The fiscal deficit for the corresponding period of last year was 58.9 per cent of the previous fiscal’s target….reports Asian Lite News
The fiscal deficit for the first 10 months of the current fiscal rose to Rs 11.91 lakh crore, which was 67.8 per cent of the whole year target for 2022-23, according to data released by the Controller General of Accounts on Tuesday.
The fiscal deficit for the corresponding period of last year was 58.9 per cent of the previous fiscal’s target.
The government had made an upward revision in the fiscal deficit target for 2022-23 in the Union Budget to Rs 17.55 lakh crore from Rs 16.61 lakh crore.
The total revenue receipts for April-January period of 2022-23 were Rs 19.76 lakh crore, which is 81.3 per cent of the revised 2022-23 budget estimate of Rs 24.32 lakh crore. During the corresponding period of last year, the total receipts were 88.5 per cent of the budget estimate.
The net tax revenue, for the 10-month period ending January 2023, was Rs 16.89 lakh crore, which is 80.9 per cent of the entire fiscal’s target. During the year-ago period, the net tax revenue collected was 87.7 per cent of the annual target.
The total expenditure in 2022-23 till January was Rs 31.67 lakh crore, which is 75.7 per cent of the 2022-23 target.
The government raised Rs 31,123 crore through disinvestment between April and January of 2022-23, which is 62 per cent of the current fiscal’s revised target of Rs 50,000 crore.
Centre’s market borrowings in the April-January period rose to Rs 10.05 lakh crore, which is 84 per cent of the current fiscal’s target.
According to Morgan Stanley, the Indian budget for FY24 was another step in the right direction to crowd in private investment….reports Asian Lite News
The Indian economic indicators have started showing re-acceleration after a slowdown post festive season in October 2022, said Morgan Stanley.
In a report, Morgan Stanley said the growth indicators for India had slowed post the festive season in October in a fairly broad-based manner raising investors’ concern.
“However, growth indicators have started to show signs of re-acceleration in early 2023,” it notes.
According to Morgan Stanley, healthy household balance sheets and a pickup in private and public capex will sustain gains in employment — which will allow consumption growth to stay strong in the coming quarters.
“Government policies are still very much geared towards reviving private investment, which we expect will continue to unfold as strong trailing demand has already lifted capacity utilisation,” the report notes.
The Indian budget for FY24 was another step in the right direction to crowd in private investment.
As regards China’s growth, Morgan Stanley expects its economy to grow by 5.7 per cent this year, with much of the growth recovery underpinned by a revival in consumer spending.
Consumption is expected to grow by 8.3 per cent in 2023 after two per cent growth in 2022.
“However, investors are still somewhat sceptical about a consumption-led rebound as that has not typically been the key driver to a growth recovery in China. Moreover, they are also concerned that the consumers might choose to hoard their excess savings rather than spend it, given that the excess saving was accumulated through unspent consumption rather than through government transfers,” Morgan Stanley said.
The Chinese growth recovery will benefit Japan in the form of increased tourist arrivals and goods export. In 2019, 30 per cent of Japan tourists arrived from China and about 19 per cent of its exports were to China, Morgan Stanley said.
In recent weeks, high-frequency data suggests improvement in Chinese tourist arrivals into Japan has picked up, having likely raised to 18 per cent of its pre-Covid levels as of the week of February 21, the report notes.
Similarly, the Korean economy that contracted sequentially in 4Q22 with broad-based weakness across all expenditure components is expected to benefit from China’s revival.
According to Morgan Stanley, Korean exports will have a modest recovery if there is pickup in China.
In the case of Indonesia, the demand indicators are fairly strong and the fall in the commodity prices is not much as the export prices are still 30-200 per cent higher than where they were before Covid.
The medical staff of the BCCI is treating Bumrah’s case urgently and suggested him to undergo surgery..reports Asian Lite News
Indian pace spearhead Jasprit Bumrah is set to miss the Indian Premier League (IPL) 2023 after being given the option of undergoing back surgery, reported ESPNCricinfo on Tuesday.
He could also possibly miss the ICC World Test Championship (if India qualifies for it), which will be played from June 7 onwards at The Oval. He is yet to recover from the back injury that ruled him out of the ICC T20 World Cup last year. The medical staff of the Board of Control for Cricket in India (BCCI) at the National Cricket Academy (NCA) in Bengaluru is treating Bumrah’s case urgently and suggested him to undergo surgery after facing recurring niggles in his lower back which surfaced originally in form of stress reaction last August.
A final decision on the next step is expected to be taken soon by BCCI in coordination with the NCA and Bumrah, keeping in mind the ICC Cricket World Cup, which is set to take place in India from October-November this year.
It has been a frustrating wait for Bumrah, who has attempted to make a comeback more than once since suffering a back injury in August which ruled him out of the Asia Cup. Initially, the injury did not seem serious as he was named in India’s T20 World Cup squad in September and even played the last two T20Is against Australia on September 23 and 25.
Three days later, Bumrah did not play the first T20I against South Africa and it was learnt that he was taken for scans, which revealed a stress-related injury in his back. He was rushed to NCA and the scans there confirmed that the injury was serious. It ruled him out of the T20 World Cup, in which India achieved a semifinal finish.
Bumrah resumed his rehab in November and started to bowl in mid-December. His progress seemed to be positive as he was added in the white-ball series played in January more than a week after the original squad was picked up.
Bumrah had performed the match simulation exercises in the NCA, but discomfort resurfaced while taking up higher workloads during fitness drills in January. Scans revealed the development of a fresh niggle, which ruled him out of the Sri Lanka series and Border-Gavaskar Trophy against Australia.
Indian team management and skipper Rohit Sharma want Bumrah to return back to the side only after gaining full fitness, with Rohit warning against rushing the pacer back into the team. (ANI)
2nd Test: New Zealand beat England by just one run after follow-on in Wellington.(photo:ICC/Twitter)
Pacer Neil Wagner was the hero for the Kiwis as he had James Anderson caught behind down the leg side to clinch a famous victory for New Zealand…reports Asian Lite News
New Zealand scripted history in Wellington on Tuesday as they became the fourth team ever to win a Test match after being forced to follow on when they pulled off a thrilling one-run victory over England in a classic final-day contest in the second Test.
Pacer Neil Wagner (4/62) was the hero for the Kiwis as he had James Anderson caught behind down the leg side to clinch a famous victory for New Zealand at Basin Reserve. New Zealand were asked to follow on after being dismissed for just 209 in their first innings in reply to England’s 435/8 declared. Kane Williamson’s 26th Test century on the penultimate day of a topsy-turvy contest gave them some hope.
England had to chase down 258 for victory in the fourth innings and they looked to be in control when Joe Root (95) and Ben Stokes (33) were at the crease and less than 60 runs were required.
But Wagner and Tim Southee (3/45) dug deep during a tense finale to ensure New Zealand picked up a thrilling triumph to level the two-match series at one game apiece.
New Zealand join three other teams to have won a Test match after being forced to follow on, with the most recent prior to this clash coming back in 2001 when India clinched an unlikely win against Australia in Kolkata.
The Kiwis’ winning margin of one run is just the second time in the history of Test cricket that a match has been decided by that narrow margin, with the only other occurrence coming in 1993 when the West Indies pulled off a similar triumph over Australia in Adelaide.
“It’s a pretty special Test win. The character that we’ve shown in the last three days has been very impressive and I’m proud of the guys to be able to bounce back after a tough first couple of days. It was just a great Test match to be involved in, only four times in the history of the game, so it was a very pleasing Test to be part of,” Southee told reporters after the match.
The match was not part of the current World Test Championship period, with both New Zealand and England already out of contention for reaching June’s final.
The loss was just England’s second since Brendon McCullum took over as coach early last year, with their next five-day contest coming in a one-off Test against Ireland at the start of June.
England then embarks on a five-match series against arch-rival Australia as part of this year’s Ashes series on home soil.
New Zealand host Sri Lanka for a two-match series at home next month, with the Asian side still with an outside chance of reaching the World Test Championship final, should results fall their way. (ANI)
Previously, Su was California’s labour secretary and spent 17 years as a civil rights attorney…reports Asian Lite News
US President Joe Biden announced that he’s nominating Julie Su to serve as his administration’s labour secretary.
Su currently serves as the deputy secretary of labour and would replace Marty Walsh, who’s stepping down to lead the National Hockey League Players’ Association, Xinhua news agency reported.
Previously, Su was California’s labour secretary and spent 17 years as a civil rights attorney, according to the White House.
A graduate of Stanford University and Harvard Law School, Su is the daughter of immigrants, speaking Mandarin and Spanish, the White House said.
Iranian Foreign Minister Hossein Amir Abdollahian.(Pic credit: https://twitter.com/IRIMFA_EN )
Iran foreign minister said that US needs to have “the will and strength to conclude the lengthy talks”…reports Asian Lite News
Iranian Foreign Minister Hossein Amir-Abdollahian blamed the US “miscalculation and wrong policy” for causing the current stalemate on the revival of a 2015 nuclear deal.
Amir-Abdollahian made the remarks in an address to the High-Level Segment of the Conference on Disarmament in the Swiss city of Geneva, Xinhua news agency reported, citing a statement released by Iran’s Foreign Ministry on its website on Tuesday.
If all parties have the “determination and goodwill”, the few outstanding issues can be settled without any precondition and within the framework of the previous talks, thus enabling the parties to take the “final step”, the top Iranian diplomat was quoted as saying.
The US needs to have “the will and strength to conclude the lengthy talks”, he said, stressing that Iran is ready to continue the talks until the conclusion of an agreement.
Amir-Abdollahian said Iran’s nuclear program will remain “peaceful” and Tehran is determined to remain committed to its obligations under the safeguards agreement.
He also warned against any action to be taken during the upcoming meeting of the Board of Governors of the International Atomic Energy Agency (IAEA) in March, saying that Iran reserves the right to respond accordingly.
A technical solution is within reach if the IAEA stops its politically-motivated approach, said the Iranian minister.
Iran signed the nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), with world powers in July 2015, agreeing to put some curbs on its nuclear programme in return for the removal of the sanctions on the country. The US, however, pulled out of the deal in May 2018 and reimposed its sanctions on Iran.
The talks on the JCPOA’s revival began in April 2021 in the Austrian capital of Vienna. No breakthrough has been achieved after the latest round of talks held in August 2022.
The FBI chief blamed that the Chinese government has been trying to block investigative work into the origins of the coronavirus…reports Asian Lite News
Christopher Wray, Director of the US Federal Bureau of Investigation (FBI), has said that the Covid-19 pandemic “most likely” originated from a “Chinese government-controlled lab” in Wuhan city.
In an interview with Fox News on Tuesday, Wray said: “The FBI has for quite some time now assessed that the origins of the pandemic are most likely a potential lab incident in Wuhan… Here you are talking about a potential leak from a Chinese government-controlled lab.
“I will just make the observation that the Chinese government, it seems to me, has been doing its best to try to thwart and obfuscate the work here, the work that we’re doing, the work that our US government and close foreign partners are doing. And that’s unfortunate for everybody.”
He went to say that the FBI has specialists who focus on “the dangers of biological threats, which include things like novel viruses like Covid, and the concerns that they (are) in the wrong hands (of) some bad guys, a hostile nation state, a terrorist, a criminal”.
Some studies in the past have suggested that the virus made the leap from animals to humans in Wuhan, possibly at the city’s seafood and wildlife market, reports the BBC.
The market is a 40-minute drive from a world-leading virus laboratory, the Wuhan Institute of Virology, which conducted research into coronaviruses.
But China has denied the lab leak theory.
The FBI chief further told Fox News that the Chinese government has been trying to block investigative work into the origins of the coronavirus.
Wray’s comments come after the US Department of Energy had recently assessed that the Covid-19 pandemic was likely caused by an accidental lab leak in China.
The National Intelligence Council as well as four other government agencies assess at “low confidence” that Covid-19 originated as a result of natural transmission from an infected animal, but the CIA and other government agencies remain undecided.
On Monday, White House National Security Council spokesman John Kirby said that President Joe Biden supports “a whole-of-government effort” to discover how Covid began.
But he added that US still lacks a clear consensus as to what happened.
“We’re just not there yet. If we have something that is ready to be briefed to the American people and the Congress, we will do that,” the BBC quoted Kirby as saying.
Covid-19 first emerged in late 2019 and has since led to the deaths of nearly seven million people across the world.
New Delhi: Delhi Police Special Cell officers escort Rajwinder Singh to Patiala Court after being arrested for the 2018 murder of Australian national Toyah Cordingley in Australia's Queensland state, in New Delhi on Friday, Nov. 25, 2022. (Photo: Wasim Sarvar/IANS)
Rajwinder Singh, who is being flown from Delhi to Melbourne accompanied by detectives, is accused of killing Toyah Cordingley…reports Asian Lite News
Police in Australia are extraditing an Indian man over the murder of a woman who was found dead on a Queensland beach in 2018, authorities said, adding that he is expected to arrive in Melbourne on Wednesday.
Rajwinder Singh, who is being flown from Delhi to Melbourne accompanied by detectives, is accused of killing Toyah Cordingley, reports the BBC.
According to detectives, Cordingley, 24, had gone to Wangetti Beach, between the popular tourist hotspots of Cairns and Port Douglas, to walk her dog on October 21, 2018, but never came home.
Her body was discovered by her father the next day, half-buried in sand dunes.
The BBC report said that the 38-year-old accused will first have to appear in court in the state of Victoria, before being moved to Queensland where the crime took place.
He will then face a magistrate in Brisbane, probably later this week, before being remanded in custody.
Singh was arrested in Delhi in November last year, after the Queensland government put up a A$1 million ($672,000) reward for information.
Originally from Buttar Kalan in Punjab, Singh had been living in Innisfail at the time of the murder which is about two hours from the crime scene.
Australian police have alleged that the accused fled the country just hours after the murder and had been staying in Punjab since evading arrest.
At the time of Singh’s arrest, Queensland Police Minister Mark Ryan said the development had been “a long time coming” and marked “the next stage of delivering justice for Toyah”.
All showcases will continue to be live streamed across the platform’s OTT partners Jio TV and Voot and LFW and FDCI social media channels to reach the widespread Indian and global fashion audience…reports Asian Lite News
Lakmé Fashion Week will launch its first iteration of 2023 at Jio World Garden in Mumbai’s Bandra Kurla Complex in collaboration with FDCI. The beauty and fashion spectacle will start on Thursday, March 9 with Sustainable Fashion Day and end on Sunday, March 12 with the Lakmé Grand Finale.
Lakmé Fashion Week x FDCI, will bring to the fore a host of new, emerging, and established talent across the industry to present a world-class beauty and fashion event.
The platform in keeping with its tradition will offer two showcase areas (the Runway and the Atelier) for designers to bring their designs to life along with the Central Avenue that will play host to captivating conversations.
All showcases will continue to be live streamed across the platform’s OTT partners Jio TV and Voot and LFW and FDCI social media channels to reach the widespread Indian and global fashion audience.
The FDCI Showroom will attract buyers from across the globe helping design talent to explore business avenues and opportunities.
Harman Dhillon, Vice President, Hindustan Unilever Limited said, “As India’s first and biggest make up and premium skincare brand, Lakmé has always taken pride in leading the narrative on fashion and beauty and is now raising the impact at this intersection even more at Lakmé Fashion Week. We are truly looking forward to the newest edition of Lakmé Fashion Week in partnership with FDCI. Given Lakmé Fashion Week is the mecca of the confluence of beauty and fashion in the country, it is here that we want to embark upon our new journey of “Unapologetically Me” – to partner the modern Indian woman to own her beauty and embrace it unapologetically. We look forward to our alliance with all the talented designers, makeup and hair artists, and models to curate a range of showstopping, unapologetic looks with our widespread portfolio and latest launches, Lakmé Absolute Lip Mousse and Lakmé 9to5 CC Mousse.”
Sunil Sethi, Chairman FDCI commented, “We are all excited to return to Mumbai with this edition of Lakmé Fashion Week in partnership with FDCI. As we continue to foster a partnership that brings to the fore the best of talent we currently have in India in the fashion and design space, we could not be more excited to spotlight new and emerging talent as well as give a platform to established designers to bring their creativity to life. Audiences can expect never seen before manifestations of design on the runway that we are sure will contribute to a sustainable growth of fashion and nurture the industry as a whole.”
Jaspreet Chandok, Head RISE Fashion and Lifestyle said, “We are delighted to continue creating magic in fashion as we kickstart 2023 with another exciting edition in Mumbai. This season will celebrate the incredible talent presenting their work, the brand partners who continue their belief in us each season along with the new collaborators who are beginning their journey with us. Stakeholders across the industry can be assured that this season has something interesting in store for all.”
Sunil Sethi, Chairman FDCI said, “Working with NEXA to bring back yet another season of ‘NEXA presents The Spotlight’ has been a wonderful experience…reports Asian Lite News
At the impressive Fashion Design Council of India (FDCI) headquarters in Delhi, a diverse group of designers from all over the nation displayed their collections and show concepts to an esteemed jury of business leaders. The winner, Siddhartha Bansal, will have the opportunity to show at the subsequent Lakmé Fashion Week X FDCI because of his brilliant concept and outstanding collection based on the season’s theme, “Disruption.”
Through “NEXA presents the Spotlight,” NEXA and Lakmé Fashion Week have dedicated themselves to showcasing and fostering new and rising talent in the nation. The subject “Disruption” gives the designer the freedom to make decisions that are ahead of the curve while also being able to defy industry norms and not follow current trends.
The celebrated jury that led the selection process this season included: Nitin Bal Chauhan – designer of his namesake label, Jamal Shaikh, National Editor, Brunch & New Media Initiatives at Hindustan Times, Fashion designer Namrata Joshipura, Sunil Sethi – Chairman of FDCI and Jaspreet Chandok – Head, Fashion & Lifestyle, RISE Worldwide, Shashank Srivastava – Senior Executive Officer, Marketing and Sales, Maruti Suzuki India Limited, Ram Suresh Akella – Executive Director, Marketing at Maruti Suzuki India Limited.
The eight shortlisted and extremely talented designers who competed along with Siddhartha Bansal included – Esha Amiin, Vivek Patel, Countrymade by Sushant Abrol, Line Outline by Deepit Chugh, Quod by Ikshit Pande, Raffughar by Wajahat Rather and The Pot Plant by duo Resham Karmchandani and Sanya Suri. Each of them introduced their labels through a competitive creative expression in line with NEXA’s spirit of ‘create, inspire’ as they presented their collections.
Siddhartha Bansal’s winning collection draws creative inspiration from the designer’s belief that colour is what makes the world beautiful and eclectic. After studying the world of colour he understood the role it plays in arousing one’s mood or garnering a reaction and decided to incorporate that into his ensembles. Whilst bringing his silhouettes to life, he aims at reviving the importance of colour and stimulating one’s emotion with the balanced handling of layers of hues to create each unconventional silhouette. His collection is deeply rooted with the idea of colour being an energy that drives the universe’s soul.
Sunil Sethi, Chairman FDCI said, “Working with NEXA to bring back yet another season of ‘NEXA presents The Spotlight’ has been a wonderful experience. We were especially delighted to host the jury round at the FDCI headquarters in Delhi, once again where we saw an array of creative presentations from designers across the country. I look forward to Siddhartha Bansal’s presentation with his creations inspired from the world of colours and hope to continue to inspire the next generation of designers in the industry.”
Jaspreet Chandok, Head, Fashion & Lifestyle, RISE Worldwide said, “It is an absolute pleasure to work with NEXA and bring back yet another edition of ‘NEXA presents The Spotlight’ to Lakmé Fashion Week X FDCI. When we initiated this program, our goal was to provide young talent in the industry a platform to showcase their design aesthetic to the world and with each season we move one step closer to it. We are extremely excited to have Siddhartha Bansal as the winner of the 5th season and we look forward to seeing his presentation shine on the runway.”
Commenting on the initiative Shashank Srivastava – Senior Executive Officer, Marketing and Sales, Maruti Suzuki India Limited said “We are delighted to be partnering with Lakmé Fashion Week X FDCI to present the fifth edition of ‘NEXA presents The Spotlight’, the most sought-after platform to discover upcoming talent in the fashion industry. This continued partnership is a true reflection of the commitment we have towards nurturing and promoting upcoming talent and towards the creation of new. The ideas and ensembles presented by Siddhartha Bansal seamlessly integrated NEXA’s brand ethos of ‘Create inspire’. Innovating with shapes, and making his design the embodiment of “Shape of New”, which is what the new FRONX is all about, Siddhartha experimented and shared his daring opinion of what DISRUPTION means to him. We look forward to Siddhartha’s showcase at the Lakmé Fashion Week X FDCI and we are sure that it’ll have a lasting impact on our audience.”
