.

The advance GDP estimate plays a crucial role in framing the Union Budget and indicates a slowdown in economic activity. This projection follows a sharp dip in growth during the July-September quarter of FY24, which stood at 5.4%, surprising analysts and policymakers alike.

The unexpected slowdown in the second quarter prompted the Reserve Bank of India (RBI) to revise its growth forecast for FY24. The RBI lowered its estimate to 6.6%, down from the earlier projection of 7.2%.

The government data showed that agriculture and allied sector is estimated to grow by 3.8% during FY25 as compared to the growth of 1.4% witnessed during the last year, i.e., FY24.

Meanwhile, real GVA of construction sector and financial, real estate & professional services sector has been estimated to observe growth rates of 8.6% and 7.3%, respectively during the FY25.

Private Final Consumption Expenditure (PFCE) at constant prices, is expected to witness a growth rate of 7.3% during FY25 over the growth rate of 4.0% in the previous financial year, said the government release.

"Government Final Consumption Expenditure (GFCE) at constant prices, has rebounded to a growth rate of 4.1% as compared to the growth rate of 2.5% in the previous financial year," it further added.

The figures point to a challenging economic landscape as the government prepares its fiscal roadmap for FY25. With slowing GDP growth, maintaining fiscal stability while supporting economic recovery will be a delicate balancing act for policymakers.

YES Bank shares hit 52-week low

MUMBAI, Jan 7: YES Bank Ltd shares slipped 0.63 per cent in Tuesday's trade to touch their one-year low of Rs 18.80. Later, the stock regained some strength and was last seen trading 0.69 per cent up at 19.05. At this price, it has corrected 25.85 per cent in the last six months.

The private lender is scheduled to declare its third-quarter (Q3 FY25) results on January 25, 2025. "YES Bank meet will be held on Saturday, January 25, 2025, at Mumbai, inter alia, to consider and approve the un-audited standalone and consolidated financial results of the bank for the quarter (Q3) and nine months ended on December 31, 2024," it stated in a BSE filing.

"For YES Bank, there is no significant change in terms of its business-related fundamentals. We need to see how the upcoming quarterly results are going to be," said Kranthi Bathini, Director of Equity StratTechnically, support on the counter could be seen in the Rs 18.8-18 range. With that being said, a few analysts said the near-term upside is capped around Rs 22 level.

"YES Bank has been trading in a corrective phase. However, the technical parameters are showcasing a positive divergence, suggesting a trend reversal in the near period. For now, the subzone of Rs 18 is likely to provide support, while any breakthrough could lead to a further correction. On the higher end, the swing high of Rs 22 is likely to be seen as an intermediate hurdle in the near term," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.

"The stock price is slightly bullish on daily charts with strong support at Rs 18.8. A daily close above an immediate resistance of Rs 20.3 could lead to an upside target of Rs 21.8 in the near term," said Sebi-registered research analyst AR Ramachandran.

The counter traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 35.03. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The lender's stock has a price-to-equity (P/E) ratio of 34.11 against a price-to-book (P/B) value of 1.28. Earnings per share (EPS) stood at 0.55 with a return on equity of 3.75.

GST collection in December sees 7.3 per cent growth, reaches Rs 1.77 lakh crore

NEW DELHI, Jan 1: India’s gross goods and services tax (GST) collection rose 7.3 per cent year-on-year to Rs 1.77 lakh crore by December 2024, according to data released by the government on Wednesday.

This is an increase of Rs 1.65 lakh crore from the Rs 1.65 lakh crore collected in December 2023, reflecting the resilience of the country's budget and its effective compliance under the GST regime.

"GST collections for December 2024 surged by 9.1%, reaching Rs 1,76,857 crore, compared to Rs 1,64,882 crore in December 2023, says Government of India. Data source," said Government of India.

GST from the domestic sector rose 8.4 per cent year-on-year to Rs 1.32 lakh crore. Import earnings also increased by 4 per cent, contributing Rs 44,268 crore to the total collection.

Though the December GST collection reflects strong year-on-year growth, it is slightly lower than the mop-up of Rs 1.82 lakh crore in November 2024, which saw growth of 8.5 percent GST, the highest ever collection in India recorded in April 2024, which passes Rs 2.10 lakh crore.

Refunds in December stood at Rs 22,490 crore, up 31 per cent from the same period last year. After adjustment for refunds, GST receipts stood at Rs 1.54 lakh crore, reflecting a growth of 3.3 per cent.

The steady growth in GST collections highlighted the robust domestic economic activity and the effectiveness of compliance measures under the integrated Indian tax regime. With strong growth in domestic income and imports, the GST regime is forming an important pillar in the country’s economic strategy.