Table of Contents
Stock Market News
As the sun sets on another week, let’s take a closer look at the key financial developments in India and around the world. From fiscal deficits to education rankings and market trends, here’s a comprehensive overview of what’s been happening:
Fiscal Deficit Trends
The government’s fiscal deficit for April-August 2023 stood at Rs 6.43 lakh crore. This marked an increase compared to the April-July period when it was at Rs 6.06 lakh crore. Fiscal deficit measures the gap between government spending and revenue, and this data suggests a widening deficit during this period.
Indian Universities Shine
India achieved a significant milestone in the field of education, with 91 institutions making it to the prestigious 2024 Times Higher Education World University Rankings. This impressive feat placed India fourth globally, surpassing China’s 86 institutions.
External Debt Dynamics
According to data from the Reserve Bank of India (RBI), India’s external debt increased by $4.7 billion in the second quarter, reaching a total of $629.1 billion by the end of June 2023. Importantly, the external debt to GDP ratio showed a decline, standing at 18.6%, down from 18.8% in March 2023 and 19.4% in June 2022.
Surging Power Demand
India’s power demand witnessed a significant uptick in September, rising by 10-12% compared to the previous year. This surge, reaching 140-142 billion units, marks a five-year high and reflects a robust economic activity.
Innovation Index Placement
India maintained its position at the 40th spot in the Global Innovation Index 2023, an annual ranking by the World Intellectual Property Organization. This index assesses a country’s innovation capabilities and performance.
SEBI’s Decisions
The Securities and Exchange Board of India (SEBI) made important decisions, including the renewal of licenses for NSE Clearing and Indian Clearing Corporation for three years. Additionally, SEBI extended the deadline for adding nominees for demat account holders until the end of December.
Government Borrowing
In the second half of the fiscal year 2023-24, the Indian government plans to borrow Rs 6.55 lakh crore, which amounts to 42.45% of the total budgeted amount of Rs 15.43 lakh crore for the fiscal year.
RBI’s Lending Facility
The Reserve Bank of India (RBI) has decided that the government can borrow up to Rs 50,000 crore for the second half of the financial year 2023-24 using the Ways and Means Advances lending facility.
GST Notices to RMG Companies
The Directorate General of Goods and Services Tax Intelligence (DGGI) reportedly sent multiple pre-show cause notices to online real money gaming (RMG) companies for GST dues amounting to about Rs 55,000 crore.
Laptop Import Restrictions
The Indian government has postponed the implementation of laptop import restrictions by approximately one year.
Market Trends for the Week
Indian stock markets experienced a mixed week with minor fluctuations:
Monday: 19675 points (No change)
Tuesday: 19665 points (-0.05%)
Wednesday: 19716 points (+0.26%)
Thursday: 19524 points (-0.98%)
Friday: 19638 points (+0.59%)
Comparison to the Previous Week
SENSEX
India: 65,828.41 (-0.27%)
NIFTY
India: 19,638.30 (-0.18%)
GOLD 🥇: Rs 58,054 (-1.42%)
SILVER 🥈: Rs 72,027 (-1.96%)
DOW JONES 🇺🇸: 33,507.76 (-1.34%)
NASDAQ 🇺🇸: 13,219.32 (+0.06%)
Read more About Stock Market Updates
India’s financial landscape in September 2023 is marked by various developments, including fiscal deficits, education achievements, debt dynamics, and market trends. These factors collectively shape the country’s economic outlook and provide valuable insights for investors and policymakers alike. Stay tuned for more financial education and updates in the weeks to come.